Notes to the consolidated financial statements
1 General information
SoftwareOne Holding AG (“the company”) and its subsidiaries (together “the group” or “SoftwareOne”) is a leading software and cloud solutions provider. It develops and delivers the technology solutions that modernise applications and software in the cloud, while enabling those purchases and optimising those investments over time.
The company is incorporated and domiciled in Stans, Switzerland. The address of its registered office is Riedenmatt 4, 6370 Stans. SoftwareOne Holding AG is traded on the SIX Swiss Exchange. The shares trade under the ticker symbol “SWON”.
The consolidated financial statements of SoftwareOne are presented in Swiss francs (CHF). Unless otherwise stated, all amounts are stated in thousands of Swiss francs (TCHF). All figures shown are rounded in accordance with standard business rounding principles.
These consolidated financial statements were authorised for issue by the Board of Directors on 25 March 2025 and are subject to approval by the Annual General Meeting to be held on 16 May 2025.
2 Material accounting policy information
SoftwareOne Holding AG’s consolidated financial statements are prepared in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and in accordance with IAS 1 Presentation of Financial Statements. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.
Basis of presentation
New and amended standards and interpretations
As of 1 January 2024, the following amendments to IFRS Accounting Standards entered into force:
- Amendment to IAS 1: Classification of liabilities as current or non-current
- Amendments to IAS 7 and IFRS 7: Disclosure requirements about supplier finance arrangements
- Amendment to IFRS 16: Lease liability in a sale and leaseback
These amendments did not have a material effect on the group’s consolidated financial statements. SoftwareOne has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
New standards and interpretations not yet adopted
The IASB has issued several potentially relevant changes to IFRS Accounting Standards that will be effective in future accounting periods.
In April 2024, the International Accounting Standards Board (IASB) published IFRS 18 “Presentation and Disclosure in Financial Statements”, becoming effective on 1 January 2027, replacing IAS 1. The new standard is to be applied retrospectively. IFRS 18 introduces new requirements for information presented in the primary financial statements and disclosed in the notes, with a particular focus on the income statement with new categories and subtotals. The group expects to adopt the new standard in 2027 and is currently assessing the impact.
In addition, new standards that are expected to have only a minor impact on the group and the effective date are listed below:
- Amendment to IAS 21: The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability – adoption by 1 January 2025
- Amendment to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments – adoption by 1 January 2026
There are no other IFRS Accounting Standards, IFRIC interpretations or amendments that are not yet effective that would be expected to have a material impact on the group.
Changes to the segment reporting
In July 2024, the IFRS Interpretations Committee (IFRS IC) issued a agenda decision on clarifying certain requirements for segment disclosures. IFRS 8 “Operating segments” requires an entity to disclose the specified amounts for each reportable segment when those amounts are included in the measure of segment profit or loss reviewed by the Chief Operating Decision Maker (CODM), even if they are not separately reviewed by the CODM. Therefore, the group reports revenue from Software & Cloud Marketplace and revenue from Software & Cloud Services separately in Note 27 Segment reporting.
In addition, SoftwareOne modified the breakdown of its segments in January 2024 and separated EMEA into DACH, encompassing Germany, Austria and Switzerland, and rEMEA, encompassing Rest of Europe, including Mauritius and South Africa and excluding DACH. The change in the breakdown of the financial information reflects the focus on two clearly differentiated geographical markets within Europe, the level of decision-making for both markets within the group and the relative importance of the profits and assets of the DACH segment.
As a result, the group reallocated the goodwill previously allocated to EMEA between DACH and rEMEA. The split was done based on the relative value of the recoverable amount. The following table shows the composition of goodwill by CGU after the reallocation:
in CHF 1,000 |
EMEA |
DACH |
rEMEA |
NORAM |
LATAM |
APAC |
Carrying amount |
|
|
|
|
|
|
|
|
On 1 January 2024 |
388,288 |
– |
– |
27,895 |
38,555 |
8,290 |
463,028 |
Reallocation |
–388,288 |
136,197 |
252,091 |
– |
– |
– |
– |
|
|
|
|
|
|
|
|
On 1 January 2024 after reallocation 1) |
– |
136,197 |
252,091 |
27,895 |
38,555 |
8,290 |
463,028 |
1) After the reallocation, no impairment had been detected.
Foreign currency translation
SoftwareOne has changed the process of translating income statements from a foreign entity’s functional currency into the group’s reporting currency in 2024 by using the monthly average rate instead of an annual average rate.
The following exchange rates were used:
|
|
2024 |
2023 |
||
Currency (CHF 1 =) |
Code |
Ø-rate |
Closing rate |
Ø-rate |
Closing rate |
|
|
|
|
|
|
Euro |
EUR |
1.05 |
1.06 |
1.03 |
1.08 |
US dollar |
USD |
1.14 |
1.10 |
1.11 |
1.19 |
British pound |
GBP |
0.89 |
0.88 |
0.90 |
0.94 |
Swedish krone |
SEK |
12.00 |
12.18 |
11.80 |
11.87 |
Norwegian krone |
NOK |
12.21 |
12.53 |
11.74 |
12.12 |
3 Change in the scope of consolidation
Goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at closing rate.
Contingent consideration arrangements relate to business acquisitions in which payments are contingent on continued employment and thus compensation for future service is recognised as remuneration and accrued amounts are presented as earn-out provisions.
Acquisitions in 2024
The fair values of the identifiable assets and liabilities as of the date of acquisition were:
in CHF 1,000 |
Medalsoft |
|
|
Cash and cash equivalents |
850 |
Trade receivables |
1,781 |
Other current assets |
120 |
Tangible assets |
758 |
Intangible assets (excluding goodwill) |
2,746 |
Right of use assets |
239 |
Deferred tax assets |
531 |
Other non-current assets |
128 |
|
|
Total assets |
7,153 |
|
|
Trade payables |
95 |
Accrued expenses and contract liabilities |
344 |
Other current liabilities |
454 |
Provisions |
1,455 |
Financial liabilities |
238 |
Deferred tax liabilities |
686 |
|
|
Net assets acquired at fair value |
3,881 |
Acquisition of Medalsoft
On 8 August 2024, SoftwareOne acquired 100% of Medalsoft International Co. Ltd., China (“Medalsoft”), a cloud application solutions provider, after signing the purchase agreement in February 2024. The acquisition furthers SoftwareOne’s growth strategy in the attractive APAC region, bringing a differentiated portfolio and delivery capabilities to serve multi-national clients on the Microsoft Cloud.
A contingent consideration arrangement was agreed that could result in additional cash payments of TCHF 12,300 to the previous shareholders of Medalsoft. Thereof, an earn-out amount of maximum TCHF 5,981 is related to the continuing employment of the selling shareholder. It will be recognised as a personnel expense over a period of two and a half years and thus not part of the purchase price. In addition, the fair value of the contingent consideration of TCHF 6,319 payable to selling shareholders without continuing employment is part of the purchase price and recognised as a financial liability. The related payment depends on the retention of the selling shareholder with continuing employment. Cash outflows for both earn-outs are expected on a yearly basis until 2027.
The goodwill recognised is primarily attributed to the workforce and the expected synergies and other benefits by combining the activities of Medalsoft with those of the group. The goodwill is not deductible for income tax purposes. Transaction costs of TCHF 269 are related to this acquisition and recognised in other operating expenses.
From the date of acquisition, Medalsoft has contributed TCHF 3,905 in revenue and TCHF –595 to the net loss for the period.
If the acquisition had taken place at the beginning of the year, total revenue of SoftwareOne would have been TCHF 1,019,490 and net loss for the period would have been TCHF –2,046.
The purchase price allocation for the business combination is still provisional as of 31 December 2024.
Purchase considerations and goodwill
Details of the purchase considerations recognised at acquisition and the derivation of goodwill are as follows:
in CHF 1,000 |
Medalsoft |
|
|
Cash consideration |
14,976 |
Contingent consideration liabilities |
6,319 |
|
|
Total purchase consideration |
21,295 |
Less net assets acquired at fair value |
3,881 |
|
|
Goodwill |
17,414 |
Cash flow on acquisitions
in CHF 1,000 |
Medalsoft |
Others |
Total |
|
|
|
|
Cash consideration |
–14,976 |
– |
–14,976 |
Net cash acquired |
850 |
– |
850 |
Cash consideration for current period acquisitions |
–14,126 |
– |
–14,126 |
Cash consideration for prior period acquisitions 1) |
– |
–5,264 |
–5,264 |
|
|
|
|
Net outflow of cash – investing activities |
–14,126 |
–5,264 |
–19,390 |
1) Including a subsequent purchase price adjustment of TCHF 742 for Novis, a deferred payment of TCHF 1,297 for Novis and payments of contingent consideration liabilities for Predica and Intelligence Partner in the amount of TCHF 3,224.
Acquisitions 2023
In 2024, the group finalised the purchase accounting for the acquisitions made in 2023:
- 5 May 2023: Remaining 80% of AppScore Technology Ltd, UK, a global software and cloud solutions provider, following its initial investment of 20% in 2021.
- 5 July 2023: Beniva Consulting Group Inc, Canada, and Beniva International Ltd, US (together “Beniva”), a leading provider in ServiceNow, IT and Operations Management, Cloud Advisory and Application Services.
- 21 December 2023: Novis Euforia SA, Spain, an SAP and cloud services company specialised in migrating and converting SAP environments to SAP S/4HANA and the cloud.
For Novis, a subsequent purchase price adjustment of TCHF 742 was made in 2024 which led to an increase in goodwill. There were no changes in the final fair values of acquired assets and liabilities compared to the provisional amounts disclosed in the 2023 Annual Report for all acquisitions made in 2023.
Details of the purchase considerations recognised at acquisitions and the derivation of goodwill were as follows:
in CHF 1,000 |
Beniva |
Others |
Total |
|
|
|
|
Cash consideration 1) |
18,506 |
5,876 |
24,382 |
Carrying amount of previously held equity interest in associates |
– |
1,004 |
1,004 |
Fair value remeasurement of previously held equity interest in associates |
– |
–445 |
–445 |
Deferred payment |
– |
1,297 |
1,297 |
|
|
|
|
Total purchase consideration |
18,506 |
7,732 |
26,238 |
Less net assets acquired at fair value |
3,916 |
3,365 |
7,281 |
|
|
|
|
Goodwill 2) |
14,590 |
4,367 |
18,957 |
1) Including a subsequent purchase price adjustment of TCHF 742 for Novis paid in 2024.
2) Given the immaterial amount, the increase in goodwill has been recorded in 2024 (Note 15).
Details of the cash flow on acquisitions were as follows:
in CHF 1,000 |
Beniva |
Others |
Total |
|
|
|
|
Cash consideration 1) |
–18,506 |
–5,876 |
–24,382 |
Net cash acquired |
938 |
450 |
1,388 |
Cash consideration for current period acquisitions |
–17,568 |
–5,426 |
–22,994 |
Cash consideration for prior period acquisitions |
– |
–3,837 |
–3,837 |
|
|
|
|
Net outflow of cash – investing activities |
–17,568 |
–9,263 |
–26,831 |
1) Including a subsequent purchase price adjustment of TCHF 742 for Novis paid in 2024.
Acquisitions of non-controlling interest
On 20 December 2024, SoftwareOne acquired the remaining 10% of SoftwareONE Turkey Bilişim Teknolojileri Ticaret A. Ş. for a purchase price of TCHF 1,150. The consideration for the 10% ownership interests was fully paid in cash.
Planned business combination
On 19 December 2024, SoftwareOne Holding AG and Crayon Group Holding ASA, Norway (“Crayon”), announced that they have agreed to combine by way of a recommended voluntary offer for all outstanding Crayon shares. SoftwareOne will launch a recommended voluntary stock and cash offer to acquire all outstanding shares in Crayon. Under the offer and subject to legal restrictions, eligible shareholders of Crayon are, per Crayon Share, offered NOK 69 payable in cash and 0.8233 (rounded) newly issued shares in SoftwareOne. In aggregate a total of up to 72,205,459 SoftwareOne shares are expected to be issued and a total of up to NOK 6,051,828,333 to be paid in cash under the offer (the estimated fair value of the consideration amounts to CHF 928 million at 31 December 2024). The completion of transaction is expected in June 2025, subject to receipt of required regulatory approvals.
On 14 March 2025, SoftwareOne launched its recommended voluntary offer to acquire all outstanding shares of Crayon, following approval and publication of the combined offer document and prospectus. The offer period commenced on 14 March 2024 and will expire on 11 April 2025.
4 Financial risk management
4.1 Financial risk factors
The group’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk, equity price risk), credit risk and liquidity risk. The group’s overall risk management programme is focused on mitigating the unpredictability of financial markets and aims to minimise potential adverse effects on the group’s financial performance. To hedge certain risk exposures, the group uses derivative financial instruments, which are measured using standardised mathematical models. The counterparty risk associated with these derivatives is tracked but considered immaterial for the group.
Risk management is carried out by Group Treasury under the Global Treasury Policy approved by the Board of Directors. Group Treasury identifies, evaluates, and hedges financial risks in close cooperation with the group’s operating entities. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments and investment of excess liquidity.
Market risk
Foreign exchange risk
The group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations.
The group hedges its foreign exchange risk exposure of recognised assets and liabilities and future commercial transactions with derivative contracts. The group reviews the currency exposure regularly and covers its risks in two ways:
- The group hedges the net exposure from foreign currency balance sheet positions with forward contracts. Such contracts, however, are not accounted for using hedge accounting.
- Highly probable future transactions are hedged with forward transactions (sales and purchase). These contracts are designated as cash flow hedges. The transactions are expected to affect profit and loss within the next 36 months. At inception of a hedge relationship, the group designates and documents the hedge relationship to apply hedge accounting. The hedge relationship includes the hedging instrument, the hedged item and the nature of the risk being hedged. The hedges are expected to be highly effective.
Cash flow hedge of a firm commitment to acquire a business:
SoftwareOne entered into a foreign currency call option in 2024 to hedge foreign currency risks relating to NOK 7,225 million in relation to a purchase price for a highly probable future company acquisition, refer to Note 3 Change in the scope of consolidation. The option is designated as a cash flow hedge. The acquisition is expected to take place in June 2025, when the related amount accumulated in OCI will be transferred from the hedging reserve to the consideration for the net assets acquired and will affect goodwill. The option premium is due at the date of expiry. Therefore, the group recorded a financial liability of TCHF 13,516 under current financial liabilities.
In addition, there are certain investments in foreign operations whose net assets are exposed to foreign currency translation risk which, as per group policy, is not hedged. These differences are recognised in other comprehensive income and accumulated in equity. Translation risk is not considered in the analysis below.
