Ladies and gentlemen, welcome to the Half Year 2021 Results Analyst Conference Call. I am Sandra, the Chorus Call operator. I would like to remind you that all participants will be in listen only mode and the conference is being recorded. The presentation will be followed by a Q and A session. The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Ms. Ursula Noutsli, Head of Corporate Communications and Investor Relations. Please go ahead, madam.
Ladies and gentlemen, welcome to today's analyst call. As you have probably all read by now, this is a very important day for TxGroup. This morning, we have announced a merger of our marketplaces with the month of Scout24. However, also our whole year results are very encouraging. In the coming hour, we would like to focus particularly on our whole year results.
About the merger, there is only basic information we can share at the moment, but we plan to hold an Investor Day in November. So we ask for your patience. Present in the call is our whole group management, Pietro Cukino as Publisher and Chairman Sandro Maccaccini, our CFO Sam Hugley, heading Technology and the Ventures and our Managing Directors of the individual companies from TAMIDIA, the Co Heads, Marco Borselli and Andreas Schaffner Olivier Ries from Sales Markets Mishi Fraunck from Goldbach and last but not least, Marcek Kohler from 20 minutes. With this, I would like to hand over to Pietro.
Thank you, Ursula, and hello, everybody. As Ursula has said, we want to focus on the first half year of twenty twenty one in this call. Nevertheless, I will give a short recap of the transaction we have announced this morning and make very brief comments to the various entities
of our group.
And of course, we will try to answer any questions we might have. So the joint venture we have announced with Mobilieringhe and General Atlantic, it comprehends the perimeter takes markets excluding DropCloud and of the Cloud 24 Group. From our side, we will contribute HomeGate with ImoStreet and Ashti Luwe, as well as Riccardo Tutti and Car4U. And Modigliere and Ringhe will bring in the 20 Scout24 group. JobCloud, as I have said, is not part of the new joint venture.
It will remain a fifty-fifty joint venture between Ringe and Teix. With this new joint venture, we think that we strengthen our successful marketplaces that we both contribute and that we will be able to accelerate the growth of these activities. The first condition for this is that we enhance the relevance of our marketplaces, of our platforms, which of course we do by bringing them together, relevance for our users. And with that, immediately, we enhance the efficiency for our business customers. Together, we shall be able to invest more in the product development and we will be a more attractive employer in the field.
And together, we think we are convinced that we will be better placed to face the increasingly international competition. And with this, we will also give a digital perspective for Switzerland as a country where this kind of industry will have a a future and will have a long term future given the industrial structures that we are shaping with the joint venture. In the first step, we shall merge the marketplaces of Kaut Group and Teix Markets, and the resulting participations in the joint venture will be 29.5 percent equity for Mobilard and Rynier each and 41% equity for Tayx. In the second step, Tayx is selling 10% of its stake to General Atlantic. The valuation of the joint venture for that transaction is CHF 2,700,000,000.
That means that the 10% of Teix are sold for CHF270,000,000. That means also that the original 41% of takes are valued at CHF1.1 billion. And of course, we envisage that value to grow, potentially to double at the time of an envisaged IPO. And in that sense, this is a contribution from our side that we have been willing to sell already now at the given valuation 10% to General Atlantic, which we have done because we are convinced that General Atlantic will be able to contribute the value creation of the joint venture on the one hand. And on the other hand, we wanted to avoid a situation where Mobilia and Ringe could have controlled the joint venture.
They have, with the 29.5 percent each, a majority in capital, but the joint venture is structured in such a way that each partner is equal and has a 25% share in the vote, so that there is a need for 3 to take a decision. And with the declared goal to bring this joint venture public, We also want to underline the independence that it should have. For commercial reasons, we are convinced, but it has also been helpful for legal reasons because given to the fact that there is no controlling shareholder in the joint venture and given to the fact that we don't reach the threshold in turnover. It will not be necessary to go through merger control. The Swiss Competition Authority has not to be involved.
And we can close this joint venture in the within the next few weeks without any further legal procedure necessary. Also, the Board of Directors reflect this idea of an independent joint venture. All shareholders closely involved in the listing of the company, and he has been CFO of Akzo Springer and of ProSiebenSat Eins before. Oli Rees, the CEO of TX Markets, has substantially contributed to this transaction and will also join the Board, so that we need to be representative of 2 members in that Board And then, Ollie Ries will contribute to the implementation of the merger as a member of the board. And of course, he will enrich the Board with his deep knowledge about marketplaces.
Besides that, he will remain in charge of the marketplace assets of TAEKS Group, of all the other assets, namely he will remain Chairman of JobCloud, the mentioned joint venture with ringier. And of course, we will together now study where we could invest the proceeds from the sale of the 10% in the New Drug Venture to General Atlantic as well as the cash that we have had on our balance already before. For the group, this step is a huge opportunity. It is also a clear next step within the strategy that we have announced and implemented 18 months ago to transform the group into a holding structure. We not only strengthened our portfolio, but with the money that we will have, the liquidity that we will have on our balance sheet of about €500,000,000 we can really further develop and diversify our portfolio.
