TX Group significantly increases operating income

TX Markets: stable revenue levels at JobCloud SMG delivers very good result
The TX Markets segment recorded stable revenues compared to the previous year and managed to increase net operating income.
The job platforms run by JobCloud (fully consolidated, with TX Group holding 50% of the capital) proved resilient in an economic situation affected by uncertainty. The market leader finished the first half of the year with stable revenue levels. The market environment in Austria is more difficult. Persistently high Inflation resulted in a cautious HR policy, particularly at medium-sized and large companies, which had a negative impact on business at market leader Karriere.at (TX Group holds 24.5% indirectly as JobCloud AG holds 49%). SMG Swiss Marketplace Group (TX Group holds 30.74%, at equity consolidation) performed very well in the first half of the year thanks to revenue growth and higher efficiency. All four divisions (Real Estate, Automotive, General Marketplaces, Finance & Insurance) contributed to revenue and income growth. The solid foundations are now helping to deliver accelerated growth and an ongoing increase in profitability.

Revenues in CHF mn

EBIT adj. in CHF mn (including margin)

Goldbach: investments in transformation
The revenues of Goldbach increased significantly through the acquisition of Clear Channel Switzerland. Advertising customers also showed some reluctance in the first half of the year. As a result of this, the negative trend for revenues in the traditional TV marketing business persisted. Despite the difficult market conditions, Goldbach invested in the transformation of the company, including the development and expansion of an advertising booking platform. In terms of out-of-home advertising, the acquisition of Clear Channel Switzerland was completed. The remaining shares attributable to non-controlling interests of Neo Advertising were duly acquired at this time. A very positive impact on Goldbachs results is expected in the medium term through synergies in out-of-home advertising and investments made in the transformation process.

 Revenues in CHF mn

EBIT adj. in CHF mn (including margin)

20 Minuten: improvements to the product
20 Minuten, which is financed through advertising alone, managed to achieve slightly higher revenues compared to the previous year, while net operating income was down slightly. Various improvements were made to the product, and a reorganisation of editorial resources delivered a real impetus in journalism terms. The revised journalism concept is based on a consistent mix of news, entertainment and inspiration. There is an ongoing drive to improve the digital presence of 20 Minuten in terms of design and user-friendliness, with the digital share of revenues amounting to a pleasing 76%. The revamped print edition of 20 Minuten has also been well received by the market and managed to counteract some of the structural decline. In the case of investments abroad, the digital editions of Lessentiel in Luxembourg and heute.at in Austria performed particularly well.

 Revenues in CHF mn

EBIT adj. in CHF mn (including margin)

Tamedia: slight improvement in economic situation
Tamedia recorded a slight decline in revenues compared to the previous year, but significantly increased its operating income and margin. 
Operating expenses declined due to  lower distribution and rental costs, while advertising revenue increased slightly. The business climate remains tough. The challenges for Tamedia include the digital transformation of the core journalism business and growth in the digital advertising market. Structures were modified and simplified in the first half of the year, particularly in the editorial departments of the German-speaking newspapers in Switzerland, in order to be even more agile in the digital world. The print business remains important to the company. The average value creation for each print subscription sold currently is clearly in excess of digital revenues. Digital growth is crucial, however, as the decline in print continued steadily. 

 Revenues in CHF mn

EBIT adj. in CHF mn (including margin)

Group & Ventures: cost savings at Group level on track
The Group was able to reduce its cost base further, achieving a lower level than the previous year. Contributing factors included cost reductions within central services and a decentralisation of the IT and data teams. The target, as announced three years ago, of saving CHF 20 million at Group level by the end of 2023 will be met this year.
Since early April, the real estate part of the Group has continued to make progress under a new business manager, with a new construction project on the Werdareal site at the top of the agenda. In the area of ventures, several fintech investments reached important milestones. Additionally, TX Ventures received the green light from the regulatory authority for the launch of the TX Ventures Fintage Fund I. 

 Revenues in CHF mn

Key Figures

30.06.2023 
in CHF mn 

30.06.2022 in CHF mn

Change³
in per cent

TX Group

Revenues

460.5

445.7

3.3%

Operating income / (loss) before depreciation and amortisation (EBITDA)

86.7

61.5

40.8%

    Margin in %¹ 

18.8

13.8

5.0 %p

Operating income / (loss) before effects of business combinations (EBIT b. PPA.)

47.1

28.7

64.0%

    Margin in %¹

10.2

6.4

3.8 %p

Operating income / (loss) (EBIT)

21.4

3.7

485.5%

    Margin in %¹

4.7

0.8

3.9%p

Operating income (EBIT adj.)

54.3

40.6

33.8%

    Margin in %¹

11.8

9.2

2.6%p

Net income / (loss) (EAT) 

13.7

1.3

919.8%

  Margin in %¹

3.0

3.0

0.0%p

Net income / (loss) (EAT adj.)

46.4

32.1

44.5%

  Margin in %¹

10.1

7.2

2.9%p

Cash flow from / (used in) operating activities

111.7

66.0

69.2%

Cash flow after investing activities in property, plant and equipment and intangible assets (FCF b. M&A)

91.1

50.3

81.1%

Cash flow after investing activities (FCF) 

74.5

89.8

17.0%

Total assets

3 311.8

3 373.4

1.8%

Equity ratio (in %)²

76.1

78.0

1.8 %p

TX Markets

Revenues

70.4

71.2

1.1%

EBIT adj.

55.5

53.8

3.2%

    Margin in %¹

78.9

75.6

3.4%p

Goldbach

Revenues

109.7

83.6

31.2%

EBIT adj.

(0.6)

0.9

164.0%

  Margin in %¹

0.5

1.1

1.7 %p

20 Minuten

Revenues

52.0

50.6

2.7%

EBIT adj.

2.2

2.5

11.8%

  Margin in %¹

4.2

4.9

0.7 %p

Tamedia

Revenues

222.7

227.7

2.2%

EBIT adj.

6.1

0.7

804.0%

  Margin in %¹

2.7

0.3

2.4%p

Group & Ventures

Revenues

79.4

92.2

13.9%

Margin adj.

(9.5)

(13.3)

28.0%

  Marge in %¹

12.0

14.4

2.4%p

¹ As a percentage of revenue; ² Equity to total assets; ³   No indication is given for changes in comparative variables with different signs (n.a.). The change in relative values (e.g. margins) is given in percentage points (p)

Analysts conference in English today, 29 August 2023

Time

2.00 - 3.00 p.m.

Location

Online

Webcast

Link 

Please note that the registration process may take a few minutes.

Questions can be asked during the Q&A session after the presentation by unlocking your microphone and speaking up.