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TX Group Annual Report 2023
TX Group Annual Report 2023
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4.4 Associates / Joint ventures

in CHF mn 2023 2022
As of 1.1. 866.1 900.6
Additions 0.3 1.7
Disposals – (3.9)
Dividends (25.4) (18.1)
Transfers (3.6) 0.3
Share of net result of associates / joint ventures 22.1 (17.1)
Changes recognised directly in other comprehensive income / (loss) (0.7) 4.4
Currency translation differences (0.6) (1.9)
Other changes in capital (4.0) –
As of 31.12. 854.2 866.1

The share of net result of associates / joint ventures has increased by a total of CHF 39.2 million compared with the previous year. In the previous year, the share of net result of associates / joint ventures was influenced by impairments on intangible assets and goodwill in the amount of CHF 27.9 million. In the current reporting year, impairments were recorded for the investments in Ultimate Media B&M GmbH and KEYSTONE-SDA-ATS AG totalling CHF 4.8 million as a result of impairment testing.

The development of SMG Swiss Marketplace Group AG had a positive impact, with a net income share CHF 23.8 million higher than the previous year (adjusted for impairment effects from the previous year). By contrast, the contribution to net income made by Karriere.at GmbH declined by CHF 5.5 million. Details can be found in the table in the following section.

Share of net assets and net result of associates / joint ventures

Detailed financial information on the individual companies deemed to be material associated companies is provided below. The reported amounts refer to the 100 per cent stake in the companies and include the fair value adjustments at the time of acquisition as well as any deviations caused by differences in application of accounting policies. The income statements include in particular the depreciation and amortisation to be recognised by TX Group on the intangible assets owned at the takeover date. The figures for associates / joint ventures may be based on provisional and unaudited figures, so the tables below may contain some adjustments to the final figures from the previous year.

in CHF mn 2023 2022 2023 2022
Name SMG Swiss Marketplace Group AG SMG Swiss Marketplace Group AG Karriere.at GmbH Karriere.at GmbH
Share of Group capital 30.7% 31.0% 24.5% 24.5%
 
Balance sheet
Current assets 123.8 80.2 46.9 74.6
Non-current assets 2 787.2 2 836.8 25.2 25.6
Total assets 2 911.0 2 917.0 72.1 100.2
Current liabilities 98.2 94.3 29.5 42.8
Non-current liabilities 199.6 221.8 1.0 0.8
Total equity 2 613.2 2 600.9 41.5 56.5
attributable to majority shareholders 2 613.2 2 594.6 41.6 56.9
of which attributable to TX Group AG 803.2 804.3 20.4 27.9
attributable to non-controlling interests 0.0 6.3 (0.0) (0.4)
Liabilities and shareholders' equity 2 911.0 2 917.0 72.1 100.2
 
Income statement 1
Revenues 279.4 248.8 92.7 101.7
Operating income / (loss) before depreciation and amortisation (EBITDA) 105.1 50.2 49.5 64.1
Operating income before effects of business combinations (EBIT b. PPA) 86.1 24.6 48.8 63.8
Operating income / (loss) (EBIT) 25.8 (124.5) 48.8 64.4
Income / (loss) before taxes 24.6 (124.5) 48.8 64.0
Income taxes 3.0 12.4 (11.6) (15.8)
Net income / (loss) (EAT) 27.6 (112.1) 37.1 48.1
of which attributable to majority shareholders 27.6 (112.5) 37.0 48.0
of which attributable to non-controlling interests (0.0) (0.4) 0.2 0.1
 
Net income / (loss) (EAT) 27.6 (112.1) 37.1 48.1
Other comprehensive income / (loss) (1.9) 13.5 – –
Total comprehensive income / (loss) 25.7 (98.6) 37.1 48.1
of which attributable to majority shareholders 25.7 (99.5) 37.1 48.1
of which attributable to non-controlling interests 0.0 0.9 – –
Dividends received (pro-rata) – – 23.6 17.4

As of the end of 2023, the other associates / joint ventures are assessed as not material on an individual basis.

The shares of TX Group in the net assets and net income of associates / joint ventures are listed below:

in CHF mn SMG
Swiss
Marketplace
Group AG		 Karriere.at GmbH Other
associates		 Joint ventures Total
Share taken into account in the consolidation 30.7% 49.0% 1 n.a. n.a.
 