The following table details the group’s sensitivity to the major currencies with all the other variables held constant:
|
|
2024 |
2023 |
||||||
Impact in TCHF |
Sensitivity |
Earnings before income tax |
Equity |
Earnings before income tax |
Equity |
||||
|
|
|
|
|
|
|
|
|
|
EUR |
+/– 5 % |
+/– |
90 |
+/– |
1,470 |
+/– |
476 |
+/– |
1,452 |
USD |
+/– 5 % |
+/– |
1,167 |
+/– |
2,146 |
+/– |
268 |
+/– |
30 |
GBP |
+/– 5 % |
+/– |
498 |
+/– |
99 |
+/– |
296 |
+/– |
647 |
SEK |
+/– 5 % |
+/– |
39 |
+/– |
193 |
+/– |
100 |
+/– |
482 |
NOK |
+/– 5 % |
+/– |
126 |
+/– |
387 |
+/– |
289 |
+/– |
1,628 |
With regard to the foreign currency call option, an increase of 5% in NOK/CHF results in a decrease in equity of CHF 12,513. Conversely, a decrease of 5% in NOK/CHF results in an increase in equity of CHF 28,950.
Interest rate risk
The group’s interest-bearing instruments with variable interest are cash, bank overdrafts, bank loans and a multiple currency revolving credit facility. Also refer to Note 18 Financial liabilities. An interest rate risk exists due to changes in market interest rates. Since 2024, the group has managed the risk of changes in the interest rate on the basis of limits using interest rate derivatives as part of the defined risk strategy. The underlying transactions are designated as cash flow hedges. They are expected to affect profit and loss within the next 30 months (end of December 26). At inception of a hedge relationship, the group designates and documents the hedge relationship to apply hedge accounting. The hedge relationship includes the hedging instrument, the hedged item and the nature of the risk being hedged. The hedges are expected to be highly effective.
The following table details the group’s sensitivity to the major interest rate swaps with all the other variables held constant:
|
|
2024 |
2023 |
||||||
Impact in TCHF |
Sensitivity |
Earnings before income tax |
Equity |
Earnings before income tax |
Equity |
||||
|
|
|
|
|
|
|
|
|
|
CHF |
+/– 0.25bps |
+/– |
– |
+/– |
129 |
+/– |
n/a |
+/– |
n/a |
USD |
+/– 0.25bps |
+/– |
– |
+/– |
86 |
+/– |
n/a |
+/– |
n/a |
Equity price risk
The group is exposed to price risks related to listed shares in Crayon Group Holding ASA, Norway. Changes in fair value are recognised in profit and loss as they arise. For a part of these listed equity instruments, the group entered into a total return swap agreement in 2022, in which it sold shares but remains exposed to the price risk related to these shares, refer to further explanations in section Liquidity Risk below.
A sensitivity analysis was performed. A 10% fluctuation in share price leads to fluctuations in pre-tax earnings of TCHF +/– 6,233 (prior year: TCHF +/– 4,373).
Credit risk
Group Treasury and the Group Credit & Collection Department are responsible for managing and analysing the credit risk for all new clients before standard payment and delivery terms and conditions are offered. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to end customers, including outstanding receivables and contract assets. Risk control assesses the credit quality of the end customers, considering their financial position, past experience and other factors. No collateral is required. Individual risk limits are set based on internal or external ratings in accordance with guidelines set by the Board. The utilisation of credit limits is regularly monitored.
There is no concentration of credit risk with respect to trade receivables, as the group has many end customers that are internationally diversified. 33% of trade receivables are covered through credit insurance (prior year: 36%).
The remaining part is not insured for one of the following reasons:
- From end customers with top ratings (based on internal and credit insurance assessment): 63% (prior year: 53%)
- Too small to be insured: 0.5% (prior year: 1%)
- No insurance available: 3.5% (prior year: 10%)
Refer to Note 11 Trade receivables for information about the credit risk exposure on the group’s trade receivables and contract assets using a provision matrix.
Liquidity risk
Cash flow forecasting is performed in the operating entities of the group and aggregated by Group Treasury. Group Treasury monitors rolling forecasts of the group’s liquidity requirements to ensure it has sufficient cash to meet operational needs while always maintaining sufficient headroom on its undrawn borrowing facilities (for further details see below).
The table below analyses the group’s non-derivative financial liabilities according to relevant maturity groupings based on the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows, i.e., undiscounted interest and principal payments:
|
|
|
Cash outflows |
|||
in CHF 1,000 |
Carrying amount |
Total cash outflow |
Less than 3 months |
Between 3 months and 1 year |
Between 1 and 5 years |
Over 5 years |
|
|
|
|
|
|
|
As of 31 December 2024 |
|
|
|
|
|
|
Trade payables |
2,568,453 |
2,568,453 |
2,427,448 |
141,005 |
– |
– |
Other payables |
297,800 |
297,800 |
25,312 |
1,039 |
271,449 |
– |
Accrued expenses |
37,309 |
37,309 |
14,564 |
22,745 |
– |
– |
Financial liabilities 1) (excluding lease liabilities) |
331,893 |
298,666 |
268,696 |
21,327 |
8,643 |
– |
Lease liabilities |
35,583 |
38,571 |
3,335 |
11,756 |
23,163 |
317 |
|
|
|
|
|
|
|
Total |
3,271,038 |
3,240,799 |
2,739,355 |
197,872 |
303,255 |
317 |
1) Includes a financial liability for a total return swap of TCHF 35,911 which will be settled on maturity date of the swap, refer to the disclosures below.
|
|
|
Cash outflows |
|||
in CHF 1,000 |
Carrying amount |
Total cash outflow |
Less than 3 months |
Between 3 months and 1 year |
Between 1 and 5 years |
Over 5 years |
|
|
|
|
|
|
|
As of 31 December 2023 |
|
|
|
|
|
|
Trade payables |
2,290,475 |
2,290,475 |
2,075,376 |
215,099 |
– |
– |
Other payables |
190,993 |
190,993 |
6,402 |
9,517 |
175,074 |
– |
Accrued expenses |
39,157 |
39,157 |
18,316 |
20,841 |
– |
– |
Financial liabilities 1) (excluding lease liabilities) |
132,265 |
107,430 |
95,786 |
4,669 |
6,975 |
– |
Lease liabilities |
32,747 |
35,215 |
3,000 |
11,103 |
18,884 |
2,228 |
|
|
|
|
|
|
|
Total |
2,685,637 |
2,663,270 |
2,198,880 |
261,229 |
200,933 |
2,228 |
1) Includes a financial liability for a total return swap of TCHF 27,050 which will be settled on maturity date of the swap, refer to the disclosures below.
In July 2022, the group signed an amendment and restatement agreement for the multiple currency revolving credit facility to increase the facility from CHF 470 million to CHF 660 million and extend the tenor to 31 December 2025. The initial agreement was signed in 2019. The facility contains two extension options which ccould be exercised with the consent of the lending banks in the fourth quarter of 2023 and 2024. In December 2024, SWO exercised the second extension option. The tenor of the facility was extended by a majority (96.5%) of lenders from 31 December 2026 to 31 December 2027. Interest is payable at a base rate plus a margin ranging from 72.5 to 87.5 basis points initially, depending on the currency, and thereafter adjusted for changes in the leverage ratio of the group. As of 31 December 2024, CHF 250 million of the credit facility has been drawn (prior year: CHF 70 million). The facility is available until maturity date with interest periods ranging from one week to six months.
The facility is subject to the loan covenant leverage ratio. The leverage ratio is calculated as net debt divided by earnings before net financial items, taxes, depreciation and amortisation. The leverage ratio was 0.76 as of 31 December 2024 (prior year: –0.62). A potential breach of covenant triggers measures which are standard in such circumstances. In addition, there is another credit line that contains this covenant. Under the agreements, the covenant is tested semi-annually on 30 June and 31 December each year and reported to management and lending banks to ensure compliance with the agreement. The group complied with this covenant in 2024 and 2023.
As of 31 December 2024, the group had total committed and uncommitted credit lines (including factoring) of CHF 1,168 million (prior year: CHF 1,149 million) available, of which 38% (prior year: 25%) was drawn. From the drawn amount, CHF 250 million were covered by financial covenants and fulfilled as of 31 December 2024 (prior year: CHF 70 million).
In December 2022, the group entered into a total return swap agreement related to listed equity securities. Under the total return swap, SoftwareOne sold the underlying shares for cash consideration of TCHF 42,559 but remains exposed to changes in the market value of these shares. As a result, the group did not derecognise the financial asset and recorded a financial liability for the receipts from swap contracts. In the event of a negative market price development of the underlying asset, there is a risk of a cash outflow when agreed thresholds are exceeded up to the amount of the consideration received. The maturity date of the swap was extended in 2024 from 31 July 2024 to 22 December 2025. On maturity date of the total return swap, the liability from the swap contract and the related financial asset will both be derecognised and the related cashflows will be settled. As of 31 December 2023, the market price of the underlying asset had fallen below the agreed threshold, thus, SoftwareOne recorded a cash outflow of TCHF 10,447 which was set off against the financial liability. As of 31 December 2024, the market price of the underlying asset had risen compared to prior year and was above the agreed threshold. As a result, SoftwareOne recorded a cash inflow of TCHF 10,114 which increased the financial liability and is classified as investing cashflow. The financial liability for the receipts from swap contracts amounted to TCHF 35,911 at the end of the reporting period (prior year: TCHF 27,050). The total return swap had a positive market value (prior year: negative market value).
The maturity structure of the derivative financial instruments based on cash flows is as follows:
|
|
|
Cashflows |
||
in CHF 1,000 |
Carrying amount |
Total cashflow |
Less than 3 months |
Between 3 months and 1 year |
Between 1 and 5 years |
|
|
|
|
|
|
As of 31 December 2024 |
|
|
|
|
|
Derivative assets with gross settlement 1) |
20,233 |
|
|
|
|
– Cash outflow |
|
773,199 |
709,716 |
34,902 |
28,581 |
– Cash inflow |
|
782,066 |
715,598 |
36,487 |
29,981 |
Derivative liabilities with gross settlement |
3,560 |
|
|
|
|
– Cash outflow |
|
224,258 |
182,487 |
20,498 |
21,273 |
– Cash inflow |
|
222,465 |
181,215 |
20,196 |
21,054 |
1) The carrying amount includes a foreign currency call option (fair value: TCHF 12,513) of a firm commitment to acquire a business which will be settled with the consideration for the net assets acquired and affect goodwill.
|
|
|
Cashflows |
||
in CHF 1,000 |
Carrying amount |
Total cashflow |
Less than 3 months |
Between 3 months and 1 year |
Between 1 and 5 years |
|
|
|
|
|
|
As of 31 December 2023 |
|
|
|
|
|
Derivative assets with gross settlement |
3,407 |
|
|
|
|
– Cash outflow |
|
245,459 |
223,621 |
9,657 |
12,181 |
– Cash inflow |
|
248,972 |
226,209 |
10,022 |
12,741 |
Derivative liabilities with gross settlement |
13,453 |
|
|
|
|
– Cash outflow |
|
654,336 |
574,527 |
39,890 |
39,919 |
– Cash inflow |
|
642,353 |
563,828 |
38,744 |
39,781 |
The contractual agreement determines whether the contracting parties must fulfil their obligations from derivative financial instruments net or gross.
4.2 Capital risk management
The group’s objectives when managing capital are to safeguard the group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.
Capital is measured based on the group’s consolidated financial statements and monitored closely on an ongoing basis. Management’s target for the period under review was to strengthen the capital base to sustain and support further development of the business.
The equity ratio for the period ended 31 December 2024 and the prior year were as follows:
in CHF 1,000 |
2024 |
2023 |
|
|
|
Total equity |
582,522 |
640,112 |
Total assets |
4,306,785 |
3,783,891 |
|
|
|
Equity ratio |
13.5 % |
16.9 % |
The equity ratio for 2024 decreased compared to the previous year, which is due to an increase of total assets and a reduction in equity as a result of dividends paid, repurchases of treasury shares under the share buyback programme and low profitability of the group.
4.3 Categories of financial instruments and fair value estimation
For purposes of subsequent measurement, SoftwareOne has financial assets at amortised cost (debt instruments), financial assets at fair value through profit or loss and derivatives designated as hedging instruments.
The group’s financial assets at amortised cost comprise trade and other receivables, loans and cash and cash equivalents.
The group’s financial liabilities include trade and other payables, accrued expenses, contingent consideration liabilities and other financial liabilities including bank overdrafts and derivative financial instruments.
SoftwareOne has listed equity instruments presented as short-term financial assets which are subsequently measured at fair value through profit or loss. Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in finance income and finance expenses.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value through profit or loss except for the effective portion of cash flow hedges, which is recognised in OCI and later reclassified to the income statement when the hedged item affects profit or loss or as part of the initial carrying amount of the non-financial assets or liability recognised. The ineffective portion is recognised immediately in the income statement.
In the case of a positive value, the derivative is recognised as an asset and in the case of a negative value, as a liability (classified as non-current when the remaining maturity of the hedged item is more than 12 months and as current when the remaining maturity of the hedged item is less than 12 months).
Categories of financial instruments
The following table discloses the carrying amounts and fair values, as required, of the group’s financial instruments by class and category:
As of 31 December 2024 |
|
|
|
|
in CHF 1,000 |
IFRS 9 category |
Carrying amount |
Fair value |
Fair value level |
|
|
|
|
|
FINANCIAL ASSETS |
|
|
|
|
Cash and cash equivalents |
Amortised cost |
271,315 |
n/a* |
|
Trade receivables |
Amortised cost |
2,616,047 |
n/a* |
|
Other receivables |
Amortised cost |
328,649 |
n/a* |
|
Derivative financial instruments |
Fair value through profit or loss |
5,687 |
|
Level 2 |
Derivative financial instruments |
Designated as cash flow hedge |
14,546 |
|
Level 2 |
Financial assets - listed equity instrument |
Fair value through profit or loss |
62,333 |
|
Level 1 |
Financial assets - loans |
Amortised cost |
43 |
n/a* |
|
|
|
|
|
|
Total financial assets |
|
3,298,620 |
|
|
|
|
|
|
|
FINANCIAL LIABILITIES |
|
|
|
|
Trade payables |
Financial liabilities at amortised cost |
2,568,453 |
n/a* |
|
Other payables |
Financial liabilities at amortised cost |
297,800 |
n/a* |
|
Accrued expenses |
Financial liabilities at amortised cost |
37,309 |
n/a* |
|
Contingent consideration liabilities |
Fair value through profit or loss |
6,605 |
|
Level 3 |
Contingent consideration liabilities |
Fair value through profit or loss |
1,431 |
|
Level 2 |
Financial liabilities |
Financial liabilities at amortised cost |
287,946 |
n/a* |
|
Financial liabilities |
Fair value through profit or loss |
35,911 |
|
Level 2 |
Derivative financial instruments |
Fair value through profit or loss |
1,800 |
|
Level 2 |
Derivative financial instruments |
Designated as cash flow hedge |
1,760 |
|
Level 2 |
Lease liabilities |
n/a |
35,583 |
|
|
|
|
|
|
|
Total financial liabilities |
|
3,274,598 |
|
|
* The carrying amount is a reasonable approximation of fair value.
For investments in listed equity instruments the group recognised a fair value gain of TCHF 21,543 in finance income in 2024 (prior year: fair value loss of TCHF 9,244).
