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14.03.2024 06:26:28 - dpa-AFX: EQS-Adhoc: Significant increase in operating incomeSimplification of the Group structure - Christoph Marty becomes CEO of Goldbach (english)
Significant increase in operating incomeSimplification of the Group
structure - Christoph Marty becomes CEO of Goldbach
TX Group / Key word(s): Annual Results/Strategic Company Decision
Significant increase in operating income Simplification of the Group
structure - Christoph Marty becomes CEO of Goldbach
14-March-2024 / 06:25 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
'Performance in the 2023 financial year was pleasing: revenues, net income
and cash flow of the group increased in a challenging environment, and the
individual activities strengthened their position for the future.'
Pietro Supino, Publisher and Chairman of the TX Group
Key results for the 2023 financial year
(IMAGE)
Simplification of the Group structure
TX Group's decentralised organisational structure introduced in 2020 has
created a framework for the independent development of its various companies
and investments. It also increased transparency in the segments and
introduced systematic investment and portfolio management.
The positive business development confirms the strategic course. Processes
will be simplified in a next step on the basis of the gained experience.
Specifically, there will no longer be an intermediate level consisting of
separate Boards of Directors for the companies Goldbach, Tamedia and 20
Minuten. Within the three companies, the CEOs and their management teams
will be responsible for results and report directly in future to the TX
Group Board of Directors. To support them, act as a link to the Board of
Directors and facilitate its workload, the Group COO position will be
redesigned and is likely to be staffed in the course of the second quarter.
As part of the initiated organisational development, Pietro Supino will
focus as publisher and full-time Chairman on his tasks and will step down
from his current role as Head of Group Executive Management.
Sandro Macciacchini is leaving TX Group
Sandro Macciacchini, member of Group Executive Management and Chief
Operating Officer with responsibility for Group Services Finance, HR, Legal,
IT and Real Estate, has decided to leave the Group. He has helped to shape
the organisational development and will hand over his responsibilities as
soon as the new position is filled: 'For the past 25 years, I was able to
play a key role in shaping TX Group's transformation from a Zurich-based
publishing house into an internationally active media group, first as Chief
Legal Officer, then as Chief Financial Officer and finally as Chief
Operating Officer of the Group. During this time, the company was active in
consolidating the market, consistently digitised its offerings and broadly
diversified its portfolio. With the new organisation, TX Group has found the
proper structure for its media and platforms. In the future, I will use my
knowledge and experience to contribute to other companies and new projects.'
Pietro Supino, Publisher and Chairman of the Board of Directors at TX Group:
'Sandro Macciacchini has contributed significantly to the Group's success
over a very long time. His foresight, precision and reliability have
continually helped to create goal-oriented structures and deliver new
momentum during times of dynamic development. We are very grateful to him
for all of this and hope that our paths cross again in the future.'
Christoph Marty becomes CEO of Goldbach
After 24 years with Goldbach Group, including 11 years as CEO, Michi Frank
has decided to step down from his operational responsibility at Goldbach
Group. He will be handing over his role as CEO to Christoph Marty, currently
CEO of Goldbach Neo OOH, in summer 2024. Michi Frank wants to pursue a new
direction. He will remain a Delegate of the Board of Directors at Goldbach
Media and provide Christoph Marty with advice and assistance. 'I have
decided to take this step and look forward to new mandates in the future
where I can contribute my knowledge in an advisory function. I am also
pleased to be handing over the reins to Christoph Marty. I am convinced he
is the ideal person to lead Goldbach going forward. I will continue to be
connected to the company thanks to my long-term mandate at Goldbach Media.'
Pietro Supino, Publisher and Chairman of the Board of Directors at TX Group:
'Michi Frank is the father of today's Goldbach Group and is handing over the
company with a clear vision for the future. We respect his long-announced
wish to hand over operational responsibility and are delighted that we have
been able to persuade him to remain on the Board of Directors of Goldbach
Media.'