2023
Current assets 38.1 23.0 15.5 3.6 80.1
Non-current assets 856.7 12.3 34.8 0.8 904.6
Assets 894.8 35.3 50.2 4.5 984.8
Current liabilities 30.2 14.5 9.2 1.9 55.7
Non-current liabilities 61.3 0.5 13.0 (0.0) 74.8
Equity 803.2 20.4 28.0 2.6 854.2
of which attributable to TX Group 803.2 20.4 28.0 2.6 854.2
of which attributable to non-controlling shareholders 0.0 (0.0) – – (0.0)
Liabilities and shareholders' equity 894.8 35.3 50.2 4.5 984.8
 
attributable to net result of associates / joint ventures
Revenues 85.9 45.4 34.6 9.8 175.7
Operating income / (loss) before depreciation and amortisation (EBITDA) 32.3 24.2 0.6 1.3 58.4
Operating income before effects of business combinations (EBIT b. PPA) 26.5 23.9 (0.4) 1.2 51.1
Operating income / (loss) (EBIT) 7.9 23.9 (5.2) 1.2 27.8
Income / (loss) before taxes 7.6 23.9 (5.4) 1.3 27.4
Income taxes 0.9 (5.7) (0.2) (0.3) (5.3)
Net income / (loss) (EAT) 8.5 18.2 (5.5) 0.9 22.1
of which attributable to TX Group 8.5 18.1 (5.5) 0.9 22.1
of which attributable to non-controlling interests (0.0) 0.1 – – (0.0)
 
Net income / (loss) (EAT) 8.5 18.2 (5.5) 0.9 22.1
Other comprehensive income / (loss) (0.6) – – – (0.6)
Total comprehensive income / (loss) 7.9 18.2 (5.5) 0.9 21.5
of which attributable to TX Group 7.9 18.2 (5.5) 0.9 21.5
of which attributable to non-controlling interests (0.0) 0.1 – – (0.0)
1 The values shown relate to the shares of JobCloud AG, in which TX Group in turn holds a 50 per cent stake.
in CHF mn SMG
Swiss
Marketplace
Group AG		 Karriere.at GmbH Other
associates		 Joint ventures Total
Share taken into account in the consolidation 31.0% 49.0% 1 n.a. n.a.
 
2022
Current assets 24.7 36.5 14.8 6.9 82.9
Non-current assets 871.9 12.5 34.5 4.9 923.9
Assets 896.6 49.1 49.4 11.8 1 006.9
Current liabilities 29.0 21.0 8.3 5.8 64.1
Non-current liabilities 68.2 0.4 6.0 0.4 75.0
Equity 799.4 27.7 35.0 5.6 867.8
of which attributable to TX Group 797.5 27.9 35.0 5.6 866.1
of which attributable to non-controlling shareholders 1.9 (0.2) – – 1.7
Liabilities and shareholders' equity 896.6 49.1 49.4 11.8 1 006.9
 
attributable to net result of associates / joint ventures
Revenues 76.5 49.9 36.9 13.7 177.0
Operating income / (loss) before depreciation and amortisation (EBITDA) 15.4 31.4 2.9 2.0 51.8
Operating income before effects of business combinations (EBIT b. PPA) 7.6 31.3 1.7 2.0 42.5
Operating income / (loss) (EBIT) (38.3) 31.5 (6.9) 2.0 (11.6)
Income / (loss) before taxes (38.3) 31.3 (6.9) 1.5 (12.4)
Income taxes 3.8 (7.8) (0.4) (0.3) (4.6)
Net income / (loss) (EAT) (34.5) 23.6 (7.3) 1.2 (17.0)
of which attributable to TX Group (34.3) 23.5 (7.4) 1.2 (17.1)
of which attributable to non-controlling interests (0.1) 0.1 0.1 – 0.1
 
Net income / (loss) (EAT) (34.5) 23.6 (7.3) 1.2 (17.0)
Other comprehensive income / (loss) 4.3 – (0.0) – 4.3
Total comprehensive income / (loss) (30.1) 23.6 (7.3) 1.2 (12.7)
of which attributable to TX Group (30.4) 23.6 (7.3) 1.2 (13.0)
of which attributable to non-controlling interests 0.3 – – – 0.3
1 The values shown relate to the shares of JobCloud AG, in which TX Group in turn holds a 50 per cent stake.

Except for VIRTUAL NETWORK S.A (30 June), all of the associates / joint ventures have a balance sheet date of 31 December under commercial law. As none of the associates / joint ventures have shares that are publicly traded, there are no published share prices. As most of the associates / joint ventures do not apply IFRS, their available financial statements have been adjusted to reflect IFRS principles, requiring estimates to be made in some cases. Adjustments may be necessary in the coming years if new information becomes available.

Details on transactions with associates / joint ventures are disclosed in Note 4.5.

Accounting policies

Investments in associates (i.e. companies in which TX Group directly or indirectly holds between 20 per cent and less than 50 per cent of the voting rights without exerting control over any financial and operational decisions, or less than 20 per cent of the voting rights where a significant influence can be exercised in another way) and in joint ventures are recognised using the equity method. The Group’s shares in losses that exceed the acquisition cost are only recognised if TX Group has a legal or de facto obligation to share in further losses or to participate in any ongoing or initiated financial restructuring.

A distinction is made between joint ventures and joint operations when assessing joint arrangement companies. These companies are deemed to be joint ventures because, in all cases and on the basis of contractual agreements, TX Group exercises control over financial and operational decisions together with partners and holds rights to the company’s net assets.