As of 31 December 2023 |
|
|
|
|
in CHF 1,000 |
IFRS 9 category |
Carrying amount |
Fair value |
Fair value level |
|
|
|
|
|
FINANCIAL ASSETS |
|
|
|
|
Cash and cash equivalents |
Amortised cost |
267,389 |
n/a* |
|
Trade receivables |
Amortised cost |
2,317,187 |
n/a* |
|
Other receivables |
Amortised cost |
224,533 |
n/a* |
|
Derivative financial instruments |
Fair value through profit or loss |
2,537 |
|
Level 2 |
Derivative financial instruments |
Designated as cash flow hedge |
870 |
|
Level 2 |
Financial assets - listed equity instrument |
Fair value through profit or loss |
43,732 |
|
Level 1 |
Financial assets - loans |
Amortised cost |
125 |
n/a* |
|
|
|
|
|
|
Total financial assets |
|
2,856,373 |
|
|
|
|
|
|
|
FINANCIAL LIABILITIES |
|
|
|
|
Trade payables |
Financial liabilities at amortised cost |
2,290,475 |
n/a* |
|
Other payables |
Financial liabilities at amortised cost |
190,993 |
n/a* |
|
Accrued expenses |
Financial liabilities at amortised cost |
39,157 |
n/a* |
|
Contingent consideration liabilities |
Fair value through profit or loss |
7,342 |
|
Level 3 |
Financial liabilities |
Financial liabilities at amortised cost |
97,873 |
n/a* |
|
Financial liabilities |
Fair value through profit or loss |
27,050 |
|
Level 2 |
Derivative financial instruments |
Fair value through profit or loss |
10,281 |
|
Level 2 |
Derivative financial instruments |
Designated as cash flow hedge |
3,172 |
|
Level 2 |
Lease liabilities |
n/a |
32,747 |
|
|
|
|
|
|
|
Total financial liabilities |
|
2,699,090 |
|
|
* The carrying amount is a reasonable approximation of fair value.
Fair value estimation
The carrying amounts of cash and cash equivalents, trade and other receivables and trade and other payables with a remaining term of up to 12 months, as well as other current financial assets and liabilities, represent a reasonable approximation of their fair values, due to the short-term maturities of these instruments.
The fair value of financial assets (equity instruments) is based on observable price quotations at the reporting date. The fair value of derivatives is determined based on input factors observed directly or indirectly on the market. The fair value of foreign exchange forward contracts is based on forward exchange rates. The fair value of financial liabilities (related to a swap contract) is determined based on input factors observed directly or indirectly on the market.
Financial instruments carried at fair value are analysed by valuation method. The fair value hierarchy has been defined as follows:
Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices for identical assets or liabilities at the reporting date.
Level 2: The fair value measurements are those derived from valuation techniques using inputs for the asset or liability that are observable market data, either directly or indirectly. Such valuation techniques include the discounted cash flow method and option pricing models. For example, the fair value of interest rate and currency swaps is determined by discounting estimated future cash flows, and the fair value of forward foreign exchange contracts is determined using the forward exchange market at the end of the reporting period.
Level 3: The fair value measurements are those derived from valuation techniques using significant inputs for the asset or liability that are not based on observable market data.
There has been a transfer from level 3 to level 2 in 2024. No transfers between the hierarchy levels were made in 2023.
The following table discloses valuation classes for financial instruments measured at fair value:
|
As of 31 December 2024 |
As of 31 December 2023 |
||||||
in CHF 1,000 |
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Financial assets |
62,333 |
– |
– |
62,333 |
43,732 |
– |
– |
43,732 |
Derivative financial instruments |
– |
20,233 |
– |
20,233 |
– |
3,407 |
– |
3,407 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Contingent consideration liabilities |
– |
1,431 |
6,605 |
8,036 |
– |
– |
7,342 |
7,342 |
Financial liabilities |
– |
35,911 |
– |
35,911 |
– |
27,050 |
– |
27,050 |
Derivative financial instruments |
– |
3,560 |
– |
3,560 |
– |
13,453 |
– |
13,453 |
The change in carrying values associated with “Level 3” contingent consideration liabilities are set out below:
in CHF 1,000 |
2024 |
2023 |
|
|
|
On 1 January |
7,342 |
15,030 |
Additions |
6,319 |
– |
Settlement in cash 1) |
–4,434 |
–6,522 |
Fair value adjustment |
–1,404 |
–895 |
Transfer to "Level 2" 2) |
–1,327 |
– |
Currency translation adjustments |
109 |
–271 |
|
|
|
As of 31 December |
6,605 |
7,342 |
1) Payments of TCHF 3,224 are presented in cashflow from investing activities.
2) The remaining contingent consideration of Predica, payable in 2025, was fixed at TCHF 1,431 in 2024 and, therefore, the liability was transferred from “Level 3” to “Level 2” in the fair value hierarchy.
The most significant contingent consideration liability relates to the acquisition of Medalsoft (fair value as at 31 December 2024: TCHF 6,279). The contingent consideration liability of Medalsoft depends on the achievement of certain fixed events (TCHF 2,317) and the retention of the selling shareholder with continuing employment (TCHF 3,962). The cash outflows are expected on a yearly basis until 2027. In the event of termination by the selling shareholder, the contingent consideration is reduced proportionately over the term of the arrangement.
4.4 Transfer of financial assets
The group has entered into transactions in which it transfers trade receivables under factoring agreements and, as a result, may either be eligible to derecognise the transferred receivables in their entirety or must continue to recognise the transferred receivables to the extent of any continuing involvement, depending on certain criteria.
Receivables subject to factoring arrangements are derecognised on sale and these assets are not held to collect contractual cash flows and would be measured at fair value through profit or loss. However, due to their short-term nature, the difference between transaction price and fair value is not considered to be material. Where the factored receivables continue to be recognised in the balance sheet, they are treated as held to collect contractual cash flows and measured at amortised cost.
The amount of the receivables sold as of 31 December 2024 is TCHF 151,666 (prior year: TCHF 192,671). The amount is fully derecognised from the balance sheet.
4.5 Offsetting of financial assets and liabilities
The group has entered into arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be offset if certain credit events occur (such as a default). The following table shows the amounts which cannot be offset under IFRS, but which could be settled net under the terms of master netting agreements, to show the total net exposure of the group.
2024 |
|
|
|
|
|
in CHF 1,000 |
Gross amounts |
Amounts offset in the consolidated balance sheet |
Net amounts presented in the consolidated balance sheet |
Amounts subject to master netting arrangements but not offset |
Net amount |
|
|
|
|
|
|
Trade receivables |
2,616,047 |
– |
2,616,047 |
–18,727 |
2,597,320 |
Prepayments and contract assets |
122,116 |
– |
122,116 |
–19,669 |
102,447 |
Trade payables |
2,568,453 |
– |
2,568,453 |
–38,396 |
2,530,057 |
Derivative financial assets |
20,233 |
– |
20,233 |
–3,560 |
16,673 |
Derivative financial liabilities |
3,560 |
– |
3,560 |
–3,560 |
– |
2023 |
|
|
|
|
|
in CHF 1,000 |
Gross amounts |
Amounts offset in the consolidated balance sheet |
Net amounts presented in the consolidated balance sheet |
Amounts subject to master netting arrangements but not offset |
Net amount |
|
|
|
|
|
|
Trade receivables |
2,317,187 |
– |
2,317,187 |
–8,005 |
2,309,182 |
Prepayments and contract assets |
117,694 |
– |
117,694 |
–21,936 |
95,758 |
Trade payables |
2,290,475 |
– |
2,290,475 |
–29,941 |
2,260,534 |
Derivative financial assets |
3,407 |
– |
3,407 |
–3,092 |
315 |
Derivative financial liabilities |
13,453 |
– |
13,453 |
–3,092 |
10,361 |
5 Critical accounting estimates and judgments
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates may differ from the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Significant estimates
Income taxes (Note 10)
The group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes.
In particular, the deferred tax assets on unused tax losses require estimates of the amount and dates of future taxable income as well as the future tax planning strategies. If the group expects not to realise the unused tax losses, these are not recognised.
Contingent consideration liabilities and earn-out provisions related to business acquisitions (Note 4.3 and 18)
Contingent consideration liabilities and earn-out provisions reflect potential future payments following the acquisition of a business. The calculation of the future payments is based on different variable input factors. These future cash flows were estimated at initial recognition. These assumptions are reviewed at each reporting date and changes impact profit and loss.
Goodwill (Note 15)
The recoverable amount of cash-generating units is measured on the basis of value-in-use calculations and as such is significantly impacted by the projected free cashflows, the discount rate, future tax rate and the revenue growth rate, which are subject to management judgement. Actual cash flows as well as other input parameters could vary significantly from these estimates.
6 Revenue
Revenue from contracts with customers comprises revenue from the sale of Software & Cloud Marketplace products as well as the sale of Software & Cloud Services. Revenue from contracts with customers is recognised when the performance obligation in the contract has been satisfied either at the “point in time” or “over time” as control of the promised goods or service is transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods or services. The normal credit term is 30 to 90 days upon delivery.
Revenue from Software & Cloud Marketplace
SoftwareOne enters into contracts with end customers to sell Software & Cloud Marketplace products of several third-party software providers. Below, software is used as a synonym for Software & Cloud Marketplace. A distinction is made between two types of software selling arrangements:
- Direct business: As a “software advisor”, the group’s obligation in these arrangements is only to arrange for another entity to provide the software licence to the end customer. Thus, the performance obligation consists of establishing the business relationship between the software provider and the end customer. When the software is provided to the end customer, SoftwareOne is entitled to receive an agency commission from the software provider and recognises revenue at this point of time. Hence, SoftwareOne acts as an agent and recognises revenue at the amount that it retains from its agency services.
- Indirect business: As a “value added reseller”, the group provides pre-sales consulting services to end customers and advises them on the selection of the appropriate end-to-end software or cloud technology solution. SoftwareOne is in the contractual relationship between the third-party software provider and the end customer and is commissioned to place orders and manage customer purchases on behalf of the end customer. Even if SoftwareOne provides pre-sales services in connection with the sale of the software licences to its end customers, the group is not primarily responsible for fulfilling the promise to provide the software or cloud solution. Primary responsibility to provide the products lies with the third-party software provider, while SoftwareOne provides the access to the software licence or manages cloud subscriptions. SoftwareOne invoices the end customer and receives the considerations from the end customer. SoftwareOne has concluded that it does not control the software from the third-party software providers before it is transferred to the end customer and therefore acts as an agent in these arrangements. Revenue is recognised at the point in time when the licence agreement is signed by all parties involved and the software manufacturer accepts the deal and the terms and conditions. If licences are purchased via a distributor, SoftwareOne transfers the licence key directly to the end customer. Thus, revenue is recognised at the point in time when the access to the software licence is transferred. The group recognises revenue in the net amount in the consolidated financial statements, i.e., the difference between the consideration received from the end customer and the cost of software purchased.
In the indirect business, the group also enters into multi-year licensing contracts with annual billing of the corresponding fee in which the end customer has the right to change the software reseller during the contract term. For such contracts, SoftwareOne recognises revenue for the contract between the end customer and the third-party software provider upfront for the entire term when the contract is signed considering the effects of a potential change in channel partner based on historical experience as a variable consideration.
Additionally, non-cancellable multi-year licensing contracts with annual billing of the corresponding fee exist without the right to change the software reseller during the contract term. As the end customer pays in arrears, SoftwareOne is effectively providing financing to the end customer. Hence, there are two components in such arrangements: a revenue component (for the notional cash sales price net of the related costs of purchasing the software); and a loan component (for the effect of the deferred payment terms). Interest income on the loan finance component is calculated based on the rate that would be reflected in a separate financing transaction between the group and the end customers at contract inception and is presented under finance income. SoftwareOne uses the practical expedient in IFRS 15 and does not adjust the promised amount of consideration for the effects of a significant financing component if it expects at contract inception that the period between the provision of access to the software licence to the end customer and the receipt of the consideration from the end customer will be one year or less.
Revenue from Software & Cloud Services
SoftwareOne provides a wide range of technology consulting services but also delivers self-developed software.
Revenue from technology consulting services is generally recognised over time as the customer simultaneously receives and consumes the benefits provided. SoftwareOne uses an input method based on costs incurred to measure progress towards the stage of completion of the service. The group has determined that the input method based on costs incurred in relation to total expected costs is the best method of measuring progress of the consulting services because there is a direct relationship between SoftwareOne’s effort and the transfer of the service to the customer. In addition, in cases where the group provides standardised services (i.e., managed services), revenue is recognised pro rata over the term of the contract. Payment is due 30 days after the solutions and services have been performed. As a rule, services are priced separately. If this is not the case, the transaction prices are allocated based on the relative stand-alone selling prices.
Revenue from self-developed software is recognised at the point in time when control of the licence is transferred to the customer. Such contracts and related revenues exist only to a limited extent. The same applies to revenue from external software which is only used to provide software asset management solutions. The related revenue is recognised net under revenue from Software & Cloud Services.
Transaction price of unsatisfied performance obligations
SoftwareOne uses the practical expedient in IFRS 15.121 and does not disclose information about the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied when the original expected duration of the underlying contract is one year or less. After applying this practical expedient, the remaining performance obligations to be disclosed 31 December 2024 and 2023 are not material.
Breakdown of revenue
For management purposes, SoftwareOne is organised by geographical areas. The breakdown of revenue below follows the regional clusters by the group’s operating segments, refer to Note 27 Segment reporting.
Revenue is broken down as follows:
2024 |
|
|
|
|
|
|
in CHF 1,000 |
DACH |
rEMEA |
NORAM |
LATAM |
APAC |
Total |
|
|
|
|
|
|
|
Revenue from Software & Cloud Marketplace |
181,388 |
156,762 |
61,877 |
35,444 |
95,721 |
531,192 |
Revenue from Software & Cloud Services |
147,223 |
132,818 |
76,350 |
61,149 |
66,694 |
484,234 |
|
|
|
|
|
|
|
Total revenue |
328,611 |
289,580 |
138,227 |
96,593 |
162,415 |
1,015,426 |
2023 |
|
|
|
|
|
|
in CHF 1,000 |
DACH 1) |
rEMEA 1) |
NORAM |
LATAM |
APAC |
Total |
|
|
|
|
|
|
|
Revenue from Software & Cloud Marketplace |
216,505 |
152,471 |
64,754 |
33,764 |
82,283 |
549,777 |
Revenue from Software & Cloud Services |
129,825 |
130,528 |
76,513 |
61,600 |
63,046 |
461,512 |
|
|
|
|
|
|
|
Total revenue |
346,330 |
282,999 |
141,267 |
95,364 |
145,330 |
1,011,289 |
1) Prior-year figures restated, refer to Note 2 Changes to the segment reporting.
SoftwareOne distinguishes between indirect and direct business when generating revenue from Software & Cloud Marketplace:
in CHF 1,000 |
2024 |
2023 1) |
|
|
|
Revenue from Software & Cloud Marketplace |
|
|
– indirect business |
462,133 |
449,379 |
– direct business |
69,059 |
100,398 |
|
|
|
Total revenue from Software & Cloud Marketplace |
531,192 |
549,777 |
1) An incorrect account allocation has been identified in the comparative period, which has been corrected. An amount of TCHF 44,206 has been reclassified from direct business to indirect business.

