Operating expenses

The costs of material and services decreased by CHF 16.5 million to CHF 143.8 million. The reduction can be attributed to changes to the group of consolidated companies, the lower costs of publishing and editorial services and reduced expenditure on paper.

Personnel expenses increased by CHF 5.4 million or 1.2 per cent from the previous year to CHF 447.8 million. Disregarding the effects of changes to the group of consolidated companies, the increase in personnel expenses was CHF 18.9 million. An important reason for the increase in personnel expenses is the reduction in compensation for reduced working hours, compared with the previous year, which the TX Group claimed in the reporting year. The expenses associated with the profit participation programme also increased.

Other operating expenses decreased to CHF 202.5 million (previous year: CHF 207.3 million). Again disregarding the effects of changes to the group of consolidated companies in the amount of CHF 3.5 million, other operating expenses would have remained stable year on year.