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Associates/joint ventures

in CHF 000   2021   2020
Share of net income / (loss) of associates / joint ventures   14 321   4 796
Equity share in associates / joint ventures   900 650   61 179

The share of net income of associates and joint ventures for the reporting year of 2021 is CHF 14.3 million (previous year: CHF 4.8 million). The increase is attributable to increased operating income. The associated company Karriere.at accounted for much of this. See the table in the following section for details. The net income share of 31 per cent attributable to the SMG Swiss Marketplace Group AG joint venture was recognised in the 2021 financial year for the two months of November and December and amounted to CHF -1.5 million. The negative result is attributable to amortisation of intangible assets in the amount of CHF -3.5 million (before deferred taxes), which were revalued in connection with the merger (purchase price allocation as per IFRS 3 “Business combinations”). Impairment testing for the carrying amounts recorded for investments in 2021 failed to show any need for impairment. In the previous year, impairments totalling CHF 2.9 million had had a negative effect on the share of net income of associates and joint ventures for 2020.

The share of equity accounted for by associates and joint ventures amounts to CHF 900.5 million (previous year: CHF 61.2 million). The share in SMG Swiss Marketplace Group AG were recognised at CHF 837.0 million as of 1 November 2021 and have since been recognised with equity accounting (see Note 1 “Changes to the group of consolidated companies”).

Share of net assets and income in associates/joint ventures

Detailed financial information on the individual companies deemed to be material associated companies is provided below. The reported amounts refer to the 100 per cent stake in the companies and include the fair value adjustments at the time of acquisition as well as any deviations caused by differences in application of accounting policies. The income statements include in particular the depreciation and amortisation to be recognised by the TX Group on the intangible assets owned at the acquistion date. The figures for associates and joint ventures may be based on provisional and unaudited figures, so the tables below may contain some adjustments to the final figures from the previous year.

in CHF 000   2021 1   2021 2   2020 2
Name   SMG Swiss Marketplace Group AG   Karriere.at GmbH   Karriere.at GmbH
Share of Group capital   31.0%   24.5%   24.5%
             
Balance sheet            
Current assets   72 602   59 282   20 352
Non-current assets   3 029 729   24 886   36 753
Total assets   3 102 331   84 167   57 105
Current liabilities   150 568   38 045   17 778
Non-current liabilities   264 045   541  
Total equity   2 687 717   45 582   39 328
attributable to majority shareholders   2 682 202   44 251   39 328
of which attributable to TX Group   831 483   21 683   13 489
attributable to non-controlling interests   5 515   1 331  
Liabilities and shareholders' equity   3 102 331   84 167   57 105
             
Income Statement 1            
Revenues   40 050   82 462   47 750
Operating income/(loss) before depreciation and amortisation (EBITDA)   5 346   41 392   29 026
Operating income before effects of business combinations (EBIT b. PPA)   3 232   40 230   26 714
Operating income/(loss) (EBIT)   (7 940)   40 230   21 053
Income/(loss) before taxes   (8 126)   39 967   21 098
Income taxes   2 394   (12 105)   (5 217)
Net income/(loss) (EAT)   (5 732)   27 862   15 880
of which            
attributable to majority shareholders   (4 735)   28 174   15 880
attributable to majority shareholders   (997)   (312)  
             
Net income/(loss) (EAT)   (5 732)   27 862   15 880
Other comprehensive income/(loss)   (18 198)   (4)  
Total comprehensive income/(loss)   (23 930)   27 857   15 880
of which            
attributable to majority shareholders   (17 800)   28 169   15 880
attributable to majority shareholders   (6 130)   (312)  
Dividends received (pro-rata)     4 896   7 989
1 Income statement includes the period between 1 November 2021 to 31 December 2021
2 Karriere.at GmbH is a 49 per cent shareholding of JobCloud AG, in which TX Group in turn has a 50 percent share. As of the reporting year 2021, there is a claim for income in the amount of 49 per cent; for the reporting year 2020, TX Group assumed a claim for income of 34.3 per cent on the part of JobCloud AG against Karriere.at GmbH on the basis of the agreements in place at that time.

As of the end of 2021, the other associates and joint ventures are assessed as not material on an individual basis.

