Segment information

in CHF 000	TX Markets	Goldbach	20 Minuten	Tamedia	Group & Ventures	Elimina- tions and reconcilia- tions IAS 19	Total

2021
Advertising revenue	11 030	26 853	109 316	97 909	15 474	–	260 582
Revenue from classifieds & services	192 803	232	4 416	34 442	53 551	–	285 443
Revenue from commercialisation and intermediary activities	–	79 920	–	–	–	–	79 920
Revenue from subscriptions and individual sales	–	–	–	239 145	–	–	239 145
Revenue from print and logistic operations	–	–	–	67 268	–	–	67 268
Other operating revenue	934	10 617	2 220	4 377	5 271	–	23 418
Other income	3	1 283	79	150	101	–	1 615
Revenue intersegment	344	55 594	7 793	16 011	110 614	(190 357)	–
Revenues	205 114	174 498	123 824	459 301	185 010	(190 357)	957 391
Operating expenses²	(124 656)	(129 604)	(106 615)	(440 336)	(173 690)	180 852	(794 049)
Share of net income / (loss) of associates / joint ventures	12 113	123	651	3 439	(1 004)	(1 002)	14 321
Operating income / (loss) before depreciation and amortisation (EBITDA)	92 571	45 017	17 860	22 404	10 316	(10 507)	177 662
Margin³	45.1%	25.8%	14.4%	4.9%	5.6%	–	18.6%
Depreciation and amortisation	(7 426)	(9 817)	(837)	(750)	(30 906)	–	(49 737)
Operating income before the effects of business combinations (EBIT b. PPA)	85 145	35 200	17 023	21 655	(20 590)	(10 507)	127 925
Margin³	41.5%	20.2%	13.7%	4.7%	–11.1%		13.4%
Amortisation resulting from business combinations	(19 716)	(15 928)	(2 182)	(21 233)	(5 598)	–	(64 657)
Impairment	–	–	–	–	–	–	–
Operating income / (loss) (EBIT)	65 429	19 272	14 841	422	(26 188)	(10 507)	63 268
Margin³	31.9%	11.0%	12.0%	0.1%	–14.2%	–	6.6%
Number of employees (FTE)⁴	508	626	319	1 363	812		3 627

1 The structure of revenues in the consolidated income statement has been adjusted. The previous year’s figures were adjusted accordingly.
2 The employee benefit expense from IAS 19 are not part of the individual segments and are separately presented together with the eliminations.
3 The margin relates to revenues.
4 Average number of employees, excluding employees in associates / joint ventures.

in CHF 000	TX Markets	Goldbach	20 Minuten	Tamedia	Group & Ventures	Elimina- tions and reconcilia- tion IAS 19	Total

2020¹
Advertising revenue	12 877	24 041	96 859	94 674	13 265	–	241 716
Revenue from classifieds & services	185 688	246	3 971	36 504	57 650	–	284 060
Revenue from commercialisation and intermediary activities	–	72 405	–	0	2	–	72 408
Revenue from subscriptions and individual sales	–	–	–	241 807	–	–	241 807
Revenue from print and logistic operations	–	0	–	70 605	1 944	–	72 549
Other operating revenue	602	11 220	3 121	4 125	2 365	–	21 432
Other income	12	17	331	122	1 341	–	1 824
Revenue intersegment	1 323	46 049	5 561	22 539	123 336	(198 809)	–
Revenues	200 503	153 979	109 842	470 375	199 904	(198 809)	935 795
Operating expenses²	(131 000)	(126 709)	(99 110)	(458 902)	(172 570)	178 319	(809 972)
Share of net income / (loss) of associates / joint ventures	4 646	(63)	1 529	(759)	(718)	162	4 796
Operating income / (loss) before depreciation and amortisation (EBITDA)	74 148	27 207	12 262	10 714	26 616	(20 328)	130 619
Margin³	37.0%	17.7%	11.2%	2.3%	13.3%	–	14.0%
Depreciation and amortisation	(6 642)	(9 286)	(192)	(1 572)	(29 605)	–	(47 298)
Operating income before effects of business combinations (EBIT b. PPA)	67 506	17 921	12 070	9 142	(2 990)	(20 328)	83 322
Margin³	33.7%	11.6%	11.0%	1.9%	–1.5%		8.9%
Amortisation resulting from business combinations	(21 641)	(17 537)	(2 214)	(21 184)	(6 605)	–	(69 181)
Impairment	–	0	–	(85 000)	0	–	(85 000)
Operating income / (loss) (EBIT)	45 865	384	9 856	(97 041)	(9 595)	(20 328)	(70 859)
Margin³	22.9%	0.2%	9.0%	–20.6%	–4.8%	–	–7.6%
Number of employees (FTE)⁴	584	615	251	1 482	700		3 632

1 The breakdown of revenues in the consolidated income statement was adjusted. The previous year’s figures have been adjusted accordingly.
2 According to IAS 19, pension costs are not part of the individual segments and are shown separately together with the eliminations.
3 The margin relates to revenue.
4 Average number of employees, excluding employees in associates / joint ventures.

A decentralised organisational structure comprising four largely self-contained companies exists under the umbrella of the TX Group. All investments in specialised platforms and marketplaces are integrated in the TX Markets segment, while advertising marketing is incorporated in the Goldbach segment. The 20 Minuten segment includes free media in Switzerland and abroad, while paid media will be led under the name Tamedia into the future. The Group’s ventures and services are grouped within the Group & Ventures segment. Segment reporting reflects the corporate structure and is in line with internal reporting. Information on assets, liabilities, interest, investments and income taxes is not disclosed as this is not reported internally by segment either.

Revenues in the consolidated income statement correspond to revenues (after eliminations and IAS 19 reconciliations) in segment reporting.

As regards 20 Minuten Advertising AG and Goldbach Publishing AG, 51.0 per cent is owned by Goldbach and 49.0 per cent by 20 Minuten and Tamedia respectively. The two companies are therefore deemed to be fully consolidated within the Goldbach segment. The 20 Minuten and Tamedia segments show the share of net income (loss) of associates attributable to them. These shares of net income (loss) are eliminated when the picture is presented from a Group perspective. No single customer accounted for more than 10 per cent of consolidated revenues.

All material revenues are earned in Switzerland and all material non-current asset items are located in Switzerland. The revenues achieved in foreign currencies by foreign Group companies and their non-current assets in foreign currencies are not deemed to be material as regards the consolidated income statement and the consolidated balance sheet (for more information on Group companies abroad, see Note 38 “Investments in other companies”).

Further information on the individual segments can be found in the operational reporting section on pages 20 to 29.