Normalised consolidated income statement
| 2023 | 2022 | |||||||||||||
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| in CHF mn | Comment | Income statement |
One-off effects |
Adjusted net income |
Income statement |
One-off effects |
Adjusted net income |
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| Advertising revenue | 1 | 331.5 | 0.6 | 332.1 | 252.2 | – | 252.2 | |||||||
| Classifieds & services revenue | 238.3 | – | 238.3 | 246.8 | – | 246.8 | ||||||||
| Commercialization revenue | 82.2 | – | 82.2 | 83.9 | – | 83.9 | ||||||||
| Subscriptions & single sales revenue | 1 | 226.8 | 0.8 | 227.6 | 231.0 | – | 231.0 | |||||||
| Printing & logistics revenue | 71.3 | – | 71.3 | 81.0 | – | 81.0 | ||||||||
| Other operating revenue | 31.0 | – | 31.0 | 27.1 | – | 27.1 | ||||||||
| Other income | 2 | 1.6 | – | 1.6 | 3.1 | (2.5) | 0.7 | |||||||
| Revenues | 982.5 | 1.4 | 984.0 | 925.2 | (2.5) | 922.8 | ||||||||
| Cost of material and services | (154.4) | – | (154.4) | (165.4) | – | (165.4) | ||||||||
| Personnel expense | (417.6) | – | (417.6) | (409.2) | – | (409.2) | ||||||||
| Other operating expense | 3 | (221.7) | – | (221.7) | (209.7) | 4.3 | (205.5) | |||||||
| Share of net result of associates / joint ventures | 4 | 22.1 | 19.6 | 41.7 | (17.1) | 42.4 | 25.3 | |||||||
| Operating income / (loss) before depreciation and amortisation (EBITDA) | 211.0 | 21.0 | 232.0 | 123.8 | 44.2 | 168.0 | ||||||||
| Depreciation and amortisation | (88.4) | – | (88.4) | (67.8) | – | (67.8) | ||||||||
| Operating income / (loss) before effects of business combinations (EBIT b. PPA) | 122.6 | 21.0 | 143.6 | 56.0 | 44.2 | 100.1 | ||||||||
| Depreciation and amortisation resulting from business combinations | 5 | (51.6) | 51.6 | – | (50.1) | 50.1 | – | |||||||
| Operating income / (loss) (EBIT) | 71.0 | 72.6 | 143.6 | 5.9 | 94.3 | 100.1 | ||||||||
| Financial income | 6 | 20.1 | (2.9) | 17.2 | 25.3 | (2.5) | 22.8 | |||||||
| Financial expense | 7 | (14.3) | 4.6 | (9.7) | (23.0) | 1.2 | (21.8) | |||||||
| Income / (loss) before taxes (EBT) | 76.7 | 74.3 | 151.0 | 8.2 | 93.0 | 101.1 | ||||||||
| Income taxes | 8 | (16.3) | (8.9) | (25.2) | (12.2) | (8.9) | (21.1) | |||||||
| Net income / (loss) (EAT) | 60.4 | 65.4 | 125.8 | (4.0) | 84.1 | 80.1 | ||||||||
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1 The 2023 normalisation relates to the correction of deferred revenue at Clear Channel Schweiz in the amount of CHF 0.6 mn (Goldbach segment) and Berner Oberland Medien in the amount of CHF 0.8 mn (Tamedia segment). With these, deferred revenues were adjusted to their fair value as part of the initial consolidation.
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2 The 2022 normalisation concerns all incoming payments from the 2016 and earlier accounting periods that could not be allocated to an invoice and could not be repaid. These were released to income (Tamedia and Group & Ventures segments).
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3 The 2022 normalisation relates to the full repayment of CHF 3.1 mn of the extraordinary support received from the Swiss Confederation in 2021 for the reduced delivery of subscribed daily and weekly newspapers (Press Promotion, Tamedia segment). In addition, CHF 1.1 mn was normalised for the value adjustment and sale of old receivables (Group & Ventures segments).
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4 The 2023 normalisation concerns the share of depreciation and amortisation resulting from business combinations of the associate SMG Swiss Marketplace Group AG of CHF 14.8 mn. In the previous year, CHF 33.7 mn was normalised in relation to the same matter (TX Markets segment, after deferred tax). Impairment of associates (Ultimate Media Beteiligungs- und Management GmbH [20 Minuten segment] in the amount of CHF 3.6 mn and KEYSTONE-SDA-ATS [Tamedia segment] in the amount of CHF 1.2 mn) was also normalised as in the previous year (Ultimate Media Beteiligungs- und Management GmbH [20 Minuten segment] in the amount of CHF 7.8 mn and LZ Linth Zeitung AG and KEYSTONE-SDA-ATS [Tamedia segment] in the amounts of CHF 0.7 mn and CHF 0.1 mn respectively).
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5 Depreciation and amortisation from business combinations are normalised in full. Allocation to the segments is carried out according to segment information.
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6 The 2023 normalization relates to the revaluation of the purchase price liability from the full acquisition of the minority interests (49%) in NEO ADVERTISING SA (Goldbach segment). In the previous year, the gain on disposal from the sale of 0.09% of the shares in SMG Swiss Marketplace Group AG to General Atlantic SC B.V. of CHF –2.2 mn (Group & Ventures segment) and the gain on disposal from the disposal of Goldbach companies that are no longer operational of CHF –0.3 mn were normalized (Goldbach segment).
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7 The 2023 normalisation relates to the effect at SMG Swiss Marketplace Group AG, resulting from the full acquisition of non-controlling interests (34%) in IAZI, which has a negative impact on the equity share of CHF 2.1 mn (Group & Ventures segment), as well as to the effect resulting from the increase in the holding in hokify GmbH by Karriere.at GmbH of CHF 1.9 mn (TX Markets segment). The normalisation in 2022 relates to the dilutive effect of a capital increase and therefore a reduction in shareholdings due to employee shareholding programmes at SMG Swiss Marketplace Group AG of CHF 0.6 mn (Group & Ventures segment).
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8 The tax effects on the one-off effects are normalised accordingly.
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