Financial statements
Notes to the 2017 financial statements
Complete financial statements as a PDF
Accounting principles
The bookkeeping and accounting of Switzerland Tourism, as a public corporation, complies with Art. 957 et seq. of the Swiss Code of Obligations and the applicable regulations of company law (Art. 662a et seq. Swiss Code of Obligations). According to Art. 21 of the organisational statutes, Switzerland Tourism is liable for its liabilities solely with its assets.
Accounts receivable
Accounts receivable and other short-term receivables are recognised at nominal amounts. Individual specific value adjustments are made on these amounts and the value of the remaining amounts is adjusted by a flat rate of 5 % / 10 %.
Fixed assets
Tangible assets are recognised at acquisition or manufacturing costs less the necessary economic depreciation.
To calculate the depreciation, the following life expectancies and methods of depreciation are used:
| Tangible assets |
Life expectancy |
Method |
| Office equipment/office machines | 3 years | Straight-line |
| IT hardware/software | 3 years | Straight-line |
| Infrastructure for presentations | 7 years | Straight-line |
| Paris real property | 80 years | Straight-line |
Amortisation for infrastructure used in marketing appearances (trade fair stand/trade fair furnishings), web hardware and the costs of the new website (MyS.2019) are recognised under “Expenses from marketing”; current year: CHF 498 759 / previous year: CHF 20 840.
Foreign currency items
The foreign currency items were valued at the official exchange rates of the federal tax authorities.
Company
Switzerland Tourism
Tödistr. 7
8027 Zurich
Public Corporation
Full-time equivalents
The average number of full-time equivalents for the year is not in excess of 250 employees.
| 2017 CHF |
2016 CHF |
|
|---|---|---|
| Investments | ||
| STC Switzerland Travel Center AG Zurich/London – share capital | 5 250 000 | 5 250 000 |
| ST shareholding | 33% | 33% |
| Swiss Travel System AG, Zurich – share capital | 300 000 | 300 000 |
| ST shareholding | 10% | 10% |
| Receivables/payables from/to STC Switzerland Travel Center AG | ||
| The balance sheet contains the following credit/liability items: | ||
|
1.2.1
Debitors
|
44 133 | 42 048 |
|
2.1.1
Creditors
|
225 514 | 306 131 |
| Receivables/payables from/to STS Swiss Travel System AG | ||
| The balance sheet contains the following credit/liability items: | ||
|
1.2.1
Debitors
|
16 369 | 46 395 |
|
2.1.1
Creditors
|
0 | 0 |
| Liabilities to pension funds | ||
| Short-term liabilities to pension funds in Switzerland and abroad | 267 950 | 281 273 |
| Leasing liabilities | ||
| Total amount of leasing liabilities | 30 356 | 42 866 |
| Reversal of undisclosed reserves | ||
| Net reversal of undisclosed reserves during the financial year | 0 | 0 |
| Off-balance sheet transactions | ||
| Positive replacement value of forward exchange transactions | 315 154 | 321 235 |
| Negative replacement value of forward exchange transactions | 0 | -494 818 |
| Total contract amount | 25 641 663 | 25 816 763 |
| The forward exchange transactions are made to hedge the budgeted expenses of the following year in foreign currencies (EUR, USD, GBP, AED, CNY, RUB) | ||
| Credit lines | ||
| Credit lines on the current accounts of UBS and CS, each | 2 000 000 | 2 000 000 |
| Property account Paris | ||
| Income from property | 1 122 317 | 1 080 081 |
| Property expenditures | 575 051 | 601 230 |
| of which depreciation of building | 208 000 | 208 000 |
| Profit from property | 547 266 | 478 851 |
| Auditor’s fees | ||
| Auditing fees | 37 500 | 37 500 |
| Other services | 3 500 | 3 500 |
