Financial statements
Notes to the 2023 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
These financial statements have been prepared in accordance with the provisions on commercial accounting of the Swiss Code of Obligations (Art. 957 – 963b CO, valid from 1 January 2013).
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 headquarters incl. “Kleiner Saal” | 10 years | Straight-line |
Paris real property | 80 years | Straight-line |
Amortisation for infrastructure used in marketing appearances (trade fair stand/trade fair furnishings) and the costs of the new website (MyS.2019) are reported under “Expenses from marketing”; current year: CHF 755 626 / previous year: CHF 1 371 540.
Foreign currency items
The foreign currency items were valued at the official exchange rates of the federal tax authorities.
2023 CHF | 2022 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
|
82 141 | 0 |
2.1.1
Creditors
|
95 976 | 183 435 |
Receivables/payables from/to STS Swiss Travel System AG | ||
The balance sheet contains the following credit/liability items: | ||
1.2.1
Debitors
|
121 067 | 98 869 |
2.1.1
Creditors
|
0 | 754 |
Liabilities to pension funds | ||
Short-term liabilities to pension funds in Switzerland and abroad | 308 885 | 295 070 |
Leasing liabilities | ||
Total amount of leasing liabilities | 10 292 | 16 802 |
Reversal of undisclosed reserves | ||
Net reversal of undisclosed reserves during the financial year | 0 | 1 000 000 |
Off-balance sheet transactions | ||
Positive replacement value of forward exchange transactions | 0 | 446 557 |
Negative replacement value of forward exchange transactions | -713 073 | –373 962 |
Total contract amount | 23 601 923 | 26 491 031 |
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 | 1 147 218 | 1 195 719 |
Property expenditures | 733 282 | 794 133 |
of which depreciation of building | 208 125 | 208 125 |
Profit from property | 413 936 | 401 586 |
Auditor’s fees | ||
Auditing fees | 38 250 | 37 500 |
Other services | 0 | 0 |