Christoph Marty held management positions at CH Media and Publicitas and,
for over seven years, has been CEO of the out-of-home marketer Clear Channel
Schweiz, which was acquired by Goldbach Group last year. He was responsible
for the successful merger of Neo Advertising to form Goldbach Neo OOH.
'During the merger of Clear Channel Schweiz with the former Goldbach
subsidiary Neo Advertising last year, I found Goldbach to be a dynamic
company with highly professional employees. I look forward to further
develop the Goldbach Group with these colleagues ,' says Christoph Marty.
Details on the segments
TX Markets
The TX Markets segment consists of the two investments in JobCloud (fully
consolidated, TX Group holds 50% of the capital) and SMG Swiss Marketplace
Group (at equity consolidation, TX Group holds 30.74%).
After a record year in 2022, JobCloud's job platforms achieved the
second-best result in its history. The decline in revenues is attributable
to the economic situation, which had a negative impact on both the Swiss
platforms and Karriere.at in Austria (JobCloud AG holds 49%). The customer
base also grew significantly, particularly in the SME target segment. SMG
increased revenues significantly year-on-year thanks to dynamic development
of the market and the launch of new products and services (+12%), while net
income (EBITDA) more than doubled. All four areas (Real Estate, Automotive,
General Marketplaces, Finance & Insurance) within the network of online
marketplaces made a contribution to this success.
(IMAGE)
Revenues in CHF mn
(IMAGE)
EBIT adj. in CHF mn (including margin)
Goldbach
The acquisition of Clear Channel Schweiz at the start of 2023 marked a
milestone for Goldbach. This led to a significant increase in revenues. Net
income was also up in the reporting year, despite the associated one-off
costs. Now, the foundations are in place for highly promising and profitable
growth in the out-of-home advertising market. In the advertising area,
Goldbach is having to contend with declining revenues from print and TV.
Some success was achieved, however, with the securing of new mandates (as of
2024) in the TV area. Goldbach remains focused on attracting SME customers,
for which investments in digitalisation were also made.
(IMAGE)
Revenues in CHF mn
(IMAGE)
EBIT adj. in CHF mn (including margin)
20 Minuten
Both advertising revenue and overall revenues grew slightly at 20 Minuten
(including activities in Austria). Structural change continues to present
the company with major challenges. 20 Minuten therefore adjusted its cost
structure to the new reality, which involved one-off costs for the social
plan and had a negative impact on results. In terms of content, 20 Minuten
in Switzerland is focusing entirely on its core business, journalism. This
enabled the company to expand its leading position in the digital user
market. Digital business already accounts for 75 per cent of its revenues.
(IMAGE)
Revenues in CHF mn
(IMAGE)
EBIT adj. in CHF mn (including margin)
Tamedia
The decline in revenues is mainly associated with the print and logistics
areas, as well as slightly lower earnings from the user market, where prices
for digital subscriptions are much lower than for printed newspapers. Thanks
to targeted savings, Tamedia was able to reduce overall costs and thereby
improve its results on the previous year. Tamedia is aiming to take a
leading role in the digital transformation within the Swiss media landscape.
At the end of 2023, the company recorded an increase in digital
subscriptions, taking the figure to over 178,000 (excluding Berner Oberland
Medien). This represents a 13 per cent increase on the previous year.
Meanwhile, the decline in print subscriptions continued.
(IMAGE)
Revenues in CHF mn
(IMAGE)
EBIT adj. in CHF mn (including margin)
Group & Ventures
Following the successful CHF 20 million cost reduction programme from 2020
to 2023, strict cost management remains important across central services.
Processes are being further simplified or digitised and duplication
eliminated. Further measures to decentralise organisational units were also
pursued where appropriate. In terms of real estate management, the drive to
develop both a comprehensive strategy and the portfolio has continued. At TX
Ventures, the previously announced fintech fund was launched in mid-2023.
