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TX Group Half-Year Report 2022
TX Group Half-Year Report 2022
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Balance sheet

In the first half of 2022, total assets decreased by CHF 385.5 million from CHF 3,763.4 million to CHF 3,377.9 million. Equity fell by CHF 346.2 million to CHF 2,633.9 million. The equity ratio is 78.0 per cent as of 30 June 2022 (79.2 per cent as of the end of the previous year). The revaluation of the employee benefit obligations as per IAS 19, as recorded in the statement of total comprehensive income, had a negative effect in the amount of CHF 289.1 million (before deferred taxes), whereas a profit of CHF 102.2 million resulted in the first half of the previous year. A dividend in the amount of CHF 78.4 million (CHF 7.40 per share) was paid out to the shareholders of TX Group AG, whereas no dividend was paid the previous year. The non-controlling interests in equity fell by CHF 16.6 million to CHF 284.4 million. The net income from non-controlling interests increased by CHF 6.6 million or 53.7 per cent to CHF 18.8 million, reflecting in particular the growth in revenues for JobCloud AG. Dividends in the amount of CHF 40.7 million were paid to non-controlling interests (previous year: CHF 31.5 million).

Current assets fell by CHF 157.7 million to CHF 701.3 million. Cash and cash equivalents remain high at CHF 391.0 million. In the first half of 2022, current financial receivables fell by CHF 95.8 million, primarily due to the payment of preference dividends from SMG in the amount of CHF 89.8 million. The decrease in trade accounts receivable and the increase in accrued income and prepaid expenses are a result of seasonal fluctuations.

Non-current assets decreased by CHF 227.8 million to CHF 2,676.7 million. Additions of property, plant and equipment relate in particular to investments in inventory for digital advertising spaces and in conversion work. As regards intangible assets, further investments in software projects were made in the first half of 2022. The investments were offset by depreciation and amortisation of CHF 57.9 million. No material disposals or currency effects need to be recorded for the first half of 2022. Investments in associates and joint ventures were reduced by CHF 12.0 million to CHF 888.6 million. The change is primarily due to the net effect of the share of net income (loss) of associates and joint ventures of CHF 6.4 million and the dividend payments received in the amount of CHF –17.9 million. As of 30 June 2022, there are employee benefit plan assets totalling CHF 33.4 million held by various benefit plans, and these fell by CHF 314.7 million due to the negative performance associated with plan assets and the impact of the asset ceiling. Non-current financial assets increased by CHF 5.0 million to CHF 198.5 million, with the sale of MoneyPark AG and firstbird GmbH being more than offset by newly issued loans and investments in other new interests. Deferred tax assets increased by CHF 8.6 million to CHF 11.0 million.

Current liabilities posted a fall of CHF 3.7 million to CHF 471.0 million. Current financial liabilities increased due to new lease liabilities by CHF 10.8 million. The decrease in trade accounts payable of CHF 17.0 million and the increase in other current liabilities of CHF 16.2 million are attributable to seasonal fluctuations. Deferred revenues from contracts with customers amount to CHF 215.4 million, which is down by CHF 20.6 million compared with 31 December 2021. Other accrued liabilities are up by CHF 6.3 million to CHF 110.0 million. Both changes in deferred revenues from contracts with customers and in other accrued liabilities are attributable to typical seasonal fluctuations. Current provisions reduced slightly by CHF 0.6 million to a total of CHF 3.0 million. The reduction is attributable to used or reversed provisions for social plans.

Non-current liabilities decreased by CHF 35.6 million to CHF 273.0 million. Non-current financial liabilities increased in the first half of the year by CHF 39.6 million. The increase is primarily due to liabilities from new leases and more than offsets the repayment of a loan. Employee benefit obligations decreased by CHF 22.1 million to CHF 5.4 million, with deferred tax liabilities also declining by CHF 52.8 million to CHF 103.3 million. Non-current provisions remained practically unchanged and amount to CHF 11.0 million (previous year: CHF 11.2 million).