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TX Group Annual Report 2022
TX Group Annual Report 2022
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4.4 Associates/joint ventures

in CHF mn 2022 2021
As of 1.1. 900.6 61.2
Additions 1.7 847.3
Disposals (3.9) (10.3)
Dividends (18.1) (6.9)
Transfers 0.3 –
Share of net result of associates / joint ventures (17.1) 14.3
Changes recognised directly in other comprehensive income / (loss) 4.4 (4.1)
Currency translation differences (1.9) (0.9)
As of 31.12. 866.1 900.6

The share of net income / (loss) of associates and joint ventures has decreased by a total of CHF 31.4 million compared with the previous year. This is mainly due to the effect of impairments on intangible assets from the SMG Swiss Marketplace Group AG purchase price allocation and impairments on the goodwill for Ultimate Media B&M GmbH and LZ Linth Zeitung AG. These effects resulted in a CHF 27.9 million change in the share of net income / (loss) of associates and joint ventures.

SMG Swiss Marketplace Group AG was also only recognised for two months in the previous year. The development of Karriere.at had a positive impact, making its revenue share CHF 10 million higher than in the previous year. Details can be found in the table in the following section. Impairment testing for the carrying amounts recorded for investments in 2022 did not show any need for impairment on a Group level.

Share of net assets and income in associates/joint ventures

Detailed financial information on the individual companies deemed to be material associated companies is provided below. The reported amounts refer to the 100 per cent stake in the companies and include the fair value adjustments at the time of acquisition as well as any deviations caused by differences in application of accounting policies. The income statements include in particular the depreciation and amortisation to be recognised by TX Group on the intangible assets owned at the takeover date. The figures for associates and joint ventures may be based on provisional and unaudited figures, so the tables below may contain some adjustments to the final figures from the previous year.

in CHF mn 2022 2021 1 2022 2021
Name SMG Swiss Marketplace Group AG SMG Swiss Marketplace Group AG Karriere.at GmbH Karriere.at GmbH
Share of Group capital 30.7% 31.0% 24.5% 24.5%
 
Balance sheet
Current assets 80.2 72.6 74.6 59.3
Non-current assets 2 836.8 3 029.7 25.6 24.9
Total assets 2 917.0 3 102.3 100.2 84.2
Current liabilities 94.3 150.6 42.8 38.0
Non-current liabilities 221.8 264.0 0.8 0.5
Total equity 2 600.9 2 687.7 56.5 45.6
attributable to majority shareholders 2 594.6 2 682.2 56.9 44.3
of which attributable to TX Group AG 804.3 831.5 27.9 21.7
attributable to non-controlling interests 6.3 5.5 (0.4) 1.3
Liabilities and shareholders' equity 2 917.0 3 102.3 100.2 84.2
 
Income statement 1
Revenues 248.8 40.0 101.7 82.5
Operating income / (loss) before depreciation and amortisation (EBITDA) 50.2 5.3 64.1 41.4
Operating income before effects of business combinations (EBIT b. PPA) 24.6 3.2 63.8 40.2
Operating income / (loss) (EBIT) (124.5) (7.9) 64.4 40.2
Income / (loss) before taxes (124.5) (8.1) 64.0 40.0
Income taxes 12.4 2.4 (15.8) (12.1)
Net income / (loss) (EAT) (112.1) (5.7) 48.1 27.9
of which attributable to majority shareholders (112.5) (4.7) 48.0 28.2
of which attributable to non-controlling interests (0.4) (1.0) 0.1 (0.3)
 
Net income / (loss) (EAT) (112.1) (5.7) 48.1 27.9
Other comprehensive income / (loss) 13.5 (18.2) – (0.0)
Total comprehensive income / (loss) (98.6) (23.9) 48.1 27.9
of which attributable to majority shareholders (99.5) (17.8) 48.1 28.2
of which attributable to non-controlling interests 0.9 (6.1) – (0.3)
Dividends received (pro-rata) – – 17.4 4.9
1 Income statement includes the period between 1 November 2021 and 31 December 2021

As of the end of 2022, the other associates and joint ventures are assessed as not material on an individual basis.

The shares of TX Group in the net assets and income of associates and joint ventures are listed below:

in CHF mn SMG
Swiss
Marketplace
Group AG		 Karriere.at GmbH Other
associates		 Joint ventures Total
Share taken into account in the consolidation 30.7% 49.0% 1 n.a. n.a.
 