7 Personnel expenses
in CHF 1,000 |
2024 |
2023 |
|
|
|
Salaries fixed |
–455,430 |
–441,200 |
Salaries variable |
–92,838 |
–82,241 |
Social security costs |
–83,268 |
–78,801 |
Earn-out expenses (Note 17) |
–9,639 |
–14,760 |
Pension costs – defined benefit plans (Note 19) |
–5,695 |
–5,497 |
Pension costs – defined contribution plans |
–11,228 |
–10,647 |
Share-based payment expense (Note 24) |
–12,920 |
–6,650 |
Other personnel expenses |
–22,043 |
–30,695 |
Capitalised personnel expenses |
35,818 |
25,846 |
|
|
|
Total personnel expenses |
–657,243 |
–644,645 |
|
|
|
Average head count (FTE) |
9,338 |
9,268 |
In 2024, costs for restructuring of TCHF 45,823 (prior year: TCHF 28,349) were recognised in personnel expenses.

8 Other operating expenses
in CHF 1,000 |
2024 |
2023 |
|
|
|
Travel and car expenses |
–33,661 |
–28,934 |
Administrative expenses |
–66,776 |
–72,001 |
Maintenance and utility expenses |
–8,072 |
–7,569 |
Information technology expenses |
–36,286 |
–26,679 |
Telecommunication expenses |
–2,944 |
–3,128 |
Marketing expenses |
–14,432 |
–11,702 |
Bad debt expenses |
–22,744 |
–11,185 |
Other expenses |
–32,068 |
–19,249 |
|
|
|
Total other operating expenses |
–216,983 |
–180,447 |
The increase in other operating expenses of TCHF 36,536 is mainly related to higher bad debt expenses of TCHF 11,559 and information technology expenses of TCHF 9,607. In addition, other operating expenses were impacted by advisory costs of TCHF 30,445 (prior year: TCHF 32,582) for the strategic review and the commercial excellence programme.
9 Finance result
in CHF 1,000 |
2024 |
2023 |
|
|
|
Interest income |
4,550 |
3,362 |
Other finance income |
32,065 |
3,623 |
Change in fair value of contingent consideration liability |
1,463 |
1,483 |
|
|
|
Finance income |
38,078 |
8,468 |
Interest expense |
–18,143 |
–10,983 |
Other finance expenses |
–21,080 |
–19,952 |
Change in fair value of contingent consideration liability |
– |
–588 |
Losses from fair value remeasurement of previously held equity interest |
– |
–445 |
Finance expenses |
–39,223 |
–31,968 |
|
|
|
Foreign exchange differences, net |
–10,210 |
–9,773 |
|
|
|
Total finance result |
–11,355 |
–33,273 |
Other finance income includes TCHF 3,837 income from significant finance components (prior year: TCHF 2,822) and a fair value gain of TCHF 21,543 from the valuation of equity instruments (prior year: fair value loss of TCHF 9,244 in other finance expenses).
Other finance expenses include TCHF 6,893 factoring expenses (prior year: TCHF 5,111).
The foreign exchange differences, net result 2024 excludes unrealised gains on derivatives designated as instruments to hedge foreign currency risks in the amount of TCHF 608 (prior year: TCHF 1,941) recognised in OCI and to be reclassified to the income statement in future periods. In 2024, foreign exchange gains of TCHF 1,575 (prior year: foreign exchange losses of TCHF 2,177) have been reclassified to profit and loss, refer to Note 13 Derivative financial instruments.
10 Income taxes
Tax expenses comprise the following positions:
in CHF 1,000 |
2024 |
2023 |
|
|
|
Current income taxes |
–37,710 |
–42,665 |
Change in deferred taxes |
4,159 |
1,646 |
|
|
|
Total tax expense |
–33,551 |
–41,019 |
The tax on the group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:
in CHF 1,000 |
2024 |
2023 |
|
|
|
Earnings before income tax (EBT) |
31,938 |
62,462 |
Expected average group tax rate |
39.4 % |
29.9 % |
|
|
|
Tax at expected average rate |
–12,585 |
–18,658 |
+/– Effect of |
|
|
Expenses not deductible for tax purposes |
–11,741 |
–21,337 |
Income not subject to tax |
3,493 |
1,075 |
Utilisation of previously unrecognised tax losses |
114 |
1,397 |
Impairment of previously recognised tax losses |
–523 |
–269 |
Capitalisation of previously unrecognised tax losses |
927 |
2,144 |
Unrecognised current year's tax losses |
–9,099 |
–3,079 |
Current income tax charges/credits related to prior periods |
–3,208 |
–941 |
Impact from tax rate changes |
–1,094 |
–846 |
Other effects |
166 |
–505 |
|
|
|
Total tax expense |
–33,551 |
–41,019 |
|
|
|
Effective tax rate |
105.0 % |
65.7 % |
The group’s expected average tax rate is the aggregate obtained by applying the expected tax rate for each individual jurisdiction to its respective result before taxes. These results vary in different jurisdictions. The weighted average expected tax rate is 39.4% (prior year: 29.9%).
The group has not recognised deferred tax assets of TCHF 9,099 (prior year: TCHF 3,079) in respect of losses for the period ended 31 December 2024 of TCHF 35,551 (prior year: TCHF 14,257).
Other effects in 2024 are mainly related to withholding taxes on intercompany transactions and additional local taxes as in the prior year.
Deferred income tax
Deferred tax expense of TCHF 1,039 (prior year: deferred tax income of TCHF 554) is recorded in other comprehensive income on actuarial losses on defined benefit liabilities and on hedge accounting.
Deferred tax assets and liabilities are based on the temporary differences between group valuation and tax bases.
|
2024 |
2023 |
||
in CHF 1,000 |
Deferred tax assets |
Deferred tax liabilities |
Deferred tax assets |
Deferred tax liabilities |
|
|
|
|
|
Trade receivables |
6,204 |
1,518 |
4,716 |
8,400 |
Other current assets |
2,437 |
3,890 |
905 |
2,146 |
Tangible, intangible and right-of-use assets |
4,256 |
21,768 |
4,129 |
24,815 |
Other non-current assets |
85 |
2,662 |
729 |
230 |
Accrued expenses and contract liabilities |
5,730 |
5,698 |
4,712 |
2,437 |
Other current liabilities |
9,836 |
720 |
11,454 |
2,425 |
Defined benefit liabilities |
888 |
– |
1,104 |
6 |
Other non-current liabilities |
6,196 |
1,198 |
7,097 |
1,015 |
Deferred taxes from losses carried forward |
7,750 |
– |
10,709 |
– |
|
|
|
|
|
Total |
43,382 |
37,454 |
45,555 |
41,474 |
Offsetting of balances |
–16,138 |
–16,138 |
–20,476 |
–20,476 |
|
|
|
|
|
Total |
27,244 |
21,316 |
25,079 |
20,998 |
For some group companies, dividend payments are subject to a withholding tax which cannot be fully recovered in Switzerland. The company has not recognised deferred tax liabilities associated with investments in subsidiaries where the group cannot control the reversal of the temporary differences and where it is not probable that the temporary differences will reverse in the foreseeable future.
The aggregate amount of temporary differences associated with investments in subsidiaries for which no deferred tax liabilities have been recognised was TCHF 15,145 (prior year: TCHF 13,566).
The movement of available tax loss carry forwards is as follows:
in CHF 1,000 |
2024 |
2023 |
|
|
|
On 1 January |
89,332 |
87,490 |
Tax losses arising in current year |
41,172 |
21,093 |
Tax losses utilised against current year profits |
–13,572 |
–14,772 |
Expired tax losses during the period |
–2,998 |
–2,676 |
Other movements |
12,959 |
4,172 |
Currency translation adjustments |
1,018 |
–5,975 |
|
|
|
As of 31 December |
127,911 |
89,332 |
Deferred tax assets of TCHF 7,750 (prior year: TCHF 10,709) were recorded in respect of available tax loss carry forwards of TCHF 29,759 (prior year: TCHF 39,666).
Tax losses, for which no deferred tax asset was recognised, will expire as follows:
in CHF 1,000 |
2024 |
2023 |
|
|
|
Expiry within 12 months |
3,443 |
923 |
Expiry in 1–2 years |
9,919 |
9,213 |
Expiry in 3–4 years |
23,663 |
21,071 |
Expiry in more than 5 years |
25,251 |
6,721 |
No expiry date |
35,582 |
11,737 |
|
|
|
Total unrecognised tax losses |
97,858 |
49,665 |
Pillar Two income taxes
SoftwareOne applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions where the group operates. The legislation is effective for the group’s financial year beginning 1 January 2024. SoftwareOne is in scope of the enacted or substantively enacted legislation and has performed an assessment of the group’s potential exposure to Pillar Two income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the group. Based on the assessment, SoftwareOne is expected to meet one or more safe harbour tests in most of the jurisdictions in which the group operates. Pillar Two effective tax rates in most of the jurisdictions are above 15%. SoftwareOne does not expect any material exposure to Pillar Two income taxes.
11 Trade receivables
in CHF 1,000 |
2024 |
2023 |
|
|
|
Trade receivables |
2,655,169 |
2,343,507 |
Less provision for impairment of trade receivables |
–39,122 |
–26,320 |
|
|
|
Total trade receivables, net |
2,616,047 |
2,317,187 |
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
For trade receivables and contract assets the group applies a simplified approach in calculating an allowance for expected credit losses (ECLs). Therefore, the group does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a provision matrix that is based on the group’s historical observed default rates. The group calibrates the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions (i.e. gross domestic product) are expected to deteriorate over the next year, which can lead to an increased number of defaults, the historical default rates are adjusted.
The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., geographical region and customer rating and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions, and forecasts of future economic conditions.
At each reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.
The aging of the receivables and the related lifetime ECLs for the year 2024 and 2023 are as follows:
2024 |
|
|
|
in CHF 1,000 |
Expected credit loss rate |
Estimated total gross carrying amount at default |
Expected credit loss |
|
|
|
|
Not past due |
–0.0 % |
2,155,324 |
–832 |
Past due since 1–90 days |
–0.1 % |
364,340 |
–438 |
Past due since 91–180 days |
–2.7 % |
59,694 |
–1,635 |
Past due since 181–360 days |
–27.8 % |
34,907 |
–9,687 |
Past due since more than 360 days |
–64.9 % |
40,904 |
–26,530 |
|
|
|
|
Total trade receivables, gross |
–1.5 % |
2,655,169 |
–39,122 |
2023 |
|
|
|
in CHF 1,000 |
Expected credit loss rate |
Estimated total gross carrying amount at default |
Expected credit loss |
|
|
|
|
Not past due |
–0.1 % |
1,939,721 |
–1,351 |
Past due since 1–90 days |
–0.3 % |
294,933 |
–853 |
Past due since 91–180 days |
–4.3 % |
56,614 |
–2,435 |
Past due since 181–360 days |
–24.1 % |
24,802 |
–5,967 |
Past due since more than 360 days |
–57.3 % |
27,437 |
–15,714 |
|
|
|
|
Total trade receivables, gross |
–1.1 % |
2,343,507 |
–26,320 |
Movements in the group’s provision for impairment of trade receivables are as follows:
in CHF 1,000 |
2024 |
2023 |
|
|
|
On 1 January |
–26,320 |
–18,535 |
Allowance recognised |
–27,298 |
–18,183 |
Receivables written off during the year as uncollectible |
6,482 |
2,338 |
Unused amounts reversed |
8,434 |
6,645 |
Currency translation adjustments |
–420 |
1,415 |
|
|
|
As of 31 December |
–39,122 |
–26,320 |
In 2024, SoftwareOne has recognised higher bad debt expenses following an individual risk assessment. An amount of TCHF 6,000 relates to overdue receivables over 180 days outstanding and under legal dispute, with the success rate of collection by SoftwareOne taken down to zero.
12 Other receivables, prepayments and contract assets
in CHF 1,000 |
2024 |
2023 |
|
|
|
Other receivables |
102,510 |
92,144 |
– thereof financial assets: 10,211 (prior year: 24,003) |
|
|
Prepayments |
23,647 |
27,405 |
Contract assets |
98,469 |
90,289 |
|
|
|
Current other receivables, prepayments and contract assets |
224,626 |
209,838 |
Other receivables |
329,702 |
207,622 |
– thereof financial assets: 318,437 (prior year: 200,530) |
|
|
|
|
|
Non-current other receivables |
329,702 |
207,622 |
|
|
|
Total other receivables, prepayments and contract assets |
554,328 |
417,460 |
Current other receivables mainly include VAT and other sales tax receivables.
Contract assets are initially recognised for services as receipt of consideration is conditional on successful completion of the service. Upon completion of the service and acceptance by the customer, the amounts recognised as contract assets are reclassified to trade receivables. In addition, SoftwareOne recognises contract assets for revenue recognised upfront in connection with multi-year licensing contracts in which the end customer has the right to change the software reseller during the contract term.
Other non-current receivables include TCHF 311,754 non-current trade receivables for multi-year contracts (prior year: TCHF 190,145).
13 Derivative financial instruments
|
2024 |
2023 |
2024 |
2023 |
||
in CHF 1,000 |
Notional amount |
Notional amount |
Derivative financial assets |
Derivative financial liabilities |
Derivative financial assets |
Derivative financial liabilities |
|
|
|
|
|
|
|
Current |
|
|
|
|
|
|
Forward foreign exchange contracts |
1,599,114 |
888,386 |
19,541 |
2,301 |
3,006 |
12,457 |
– cash flow hedges recognised in OCI |
641,424 |
66,671 |
1,347 |
547 |
469 |
2,176 |
– not designated as hedging instruments |
957,690 |
821,715 |
5,681 |
1,754 |
2,537 |
10,281 |
Foreign exchange call options |
576,489 |
– |
12,513 |
– |
– |
– |
– cash flow hedges recognised in OCI |
576,489 |
– |
12,513 |
– |
– |
– |
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
Forward foreign exchange contracts |
50,396 |
52,751 |
692 |
431 |
401 |
996 |
– cash flow hedges recognised in OCI |
48,684 |
52,751 |
686 |
385 |
401 |
996 |
– not designated as hedging instruments |
1,712 |
– |
6 |
46 |
– |
– |
Interest rate swaps |
96,182 |
– |
– |
828 |
– |
– |
– cash flow hedges recognised in OCI |
96,182 |
– |
– |
828 |
– |
– |
|
|
|
|
|
|
|
Total derivatives |
1,649,510 |
941,137 |
20,233 |
3,560 |
3,407 |
13,453 |
In 2024 and 2023, the ineffectiveness was immaterial.
In 2024, SoftwareOne entered into a foreign currency call option at a fair value at inception of TCHF 13,516. The group recognized unrealised losses in the amount of TCHF 1,003 and an opposite tax effect of TCHF 150 in OCI during the period.