Existing investments in fintech companies, such as neon and Stableton, were
transferred to the fund, and new investments were made. In total, the
fintech portfolio comprised 16 investments at the end of 2023, with almost
50 per cent of the fund's target size already invested in fintech start-ups.
Doodle invested significantly in the product in 2023 and successfully
positioned itself as a B2B software-as-a-service company. The number of
subscriptions increased by 20 per cent. For Zattoo, 2023 was another
profitable year. Subscriptions in Switzerland and Austria were up, while
Germany fell short of expectations.
(IMAGE)
Revenues in CHF mn
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)
Alternative Performance Indicators: TX Group uses the following alternative
performance indicators: Operating income before depreciation and
amortisation (EBITDA), Operating income before effects of business
combinations (EBIT b. PPA), Cash flow after investing activities in
property, plant and equipment and intangible assets (FCF b. M&A), Normalised
consolidated income statement (key figures of the normalised consolidated
income statement are referred to as adjusted, for example EBIT adj.).
Organisational information
Contact
Ursula Nötzli, Chief Communications & Sustainability Officer, Member of the
Executive Board
+41 79 462 52 45, ursula.noetzli@tx.group
About TX Group
The TX Group forms a network of platforms and participations that offers
users information, orientation, entertainment and assistance for everyday
life on a daily basis. Its roots lie in journalism with the diverse
newspapers of Tamedia and the free media of 20 Minuten. The portfolio is
complemented by the advertising marketer Goldbach. The TX Group is an anchor
shareholder of the SMG Swiss Marketplace Group and JobCloud, holds majority
stakes in Doodle and Zattoo and is an investor in the fintech sector through
TX Ventures. Founded in 1893, TX Group has been listed on the Swiss stock
exchange since 2000.
www.tx.group
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End of Inside Information
---------------------------------------------------------------------------
End of Announcement EQS News Service
---------------------------------------------------------------------------
1858347 14-March-2024 CET/CEST
structure - Christoph Marty becomes CEO of Goldbach
TX Group / Key word(s): Annual Results/Strategic Company Decision
Significant increase in operating income Simplification of the Group
structure - Christoph Marty becomes CEO of Goldbach
14-March-2024 / 06:25 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
'Performance in the 2023 financial year was pleasing: revenues, net income
and cash flow of the group increased in a challenging environment, and the
individual activities strengthened their position for the future.'
Pietro Supino, Publisher and Chairman of the TX Group
Key results for the 2023 financial year
(IMAGE)
* Increase in consolidated revenues: The acquisition of Clear Channel
Schweiz at the end of March made a considerable contribution to the
+6.2% growth in consolidated revenues. Revenues declined slightly in
organic terms (-1.9%).
* Improvement in profitability: Normalised operating income (EBIT adj.)
increased by 43%, to which the SMG Swiss Marketplace Group made a
significant contribution. Operating costs remained at the previous
year's level despite the acquisition of Clear Channel Switzerland.
* Dividend proposal: The Board of Directors is asking the Annual General
Meeting to pay a dividend of CHF 6.20 per share. This is made up of the
ordinary dividend of CHF 2.00 and a special dividend of CHF 4.20. The
special dividend is being proposed for the third and final time and is
based on an extraordinary cash inflow from the merger of the digital
marketplaces into the SMG Swiss Marketplace Group in 2021.
* Sustainability: TX Group published a sustainability report for the
second time. Through its media, the Group enables interested people to
form their own opinions. In 2023, 64% of all people aged 15 and over in
Switzerland consumed TX Group journalism several times a week (Source:
WEMF MACH Strategy 2023).
Simplification of the Group structure
TX Group's decentralised organisational structure introduced in 2020 has
created a framework for the independent development of its various companies
and investments. It also increased transparency in the segments and
introduced systematic investment and portfolio management.
The positive business development confirms the strategic course. Processes
will be simplified in a next step on the basis of the gained experience.
