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TX Group Annual Report 2021
TX Group Annual Report 2021
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Normalised consolidated income statement

      2021   2020 1
in CHF 000   Comment   Income
statement		   One-off
effects		   Adjusted
net
income		   Income
statement		   One-off
effects		   Adjusted
net
income
Advertising revenue       260 582   –   260 582   241 716   –   241 716
Revenue from classifieds & services       285 443   –   285 443   284 060   –   284 060
Revenue from commercialisation and intermediary activities       79 920   –   79 920   72 408   –   72 408
Revenue from subscriptions and individual sales       239 145   –   239 145   241 807   –   241 807
Revenue from print and logistics       67 268   –   67 268   72 549   –   72 549
Other operating revenue       23 419   –   23 419   21 432   –   21 432
Other income   2    1 615   (753)   863   1 824   (1 097)   728
Revenues       957 391   (753)   956 638   935 795   (1 097)   934 698
Costs of material and services   3    (143 786)   (298)   (144 084)   (160 257)   (685)   (160 942)
Personnel expenses       (447 769)   –   (447 769)   (442 406)   –   (442 406)
Other operating expenses   4    (202 495)   (3 144)   (205 639)   (207 309)   (2 485)   (209 794)
Share of net income / (loss) of associates / joint ventures   5    14 321   4 591   18 912   4 796   2 957   7 754
Operating income / (loss) before depreciation and amortisation (EBITDA)       177 662   397   178 058   130 619   (1 309)   129 310
Depreciation and amortisation       (49 737)   –   (49 737)   (47 298)   –   (47 298)
Operating income / (loss) before effects of business combinations (EBIT b. PPA)       127 925   397   128 322   83 322   (1 309)   82 012
Amortisation resulting from business combinations   6    (64 657)   64 657   –   (69 181)   69 181   –
Impairment   7    –   –   –   (85 000)   85 000   –
Operating income / (loss) (EBIT)       63 268   65 053   128 322   (70 859)   152 871   82 012
Financial income   8    798 691   (790 298)   8 393   5 229   –   5 229
Financial expense   9    (9 137)   –   (9 137)   (25 832)   18 734   (7 097)
Income / (loss) before taxes (EBT)       852 822   (725 245)   127 578   (91 462)   171 606   80 144
Income taxes   10    (20 122)   (5 491)   (25 613)   (3 180)   (10 935)   (14 115)
Net income / (loss) (EAT)       832 700   (730 735)   101 965   (94 642)   160 671   66 029
1 The breakdown of revenues in the consolidated income statement was adjusted. The previous year’s figures have been adjusted accordingly.
2 The 2021 adjustment concerns hardship payments for Neo Advertising AG (Goldbach segment). The 2020 adjustment concerns the disposal profit from the sale of the Renovero activity of Olmero AG (Group & Ventures segment).
3 The adjustment includes the extraordinary federal contributions towards financing the basic services of the national news agency Keystone-SDA to support the media (Tamedia segment).
4 The adjustment includes the extraordinary support at federal level for the reduced supply of subscription daily and weekly newpapers (press subsidy, Tamedia segment).
5 The 2021 adjustment concerns the impairment of goodwill for the associate BTMX P/S (20 Minuten segment) of CHF 1.7 million and the share of depreciation and amortisation resulting from business combinations of the associate SMG Swiss Marketplace Group AG of CHF -2.9 million (TX Markets segment, after deferred tax). The 2020 adjustment concerns the impairment of goodwill for the associate Zürcher Oberland Medien AG (Tamedia segment) and the impairment on the investment in Karriere.at (TX Markets segment).
6 Depreciation and amortisation from business combinations are normalised in full. Allocation to the segments according to "Segment information".
7 The 2020 adjustment concerns the impairment of goodwill for the cash-generating unit Tamedia (Tamedia segment).
8 The 2021 adjustment concerns damages from legal proceedings involving Trendsales ApS in the amount of CHF 11.8 million, where TX Group AG was the plaintiff (Group & Ventures segment) and the disposal profit from the integration of the shares of TX Markets AG into the joint venture SMG Swiss Marketplace Group AG in the amount of CHF 778.5 million.
9 The 2020 adjustment concerns the disposal loss from the sale of Trendsales (CHF -14.0 million) and Olmero (CHF -4.7 million). The disposal loss includes approximately CHF 1.9 million in transaction costs incurred in connection with the sales.
10 In the financial year and in the comparative period, a correction is made for the tax effects on the special effects. There is only a minor tax effect on the goodwill impairments due to the taxable net income/(loss) of TX Group AG.