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Annual Report 2018
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Financial statements

Notes to the 2018 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.

  2018 CHF 2017 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
47 386 44 133
2.1.1
Creditors
636 235 225 514
Receivables/payables from/to STS Swiss Travel System AG    
The balance sheet contains the following credit/liability items:    
1.2.1
Debitors
60 609 16 369
2.1.1
Creditors
0 0
Liabilities to pension funds    
Short-term liabilities to pension funds in Switzerland and abroad 262 888 267 950
Leasing liabilities    
Total amount of leasing liabilities 17 503 30 356
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 223 694 315 154 
Negative replacement value of forward exchange transactions  -155 873  0
Total contract amount 21 994 719 25 641 663
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 1 349 739 1 122 317
Property expenditures 697 534 575 051
of which depreciation of building 208 000 208 000
Profit from property 652 205 547 266
Auditor’s fees    
Auditing fees 37 500 37 500
Other services 3 500 3 500

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  • Financial statements

Read other stories

The profit and loss account 2017

The cash flow statement 2017

Balance sheet 2017

In focus 2018

Tourism Monitor Switzerland

Every four years, Switzerland Tourism carries out a statistical tourism survey providing accurate information on numerous topics as a basis for making strategic decisions.

What makes US tourists tick

Overnight stays by US tourists have risen further. Alex Herrmann, Director Americas, knows what makes these guests tick.

Autumn cuts loose

The autumn months are becoming increasingly popular as a time to travel. Switzerland Tourism is helping to drive this trend with targeted marketing.

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This is the Annual Report 2018. You will find the Annual Report 2019 here.

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