Specifically, there will no longer be an intermediate level consisting of
separate Boards of Directors for the companies Goldbach, Tamedia and 20
Minuten. Within the three companies, the CEOs and their management teams
will be responsible for results and report directly in future to the TX
Group Board of Directors. To support them, act as a link to the Board of
Directors and facilitate its workload, the Group COO position will be
redesigned and is likely to be staffed in the course of the second quarter.
As part of the initiated organisational development, Pietro Supino will
focus as publisher and full-time Chairman on his tasks and will step down
from his current role as Head of Group Executive Management.
Sandro Macciacchini is leaving TX Group
Sandro Macciacchini, member of Group Executive Management and Chief
Operating Officer with responsibility for Group Services Finance, HR, Legal,
IT and Real Estate, has decided to leave the Group. He has helped to shape
the organisational development and will hand over his responsibilities as
soon as the new position is filled: 'For the past 25 years, I was able to
play a key role in shaping TX Group's transformation from a Zurich-based
publishing house into an internationally active media group, first as Chief
Legal Officer, then as Chief Financial Officer and finally as Chief
Operating Officer of the Group. During this time, the company was active in
consolidating the market, consistently digitised its offerings and broadly
diversified its portfolio. With the new organisation, TX Group has found the
proper structure for its media and platforms. In the future, I will use my
knowledge and experience to contribute to other companies and new projects.'
Pietro Supino, Publisher and Chairman of the Board of Directors at TX Group:
'Sandro Macciacchini has contributed significantly to the Group's success
over a very long time. His foresight, precision and reliability have
continually helped to create goal-oriented structures and deliver new
momentum during times of dynamic development. We are very grateful to him
for all of this and hope that our paths cross again in the future.'
Christoph Marty becomes CEO of Goldbach
After 24 years with Goldbach Group, including 11 years as CEO, Michi Frank
has decided to step down from his operational responsibility at Goldbach
Group. He will be handing over his role as CEO to Christoph Marty, currently
CEO of Goldbach Neo OOH, in summer 2024. Michi Frank wants to pursue a new
direction. He will remain a Delegate of the Board of Directors at Goldbach
Media and provide Christoph Marty with advice and assistance. 'I have
decided to take this step and look forward to new mandates in the future
where I can contribute my knowledge in an advisory function. I am also
pleased to be handing over the reins to Christoph Marty. I am convinced he
is the ideal person to lead Goldbach going forward. I will continue to be
connected to the company thanks to my long-term mandate at Goldbach Media.'
Pietro Supino, Publisher and Chairman of the Board of Directors at TX Group:
'Michi Frank is the father of today's Goldbach Group and is handing over the
company with a clear vision for the future. We respect his long-announced
wish to hand over operational responsibility and are delighted that we have
been able to persuade him to remain on the Board of Directors of Goldbach
Media.'
Christoph Marty held management positions at CH Media and Publicitas and,
for over seven years, has been CEO of the out-of-home marketer Clear Channel
Schweiz, which was acquired by Goldbach Group last year. He was responsible
for the successful merger of Neo Advertising to form Goldbach Neo OOH.
'During the merger of Clear Channel Schweiz with the former Goldbach
subsidiary Neo Advertising last year, I found Goldbach to be a dynamic
company with highly professional employees. I look forward to further
develop the Goldbach Group with these colleagues ,' says Christoph Marty.
Details on the segments
TX Markets
The TX Markets segment consists of the two investments in JobCloud (fully
consolidated, TX Group holds 50% of the capital) and SMG Swiss Marketplace
Group (at equity consolidation, TX Group holds 30.74%).
After a record year in 2022, JobCloud's job platforms achieved the
second-best result in its history. The decline in revenues is attributable
to the economic situation, which had a negative impact on both the Swiss
platforms and Karriere.at in Austria (JobCloud AG holds 49%). The customer
base also grew significantly, particularly in the SME target segment. SMG
increased revenues significantly year-on-year thanks to dynamic development
of the market and the launch of new products and services (+12%), while net
income (EBITDA) more than doubled. All four areas (Real Estate, Automotive,
General Marketplaces, Finance & Insurance) within the network of online
marketplaces made a contribution to this success.
