Statement of cash flows

Cash and cash equivalents decreased by CHF 45.4 million from CHF 436.5 million to CHF 391.0 million.

Cash flow from / (used in) trading activities increased by CHF 5.0 million to CHF 66.0 million compared with the first half of 2021. Despite the significant reduction in net income (EAT), the slight increase is attributable in particular to the positive change in net current assets and the higher dividends from associates / joint ventures.

Cash flow from / (used in) investing activities amounts to CHF 23.8 million (previous year: CHF –15.8 million). The difference in cash inflows compared with the previous year is attributable, among other things, to the sales of MoneyPark AG and firstbird GmbH (total inflow of cash and cash equivalents to the value of CHF 21.0 million), a slight increase in loans and a preference dividend received from the sale of SMG Swiss Marketplace Group AG, of which CHF 25.6 million was paid in cash. Cash outflows in 2022 were associated with investments in property, plant and equipment in the amount of CHF 12.1 million, e.g. for the inventory associated with digital advertising spaces in the out-of-home area and the conversion of the Werdareal site. CHF 3.5 million was invested in intangible assets, in particular for the capitalisation of software projects at JobCloud AG. The sale of property, plant and equipment and intangible assets resulted in a cash inflow in the amount of CHF 0.1 million. Cash flow after investing activities in property, plant and equipment and intangible assets (FCF b. M&A) amounts to CHF 50.3 million, an increase of CHF 0.9 million on the previous year’s figure of CHF 49.3 million. Cash outflows associated with other investments worth CHF 14.2 million include the purchase of shares in Stableton Financial AG and Caeleste AG as well as changes involving current accounts with non-controlling interests and increases in loans to associates.

Cash flow from / (used in) financing activities amounts to CHF –134.8 million (previous year: CHF –37.4 million). The significant increase in cash outflows as compared with the previous year is attributable in particular to dividends being paid again to TX Group shareholders for the 2021 financial year in the amount of CHF 78.4 million. Dividend payments to non-controlling interests of JobCloud AG and the Goldbach Group are also up by around CHF 8.9 million compared with the first half of 2021. Rental payments increased significantly too by CHF 8.4 million to CHF 15.5 million. This is attributable to new or modified leases – significantly more leases were concluded in particular in the growing out-of-home area. Other items remained largely stable.