Statement of cash flows

Cash and cash equivalents increased by CHF 8.1 million from CHF 276.2 million to CHF 284.3 million.

Cash flow from / (used in) operating activities increased by CHF 45.7 million to CHF 61.1 million compared with the first half of 2020. The increase is attributable in particular to the improved net income (EAT), with the previous year characterised by significant revenue reductions associated with the coronavirus crisis. An incoming payment of CHF 12.0 million was also recorded as a result of legal proceedings and is recognised as cash-effective financial result.

Cash flow from / (used in) investing activities amounted to CHF –15.8 million (previous year: CHF 4.1 million). Differences in cash outflow from the previous year are attributable, among other things, to investments in bond funds in the amount of CHF 20.0 million, which were prompted by ongoing negative interest rates. Bond funds are highly liquid and have a fairly short-term investment horizon. Other cash outflows in 2021 were associated with investments in property, plant and equipment in the amount of CHF 6.8 million, such as conversion work at the Werdstrasse and Küsnacht sites. CHF 5.3 million was invested in intangible assets, in particular for the capitalisation of software projects at JobCloud AG. The sale of property, plant and equipment and intangible assets resulted in a cash inflow in the amount of CHF 0.3 million. Cash flow after investing activities in property, plant and equipment and intangible assets (FCF b. M&A) amounts to CHF 49.3 million, which exceeds by the same amount the previous year’s figure of CHF 0.0 million. There were net cash outflows of CHF 6.3 million from the purchase of the newly consolidated company Helvetics Engineering d.o.o. and the increased stake in neon Switzerland AG. Cash flow from / (used in) investments in other financial assets includes the investment in bond funds already mentioned as well as changes to current accounts with non-controlling interests and increases in loans involving associates. Sales of other financial assets include, among other things, repayment of the loan from the sale of Olmero AG in the amount of CHF 12.2 million and a repayment of CHF 9.5 million associated with current accounts with non-controlling interests. There are incoming funds of CHF 0.6 million from the sale of GOWAGO AG.

Cash flow from / (used in) financing activities amounts to CHF –37.4 million (previous year: CHF 126.1 million). The significantly lower cash outflows compared with the previous year are attributable in particular to the decision not to pay a dividend to TX Group shareholders for the 2020 financial year, with dividend payments to the non-controlling interests of JobCloud AG and the Goldbach Group also down by around CHF 10.9 million on the previous year. In addition, the purchase of non-controlling interests in Homegate AG in the first half of 2020 also involved a cash outflow in the amount of CHF 20.8 million. Repayments associated with current accounts or loans only amounted to CHF 3.0 million in the current year, compared with a cash outflow of around CHF 20.3 million in the previous year. Rental payments increased slightly by CHF 0.7 million to CHF 7.2 million as a result of new or modified leases.