(IMAGE)
Revenues in CHF mn
(IMAGE)
EBIT adj. in CHF mn (including margin)
Goldbach
The acquisition of Clear Channel Schweiz at the start of 2023 marked a
milestone for Goldbach. This led to a significant increase in revenues. Net
income was also up in the reporting year, despite the associated one-off
costs. Now, the foundations are in place for highly promising and profitable
growth in the out-of-home advertising market. In the advertising area,
Goldbach is having to contend with declining revenues from print and TV.
Some success was achieved, however, with the securing of new mandates (as of
2024) in the TV area. Goldbach remains focused on attracting SME customers,
for which investments in digitalisation were also made.
(IMAGE)
Revenues in CHF mn
(IMAGE)
EBIT adj. in CHF mn (including margin)
20 Minuten
Both advertising revenue and overall revenues grew slightly at 20 Minuten
(including activities in Austria). Structural change continues to present
the company with major challenges. 20 Minuten therefore adjusted its cost
structure to the new reality, which involved one-off costs for the social
plan and had a negative impact on results. In terms of content, 20 Minuten
in Switzerland is focusing entirely on its core business, journalism. This
enabled the company to expand its leading position in the digital user
market. Digital business already accounts for 75 per cent of its revenues.
(IMAGE)
Revenues in CHF mn
(IMAGE)
EBIT adj. in CHF mn (including margin)
Tamedia
The decline in revenues is mainly associated with the print and logistics
areas, as well as slightly lower earnings from the user market, where prices
for digital subscriptions are much lower than for printed newspapers. Thanks
to targeted savings, Tamedia was able to reduce overall costs and thereby
improve its results on the previous year. Tamedia is aiming to take a
leading role in the digital transformation within the Swiss media landscape.
At the end of 2023, the company recorded an increase in digital
subscriptions, taking the figure to over 178,000 (excluding Berner Oberland
Medien). This represents a 13 per cent increase on the previous year.
Meanwhile, the decline in print subscriptions continued.
(IMAGE)
Revenues in CHF mn
(IMAGE)
EBIT adj. in CHF mn (including margin)
Group & Ventures
Following the successful CHF 20 million cost reduction programme from 2020
to 2023, strict cost management remains important across central services.
Processes are being further simplified or digitised and duplication
eliminated. Further measures to decentralise organisational units were also
pursued where appropriate. In terms of real estate management, the drive to
develop both a comprehensive strategy and the portfolio has continued. At TX
Ventures, the previously announced fintech fund was launched in mid-2023.
Existing investments in fintech companies, such as neon and Stableton, were
transferred to the fund, and new investments were made. In total, the
fintech portfolio comprised 16 investments at the end of 2023, with almost
50 per cent of the fund's target size already invested in fintech start-ups.
Doodle invested significantly in the product in 2023 and successfully
positioned itself as a B2B software-as-a-service company. The number of
subscriptions increased by 20 per cent. For Zattoo, 2023 was another
profitable year. Subscriptions in Switzerland and Austria were up, while
Germany fell short of expectations.
(IMAGE)
Revenues in CHF mn
Key Figures 2023 2022 Change3
in CHF in CHF in per
mn mn cent
TX Group
Revenues 982.5 925.2 6.2%
Operating income / (loss) before depreciation 211.0 123.8 70.4%
and amortisation (EBITDA)
Margin in %1 21.5 13.4 8.1%p
Operating income / (loss) before effects of 122.6 56.0 119.0%
business combinations (EBIT b. PPA.)
Margin in %1 12.5 6.0 6.4%p
Operating income / (loss) (EBIT) 71.0 5.9 1106.3%
Margin in %1 7.2 0.6 6.6%p
Operating income (EBIT adj.) 143.6 100.1 43.4%
Margin in %1 14.6 10.9 3.7%p
Net income / (loss) (EAT) 60.4 -4.0 n.a.
