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Annual Report 2021
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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

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Balance sheet 2021

The cash flow statement 2021

The profit and loss account 2021

In focus 2021

Women reaching the top

Success for the 100% Women (Peak Challenge) campaign: all-female teams had scaled all 48 of Switzerland’s 4,000m peaks by October 2021.

Brand ambassador Federer

Adding Roger Federer to the Switzerland Tourism team resulted in the most successful global campaign of all time.

The Swisstainable movement

The aim of the Swisstainable movement is nothing less than for Switzerland to be the world’s most sustainable destination.

What Italian visitors want

Italian visitors could be found in greater numbers in Swiss cities. Market manager Christina Gläser explains why.

Key indicators for 2021

The most important key indicators for the year at a glance.

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