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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
. 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.

Revenues in CHF mn
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.
Revenues in CHF mn
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.
Revenues in CHF mn
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.

Revenues in CHF mn
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
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