Net operating income (loss) and margin

EBITDA, EBIT before PPA, EBIT and the margin are significantly down on the previous year, despite the highly positive developments in the job market. The deconsolidation of TX Markets units meant a double-digit (in millions) loss of contribution towards net income, while the Swiss Marketplace Group actually made a negative contribution in terms of its share of net income / (loss). This negative share of net income / (loss) associated with SMG is partly due to the high levels of depreciation and amortisation from business combinations as well as the impairments made this year. In addition, higher paper prices, additional investments in the out-of-home advertising area and the uncertain economic environment also had a negative impact on profitability.

Normalised EBIT adj. amounts to CHF 100.1 million, which corresponds to a decline of 22 per cent. The normalisation of depreciation and amortisation from business combinations represents the biggest impact at CHF 50.1 million (previous year: CHF 64.7 million). The reporting period also saw a normalisation in the amount of CHF 42.4 million (previous year: CHF 4.6 million) performed in relation to the share of net result of associates/joint ventures in connection with the proportionate amortisation and impairments from business combinations at SMG in the amount of CHF 33.7 million as well as impairments at other associates. Normalisations in 2022 also include full repayment of the CHF 3.1 million of extraordinary support (press subsidies) received at federal level in 2021, the valuation allowance and the sale of old receivables (CHF 1.1 million) as well as incoming payments which cannot be allocated from the 2016 accounting period and earlier (CHF 2.5 million).

The normalised consolidated income statement contains further details on normalisations.

With TX Markets, Goldbach, 20 Minuten and Tamedia, all core segments continue to make a significant contribution to EBIT adj. Group & Ventures and IAS19 have a reducing effect.