14 Tangible assets
Tangible assets are stated at historical cost less depreciation and impairments. Depreciation is calculated using the straight-line method over the expected useful life as follows:
- Land is not depreciated
- Buildings: max. 33 years
- Furniture, fixtures and other equipment: max. 5 years
- Leasehold improvements: max. 10 years or shorter duration lease contract
- Vehicles: max. 5 years
- IT equipment: max. 3 years
in CHF 1,000 |
Land |
Buildings |
IT equipment |
Leasehold improve- ments |
Furniture and fixtures |
Vehicles |
Other equipment |
Total |
|
|
|
|
|
|
|
|
|
Historical cost |
|
|
|
|
|
|
|
|
On 1 January 2024 |
3,484 |
15,927 |
18,236 |
7,013 |
5,996 |
1,698 |
456 |
52,810 |
Business acquisitions |
– |
668 |
34 |
– |
20 |
36 |
– |
758 |
Additions |
– |
445 |
3,479 |
3,671 |
1,598 |
18 |
163 |
9,374 |
Disposals |
– |
– |
–2,701 |
–665 |
–420 |
–476 |
–166 |
–4,428 |
Currency translation adjustments |
–97 |
–381 |
303 |
108 |
79 |
–1 |
–6 |
5 |
|
|
|
|
|
|
|
|
|
As of 31 December 2024 |
3,387 |
16,659 |
19,351 |
10,127 |
7,273 |
1,275 |
447 |
58,519 |
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
|
|
On 1 January 2024 |
– |
1,622 |
13,504 |
4,041 |
3,889 |
1,059 |
343 |
24,458 |
Additions |
– |
397 |
3,346 |
1,056 |
666 |
213 |
115 |
5,793 |
Disposals |
– |
– |
–2,640 |
–612 |
–358 |
–414 |
–128 |
–4,152 |
Currency translation adjustments |
– |
–15 |
174 |
19 |
64 |
4 |
4 |
250 |
|
|
|
|
|
|
|
|
|
As of 31 December 2024 |
– |
2,004 |
14,384 |
4,504 |
4,261 |
862 |
334 |
26,349 |
|
|
|
|
|
|
|
|
|
Carrying amount 31 December 2024 |
3,387 |
14,655 |
4,967 |
5,623 |
3,012 |
413 |
113 |
32,170 |
As of 31 December 2024 and 2023, there were no contractual commitments for the purchase of tangible assets and no impairment was required.
in CHF 1,000 |
Land |
Buildings |
IT equipment |
Leasehold improve- ments |
Furniture and fixtures |
Vehicles |
Other equipment |
Total |
|
|
|
|
|
|
|
|
|
Historical cost |
|
|
|
|
|
|
|
|
On 1 January 2023 |
3,306 |
14,934 |
25,318 |
7,019 |
6,183 |
1,911 |
602 |
59,273 |
Business acquisitions |
– |
– |
17 |
– |
– |
20 |
– |
37 |
Additions |
– |
– |
3,486 |
1,140 |
754 |
224 |
246 |
5,850 |
Disposals |
– |
– |
–2,770 |
–806 |
–551 |
–304 |
–319 |
–4,750 |
Reclassification to intangible assets 1) |
– |
– |
–6,690 |
– |
– |
– |
– |
–6,690 |
Currency translation adjustments |
178 |
993 |
–1,125 |
–340 |
–390 |
–153 |
–73 |
–910 |
|
|
|
|
|
|
|
|
|
As of 31 December 2023 |
3,484 |
15,927 |
18,236 |
7,013 |
5,996 |
1,698 |
456 |
52,810 |
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
|
|
On 1 January 2023 |
– |
936 |
17,718 |
4,083 |
3,839 |
1,209 |
426 |
28,211 |
Additions |
– |
376 |
3,886 |
914 |
698 |
220 |
232 |
6,326 |
Disposals |
– |
– |
–2,716 |
–751 |
–478 |
–304 |
–244 |
–4,493 |
Reclassification to intangible assets 1) |
– |
– |
–4,561 |
– |
– |
– |
– |
–4,561 |
Currency translation adjustments |
– |
310 |
–823 |
–205 |
–170 |
–66 |
–71 |
–1,025 |
|
|
|
|
|
|
|
|
|
As of 31 December 2023 |
– |
1,622 |
13,504 |
4,041 |
3,889 |
1,059 |
343 |
24,458 |
|
|
|
|
|
|
|
|
|
Carrying amount 31 December 2023 |
3,484 |
14,305 |
4,732 |
2,972 |
2,107 |
639 |
113 |
28,352 |
1) Correction of acquired software for one single entity which was presented in tangible assets in prior year.
15 Intangible assets
Purchased intangible assets such as software, acquired technology and customer relationships are measured at cost less accumulated amortisation (applying the straight-line method) and any impairment. The useful life is as follows:
- Software: 3–10 years
- Acquired customer relationships: max. 10 years
- Acquired technology and other intangible assets: 3–10 years
- Internally generated intangible assets: 3–5 years
in CHF 1,000 |
Goodwill |
Software, acquired technology and customer relationships |
Brand |
Internally generated intangibles |
Total |
|
|
|
|
|
|
Historical cost |
|
|
|
|
|
On 1 January 2024 |
463,028 |
173,753 |
31,863 |
149,651 |
818,295 |
Business acquisitions 1) |
18,156 |
2,746 |
– |
– |
20,902 |
Additions |
– |
1,245 |
– |
57,402 |
58,647 |
Disposals |
– |
–1,158 |
– |
–90 |
–1,248 |
Currency translation adjustments |
4,282 |
3,509 |
–36 |
24 |
7,779 |
|
|
|
|
|
|
As of 31 December 2024 |
485,466 |
180,095 |
31,827 |
206,987 |
904,375 |
|
|
|
|
|
|
Accumulated amortisation |
|
|
|
|
|
On 1 January 2024 |
– |
110,897 |
570 |
77,333 |
188,800 |
Amortisation |
– |
18,049 |
15 |
33,342 |
51,406 |
Disposals |
– |
–1,167 |
– |
–85 |
–1,252 |
Currency translation adjustments |
– |
3,085 |
–36 |
12 |
3,061 |
|
|
|
|
|
|
As of 31 December 2024 |
– |
130,864 |
549 |
110,602 |
242,015 |
|
|
|
|
|
|
Carrying amount 31 December 2024 |
485,466 |
49,231 |
31,278 |
96,385 |
662,360 |
1) Goodwill includes a subsequent purchase price allocation adjustment for Novis of TCHF 742.
in CHF 1,000 |
Goodwill |
Software, acquired technology and customer relationships |
Brand |
Internally generated intangibles |
Total |
|
|
|
|
|
|
Historical cost |
|
|
|
|
|
On 1 January 2023 |
461,813 |
165,025 |
31,796 |
101,958 |
760,592 |
Business acquisitions |
18,215 |
6,291 |
– |
– |
24,506 |
Additions |
– |
3,643 |
– |
47,729 |
51,372 |
Reclassification from tangible assets 1) |
– |
6,690 |
– |
– |
6,690 |
Currency translation adjustments |
–17,000 |
–7,896 |
67 |
–36 |
–24,865 |
|
|
|
|
|
|
As of 31 December 2023 |
463,028 |
173,753 |
31,863 |
149,651 |
818,295 |
|
|
|
|
|
|
Accumulated amortisation |
|
|
|
|
|
On 1 January 2023 |
– |
92,976 |
346 |
54,092 |
147,414 |
Amortisation |
– |
19,250 |
171 |
23,278 |
42,699 |
Reclassification from tangible assets 1) |
– |
4,561 |
– |
– |
4,561 |
Currency translation adjustments |
– |
–5,890 |
53 |
–37 |
–5,874 |
|
|
|
|
|
|
As of 31 December 2023 |
– |
110,897 |
570 |
77,333 |
188,800 |
|
|
|
|
|
|
Carrying amount 31 December 2023 |
463,028 |
62,856 |
31,293 |
72,318 |
629,495 |
1) Correction of acquired software for one single entity which was presented in tangible assets in prior year.
Internally generated intangible assets mainly relate to Business IT solutions that were designed to improve operational efficiency of the group’s business operations (TCHF 56,494; prior year: TCHF 41,234). Investments were also made in SoftwareOne Marketplace Platform, which offers clients a single digital entry point to access and manage their products, services and interactions with SoftwareOne (TCHF 21,480; prior year: 19,399). Further internally generated intangible assets relate to Service platforms (TCHF 15,137; prior year: TCHF 6,776), supporting customers in various aspects of IT, and digital transformation. All technical innovations are capitalised separately in accordance with the component approach if the group expects to obtain a future benefit from these.
The brand SoftwareOne was acquired in a business combination. It has been determined to have an indefinite useful life as there is no intention to abandon the brand name. As it has existed for many years, the group can maintain its brand for an indefinite period of time. Thus, the brand name is not amortised but is assessed for impairment annually. As the brand does not generate largely independent cash inflows, it is allocated to the group’s CGUs for goodwill impairment testing as part of corporate assets.
Goodwill and the brand are allocated to four CGU’s as illustrated below:
in CHF 1,000 |
DACH |
rEMEA |
NORAM |
LATAM |
APAC |
Carrying amount |
|
|
|
|
|
|
|
Goodwill |
137,636 |
258,629 |
29,014 |
34,535 |
25,652 |
485,466 |
Brand |
31,277 |
– |
– |
– |
– |
31,277 |
|
|
|
|
|
|
|
As of 31 December 2024 |
168,913 |
258,629 |
29,014 |
34,535 |
25,652 |
516,743 |
in CHF 1,000 |
DACH 1) |
rEMEA 1) |
NORAM |
LATAM |
APAC |
Carrying amount |
|
|
|
|
|
|
|
Goodwill |
136,197 |
252,091 |
27,895 |
38,555 |
8,290 |
463,028 |
Brand |
31,277 |
– |
– |
– |
– |
31,277 |
|
|
|
|
|
|
|
As of 31 December 2023 |
167,474 |
252,091 |
27,895 |
38,555 |
8,290 |
494,305 |
1) Prior-year figures restated, refer to Note 2 Changes to the segment reporting.
Impairment test of goodwill and intangibles with indefinite useful life
Regarding impairment testing of goodwill and other intangible assets such as the SoftwareOne brand deemed to have indefinite lives, the group determines the higher of value in use and fair value less costs of disposal of the respective cash generating units to which goodwill and intangibles have been allocated. The calculation of value in use is based on the current budget and business plan approved by the Board of Directors and the expectations regarding the future development of the respective markets, market shares and profitability using also third-party market data. Growth in the operating profit of the cash generating unit is expected up to the end of the detailed planning period of five years. Estimated cash flow for the year after the detailed planning period is based on an annual growth rate. Related assumptions are made considering macroeconomic trends and historical information adjusted for current developments. The annual goodwill impairment test for all CGUs is performed as of 30 September.
The discount rates and annual growth rate as per CGU are as follows:
|
2024 |
2023 |
||||
|
Pre-tax discount rate |
Post-tax discount rate |
Annual growth rate |
Pre-tax discount rate |
Post-tax discount rate |
Annual growth rate |
|
|
|
|
|
|
|
DACH |
8.6 % |
6.7 % |
1.7 % |
– |
– |
– |
rEMEA |
11.2 % |
9.2 % |
2.2 % |
– |
– |
– |
EMEA |
– |
– |
– |
10.5 % |
8.4 % |
1.9 % |
LATAM |
16.8 % |
14.9 % / 11.7 % 1) |
3.0 % |
17.0 % |
15.5 % / 11.9 % 1) |
3.0 % |
APAC |
10.7 % |
8.7 % |
2.4 % |
11.4 % |
9.3 % |
2.4 % |
NORAM |
11.2 % |
9.0 % |
2.1 % |
11.9 % |
9.6 % |
2.1 % |
1) Post-tax discount rate: 14.9 % (prior year: 15.5 %) for the detailed planning period and 11.7 % (prior year: 11.9 %) for the terminal value.
The pre-tax discount rate is calculated based on a country-specific weighted risk-free interest rate as well as the market risk premium and borrowing interest rate. Specific peer group information for beta factors and the debt ratio are also considered.
In order to adequately reflect current interest rates and the long-term inflation forecast, two different discount rates are used for CGU LATAM. For the detailed planning period, the discount rate is based on an average 3-month risk-free interest rate. For the terminal value, the discount rate is calculated taking into account the expected long-term inflation rate plus the spread between the yield on a 10-year bond and a national inflation index.
The recoverable amount of CGU LATAM exceeds the carrying amount by CHF 23.3 million (prior year: CHF 62.6 million) at the end of the reporting period. A change in the projected annual revenue growth (CAGR) during the planning period from the current 3.7% to –1.2% (prior year: 14.3% to 5.9%), the revenue/EBITDA ratio from 18.2% to 17.4% (prior year: 20.5% to 19.2%) or the pre-tax discount rate from 16.8% to 20.6% (prior year: 17.0% to 23.0%) would use up the existing headroom of CGU LATAM.
16 Trade payables, accrued expenses, contract liabilities and other payables
in CHF 1,000 |
2024 |
2023 |
|
|
|
Trade payables |
2,568,453 |
2,290,475 |
Accrued expenses |
98,813 |
101,332 |
– thereof financial liabilities 37,309 (prior year: 39,157) |
|
|
Contract liabilities |
88,931 |
80,302 |
Other payables |
237,228 |
215,849 |
– thereof financial liabilities 26,351 (prior year: 15,919) |
|
|
|
|
|
Current trade payables, accrued expenses, contract liabilities and other payables |
2,993,425 |
2,687,958 |
Other payables |
271,901 |
178,646 |
– thereof financial liabilities 271,449 (prior year: 175,074) |
|
|
|
|
|
Non-current other payables |
271,901 |
178,646 |
|
|
|
Total trade payables, accrued expenses, contract liabilities and other payables |
3,265,326 |
2,866,604 |
Accrued expenses mainly include obligations to employees not paid at the reporting date, such as bonuses, holiday entitlements or compensations, and accruals related to other operating expenses. Current other payables mainly include VAT and other sales tax-related liabilities.
Contract liabilities include short-term advances received to render services. All contract liabilities as of 1 January 2024 were recognised as revenue in 2024 (TCHF 80,302).
Other non-current payables include TCHF 271,449 non-current trade payables for multi-year contracts (prior year: TCHF 175,074).
17 Provisions
in CHF 1,000 |
Employment- related |
Earn-out- related |
Other |
Total |
|
|
|
|
|
Current provisions |
5,062 |
15,191 |
8,999 |
29,252 |
Non-current provisions |
1,963 |
6,625 |
496 |
9,084 |
|
|
|
|
|
Total provision as of 31 December 2024 |
7,025 |
21,816 |
9,495 |
38,336 |
|
|
|
|
|
On 1 January 2024 |
11,644 |
30,943 |
5,989 |
48,576 |
Business acquisition |
956 |
– |
499 |
1,455 |
Increase |
– |
9,930 |
6,133 |
16,063 |
Used provisions |
–3,895 |
–18,784 |
–2,848 |
–25,527 |
Unused amounts released |
–1,450 |
–331 |
–269 |
–2,050 |
Currency translation adjustments |
–230 |
58 |
–9 |
–181 |
|
|
|
|
|
As of 31 December 2024 |
7,025 |
21,816 |
9,495 |
38,336 |
Other provisions primarily encompass provisions for legal claims, associated consulting costs and tax-related matters.