The shares of the TX Group in the net assets and income of associates and joint ventures are listed below.

in CHF 000   SMG
Swiss
Marketplace
Group AG
  Karriere.at GmbH   Other
associates
  Joint ventures   Total
Share taken into account in the consolidation   31.0%   49.0% 1   n.a.   n.a.    
                     
2021                    
Current assets   22 507   29 048   18 185   8 595   78 335
Non-current assets   939 216   12 194   41 695   4 000   997 105
Assets   961 722   41 242   59 881   12 595   1 075 440
Current liabilities   46 676   18 642   9 645   6 565   81 528
Non-current liabilities   81 854   265   7 686   1 095   90 900
Equity   833 192   22 335   42 550   4 935   903 012
attributable to TX Group   831 483   13 718   50 515   4 935   900 650
attributable to non-controlling interests   1 710   652       2 362
Liabilities   961 722   41 242   59 881   12 595   1 075 440
                     
attributable to net income of associates/joint ventures                    
Revenues   12 415   40 406   40 017   12 801   105 640
Operating income/(loss) before depreciation and amortisation (EBITDA)   1 657   20 282   3 874   1 676   27 489
Operating income before effects of business combinations (EBIT b. PPA)   1 002   19 713   1 236   1 656   23 607
Operating income/(loss) (EBIT)   (2 461)   19 713   1 128   1 656   20 036
Income/(loss) before taxes   (2 519)   19 584   1 245   1 663   19 973
Income taxes   742   (5 932)   (568)   (356)   (6 114)
Net income/(loss) (EAT)   (1 777)   13 652   677   1 307   13 859
of which                    
attributable to TX Group   (1 468)   13 805   677   1 307   14 321
attributable to non-controlling interests   (309)   (153)   0     (462)
                     
Net income/(loss) (EAT)   (1 777)   13 652   677   1 307   13 859
Other comprehensive income/(loss)   (5 641)   (2)       (5 643)
Total comprehensive income/(loss)   (7 418)   13 650   677   1 307   8 216
of which                    
attributable to TX Group   (5 518)   13 803   677   1 307   10 269
attributable to non-controlling interests   (1 900)   (153)       (2 053)
1 The values shown relate to the shares of Jobcloud AG, in which TX Group in turn holds a 50 percent stake.
                     
in CHF 000       Karriere.at GmbH   Other associates   Joint ventures   Total
Share taken into account in the consolidation       49.0% 1   n.a.   n.a.    
                     
2020                    
Current assets       6 981   16 982   11 024   34 986
Non-current assets       12 606   45 535   3 992   62 133
Assets       19 587   62 517   15 015   97 120
Current liabilities       6 098   10 123   10 500   26 721
Non-current liabilities         8 842   379   9 220
Equity       13 489   43 553   4 137   61 179
Liabilities       19 587   62 517   15 015   97 120
                     
attributable to net income of associates/joint ventures                    
Revenues       16 378   48 659   12 853   77 891
Operating income/(loss) before depreciation and amortisation (EBITDA)       9 546   3 068   477   13 091
Operating income before effects of business combinations (EBIT b. PPA)       8 753   1 146   455   10 353
Operating income/(loss) (EBIT)       6 811   (12)   455   7 254
Income/(loss) before taxes       6 826   (62)   457   7 221
Income taxes       (1 790)   (517)   (118)   (2 425)
Net income/(loss) (EAT)       5 037   (580)   339   4 796
1 The values shown refer to the shares of Jobcloud AG, in which TX Group in turn holds a 50 percent stake. For the reporting year 2020, TX Group had assumed, based on the agreements at that time, that JobCloud AG would have a claim on Karriere.at GmbH of 34.3 percent.

Associates and joint ventures are accounted for using the equity method. A distinction is made between joint ventures and joint operations when assessing joint arrangement companies. These companies are deemed to be joint ventures because, in all cases and on the basis of contractual agreements, the TX Group exercises control over financial and operational decisions together with partners and holds rights to the company’s net assets.

Except for Virtual Network SA (30 June), all of the associates and joint ventures have a balance sheet date of 31 December under commercial law. As none of the associates and joint ventures have shares that are publicly traded, there are no published share prices. As most of the associates and joint ventures do not apply IFRS, their available financial statements have been adjusted to reflect IFRS principles, requiring estimates to be made in some cases. Adjustments may be necessary in the coming years if new information becomes available.

Details on transactions with associates and joint ventures are disclosed in Note 39.