The following new standards and amendments apply for the first time in 2025, but they have not had a material impact on the Consolidated Financial Statements of the Group:
Standard | Effective date |
Lack of Exchangeability - Amendments to IAS 21 | January 1, 2025 |
In 2025, the Group changed its presentation currency from Swiss Francs ("CHF") to EUR to better reflect the currency composition of its revenues, EBITDA, and financing structure and to enhance the relevance and comparability of reported results. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, this change has been applied retrospectively from the earliest practicable date.
Following the assessment of data availability, system constraints and documentation for historical consolidation adjustments, management determined January 1, 2015, as the earliest practicable date in accordance with IAS 8, due to the lack of sufficiently reliable data for earlier periods. At that date, the Group translated the underlying net assets into EUR, and all periods from 2015 onward have been restated into EUR using the translation principles described in Note 8.1.1. Foreign currency translation effects prior to January 1, 2015, have not been determined and have therefore been disregarded.
The following table illustrates the effect of the change in the Group’s presentation currency from CHF to EUR on selected financial statement line items for the comparative periods presented:
2024 in EUR m and CHF m | Under a EUR presentation currency (restated EUR) | Under a CHF presentation currency (CHF) |
Equity | ||
Share capital | 154.8 | 180.6 |
Treasury shares | (1.9) | (4.1) |
Retained earnings and other reserves | (1,243.7) | (1,301.1) |
Currency translation | (94.6) | 9.8 |
Equity attributable to shareholders of the Company | (1,185.4) | (1,114.8) |
Equity attributable to non-controlling interests | 109.5 | 103.6 |
Total equity | (1,075.9) | (1,011.2) |
Consolidated Income Statement | ||
Total revenue | 5,472.7 | 5,209.5 |
EBITDA | 410.3 | 390.9 |
Loss for the year | (24.8) | (23.0) |
2023 in EUR m and CHF m | ||
Equity | ||
Share capital | 154.8 | 180.6 |
Treasury shares | (1.9) | (4.1) |
Retained earnings and other reserves | (1,187.5) | (1,248.7) |
Currency translation | (117.8) | 1.0 |
Equity attributable to shareholders of the Company | (1,152.4) | (1,071.2) |
Equity attributable to non-controlling interests | 91.3 | 85.6 |
Total equity | (1,061.1) | (985.6) |
Consolidated Income Statement | ||
Total revenue | 4,838.1 | 4,698.6 |
EBITDA | 234.3 | 226.2 |
Loss for the year | (150.1) | (148.5) |
The comparative Consolidated Balance Sheet information for December 31, 2023, is identical to January 1, 2024, and is therefore not presented separately.
In 2025, the Group changed the presentation of interest paid and interest received in the Consolidated Cash Flow Statement. Interest paid is now presented within financing activities and interest received within investing activities, rather than within operating activities. Management believes that this presentation better reflects the economic nature of these cash flows and aligns the Group’s cash flow classification more closely with the principles introduced by consequential amendments to IAS 7 Statement of Cash Flows following the issuance of IFRS 18 Presentation and Disclosure in Financial Statements, which will become effective on January 1, 2027, and thus provides reliable and more relevant information. The change affects presentation only. Comparative information has been reclassified accordingly.
The table below shows the impact of the reclassification of interest paid and interest received on the Consolidated Cash Flow Statement:
2025 in EUR m | Before Accounting Policy Change | Reclassification | After Accounting Policy Change |
Cash flow from operating activities | 123.1 | 268.4 | 391.5 |
Cash flow from investing activities | (95.4) | 7.2 | (88.2) |
Cash flow from financing activities | 147.1 | (275.6) | (128.5) |
Change in cash and cash equivalents | 174.8 | - | 174.8 |
2024 in EUR m | |||
Cash flow from operating activities | 252.6 | 55.6 | 308.2 |
Cash flow from investing activities | (59.6) | 6.4 | (53.2) |
Cash flow from financing activities | (115.2) | (62.0) | (177.2) |
Change in cash and cash equivalents | 77.8 | - | 77.8 |
2023 in EUR m | |||
Cash flow from operating activities | 195.9 | 52.6 | 248.5 |
Cash flow from investing activities | (50.6) | 3.9 | (46.7) |
Cash flow from financing activities | (43.5) | (56.5) | (100.0) |
Change in cash and cash equivalents | 101.8 | - | 101.8 |