TX Group balance sheet: organic growth, overall loss in 2022
Although TX Group grew organically in 2022, it was significantly less profitable. The bottom line was even a loss.
The company, which is primarily known for its media brands such as Tages-Anzeiger or 20 minutes known TX Group generated operating income of CHF 925.2 million in the year under review, which corresponds to a minus of 3.4 percent. It should be noted that the sales of the weighty digital marketplaces Homegate, Ricardo, tutti.ch and Car For You 2022 are no longer included. These now all belong to the Swiss Marketplace Group (SMG).
In organic terms, TX Group sales also increased by 6.7 percent. This was mainly due to the job platform Jobcloud, Goldbach's new business in outdoor advertising and the passing on of higher paper prices in the printing business at Tamedia, as the company announced on Thursday.
The operating profit figures were less pleasing. Operating profit at EBIT level fell by almost 91 percent to 5.9 million. And the operating profit before effects of business combinations, which is the focus of the TX management, also fell significantly by 56.2 percent to 56.0 million Swiss francs. The margin was thus still 6.0 percent after 13.4 percent in the previous year. The Group cites high paper prices, investments in outdoor advertising marketing, value adjustments at associated companies and the uncertain economic environment as reasons for the decline.
The bottom line was a loss of 4.6 million. This is in marked contrast to the previous year's profit of just under 833 million. At that time, the Group benefited in particular from the book gain of CHF 778.5 million from the contribution of the online marketplaces to the newly formed joint venture SMG.
Dividend to be cut
As a result of the lower earnings, the dividend will be reduced. Shareholders will receive a regular dividend of 0.30 francs, compared with 3.20 francs in the previous year. In addition, there will be another special distribution of 4.20 francs from the inflow of funds following the establishment of the Swiss Marketplace Group.
Although TX Markets, the most important pillar for the Group's results, is reporting lower operating income for 2022 as a result of the spin-off of the online marketplaces, it was able to further increase profitability. The adjusted EBIT margin improved to 66.7 percent from 42.9 percent in the previous year. The job placement platforms JobCloud in Switzerland and karriere.at in Austria performed particularly well. Both are benefiting from the current shortage of skilled workers.
The advertising marketer Goldbach grew in terms of sales. However, profitability declined significantly as a result of the high investments in the transformation of the company. The economic situation in the Group's traditional core publishing business remains difficult. Both the commuter media (20 Minuten) and the paid media titles (Tamedia) suffered from economic and geopolitical uncertainties, the ongoing transformation of the media industry, and high paper prices. At 13.3 percent for 20 Minuten and even only 1.4 percent for Tamedia, the adjusted profit margins (EBIT) are at a low or very low level. (sda)
