Financial statements
Notes to the 2021 financial statements
Complete financial statements as a PDF
Company
Switzerland Tourism Morgartenstrasse 5a 8004 Zurich Public Corporation
Full-time equivalents
The average number of full-time equivalents for the year does not exceed 250 employees.
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.
ICS risk assessment
Switzerland Tourism has updated and documented its corporate risk assessment as part of the existing risk management process. This encompasses all risks that could have a material impact on the understanding of the financial statements. Risks are monitored and controlled on an ongoing basis by means of the risk management techniques defined in the risk management process. The results of the monitoring and controlling can be found in the ICS (internal control system) folder.
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 |
| Intangible assets | 5 years | Straight-line |
| Infrastructure for presentations | 10 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 reported under “Expenses from marketing”; current year: CHF1 689 119 / previous year: CHF 1 717 495.
Foreign currency items
The foreign currency items were valued at the official exchange rates of the federal tax authorities.
Company
Switzerland Tourism Morgartenstrasse 5a 8004 Zurich Public Corporation
Full-time equivalents
The average number of full-time equivalents for the year does not exceed 250 employees.
| 2021 CHF | 2020 CHF | |
|---|---|---|
| Investments | ||
| STC Switzerland Travel Center AG Zurich/London – share capital | 5 250 000 | 5 250 000 |
| ST shareholding | 33% | 33% |
| ST guarantees part of STC’s contingent liabilities, which were entered into jointly with other investors. The part guaranteed by ST is CHF 513,000. This joint and several guarantee will only be called on if the borrower were to default. | ||
| 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
|
0 | 53 038 |
|
2.1.1
Creditors
|
79 156 | 22 364 |
| Receivables/payables from/to STS Swiss Travel System AG | ||
| The balance sheet contains the following credit/liability items: | ||
|
1.2.1
Debitors
|
304 654 | 80 100 |
|
2.1.1
Creditors
|
0 | 0 |
| Liabilities to pension funds | ||
| Short-term liabilities to pension funds in Switzerland and abroad | 278 482 | 282 969 |
| Leasing liabilities | ||
| Total amount of leasing liabilities | 28 571 | 38 096 |
| 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 | 18 342 | 70 493 |
| Negative replacement value of forward exchange transactions | -983 817 | –120 900 |
| Total contract amount | 27 249 095 | 20 761 411 |
| The forward exchange transactions are made to hedge the budgeted expenses of the following year in foreign currencies (EUR, USD, GBP, AED, CNY) | ||
| Events after the reporting date/coronavirus pandemic In response to the coronavirus pandemic, the Confederation has provided ST with additional funding to support tourism marketing in 2020/2021. Due to various travel restrictions, these projects have not yet been implemented in full. These funds are recognised transparently in the balance sheet under “Recovery programme provisions”. |
||
| Credit lines | ||
| Credit lines on the current accounts of UBS | 2 000 000 | 2 000 000 |
| Credit lines on the current accounts of CS | 2 000 000 | 2 000 000 |
| Property account Paris | ||
| Income from property | 1 488 736 | 1 388 897 |
| Property expenditures | 760 398 | 761 204 |
| of which depreciation of building | 208 000 | 208 000 |
| Profit from property | 728 338 | 627 693 |
| Auditor’s fees | ||
| Auditing fees | 37 500 | 37 500 |
| Other services | 3500 | 3500 |