Earn-out-related provisions are associated with contingent consideration arrangements that could result in additional cash payments to the previous owners of the acquired companies. They are presented as provisions if they are contingent on continued employment and thus compensation for services and recognised as personnel expenses during the period of service.
The amount of the earn-out may also depend on KPI developments for a contractually defined period and, where appropriate, a multiplier derived from other variables. The following earn-out calculations are based on KPIs:
Acquired company |
Earn-out related KPI |
Cash outflow expected in year |
|
|
|
AppScore |
Revenue |
2025/ 2026/ 2027 |
Beniva |
Revenue |
2025/ 2026 |
Centiq |
Contribution Margin |
2025/ 2026 |
ITPC |
Contribution Margin |
2025/ 2026 |
ITST |
Contribution Margin |
2025/ 2026 |
makeITnoble |
Gross Profit |
2025 |
Predica |
Chargeability of delivery resources |
2025 |
SE16N |
Contribution Margin |
2025/ 2026 |
18 Financial liabilities
in CHF 1,000 |
2024 |
2023 |
|
|
|
Current |
|
|
Bank overdrafts |
4,820 |
375 |
Contingent consideration liabilities |
3,078 |
5,302 |
Lease liabilities |
14,260 |
13,411 |
Other financial liabilities |
316,034 |
121,173 |
|
|
|
Total current financial liabilities |
338,192 |
140,261 |
|
|
|
Non-current |
|
|
Contingent consideration liabilities |
4,958 |
2,040 |
Lease liabilities |
21,323 |
19,336 |
Other financial liabilities |
3,003 |
3,375 |
|
|
|
Total non-current financial liabilities |
29,284 |
24,751 |
|
|
|
Total financial liabilities |
367,476 |
165,012 |
Revolving credit loan
The group has access to a CHF 660 million (prior year: CHF 660 million) multiple currency revolving credit facility. Of this revolving credit facility, CHF 250 million was drawn as of 31 December 2024 (prior year: CHF 70 million).
Contingent consideration liabilities
The contingent consideration liability reflects the fair value of the expected payments. These estimates are reviewed at each reporting date and adjusted as necessary. Adjustments are booked in finance income or expenses. For further information, refer to explanation of “Level 3” financial instruments in Note 4.3 Categories of financial instruments and fair value estimation.
Changes in liabilities arising from financing activities
|
Changes in financial liabilities |
|||||||
in CHF 1,000 |
1 January 2024 |
Business acquisitions |
Financing cash flows |
Investing cash flows |
Foreign exchange movements |
Changes in fair value |
Other |
31 December 2024 |
|
|
|
|
|
|
|
|
|
Bank overdrafts |
375 |
– |
4,485 |
– |
–40 |
– |
– |
4,820 |
Contingent consideration liabilities |
7,342 |
– |
–1,210 |
–3,224 |
109 |
–1,404 |
6,423 |
8,036 |
Lease liabilities |
32,747 |
237 |
–16,997 |
– |
426 |
– |
19,170 |
35,583 |
Other current financial liabilities |
121,173 |
1 |
178,418 |
8,816 |
–5,979 |
– |
13,605 |
316,034 |
Other non-current financial liabilities |
3,375 |
– |
–20 |
– |
–199 |
– |
–153 |
3,003 |
|
|
|
|
|
|
|
|
|
Total |
165,012 |
238 |
164,676 |
5,592 |
–5,683 |
–1,404 |
39,045 |
367,476 |
Further effects in column “Other” are related to additions, disposals and compounding of lease liabilities (TCHF 19,170), the initial recognition of the contingent consideration liability for Medalsoft (TCHF 6,319), the recognition of the foreign currency call option (TCHF 13,516) and, to a limited extent, accrued interest.
|
Changes in financial liabilities |
|||||||
in CHF 1,000 |
1 January 2023 |
Business acquisitions |
Financing cash flows |
Investing cash flows |
Foreign exchange movements |
Changes in fair value |
Other |
31 December 2023 |
|
|
|
|
|
|
|
|
|
Bank overdrafts |
5,178 |
– |
–4,549 |
– |
–254 |
– |
– |
375 |
Contingent consideration liabilities |
15,030 |
– |
–2,921 |
–3,837 |
–272 |
–895 |
237 |
7,342 |
Lease liabilities |
33,070 |
– |
–17,024 |
– |
–2,002 |
– |
18,703 |
32,747 |
Other current financial liabilities |
17,040 |
36 |
84,202 |
–10,447 |
–7,987 |
– |
38,329 |
121,173 |
Other non-current financial liabilities |
45,234 |
– |
–403 |
– |
–3,127 |
– |
–38,329 |
3,375 |
|
|
|
|
|
|
|
|
|
Total |
115,552 |
36 |
59,305 |
–14,284 |
–13,642 |
–895 |
18,940 |
165,012 |
Further effects in column “Other” are related to additions, disposals and compounding of lease liabilities (TCHF 18,703), a swap contract which was initially recorded in 2022 and reclassed from non-current to current financial liabilities in 2023 (TCHF 38,329) and, to a limited extent, accrued interest.
In the statement of cash flows the change in financial liabilities is presented on a gross basis.
19 Defined benefit liabilities
The group operates various post-employment schemes including both defined benefit and defined contribution pension plans.
Defined benefit plans
The liability or asset recognised in the balance sheet in respect of defined benefit plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Actuarial gains or losses are recognised in OCI. Service costs are presented in personnel expenses. Interest costs and interest on plan assets are netted in finance expenses.
The group’s retirement plans include defined benefit pension plans in Switzerland, Belgium, Germany, Austria, India, Mexico, Ecuador, France, Italy, Turkey, Costa Rica, and Indonesia. These plans, excluding those in Switzerland, Belgium, and Germany, are unfunded and all determined by local regulations using independent actuarial valuations according to IAS 19. The group’s major defined benefit plan in Switzerland accounts for 84.8% (prior year: 84.2%) of the group’s present value of funded and unfunded obligations.
Pension plans in Switzerland
The current pension arrangement for employees in Switzerland is made through a plan governed by the Swiss Federal Occupational Old Age, Survivors and Disability Pension Act (OPA). The plan of SoftwareOne’s Swiss company is administered by a separate legal foundation, which is funded by regular employer and employee contributions defined in the pension fund rules. The Swiss pension plan contains a cash balance benefit which is essentially contribution-based, with certain minimum guarantees. Due to these minimum guarantees, the Swiss plan is treated as a defined benefit plan under IFRS Accounting Standards. The plan is invested in a diversified range of assets in accordance with the investment strategy and the common criteria of asset and liability management. A potential underfunding may be remedied by various measures such as increasing employer and employee contributions or reducing future benefits.
As of 31 December 2024, 341 employees (prior year: 345 employees) and no retirees (prior year: no retirees) are insured under the Swiss plan. The defined benefit obligation has a duration of 17 years (prior year: 17 years).
Amounts recognised in the balance sheet:
in CHF 1,000 |
Swiss plan |
Other plans |
2024 |
2023 |
|
|
|
|
|
Present value of funded obligations |
70,069 |
6,030 |
76,099 |
63,223 |
Fair value of plan assets |
–71,405 |
–5,058 |
–76,463 |
–59,086 |
Present value of unfunded obligations |
– |
6,522 |
6,522 |
5,430 |
|
|
|
|
|
Total defined benefit assets |
1,336 |
– |
1,336 |
– |
Total defined benefit liabilities |
– |
7,494 |
7,494 |
9,567 |
Reconciliation of the present value of the defined benefit obligation (DBO):
in CHF 1,000 |
Swiss plan |
Other plans |
2024 |
2023 |
|
|
|
|
|
On 1 January |
57,800 |
10,853 |
68,653 |
64,122 |
Service costs |
4,369 |
1,326 |
5,695 |
5,497 |
Employee contributions |
2,788 |
– |
2,788 |
2,620 |
Interest cost |
845 |
473 |
1,318 |
1,458 |
Actuarial losses/(gains) |
5,096 |
419 |
5,515 |
1,879 |
Benefits paid/transferred |
–829 |
–708 |
–1,537 |
–6,167 |
Currency translation adjustments |
– |
189 |
189 |
–756 |
|
|
|
|
|
As of 31 December |
70,069 |
12,552 |
82,621 |
68,653 |
Reconciliation of fair value of plan assets:
in CHF 1,000 |
Swiss plan |
Other plans |
2024 |
2023 |
|
|
|
|
|
On 1 January |
54,626 |
4,460 |
59,086 |
57,442 |
Interest income |
818 |
134 |
952 |
1,190 |
Return on plan assets (excluding interest income) |
11,172 |
–87 |
11,085 |
708 |
Employer contributions |
2,830 |
571 |
3,401 |
3,118 |
Employee contributions |
2,788 |
– |
2,788 |
2,620 |
Benefits paid/transferred |
–829 |
–76 |
–905 |
–5,727 |
Currency translation adjustments |
– |
56 |
56 |
–265 |
|
|
|
|
|
As of 31 December |
71,405 |
5,058 |
76,463 |
59,086 |
Pension costs:
in CHF 1,000 |
Swiss plan |
Other plans |
2024 |
2023 |
|
|
|
|
|
Current service cost |
4,369 |
1,326 |
5,695 |
5,497 |
Interest cost on defined benefit obligation |
845 |
473 |
1,318 |
1,458 |
Interest on plan assets |
–818 |
–134 |
–952 |
–1,190 |
|
|
|
|
|
Total defined benefit cost recognised in income statement |
4,396 |
1,665 |
6,061 |
5,765 |
Thereof finance expense |
27 |
339 |
366 |
268 |
Thereof personnel expense |
4,369 |
1,326 |
5,695 |
5,497 |
|
|
|
|
|
Actuarial (gain)/loss arising from demographic assumptions |
– |
–232 |
–232 |
–325 |
Actuarial (gain)/loss arising from changes in financial assumptions |
6,907 |
581 |
7,488 |
2,295 |
Actuarial (gain)/loss arising from experience |
–1,811 |
70 |
–1,741 |
–91 |
Return on plan assets excluding interest income |
–11,172 |
87 |
–11,085 |
–708 |
|
|
|
|
|
Total remeasurements cost recognised in OCI |
–6,076 |
506 |
–5,570 |
1,171 |
|
|
|
|
|
Total defined benefit cost |
–1,680 |
2,171 |
491 |
6,936 |
Split of plan assets in %:
|
Swiss plan |
Other plans |
2024 |
2023 |
|
|
|
|
|
Cash and cash equivalents |
0.9 % |
– |
0.8 % |
0.8 % |
Equity instruments |
37.7 % |
– |
35.2 % |
34.0 % |
Debt instruments |
39.9 % |
– |
37.3 % |
37.7 % |
Real estate |
19.6 % |
– |
18.3 % |
18.1 % |
Other |
1.9 % |
100.0 % |
8.4 % |
9.4 % |
|
|
|
|
|
Total |
100.0 % |
100.0 % |
100.0 % |
100.0 % |
The actual return on plan assets amounted to TCHF 12,037 (prior year: TCHF 1,898).
Significant actuarial assumptions:
|
Swiss plan |
Other plans |
2024 |
2023 |
|
|
|
|
|
Discount rate |
1.0 % |
3.8 % |
1.4 % |
1.9 % |
Salary growth rate |
1.0 % |
4.2 % |
1.5 % |
1.5 % |
Pension liability – Sensitivity analysis for Swiss plans:
|
Change in assumption |
Change in DBO 2024 |
Change in DBO 2023 |
|
|
|
|
Discount rate |
+/– 0.25bps |
–/+ 4.3 % |
–/+ 4.3 % |
Salary growth rate |
+/– 0.25bps |
+/– 0.7 % |
+/– 0.8 % |
The above sensitivity analyses are based on a change in one assumption while holding all other assumptions constant. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the pension liability recognised in the balance sheet.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.
Expected employer contributions to post-employment benefit plans for the period ended 31 December 2024 amounted to TCHF 2,820 (prior year: TCHF 2,650)
20 Leases
Group as a lessee
The group leases various offices, cars, and IT equipment under non-cancellable lease agreements. Most lease agreements are renewable at market rate at the end of the lease period. Unless the group is reasonably certain of obtaining ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. The useful life is as follows:
- Buildings: max. 10 years
- Vehicles: max. 5 years
- Other equipment: max. 5 years
The group applies the short-term lease recognition exemption to its short-term leases of other machinery and equipment (these are those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the exemption for leases of low-value assets recognition to leases of office equipment that are considered of low value (in other words below TCHF 5). Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease term.
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
in CHF 1,000 |
Buildings |
Vehicles |
Other equipment |
Total |
|
|
|
|
|
Historical cost |
|
|
|
|
On 1 January 2024 |
48,835 |
18,049 |
1,966 |
68,851 |
Business acquisitions |
239 |
– |
– |
239 |
Additions |
11,993 |
6,394 |
21 |
18,408 |
Disposals |
–9,542 |
–5,515 |
–4 |
–15,061 |
Currency translation adjustments |
523 |
133 |
–113 |
543 |
|
|
|
|
|
As of 31 December 2024 |
52,048 |
19,061 |
1,870 |
72,980 |
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
On 1 January 2024 |
26,660 |
10,069 |
679 |
37,408 |
Additions |
10,200 |
4,666 |
663 |
15,529 |
Disposals |
–9,126 |
–5,279 |
–4 |
–14,409 |
Currency translation adjustments |
114 |
73 |
–70 |
117 |
|
|
|
|
|
As of 31 December 2024 |
27,848 |
9,529 |
1,268 |
38,645 |
|
|
|
|
|
Carrying amount 31 December 2024 |
24,200 |
9,532 |
602 |
34,335 |
in CHF 1,000 |
Buildings |
Vehicles |
Other equipment |
Total |
|
|
|
|
|
Historical cost |
|
|
|
|
On 1 January 2023 |
44,137 |
19,621 |
138 |
63,897 |
Additions |
12,372 |
4,929 |
1,758 |
19,059 |
Disposals |
–4,808 |
–5,332 |
–12 |
–10,152 |
Currency translation adjustments |
–2,866 |
–1,169 |
82 |
–3,953 |
|
|
|
|
|
As of 31 December 2023 |
48,835 |
18,049 |
1,966 |
68,851 |
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
On 1 January 2023 |
21,198 |
10,692 |
20 |
31,910 |
Additions |
10,111 |
5,110 |
645 |
15,866 |
Disposals |
–4,294 |
–5,092 |
–12 |
–9,398 |
Impairment 1) |
1,052 |
– |
– |
1,052 |
Currency translation adjustments |
–1,407 |
–641 |
26 |
–2,022 |
|
|
|
|
|
As of 31 December 2023 |
26,660 |
10,069 |
679 |
37,408 |
|
|
|
|
|
Carrying amount 31 December 2023 |
22,175 |
7,980 |
1,287 |
31,443 |
1) Related to non-cancellable lease contracts for the closing of offices within the DACH segment.
