2.1 Net working capital

Trade accounts receivable

in CHF mn	2022	2021
Trade accounts receivable	251.8	239.7
Valuation allowances	(11.9)	(11.2)
Total	239.9	228.5

The due dates as of the balance sheet date are shown in the table below:

in CHF mn	2022	2021
not yet due	173.2	186.1
due in less than 30 days	46.3	29.4
due in 30 to 60 days	11.7	9.9
due in 60 to 90 days	5.3	2.3
due in 90 to 120 days	4.1	1.8
due in over 120 days	11.2	10.1
As of 31 December	251.8	239.7

The value adjustments on receivables have changed as follows:

in CHF mn	2022	2021
As of 1 January	(11.2)	(12.8)
Change in group of consolidated companies	–	0.8
Increase	(1.9)	(1.1)
Reversal	0.1	1.1
Used during the financial year	1.1	0.9
As of 31 December	(11.9)	(11.2)

Accounting policies

Receivables are measured at their nominal value. Bad debt provisions are charged to the income statement for doubtful receivables whose collection is uncertain. In regard to the general valuation risk, TX Group applies the simplified approach in accordance with IFRS 9 to measure anticipated loan losses, factoring in the need to make valuation allowances based on past experiences and anticipated losses from future default events for all trade accounts receivable.

Other current liabilities

in CHF mn	2022	2021
Liabilities to public authorities	11.7	12.4
Liabilities to insurance companies	2.5	2.8
Liabilities to employee benefit funds	1.5	1.0
Liabilities to employees	0.0	0.0
Advance payments from customers	11.6	10.1
Other current liabilities	6.4	4.9
Total	33.9	31.2

Deferred revenues and accrued liabilities

in CHF mn	2022	2021
Deferred subscription revenues	127.9	146.3
Deferred online revenues	71.4	64.1
Deferred revenues from commercialization revenue	29.3	25.5
Deferred personnel expenses	26.6	32.2
Other deferred revenues and accrued liabilities	66.5	71.5
Total	321.6	339.6
of which deferred revenues from contracts with customers	228.5	235.9
of which other accrued liabilities	93.1	103.7

Deferred revenues and accrued liabilities (total for deferred revenues from contracts with customers and other accrued liabilities) reduced by CHF 18.0 million from CHF 339.6 million to CHF 321.6 million. Total deferred revenue declined by CHF 7.4 million. At the same time, accruals relating to personnel decreased by CHF 5.5 million to CHF 26.6 million, mainly due to the lower accruals for employee performance bonuses. The reduction in other deferred revenues and accrued liabilities was primarily due to television channel shares in the Goldbach sub-group.

The revenues recognised in the reporting period and which were included in the balance of the contractual liabilities at the start of the period amount to CHF 206.1 million (previous year: CHF 194.7 million). There are no material revenues recognised in the reporting period from performance obligations which had been fulfilled either in full or in part during earlier periods (e.g. subsequent purchase price adjustments).

Cash flow statement

in CHF mn	2022	2021
Other non-cash income
Employee benefit plans	9.6	9.3
Capital taxes	1.2	1.2
Share-based payments	0.4	(0.8)
Repurchase obligations/put options	–	0.6
Changes in shares of associates/joint ventures	(1.1)	–
Other	1.0	0.5
Total	11.1	10.9

Change in net current assets
Trade accounts receivable	(11.4)	(23.8)
Other current receivables	(4.2)	(0.4)
Accrued income and prepaid expenses	(5.5)	1.2
Inventories	(3.6)	1.1
Trade accounts payable	9.8	(2.0)
Other current liabilities	2.4	(12.7)
Deferred revenues and accrued liabilities from contracts with customers	(7.4)	(9.2)
Other deferred revenues and accrued liabilities	(10.6)	26.1
Current provisions	(0.1)	0.5
Total	(30.5)	(19.2)

With regard to the change in the net working capital (not including non-current provisions), a total of CHF 0.1 million (previous year CHF –4.7 million) can be attributed to changes to the group of consolidated companies.