Margin in %1 6.1 -0.4 n.a.
Net income / (loss) (EAT adj.) 125.8 80.1 57.1%
Margin in %1 12.8 8.7 4.1%p
Cash flow from / (used in) operating 197.8 110.1 79.7%
activities
Cash flow after investing activities in 161.7 79.6 103.1%
property, plant and equipment and intangible
assets (FCF b. M&A)
Cash flow after investing activities (FCF) 151.7 32.4 368.1%
Total assets 3429.1 3 1.7%
373.4
Equity ratio (in %)2 75.1 78.1 -2.9%p
TX Markets Revenues 133.8 139.7 -4.3% EBIT adj. 108.0 93.2 15.8% Margin in %1 80.7 66.7 14.0%p
Goldbach Revenues 274.7 191.5 43.4% EBIT adj. 24.8 21.2 17.1% Margin in %1 9.0 11.1 -2.1%p
20 Minuten Revenues 118.4 115.0 3.0% EBIT adj. 12.7 15.3 -16.9% Margin in %1 10.7 13.3 -2.6%p
Tamedia Revenues 446.4 464.4 -3.9% EBIT adj. 14.7 6.7 118.4% Margin in %1 3.3 1.4 1.8%p
Group & Ventures Revenues 159.4 180.6 -11.8% Margin adj. -17.9 -25.7 -30.2% Marge in %1 -11.2 -14.2 3.0%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)
Alternative Performance Indicators: TX Group uses the following alternative
performance indicators: Operating income before depreciation and
amortisation (EBITDA), Operating income before effects of business
combinations (EBIT b. PPA), Cash flow after investing activities in
property, plant and equipment and intangible assets (FCF b. M&A), Normalised
consolidated income statement (key figures of the normalised consolidated
income statement are referred to as adjusted, for example EBIT adj.).
Organisational information
Analysts' Conference in English today,
14 March 2024
Time 11 a.m. to 12 p.m.
Place Werdstrasse 21, 8004 Zürich
(hybrid)
Webcast (1)Link 1.
https://events.zoom.us/ej/Ag-
BQVVARhs-V_v_HaPOpA4OxWs8nh5-
8QzetMmNnnH-a84F7ry-vV-A-5ZW-
ncy8WERpdtt-UOTpUHyZ-OgFg4bm-
-3agKqjIcuqh80zWS-hYQQTSrgyg
Please bear in mind that the login
process may take a few minutes.
Questions can be asked during the Q&A
session after the presentation by
writing in the Zoom Q&A. The questions
will be read aloud afterwards.
Contact
Ursula Nötzli, Chief Communications & Sustainability Officer, Member of the
Executive Board
+41 79 462 52 45, ursula.noetzli@tx.group
About TX Group
The TX Group forms a network of platforms and participations that offers
users information, orientation, entertainment and assistance for everyday
life on a daily basis. Its roots lie in journalism with the diverse
newspapers of Tamedia and the free media of 20 Minuten. The portfolio is
complemented by the advertising marketer Goldbach. The TX Group is an anchor
shareholder of the SMG Swiss Marketplace Group and JobCloud, holds majority
stakes in Doodle and Zattoo and is an investor in the fintech sector through
TX Ventures. Founded in 1893, TX Group has been listed on the Swiss stock
exchange since 2000.
www.tx.group
---------------------------------------------------------------------------
End of Inside Information
---------------------------------------------------------------------------
Language: English
Company: TX Group
Werdstrasse 21
8021 Zürich
Switzerland
Internet: www.tx.group
ISIN: CH0011178255
Valor: 1117825
Listed: SIX Swiss Exchange
EQS News ID: 1858347
End of Announcement EQS News Service
---------------------------------------------------------------------------
1858347 14-March-2024 CET/CEST
