TX Group with stable revenue (organically 12% above previous year) - high paper price, investments and depreciation and amortisation affect earnings

Details about the segments

TX Markets: JobCloud performed exceptionally well
The TX Markets segment performed exceptionally well during the first half of the year, reaching an EBIT (adj.) of CHF 53.8 million. The job platforms of JobCloud (TX Group holds 50% in the joint venture, fully consolidated) contributed significantly to the result. JobCloud was able to grow both in terms of new orders (+36% year-on-year) and new customers (+23% year-on-year). As a result, the company's clear market leadership in Switzerland was expanded. The Austrian job platform Karriere.at (TX Group indirectly holds 24.5%, as JobCloud AG holds 49%) also developed very positively and grew strongly. The Swiss Marketplace Group (TX Group holds 30.76%) is also an important investment in the segment. Despite the dried-up markets in the vehicle and real estate sectors, SMG's operating business performed well during the first half of the year. In parallel, the young company is focusing on building up its management team and operational structures. Initial synergies were achieved by optimising marketing expenses and reorganisation. 

Goldbach: Significant increase in sales in out-of-home advertising
Goldbach experienced the adverse effects of the war and the pandemic on the advertising market as a whole during the first half of the year. EBIT (adj.) fell to CHF 0.9 million, while the margin was just over 1%.  Operating income rose to a good CHF 83.6 million. The increase was largely due to the marketing launch of the out-of-home advertising spaces in the newly acquired inventories.  At the earnings level, the out-of-home advertising and the new inventory have not yet had an impact. Not surprisingly, this area had a negative impact on the result in the first half of the year: many of the new inventories had to be digitalized before they could be marketed (start-up effect), and long-term experience shows that the second half of the year is more profitable than the first. The core businesses of print and TV are still under pressure. Revenues are slightly down on the previous year due to the current circumstances and loss of reach associated with time-shifted viewing (TV) and digital transformation (print). Compensation through new forms of advertising in the area of time-shifted use is being sought for the TV area. In the print segment, Goldbach is able to partially compensate for lower advertising expenses by expanding its third-party marketing business.

20 Minutes: The most widely used news offering in Switzerland
EBIT (adj.) amounted to CHF 2.5 million, with the margin at just under 5%. The earning results remain modest even in the second year after the outbreak of the pandemic. 20 Minuten felt the effects of the Corona crisis in both the advertising and user markets. The war in Ukraine and the uncertain economic situation also weighed on advertising revenues. Overall, operating income was virtually unchanged from the prior-year period at just over CHF 50 million. In the user market, the printed circulations slowly recovered and settled at nearly 20% below the value of 2019. 20 Minuten continues to be the most-used news offering in Switzerland. 20 Minuten's international business with stakes in the free newspaper Heute (publisher AHVV Verlag, TX Group holds 25.5%) and heute.at (publisher DJ Digitale Medien, TX Group holds 51%) in Austria and Edita/ L'essentiel (TX Group holds 50%) in Luxembourg performed well, while the digital offering in Austria was outstanding.

Tamedia: In the midst of transformation 
The economic effects of the Corona crisis and the Ukraine war had a significant impact on Tamedia. Ebit (adj.) decreased significantly in the first half of 2022 and amounted to CHF 0.7 million, while the margin was 0.3%. The high paper price and the payback to the federal government of the CHF 3.1 million "Corona emergency aid" received in 2021 strained the results in the first half of 2022. At the same time, economic uncertainty, problems in the supply chains and war reporting are having a negative effect on advertising sales. Revenues increased slightly, primarily as a result of the higher paper price in third-party business which internally led to higher production costs passed on to the third parties without margin. The digital transformation of its business remains the dominant theme for Tamedia. Customer retention across all channels and increasing the number of digital paid subscriptions are top priorities. At mid-year, the number of paid subscriptions was 646,000 and Tamedia recorded around 146,000 digital-only subscribers, a slight increase on the previous year. The successful introduction of new software in the subscription area at the end of 2021 contributed to this. It enables better segmentation and an optimised approach to the target groups. This helped to increase the number of new subscriptions in the first half, while in the spring an increased number of cancellations from the so-called "lockdown subscriptions" was recorded. 

Group & Ventures: Cost savings on targeted level at Group level.
The operating result (EBIT adj.) amounted to CHF -13.3 million (previous year CHF -9.0 million). 
The Group was able to further optimise costs thanks to ongoing flexibility enhancements to its offering and optimization of processes and systems. The goal communicated two years ago, whereby CHF 20 million in savings would be achieved at Group level by the end of 2023, continues to be in effect and is being implemented consistently. The simplification and digitalisation of processes and, where appropriate, the decentralisation of organisational units will continue to be driven forward in the future. Increased costs in the first half of the year compared with the same period of the previous year are mainly due to the establishment of the service centre in Belgrade, a resumption of travel activities, and del credere adjustments. In the first half of 2022, the TX Group made investments in both existing portfolio companies such as Selma and new start-ups such as Stableton. The exit from Moneypark in spring 2022 was a success. The two majority holdings, Doodle and Zattoo, can look back on an eventful first six months. Doodle was able to create the best conditions for product development and product innovations by switching to a new backend. The shift towards more B2B customers (subscription) is progressing. Zattoo continued to grow its user base in Switzerland, focusing on acquiring new customers in the B2B segment.