2022
Current assets 24.7 36.5 14.8 6.9 82.9
Non-current assets 871.9 12.5 34.5 4.9 923.9
Assets 896.6 49.1 49.4 11.8 1 006.9
Current liabilities 29.0 21.0 8.3 5.8 64.1
Non-current liabilities 68.2 0.4 6.0 0.4 75.0
Equity 799.4 27.7 35.0 5.6 867.8
of which attributable to TX Group 797.5 27.9 35.0 5.6 866.1
of which attributable to non-controlling shareholders 1.9 (0.2) – – 1.7
Liabilities and shareholders' equity 896.6 49.1 49.4 11.8 1 006.9
 
attributable to net income / (loss) of associates / joint ventures
Revenues 76.5 49.9 36.9 13.7 177.0
Operating income / (loss) before depreciation and amortisation (EBITDA) 15.4 31.4 2.9 2.0 51.8
Operating income before effects of business combinations (EBIT b. PPA) 7.6 31.3 1.7 2.0 42.5
Operating income / (loss) (EBIT) (38.3) 31.5 (6.9) 2.0 (11.6)
Income / (loss) before taxes (38.3) 31.3 (6.9) 1.5 (12.4)
Income taxes 3.8 (7.8) (0.4) (0.3) (4.6)
Net income / (loss) (EAT) (34.5) 23.6 (7.3) 1.2 (17.0)
of which attributable to TX Group (34.3) 23.5 (7.4) 1.2 (17.1)
of which attributable to non-controlling interests (0.1) 0.1 0.1 – 0.1
 
Net income / (loss) (EAT) (34.5) 23.6 (7.3) 1.2 (17.0)
Other comprehensive income / (loss) 4.3 – (0.0) – 4.3
Total comprehensive income / (loss) (30.1) 23.6 (7.3) 1.2 (12.7)
of which attributable to TX Group (30.4) 23.6 (7.3) 1.2 (13.0)
of which attributable to non-controlling interests 0.3 – – – 0.3
1 The values shown relate to the shares of JobCloud AG, in which TX Group in turn holds a 50 per cent stake.
in CHF mn SMG Swiss Marketplace Group AG Karriere.at GmbH Other associates Joint ventures Total
Share taken into account in the consolidation 31.0% 49.0% 1 n.a. n.a.
 
2021
Current assets 22.5 29.0 18.2 8.6 78.3
Non-current assets 939.2 12.2 41.7 4.0 997.1
Assets 961.7 41.2 59.9 12.6 1 075.4
Current liabilities 46.7 18.6 9.6 6.6 81.5
Non-current liabilities 81.9 0.3 7.7 1.1 90.9
Equity 833.2 22.3 42.5 4.9 903.0
of which attributable to TX Group 831.5 13.7 50.5 4.9 900.7
of which attributable to non-controlling shareholders 1.7 0.7 0.0 – 2.4
Liabilities and shareholders' equity 961.7 41.2 59.9 12.6 1 075.4
 
attributable to net income / (loss) of associates/joint ventures
Revenues 12.4 40.4 40.0 12.8 105.6
Operating income / (loss) before depreciation and amortisation (EBITDA) 1.7 20.3 3.9 1.7 27.5
Operating income before effects of business combinations (EBIT b. PPA) 1.0 19.7 1.2 1.7 23.6
Operating income / (loss) (EBIT) (2.5) 19.7 1.1 1.7 20.0
Income / (loss) before taxes (2.5) 19.6 1.2 1.7 20.0
Income taxes 0.7 (5.9) (0.6) (0.4) (6.1)
Net income / (loss) (EAT) (1.8) 13.7 0.7 1.3 13.9
of which attributable to TX Group (1.5) 13.8 0.7 1.3 14.3
of which attributable to non-controlling interests (0.3) (0.2) 0.0 – (0.5)
 
Net income / (loss) (EAT) (1.8) 13.7 0.7 1.3 13.9
Other comprehensive income / (loss) (5.6) (0.0) – – (5.6)
Total comprehensive income / (loss) (7.4) 13.7 0.7 1.3 8.2
of which attributable to TX Group (5.5) 13.8 0.7 1.3 10.3
of which attributable to non-controlling interests (1.9) (0.2) – – (2.1)
1 The values shown relate to the shares of JobCloud AG, in which TX Group in turn holds a 50 per cent stake.

Except for Virtual Network SA (30 June), all of the associates and joint ventures have a balance sheet date of 31 December under commercial law. As none of the associates and joint ventures have shares that are publicly traded, there are no published share prices. As most of the associates and joint ventures do not apply IFRS, their available financial statements have been adjusted to reflect IFRS principles, requiring estimates to be made in some cases. Adjustments may be necessary in the coming years if new information becomes available.

Details on transactions with associates and joint ventures are disclosed in Note 4.5.

Accounting policies

Investments in associates (i.e. companies in which TX Group directly or indirectly holds between 20 per cent and less than 50 per cent of the voting rights without exerting control over any financial and operational decisions, or less than 20 per cent of the voting rights where a significant influence can be exercised in another way) and in joint ventures are recognised using the equity method. The Group’s shares in losses that exceed the acquisition cost are only recognised if TX Group has a legal or de facto obligation to share in further losses or to participate in any ongoing or initiated financial restructuring.

A distinction is made between joint ventures and joint operations when assessing joint arrangement companies. These companies are deemed to be joint ventures because, in all cases and on the basis of contractual agreements, TX Group exercises control over financial and operational decisions together with partners and holds rights to the company’s net assets.