General information and changes in accounting policies
General information about TX Group
TX Group AG, headquartered in CH-8004 Zurich, Werdstrasse 21, is a public limited company subject to Swiss law and is listed on the SIX Swiss Exchange since 2 October 2000. TX Group is a leading media company in Switzerland with four largely self-contained companies that focus on specialised platforms/marketplaces, advertising marketing, free media and paid media. The consolidated financial statements for 31 December 2022 cover TX Group AG as the holding company and its subsidiaries. TX Group Board of Directors approved these consolidated financial statements on 24 February 2023 and will present them to the Annual General Meeting for approval on 14 April 2023.
Basic of preparation
The consolidated financial statements of TX Group have been prepared in accordance with the International Financial Reporting Standards (IFRS) and in compliance with the Swiss company law. The consolidated financial statements are presented in Swiss francs (CHF), which is the functional currency of TX Group. The reporting period covers twelve months. Unless otherwise stated, all amounts are stated in millions of Swiss francs and rounded to one decimal place. The majority of calculations are made with a higher level of numerical accuracy. It is therefore possible that rounding differences may occur. The valuations are based on historical cost basis, unless a standard or interpretation requires another measurement basis for a particular line item in the consolidated financial statements. In this case, this shall be explicitly referenced in the accounting policies section. Accounting policies that are key to understanding the statements are set out in the specific notes.
Management assumptions and estimates
The preparation of the consolidated financial statements requires that Management makes estimates and assumptions, for which there is a certain degree of judgement. This impacts the amounts of the assets, liabilities and shareholder’s equity, income and expenditures. These estimates and associated assumptions not only take past experiences into account, but also various other relevant factors. As they are subject to risks and uncertainties, the actual results may differ from these estimates. This affects the following items in particular:
Income taxes – capitalisation of loss carryforwards ()
Goodwill and intangible assets with an indefinite useful life – impairment testing ()
Leases – determining terms ()
Employee benefits – actuarial assumptions ()
Amendments to accounting policies
TX Group adopted the following new and revised standards and interpretations, which have no material impact on the results or financial position of the Group, for the first time in its 2022 consolidated financial statements.
Amendments to IFRS 3 – “Recognition of certain liabilities and contingent liabilities arising in a business combination”
Amendments to IAS 16 – “Proceeds before intended use”
Amendments to IAS 37 – “Onerous contracts — Cost of fulfilling a contract”
The new and revised standards and interpretations to be applied from 2023 have not been applied in advance. No material impact on the consolidated financial statements is expected at the current time.