Restatement
On account of the amendment to IAS 12 «Income Taxes», deferred taxes now need to be recognised for transactions where temporary taxable and deductible differences of equivalent amount arise – at the first time of recording. At TX Group, the amendment concerns leases recognised in accordance with IFRS 16. TX Group has therefore created deferred tax assets and deferred tax liabilities for all deductible and taxable temporary differences in connection with right-of-use assets and lease liabilities. Potential closure and restoration obligations were taken into account accordingly in the creation of deferred tax items. The cumulative impact of the first application was recognised in retained earnings. The values from the previous year were adjusted as a result of the restatement. The impact of the restatement on the consolidated statement of comprehensive income including net income / (loss) (EAT) per share, the consolidated balance sheet and the consolidated statement of cash flows can be seen in the tables below.
Consolidated statement of comprehensive income
| in CHF mn | 31.12.2022 published |
Restatement | 31.12.2022 restated |
|||||
|---|---|---|---|---|---|---|---|---|
| Revenues | 925.2 | – | 925.2 | |||||
| Operating expense | (801.4) | – | (801.4) | |||||
| Operating income / (loss) before depreciation and amortisation (EBITDA) | 123.8 | – | 123.8 | |||||
| Operating income / (loss) before effects of business combinations (EBIT b. PPA) | 56.0 | – | 56.0 | |||||
| Operating income / (loss) (EBIT) | 5.9 | – | 5.9 | |||||
| Net income / (loss) before taxes (EBT) | 8.2 | – | 8.2 | |||||
| Income taxes | (12.8) | 0.6 | (12.2) | |||||
| Income / (loss) of continued operations | (4.6) | 0.6 | (4.0) | |||||
| Net income / (loss) (EAT) | (4.6) | 0.6 | (4.0) | |||||
| of which attributable to TX Group AG shareholders | (44.4) | 0.3 | (44.0) | |||||
| of which attributable to non-controlling shareholders | 39.7 | 0.3 | 40.0 | |||||
| Net income / (loss) (EAT) | (4.6) | 0.6 | (4.0) | |||||
| Other comprehensive income / (loss) | (223.8) | – | (223.8) | |||||
| Total comprehensive income / (loss) | (228.5) | 0.6 | (227.8) | |||||
| of which attributable to TX Group AG shareholders | (272.9) | 0.3 | (272.6) | |||||
| of which attributable to non-controlling shareholders | 44.5 | 0.3 | 44.8 |
Net income / (loss) (EAT) per share
| in CHF | 31.12.2022 published |
Restatement | 31.12.2022 restated |
|||||
|---|---|---|---|---|---|---|---|---|
| Net income / (loss) (EAT) per share (undiluted) | (4.19) | 0.03 | (4.16) | |||||
| Net income / loss (EAT) per share (diluted) | (4.19) | 0.03 | (4.16) |
Consolidated balance sheet
| in CHF mn | 31.12.2022 published |
Restatement | 31.12.2022 restated |
|||||
|---|---|---|---|---|---|---|---|---|
| Current assets | 748.2 | – | 748.2 | |||||
| Non-current assets | 2 625.2 | – | 2 625.2 | |||||
| Total assets | 3 373.4 | – | 3 373.4 | |||||
| Current liabilities | 480.0 | – | 480.0 | |||||
| Non-current financial liabilities | 146.2 | – | 146.2 | |||||
| Employee benefit obligations | 7.0 | – | 7.0 | |||||
| Deferred tax liabilities | 97.6 | (0.9) | 96.7 | |||||
| Non-current provisions | 10.2 | – | 10.2 | |||||
| Non-current liabilities | 261.0 | (0.9) | 260.1 | |||||
| Total liabilities | 741.0 | (0.9) | 740.1 | |||||
| Share capital | 106.0 | – | 106.0 | |||||
| Reserves | 2 221.8 | 0.5 | 2 222.3 | |||||
| Equity, attributable to TX Group AG shareholders | 2 327.8 | 0.5 | 2 328.3 | |||||
| Equity, attributable to non-controlling interests | 304.6 | 0.4 | 305.0 | |||||
| Shareholders’ equity | 2 632.4 | 0.9 | 2 633.3 | |||||
| Total liabilities and shareholders’ equity | 3 373.4 | – | 3 373.4 |
Consolidated statement of cash flows (extract)
| in CHF mn | 31.12.2022 published |
Restatement | 31.12.2022 restated |
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|---|---|---|---|---|---|---|---|---|
| Net income / (loss) (EAT) | (4.6) | 0.6 | (4.0) | |||||
| Amortisation, depreciation and impairment | 117.9 | – | 117.9 | |||||
| Share of net result of associates / joint ventures | 17.1 | – | 17.1 | |||||
| Financial result | (2.3) | – | (2.3) | |||||
| Income taxes | 12.8 | (0.6) | 12.2 | |||||
| Profit on the sale of property, plant and equipment and intangible assets | 0.1 | – | 0.1 | |||||
| Other non-cash income / (loss) | 11.1 | – | 11.1 | |||||
| Change in net working capital | (30.5) | – | (30.5) | |||||
| Change in non-current provisions | (1.1) | – | (1.1) | |||||
| Dividends from associates / joint ventures | 18.1 | – | 18.1 | |||||
| Interest received | 0.7 | – | 0.7 | |||||
| Interest paid | (1.3) | – | (1.3) | |||||
| Income taxes paid | (28.0) | – | (28.0) | |||||
| Cash flow from / (used in) operating activities | 110.1 | – | 110.1 |
For reasons of materiality, it was decided not to show the restatement for the tables relating to Note 1.6 Income taxes.