2.1 Net working capital

Trade accounts receivable

in CHF mn	2023	2022
Trade accounts receivable	249.5	251.8
Valuation allowances	(11.5)	(11.9)
Total	238.0	239.9

The due dates as of the balance sheet date are shown in the table below:

in CHF mn	2023	2022
not yet due	159.3	173.2
due in less than 30 days	64.1	46.3
due in 30 to 60 days	9.2	11.7
due in 60 to 90 days	2.8	5.3
due in 90 to 120 days	1.9	4.1
due in over 120 days	12.2	11.2
As of 31 December	249.5	251.8

The value adjustments on receivables have changed as follows:

in CHF mn	2023	2022
As of 1 January	(11.9)	(11.2)
Change in group of consolidated companies	(0.0)	–
Increase	(1.1)	(1.9)
Reversal	1.1	0.1
Used during the financial year	0.3	1.1
As of 31 December	(11.5)	(11.9)

Accounting policies

Receivables are measured at their nominal value. Bad debt provisions are charged to the income statement for doubtful receivables whose collection is uncertain. In regard to the general valuation risk, TX Group applies the simplified approach in accordance with IFRS 9 to measure anticipated loan losses, factoring in the need to make valuation allowances based on past experiences and anticipated losses from future default events for all trade accounts receivable.

Other current liabilities

in CHF mn	2023	2022
Liabilities to public authorities	13.5	11.7
Liabilities to insurance companies	3.1	2.5
Liabilities to employee benefit funds	2.9	1.5
Liabilities to employees	0.2	0.0
Advance payments from customers	6.7	11.6
Other current liabilities	4.9	6.4
Total	31.3	33.9

Contract liabilities / Deferred revenues and accrued liabilities

in CHF mn	2023	2022
Deferred subscription revenues	123.4	127.9
Deferred online revenues	74.4	71.4
Deferred revenues from commercialization revenue	24.3	29.3
Deferred personnel expenses	29.5	26.6
Other deferred revenues and accrued liabilities	59.8	66.5
Total	311.5	321.6
of which contract liabilities	222.1	228.5
of which accrued liabilities	89.3	93.1

Contract liabilities and deferred revenues and accrued liabilities reduced by CHF 10.1 million from CHF 321.6 million to CHF 311.5 million. Contract liabilities declined by CHF 6.4 million. At the same time, accruals relating to personnel increased by CHF 2.9 million to CHF 29.5 million, mainly due to the higher accruals for employee performance bonuses. The reduction in other deferred revenues and accrued liabilities was primarily due to television channel shares in the Goldbach sub-group.

The revenues recognised in the reporting period and which were included in the balance of the contractual liabilities at the start of the period amount to CHF 205.7 million (previous year: CHF 206.1 million). There are no material revenues recognised in the reporting period from performance obligations which had been fulfilled either in full or in part during earlier periods (e.g. subsequent purchase price adjustments).

Cash flow statement

in CHF mn	2023	2022
Other non-cash income
Employee benefit plans	(1.9)	9.6
Capital taxes	1.3	1.2
Share-based payments	0.7	0.4
Purchase price and repurchase obligations / put options	(3.0)	–
Changes in shares of associates / joint ventures	3.9	(1.1)
Other	(2.2)	1.0
Total	(1.1)	11.1

Change in net current assets
Trade accounts receivable	16.4	(11.4)
Other current receivables	4.8	(4.2)
Contract assets	4.6	0.5¹
Accrued income and prepaid expenses	(1.2)	(6.0)¹
Inventories	1.6	(3.6)
Trade accounts payable	5.5	9.8
Other current liabilities	(0.7)	2.4
Contract liabilities	(15.8)	(7.4)
Deferred revenues and accrued liabilities	(7.4)	(10.6)
Current provisions	2.8	(0.1)
Total	10.6	(30.5)

1 Accrued income and prepaid expenses were divided into two balance sheet items. The previous year's figures were adjusted accordingly.

With regard to the change in the net working capital (not including non-current provisions), a total of CHF –4.4 million (previous year CHF 0.1 million) can be attributed to changes to the group of consolidated companies.