No search results. Please enter a different search term.
The costs of material and services decreased by CHF 28.6 million to CHF 160.3 million. The reduction can be attributed to the lower costs of publishing and editorial services and reduced expenditure on paper.
Personnel expenses decreased by CHF 16.1 million in the reporting year. However, at CHF 442.4 million, or 47.3 per cent of revenues, personnel expenses remain the largest expense item. The TX Group claimed CHF 21.2 million compensation for reduced working hours in the reporting year. Again due to reduced working hours, the welfare fund also contributed CHF 4.4 million to make up for shortfalls for employees. However, the subsidy from the welfare fund was offset by the associated higher employee service cost from IAS 19, which means this had no effect on the consolidated income statement. Another reason for the reduction was the fact that profit share payments for Group Management and employees were CHF 7.8 million lower.
Other operating expenses fell by CHF 44.6 million to CHF 207.3 million. While distribution and sales expenses more or less mirrored the decline in revenues, the reduction in expenditure for advertising and public relations was disproportionately large. Around CHF 6.3 million of the decline in general operating expenses is attributable to the reduction in consultancy expenditure, which had been extraordinarily high the previous year.