Set out below are the carrying amounts of lease liabilities (included under financial liabilities) and the movements during the period:
in CHF 1,000 |
2024 |
2023 |
|
|
|
On 1 January |
32,747 |
33,070 |
Business acquisitions |
239 |
– |
Additions |
18,408 |
18,577 |
Disposals |
–753 |
–827 |
Accretion of interest |
1,515 |
953 |
Payments |
–16,997 |
–17,024 |
Currency translation adjustments |
424 |
–2,002 |
|
|
|
As of 31 December |
35,583 |
32,747 |
The following are the amounts recognised in the income statement:
in CHF 1,000 |
2024 |
2023 |
|
|
|
Depreciation expenses on right-of-use assets (including impairment) |
–15,529 |
–16,918 |
Interest expenses on lease liabilities |
–1,515 |
–953 |
Expenses relating to short-term leases (included in other operating expenses) |
–1,340 |
–1,056 |
Income from subleasing of right-of-use assets |
339 |
327 |
Income from operating lease contracts |
975 |
783 |
|
|
|
Total |
–17,070 |
–17,817 |
In 2024, the group had total cash outflows for leases including expenses relating to short-term leases of TCHF 18,337 (prior year: TCHF 18,080).
23 Dividends
The dividends paid in 2024 were TCHF 55,241 or CHF 0.36 per share (prior year: TCHF 54,315 or CHF 0.35 per share). A dividend in respect of the period ended 31 December 2024 of CHF 0.30 per share (excluding treasury shares), amounting to a total dividend of TCHF 47,574 is to be proposed at the Annual General Meeting on 16 May 2025. These financial statements do not reflect this proposed dividend. Dividends are paid partly out of the capital contribution reserve and partly of the available retained earnings of SoftwareOne Holding AG.
25 Contingencies
As an internationally operating group, SoftwareOne is exposed to contingencies in respect of legal and tax claims in the ordinary course of business. It is not anticipated that any material liabilities will arise from the contingent liabilities.
In 2016, the Federal Revenue Office in São José dos Campos (“DRF/SJC”) issued an infraction notice against SoftwareOne Brazil for the fiscal year 2012, levying alleged debts related to sales tax contributions (“PIS/COFINS”), charging the difference between the non-cumulative system (9.25%) and the cumulative system (3.65%). The value in dispute of the infraction notice was BRL 9.1 million (CHF 1.3 million) excluding penalty and interest. As expected, in July 2017, the administrative appeal against this infraction notice was rejected. Thus, SoftwareOne Brazil has filed a further appeal before the Administrative Tax Appeal Court (“CARF”), which was decided unfavourably at CARF level in October 2021, and SoftwareOne was notified to file the appeal. After the notification of the CARF decision, the company filed a motion of clarification against this decision in October 2022. In December 2023, this motion of clarification was denied and SoftwareOne was notified to present a special appeal against the second level decision which was filed in February 2024. The verdict at the administrative level in October 2024 was in favour of the Brazilian tax authorities and the procedure at CARF level was lost. The company decided to issue an insurance bond (in lieu of payment) for the underlying tax amount. The case now continues now in the judicial court system. In 2020, the Federal Revenue Office issued a further infraction notice against SoftwareOne Brazil for the fiscal year 2017 for the same subject mentioned above. The value in dispute of the infraction notice was BRL 19.9 million (CHF 2.9 million) excluding penalties and interest. Thus, SoftwareOne Brazil filed a further appeal before CARF against this infraction notice, which was rejected in July 2021. SoftwareOne submitted an action for annulment at court level in November 2021 secured by a litigation bond. Nevertheless, SoftwareOne Brazil and SoftwareOne group are still of the opinion that the cumulative system was and continues to be correctly applied in line with industry standards and are defending their position for both fiscal years 2012 and 2017 with the support of third-party lawyers. There were no changes in the assessment in 2024. Although the probability of the outcome of the dispute cannot be reliably predicted at this stage, SoftwareOne does not expect any cash outflow for the litigations at the reporting date.
In 2019, the National Tax Administration Superintendence (“SUNAT”) in Lima issued an infraction notice against SoftwareOne Peru for the fiscal year 2016, levying alleged debts related to withholding taxes (“Impuesto a la Renta de no Domiciliados” – IRND), charging the not contributed withholding taxes related to Software Assurance for payments made abroad. The value in dispute of the infraction notice was PEN 5.4 million (CHF 1.3 million) excluding penalty and interest. According to Resolution 042-2014-SUNAT/5D0000 from 2014, licences purchased abroad are not subject to withholding taxes, whereas services are subject to withholding tax contribution. In June 2020, the administrative appeal (2nd SUNAT instance) against this infraction notice was rejected. Nevertheless, SoftwareOne Peru and the group are still of the opinion that the non-contribution of withholding taxes was correctly applied as Software Assurance is defined as licensing and not services in line with the industry standard and is defending its position with the support of third-party lawyers. SoftwareOne Peru therefore filed a further appeal before the administrative tax court (“Tribunal Fiscal”), the last administrative instance, in July 2020, which ruled in favour of SoftwareOne Peru in January 2021. SUNAT took the right to appeal the decision before the civil court in May 2021. In September 2024, the Supreme Court issued a verdict in favour of SUNAT. In October 2024, the company filed an amparo request (“clarification on verdict”) against the Supreme Court decision to the Constitutional Court. A hearing is scheduled for April 2025. The company did not receive a request for payment for the pending tax amount by the date the consolidated financial statements were approved by the Board of Directors. The probability of the outcome of the dispute cannot be reliably predicted at this stage.
Related to an ongoing tax audit SoftwareOne is potentially exposed to a liability claim for which SoftwareOne is jointly liable for an amount up to a maximum of CHF 4.0 million. The potential liability still needs to be properly assessed building on the outcome of the tax audit. In addition, SoftwareOne’s final obligation will depend on the share of the tax liability borne by the original debtors. Based on the current assessment SoftwareOne expects most of the potential claim to be settled by the original debtors.
26 Related party transactions
Key management includes members of the Board of Directors and members of the Executive Board (CEO, CFO, CHRO and the President of Software & Cloud). Transactions with and the compensation paid or payable to key management for employee services are shown below.
in CHF 1,000 |
2024 |
2023 |
|
|
|
Services rendered (Board of Directors) |
–854 |
–975 |
Share-based payment expenses (Board of Directors) |
–560 |
–575 |
Salaries and other short-term employee benefits |
–7,133 |
–8,043 |
Share-based payment expenses (Executive Board) |
–5,848 |
–1,800 |
Post-employment benefits |
–738 |
–470 |
|
|
|
Total |
–15,133 |
–11,863 |
27 Segment reporting
For management purposes, SoftwareOne is organised by geographical areas. After the separation of the operating segment EMEA into DACH and rEMEA, the following regional clusters are the group’s operating segments:
- DACH (Germany, Austria and Switzerland)
- rEMEA (Rest of Europe, including Mauritius and South Africa);
- NORAM (USA, Canada);
- LATAM (Latin America);
- APAC (Asia Pacific, including Dubai and Qatar).
No operating segments have been aggregated to reportable segments.
The CEO is the Chief Operating Decision Maker (CODM). He assesses each of the reported segments separately for the purpose of evaluating performance and allocating resources. Revenue from Software & Cloud Marketplace, revenue from Software & Cloud Services, contribution margin and EBITDA are the key performance indicators used for internal management and monitoring purposes of the group and are reported as segment results. The group allocates revenue and expenses to regions based on the end customer’s headquarter domicile since the region is responsible for the global client relationship. There are no intersegment revenues. Different average exchange rates are used in management reporting than for group consolidation purposes.
The segment reporting presents a breakdown of revenue from Software & Cloud Marketplace and Software & Cloud Services, directly attributable delivery costs, and indirectly attributable selling, general and administrative costs (“SG&A”). The group’s financing (including finance income and finance expenses) and income taxes are managed on a group basis and are not allocated to the operating segments.
The segment totals are reconciled to the figures reported in the consolidated income statement (column “Total”) as follows:
The column “Group” includes the group cost centres and shared services costs. The column “FX & Consolidation” eliminates the effect of using differing average foreign exchange rates in the segment reporting and consolidation effects. The column “Other” includes other reconciling items that are not allocated to the segments and group in internal reporting. They consist of costs affecting comparability in operating expenses such as integration expenses, M&A and earn-out expenses, restructuring expenses for the commercial and operational excellence programme and the discontinuance of the MTWO business, other non-recurring items which mainly relate to the strategic review, additional bad debt expenses and an adjustment for the upfront recognition of multi-year licensing contracts in which the end customer has the right to change the software reseller during the contract term. Additionally, the column “Other” includes an adjustment for differences in accounting policies of IFRS 16 that are not reflected in the segments, an allocation of internal delivery costs to transition from the internal to the external reporting structure and, to a limited extent, minor reconciliation items.
Segment disclosure 2024
in CHF 1,000 |
DACH |
rEMEA |
NORAM |
LATAM |
APAC |
Total segments |
Group |
FX & Consoli- dation |
Other incl. allocation of delivery costs |
Total |
|
|
|
|
|
|
|
|
|
|
|
Revenue from Software & Cloud Marketplace |
168,318 |
161,387 |
67,487 |
39,123 |
90,590 |
526,905 |
5,377 |
25 |
–1,115 |
531,192 |
Revenue from Software & Cloud Services |
132,807 |
138,104 |
78,440 |
61,180 |
72,848 |
483,379 |
1,907 |
–110 |
–942 |
484,234 |
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
301,125 |
299,491 |
145,927 |
100,303 |
163,438 |
1,010,284 |
7,284 |
–85 |
–2,057 |
1,015,426 |
Delivery costs |
–96,719 |
–96,288 |
–46,077 |
–47,703 |
–50,447 |
–337,234 |
–135 |
138 |
337,231 |
n/a |
|
|
|
|
|
|
|
|
|
|
|
Contribution margin 1) |
204,406 |
203,203 |
99,850 |
52,600 |
112,991 |
673,050 |
7,149 |
53 |
335,174 |
n/a |
SG&A |
–74,601 |
–114,232 |
–59,556 |
–44,751 |
–55,759 |
–348,899 |
–119,948 |
–114 |
–430,444 |
–899,405 |
|
|
|
|
|
|
|
|
|
|
|
EBITDA 2) |
129,805 |
88,971 |
40,294 |
7,849 |
57,232 |
324,151 |
–112,799 |
–61 |
–95,270 |
116,021 |
1) Total revenue net of third-party service delivery costs and directly attributable internal delivery costs.
2) EBITDA from additional business line view reconciled to earnings before net financial items, taxes, depreciation and amortisation.
The most relevant reconciliation items in the column “Other” were related to adjustments for items affecting comparability in operating expenses and further accounting-related adjustments:
in CHF 1,000 |
Integration, M&A and earn-out expenses |
Restruc- turing expenses 3) |
Restruc- turing MTWO business |
Other non-recurring items |
Additional bad debt expenses 4) |
IFRS 15 upfront revenue recognition |
IFRS 16 leases |
Allocation of delivery costs |
Remaining |
Total Other |
|
|
|
|
|
|
|
|
|
|
|
Revenue from Software & Cloud Marketplace |
– |
– |
–1,294 |
– |
– |
565 |
– |
– |
–386 |
–1,115 |
Revenue from Software & Cloud Services |
– |
– |
–804 |
– |
– |
– |
– |
– |
–138 |
–942 |
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
– |
– |
–2,098 |
– |
– |
565 |
– |
– |
–524 |
–2,057 |
Delivery costs |
– |
– |
– |
– |
– |
– |
– |
337,159 |
72 |
337,231 |
|
|
|
|
|
|
|
|
|
|
|
Contribution margin 1) |
– |
– |
–2,098 |
– |
– |
565 |
– |
337,159 |
–452 |
335,174 |
SG&A |
–13,389 |
–66,399 |
–5,330 |
–14,605 |
–6,000 |
–26 |
16,997 |
–337,159 |
–4,533 |
–430,444 |
|
|
|
|
|
|
|
|
|
|
|
EBITDA 2) |
–13,389 |
–66,399 |
–7,428 |
–14,605 |
–6,000 |
539 |
16,997 |
– |
–4,985 |
–95,270 |
1) Total revenue net of third-party service delivery costs and directly attributable internal delivery costs.
2) EBITDA from additional business line view reconciled to earnings before net financial items, taxes, depreciation and amortisation.
3) Restructuring expenses include costs associated with the operational excellence and go-to-market initiative, as well as the cost reduction programme.
4) Expenses relate to overdue receivables over 180 days outstanding and under legal dispute, with success rate of collection by SoftwareOne taken down to zero.
Segment disclosure 2023
in CHF 1,000 |
DACH 3) |
rEMEA 3) |
NORAM |
LATAM |
APAC |
Total segments |
Group |
FX & Consoli- dation |
Other incl. allocation of delivery costs |
Total |
|
|
|
|
|
|
|
|
|
|
|
Revenue from Software & Cloud Marketplace |
173,489 |
179,208 |
76,691 |
37,505 |
79,077 |
545,970 |
2,682 |
–735 |
1,860 |
549,777 |
Revenue from Software & Cloud Services |
125,887 |
131,202 |
72,429 |
62,187 |
65,240 |
456,945 |
2,593 |
2,163 |
–189 |
461,512 |
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
299,376 |
310,410 |
149,120 |
99,692 |
144,317 |
1,002,915 |
5,275 |
1,428 |
1,671 |
1,011,289 |
Delivery costs |
–102,537 |
–98,955 |
–46,582 |
–49,406 |
–49,447 |
–346,927 |
14 |
–28 |
346,941 |
n/a |
|
|
|
|
|
|
|
|
|
|
|
Contribution margin 1) |
196,839 |
211,455 |
102,538 |
50,286 |
94,870 |
655,988 |
5,289 |
1,400 |
348,612 |
n/a |
SG&A |
–69,968 |
–106,687 |
–55,946 |
–42,156 |
–45,666 |
–320,423 |
–108,599 |
–1,031 |
–419,512 |
–849,565 |
|
|
|
|
|
|
|
|
|
|
|
EBITDA 2) |
126,871 |
104,768 |
46,592 |
8,130 |
49,204 |
335,565 |
–103,310 |
369 |
–70,900 |
161,724 |
1) Total revenue net of third-party service delivery costs and directly attributable internal delivery costs.
2) EBITDA from additional business line view reconciled to earnings before net financial items, taxes, depreciation and amortisation.
3) Prior-year figures restated, refer to Note 2 Changes to the segment reporting.
The most relevant reconciliation items in the column “Other” were related to adjustments for items affecting comparability in operating expenses and further accounting-related adjustments:
in CHF 1,000 |
Integration, M&A and earn-out expenses |
Restruc- turing expenses 3) |
Restruc- turing MTWO business |
Other non-recurring items |
IFRS 15 upfront revenue recognition |
IFRS 16 leases |
Allocation of delivery costs |
Remaining |
Total Other |
|
|
|
|
|
|
|
|
|
|
Revenue from Software & Cloud Marketplace |
– |
– |
– |
– |
236 |
– |
– |
1,624 |
1,860 |
Revenue from Software & Cloud Services |
– |
– |
– |
– |
– |
– |
– |
–189 |
–189 |
|
|
|
|
|
|
|
|
|
|
Total revenue |
– |
– |
– |
– |
236 |
– |
– |
1,435 |
1,671 |
Delivery costs |
– |
– |
– |
– |
– |
– |
347,612 |
–671 |
346,941 |
|
|
|
|
|
|
|
|
|
|
Contribution margin 1) |
– |
– |
– |
– |
236 |
– |
347,612 |
764 |
348,612 |
SG&A |
–23,051 |
–39,333 |
–5,724 |
–15,874 |
–10 |
17,024 |
–347,612 |
–4,932 |
–419,512 |
|
|
|
|
|
|
|
|
|
|
EBITDA 2) |
–23,051 |
–39,333 |
–5,724 |
–15,874 |
226 |
17,024 |
– |
–4,168 |
–70,900 |
1) Total revenue net of third-party service delivery costs and directly attributable internal delivery costs.
