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Balance sheet

In the first half of 2021, total assets increased by CHF 25.3 million from CHF 2,751.6 million to CHF 2,776.9 million. Equity increased by CHF 76.9 million to CHF 2,073.3 million. Besides the positive result for the first half of 2021, the increase is also attributable to the revaluation of the employee benefit obligation in the amount of CHF 101.2 million (before deferred taxes) as recorded under total comprehensive income (previous year: actuarial losses of CHF 48.3 million). The actuarial gains in the first half of 2021 are attributable to the performance associated with plan assets and the increase in the discount rate. While a dividend in the amount of CHF 37.1 million was paid in the previous year (CHF 3.50 per share), no dividend has been paid to shareholders for the 2020 financial year as per the Annual General Meeting resolution of 9 April 2021. The equity ratio is 74.7 per cent as of 30 June 2021 (73.6 per cent as of the end of the previous year). The minority interests in equity fell by CHF 18.7 million to CHF 278.5 million. The net income from non-controlling interests increased by CHF 5.1 million or 71.9 per cent to CHF 12.2 million, which is attributable to the weak first half of 2020 endured by JobCloud AG and the Goldbach Group due to the coronavirus crisis. Dividends in the amount of CHF 31.5 million were paid to non-controlling interests (previous year: CHF 42.4 million).

Current assets fell by CHF 28.7 million to CHF 577.4 million. Cash and cash equivalents remain high at CHF 284.3 million. In the first half of 2021, current financial assets increased by CHF 20.1 million through an investment in bond funds. Trade accounts receivable declined by CHF 35.4 million, which is attributable to normal seasonal fluctuations (in particular in relation to advertising marketing in the Goldbach segment). The decline in current financial receivables is attributable both to the repayment made in the first half of 2021 of the loan granted in the previous year to the purchasers of Olmero in the amount of CHF 12.2 million and to the reduction in current account receivables vis-à-vis non-controlling interests, which declined significantly with the payment of dividends. Other current receivables decreased by CHF 9.5 million as a result, among other things, of the decline in receivables relating to compensation for reduced working hours. The increase in prepaid expenses is attributable to seasonal fluctuations.

Non-current assets grew by CHF 54.0 million to CHF 2,199.5 million. Additions of property, plant and equipment relate to investments in IT equipment and newly capitalised right-of-use assets associated with additional rented premises at JobCloud AG and DJ Digitale Medien AG. As regards intangible assets, further investments were made in the first half of 2021 in software projects and in June a customer base was taken over from Immowelt AG and goodwill was duly recorded in relation to the transaction. The investments were offset by depreciation and amortisation of CHF 57.1 million. No material disposals or currency effects need to be recorded for the first half of 2021. Shares in investments in associated companies and joint ventures increased by CHF 17.9 million to CHF 79.1 million. The change is mainly the result of the positive share of net income of associated companies and joint ventures in the amount of CHF 9.5 million and the addition of neon Switzerland AG, which is now recorded as an associated company as a result of the increase in the stake in the first half of 2021 (previously other investments in non-current financial assets). As of 30 June 2021, there are employee benefit assets totalling CHF 215.3 million held by various benefit plans, and these increased by CHF 77.5 million due to the positive performance associated with plan assets. Non-current financial assets decreased by CHF 1.4 million to CHF 34.6 million, with the reclassification of neon Switzerland AG as an associated company more than offsetting the positive valuation adjustments relating to other investments. Deferred tax assets increased by CHF 1.9 million to CHF 10.4 million.

Current liabilities posted a fall of CHF 43.5 million to CHF 437.2 million. Current financial liabilities declined due to the repayment of a current account liability of CHF 2.6 million. The reduction in trade accounts payable of CHF 35.3 million and the decrease in other current liabilities of CHF 15.9 million are attributable to seasonal fluctuations. Deferred revenues from contracts with customers amount to CHF 225.7 million, which is down by CHF 19.7 million compared with 31 December 2020. Other deferred revenues and accrued liabilities are up by CHF 27.1 million to CHF 110.6 million. The changes both in deferred revenues from contracts with customers and other accrued liabilities are attributable to the usual seasonal fluctuations, with more than half of the deviation from the previous year attributable in each case to the Goldbach segment (e.g. deferrals during the course of the year for broadcaster settlements, services provided during the first half of the year and accrued as of the end of the same period of the previous year, etc.). Current provisions increased slightly by CHF 0.3 million to a total of CHF 3.5 million. The increase is attributable to newly formed provisions for social plans.

Non-current liabilities decreased by CHF 8.1 million to CHF 266.4 million. Non-current financial liabilities remained constant compared with 31 December 2020 and amount to CHF 73.4 million. Employee benefit obligations decreased by CHF 19.2 million to CHF 23.7 million, while deferred tax liabilities increased by CHF 11.8 million to 157.0 million. Non-current provisions remained practically unchanged and amount to CHF 12.3 million (previous year: CHF 12.5 million).