2) EBITDA from additional business line view reconciled to earnings before net financial items, taxes, depreciation and amortisation.
3) Restructuring expenses include costs associated with the operational excellence and go-to-market initiative.
Additional information for business lines
Even if the regions are the operating segments, SoftwareOne also internally reports total revenue, contribution margin and EBITDA by business lines “Software & Cloud Marketplace”, “Software & Cloud Services” and “Corporate”, which includes non-operational group costs, to the CODM.
The business line view presents a breakdown of total revenue, directly attributable external and internal delivery costs and indirectly attributable selling, general and administrative costs.
The column “Adjustments” includes adjustments for items affecting comparability in operating expenses. In contrast to the segment reporting, the IFRS 16 adjustment and minor reconciliation items are allocated to the business lines “Software & Cloud Marketplace” and “Software & Cloud Services”.
Business line view 2024
in CHF 1,000 |
Software & Cloud Marketplace |
Software & Cloud Services |
Corporate |
Total business unit |
Adjustments |
Allocation of delivery costs |
Total |
|
|
|
|
|
|
|
|
Total revenue |
532,339 |
484,649 |
– |
1,016,988 |
–1,562 |
– |
1,015,426 |
Delivery costs |
–62,189 |
–274,970 |
– |
–337,159 |
– |
337,159 |
n/a |
|
|
|
|
|
|
|
|
Contribution margin 1) |
470,150 |
209,679 |
– |
679,829 |
–1,562 |
337,159 |
n/a |
SG&A |
–205,964 |
–179,705 |
–70,800 |
–456,469 |
–105,777 |
–337,159 |
–899,405 |
|
|
|
|
|
|
|
|
EBITDA 2) |
264,186 |
29,974 |
–70,800 |
223,360 |
–107,339 |
– |
116,021 |
1) Total revenue net of directly attributable external and internal delivery costs.
2) EBITDA from additional business line view reconciled to earnings before net financial items, taxes, depreciation and amortisation.
Business line view 2023
in CHF 1,000 |
Software & Cloud Marketplace |
Software & Cloud Services |
Corporate |
Total business unit |
Adjustments |
Allocation of delivery costs |
Total |
|
|
|
|
|
|
|
|
Total revenue |
549,750 |
461,154 |
– |
1,010,904 |
385 |
– |
1,011,289 |
Delivery costs |
–71,994 |
–275,573 |
– |
–347,567 |
– |
347,567 |
n/a |
|
|
|
|
|
|
|
|
Contribution margin 1) |
477,756 |
185,581 |
– |
663,337 |
385 |
347,567 |
n/a |
SG&A |
–195,396 |
–157,525 |
–65,214 |
–418,135 |
–83,863 |
–347,567 |
–849,565 |
|
|
|
|
|
|
|
|
EBITDA 2) |
282,360 |
28,056 |
–65,214 |
245,202 |
–83,478 |
– |
161,724 |
1) Total revenue net of directly attributable external and internal delivery costs.
2) EBITDA from additional business line view reconciled to earnings before net financial items, taxes, depreciation and amortisation.
Additional geographical information
Germany, the US, Switzerland and the Netherlands are the main geographical markets for SoftwareOne and represent approximately 46% (prior year: 49%) of total revenue. Revenue is reported based on the end customer’s headquarter domicile:
2024 |
|
|
|
|
|
|
in CHF 1,000 |
Germany |
US |
Switzerland |
Netherlands |
Other countries |
Total |
|
|
|
|
|
|
|
Revenue (IFRS reported) |
189,702 |
128,839 |
85,622 |
65,604 |
545,659 |
1,015,426 |
Non-current assets |
9,169 |
42,046 |
156,394 |
11,858 |
509,398 |
728,865 |
2023 |
|
|
|
|
|
|
in CHF 1,000 |
Germany |
US |
Switzerland |
Netherlands |
Other countries |
Total |
|
|
|
|
|
|
|
Revenue (IFRS reported) |
198,938 |
139,996 |
82,199 |
69,824 |
520,332 |
1,011,289 |
Non-current assets |
149,333 |
23,192 |
135,914 |
96,032 |
284,819 |
689,290 |
SoftwareOne has generated 33% of total revenues with the customer Microsoft (prior year: 35%). The revenue derives from all segments. Microsoft is our only customer aggregating more than 10% of our total revenues.
Non-current assets for this purpose consist of tangible, intangible assets, right-of-use assets, and investments in associated companies and are allocated based on the location of the group company.
28 List of group companies
Fully consolidated
|
|
Voting & capital right in % |
Voting & capital right in % |
Company |
Registered country |
2024 |
2023 |
|
|
|
|
Germany, Austria and Switzerland (DACH) |
|
|
|
SoftwareOne Holding AG |
Stans, CH |
n/a |
n/a |
SoftwareONE AG |
Stans, CH |
100 |
100 |
SoftwareONE Beteiligungs GmbH |
Vienna, AT |
100 |
100 |
COMPAREX Beteiligungsverwaltung GmbH |
Vienna, AT |
100 |
100 |
SoftwareONE Österreich GmbH |
Vienna, AT |
100 |
100 |
SoftwareONE Deutschland GmbH |
Leipzig, DE |
100 |
100 |
|
|
|
|
Western Europe (EMEA) |
|
|
|
SoftwareONE UK Ltd |
Richmond, London, UK |
100 |
100 |
Comparex UK Limited 1) |
Birmingham, UK |
100 |
– |
SoftwareONE Italia Srl |
Assago, IT |
100 |
100 |
SoftwareONE France SAS |
Saint-Quen, FR |
100 |
100 |
SoftwareONE AB Sweden |
Stockholm, SE |
100 |
100 |
SoftwareONE Norway AS |
Oslo, NO |
100 |
100 |
SoftwareONE LATAM Holding S.L. |
Madrid, ES |
100 |
100 |
Software Pipeline Ireland Ltd |
Cork, IE |
100 |
100 |
SoftwareONE Finland Oy |
Espoo, FI |
100 |
100 |
SoftwareONE Luxembourg SARL |
Luxembourg, LU |
100 |
100 |
SoftwareONE BE B.V. |
Brussels, BE |
100 |
100 |
Systematika Distribution S.R.L. |
Lainate, IT |
100 |
100 |
SoftwareONE Denmark Aps |
Birkerød, DK |
100 |
100 |
SoftwareONE Netherlands B.V. |
Amsterdam, NL |
100 |
100 |
SoftwareONE Spain S.A. |
Madrid, ES |
100 |
100 |
Novis Euforia Solutions, S.L. 2) |
Madrid, ES |
– |
100 |
HeleCloud Limited |
Richmond, London, UK |
100 |
100 |
Dino Newco Limited |
Richmond, London, UK |
100 |
100 |
Centiq Group Limited |
Richmond, London, UK |
100 |
100 |
Taurus Informatics Holdings Limited |
Richmond, London, UK |
100 |
100 |
Centiq Limited |
Richmond, London, UK |
100 |
100 |
Appscore Technology Limited 3) |
Richmond, London, UK |
– |
100 |
SoftwareONE Mauritius 4) |
Port Louis, MU |
49 |
49 |
SoftwareONE Experts South Africa (Pty) Ltd 4) |
Johannesburg, ZA |
49 |
49 |
|
|
|
|
Eastern Europe (EMEA) |
|
|
|
SoftwareONE Czech Republic s.r.o. |
Prague, CZ |
100 |
100 |
SoftwareONE Slovakia s.r.o. |
Bratislava, SK |
100 |
100 |
SoftwareONE Hungary Kft. |
Budapest, HU |
100 |
100 |
SoftwareONE Licensing Experts SRL |
Bucharest, RO |
100 |
100 |
SoftwareONE d.o.o. |
Belgrade, RS |
100 |
100 |
SoftwareONE Polska Sp z.o.o. |
Warsaw, PL |
100 |
100 |
SoftwareONE, informacijski sistemi, d.o.o. |
Ljubljana, SL |
100 |
100 |
SoftwareONE Ukraine LLC |
Kiev, UA |
100 |
100 |
SoftwareONE Kazakhstan LLP |
Almaty, KZ |
100 |
100 |
SoftwareONE Bulgaria EOOD |
Sofia, BG |
100 |
100 |
SoftwareONE Turkey Bilişim Teknolojileri Ticaret A. Ş. |
Istanbul, TR |
100 |
90 |
COMPAREX HRVATSKA d.o.o. 3) |
Zagreb, HR |
– |
100 |
Predica Sp z.o.o. |
Warsaw, PL |
100 |
100 |
|
|
|
|
Latin America (LATAM) |
|
|
|
SoftwareONE Comércio e Servicos de Informatica Ltda |
São Paulo, BR |
100 |
100 |
SoftwareONE Chile SpA |
Santiago, CL |
100 |
100 |
SoftwareONE Argentina S.R.L. |
Buenos Aires, AR |
100 |
100 |
SoftwareONE Puerto Rico Inc. |
San Juan, PR |
100 |
100 |
SoftwareONE Bolivia S.R.L. |
La Paz, BO |
100 |
100 |
SoftwareONE Colombia S.A.S. |
Bogota, CO |
100 |
100 |
SoftwareONE Ecuador Soluciones S.A. |
Quito, EC |
100 |
100 |
SoftwareONE SW1 Dominican Republic SRL |
Santo Domingo, DO |
100 |
100 |
Softwarepipeline S. de R.L. de C.V. |
Mexico City, MX |
100 |
100 |
SWON IT Services México, S.A. de CV. |
Mexico City, MX |
100 |
100 |
Yaima S.A. |
Guatemala City, GT |
100 |
100 |
SoftwareONE Uruguay S.A. |
Montevideo, UY |
100 |
100 |
SoftwareONE Panamá S.A. |
Panama City, PA |
100 |
100 |
SoftwareONE Peru S.A.C. |
Lima, PE |
100 |
100 |
SoftwareONE El Salvador S.A. de C.V. |
San Salvador, SV |
100 |
100 |
SoftwareONE Honduras S.A. |
Tegucigalpa, HN |
100 |
100 |
SoftwareONE Nicaragua S.A. |
Managua, NI |
100 |
100 |
SoftwareONE West Indies S.A. 5) |
Gros Islet, LC |
100 |
100 |
SoftwareONE Jamaica Inc. Ltd. |
Kingston, JM |
100 |
100 |
SoftwareONE Trinidad and Tobago Ltd. |
Port of Spain, TT |
100 |
100 |
SoftwareONE Costa Rica S.A. |
San José, CR |
100 |
100 |
SoftwareONE IT Services S.A. |
San José, CR |
100 |
100 |
COMPAREX Brasil S.A. |
São Paulo, BR |
100 |
100 |
IG Services S.A.S. |
Medellin, CO |
100 |
100 |
IG Unified Communications S.A.S. |
Medellin, CO |
100 |
100 |
IG Branch Mexico S.A. de C.V. |
Mexico City, MX |
100 |
100 |
BigBranch SA |
Quito, EC |
100 |
100 |
Intergrupo Dominicana SRL |
Santo Domingo, DO |
100 |
100 |
SoftwareONE IT Services S.A. |
Panama City, PA |
100 |
100 |
|
|
|
|
North America (NORAM) |
|
|
|
SoftwareONE Inc. |
Milwaukee, Wisconsin, US |
100 |
100 |
SoftwareONE Canada Inc. |
Toronto, CA |
100 |
100 |
|
|
|
|
Asia Pacific (APAC) |
|
|
|
SoftwareONE Pte. Ltd. |
Singapore, SG |
100 |
100 |
SoftwareONE Experts Sdn Bhd Malaysia |
Kuala Lumpur, MY |
100 |
100 |
SoftwareONE (Shanghai) Trading Co., Ltd. |
Shanghai, CN |
100 |
100 |
SoftwareONE India Private Ltd. |
New Delhi, IN |
100 |
100 |
SoftwareONE Japan K.K. |
Tokyo, JP |
100 |
100 |
SoftwareONE AG Trading LLC 4) |
Dubai, AE |
49 |
49 |
SoftwareONE Ltd. Liability CO. Saudi Arabia |
Riyadh, SA |
100 |
100 |
SoftwareONE Australia Pty. Ltd. |
Sydney, AU |
100 |
100 |
Brave New World Consulting Pty. Ltd. |
Sydney, AU |
100 |
100 |
SoftwareONE Philippines Corp. |
Makati City, PH |
100 |
100 |
SoftwareONE Thailand Co. Ltd. |
Bangkok, TH |
100 |
100 |
Software Pipeline Co. Ltd. |
Bangkok, TH |
100 |
100 |
SoftwareONE Hong Kong Ltd. |
Hong Kong, CN |
100 |
100 |
PT SoftwareONE Indonesia |
Jakarta Pusat, ID |
100 |
100 |
SoftwareONE Taiwan Limited |
Taipei, TW |
100 |
100 |
SoftwareONE Vietnam Co. Ltd. |
Hanoi, VN |
100 |
100 |
SoftwareONE Korea Co. Ltd. |
Seoul, KR |
100 |
100 |
SoftwareONE (New Zealand) Ltd. |
Auckland, NZ |
100 |
100 |
P.T. COMPAREX Indonesia 5) |
Jakarta, ID |
100 |
100 |
COMPAREX Thailand Limited 5) |
Bangkok, TH |
100 |
100 |
GorillaStack Pty. Ltd. |
Sydney, AU |
100 |
100 |
ITPC India Private Ltd. 5) |
Pune, IN |
100 |
100 |
Predica FZ LLC |
Dubai, AE |
100 |
100 |
Predica FZ LLC – Mainland Dubai Branch |
Dubai, AE |
100 |
100 |
Softwareone Middle East LLC |
Doha, QA |
100 |
100 |
SoftwareONE Lanka (Private) Limited |
Colombo, LK |
100 |
100 |
Medalsoft International Co., Ltd. |
Shanghai, CN |
100 |
– |
Medalsoft Technology (Wuxi) Co., Ltd. |
Wuxi, CN |
100 |
– |
Medalsoft Interconnection (Wuxi) Co., Ltd. |
Wuxi, CN |
100 |
– |
1) Restoration of the company in 2024.
2) Company was merged in 2024.
3) Company was liquidated in 2024.
4) SoftwareOne is full economic owner of this company and has full control.
5) Company in liquidation.
29 Subsequent events
From the balance sheet date until the consolidated financial statements were approved by the Board of Directors on 25 March 2025, the following significant events occurred:
None