And that, of course, is an extremely challenging, but also very interesting task that is waiting for us. So following this actual information, I would like to ask Bosandro Macchiakini and the CEOs of our group companies to have a look back on the 1st semester of 2021. From my side, just a few comments. Of course, it is really very positive to see that all our companies are recovering from the crisis and are on a good path towards the future. The positive development of Goldbach is particularly pleasing and especially I would like to mention that Goldbach has been able to win the tenders from Pfauber Zett, the Zurich Transportation System and Coop, the national retailer in the feed of house of home and that is of strategic importance for Goldbach.
Especially proud I am to see how innovative our publishing activities are developing and I'm proud about the journalistic performance of the media and of 20 minutes. It has again been confirmed through our yearly monitoring of the journalistic quality. And I am convinced that especially in the given circumstances, very important contribution that we can make to our society. Also very positive is the development of Doodle of Setu and of our venture portfolio, especially in the area of FinTech. And last but not least, the excellent performance of TX Markets speaks for itself and was, of course, a condition for the foundation of the joint venture that we have today announced.
And with this, I would like to invite my colleagues to go into more detail. And in the end, we will be at your disposal. Any questions you might have?
Thank you, Pietro. San Romain Trakini here. Good afternoon. I would like to start with an overview of the most important financial key figures for the first half of 2021 shown on Slide 5. I hope you have it all in front of you.
On the far left, you can see that revenues increased by 5%. The main drivers were the recovery in the advertising and jobs market as well as the continued strong performance of digital marketplaces. In addition to the increase in revenues, costs were cut by around EUR 10,000,000 as compared to the previous year. Therefore, EBIT before PPA developed very positively, rising to €48,000,000 The positive performance of associated companies, in particular, the TRO platform Carriere in Austria, also contributed to this result. For the avoidance of doubt, EBIT before PPA is defined as EBIT before amortization resulting from business combinations.
Total comprehensive income amounted to €21,000,000 This includes financial gain of around €12,000,000 due to a settlement into legal dispute with the sellers of Trend Cells. As you are all aware, the impairment of Tamidya led to a net loss in the period. Thanks to the good improvement of the performance free cash flow before M and A, we coupled also significantly to €49,000,000 as compared to 0 in the prior period. Free cash flow before M and A is defined as cash flow after CapEx but before acquisitions and divestments. Net liquidity rose to €194,000,000 in addition to the positive operating performance, the fact that no dividend was paid out to shareholders of TIGS Group for last year also contributed to this result.
The next chart shows the development of the advertising market in Switzerland. In gross figures, As you can see, the advertising decreased significantly in the Q2 in contrast to the coronavirus related slump last year. All in all, the development was more or less flat. The next chart that is Chart 6, we had to update this morning as you will find the new version online due to a change in the figures of BEMF for June, just some days ago. And with these news figures, we can say that the development of the net advertising market for print media was slightly positive in the first half of this year with plus 2.7%.
And the daily press segment was also more or less stable. When comparing the market development with the performance of TxGroup on the next chart, we can see that we outperformed the market significantly. Our advertising revenues rose by 15%, and marketing and brokerage revenues increased by 34. Revenues from classified and services were negative due to disposals, but in terms of organic growth, this revenue category also developed positively. Revenues from subscription and individual sales remained stable.
Therefore, the decline in print subscriptions was offset by growth in digital subscriptions. According to the Nexstar, organic sales growth that is excluding acquisitions and divestments amount to 8%. This excludes the sold activities in the prior year, mainly of Omeron. The digital share of revenues, as shown on the next chart, also continued to increase. All in all, 53% of revenues were generated with digital offerings as compared to 50% in the prior period.
Revenues from digital subscriptions, as the pie chart at the far right shows, currently amount for 11% of total revenue from the user market. Here included our only digital subscriptions. The other subscriptions are recorded as combined. The next chart shows the normalized profit. As in prior years, one off special effects were eliminated here.
The most important effect was the already mentioned financial gain from the settlement with the sales of trend sales. Furthermore, we eliminate also fully depreciation and amortization resulting from business combinations in accordance also to our methodology for the EBIT before PPA. All in all, this results in a normalized profit of €38,000,000 which compares to a normalized profit of €4,000,000 in last year. On the next chart, you can see the trend in free cash flow before acquisitions, the so called free cash flow before Avonnet. Investments in tangible and intangible assets totaled to SEK 12,000,000.
This resulted in a free cash flow before M and A of almost SEK 50,000,000. We anticipate similar investment requirements in the future. As a reminder, in the first half of the year twenty twenty, we generated the free cash flow before M and A of 0 and by the end of 2020 of €94,000,000 This means that we can expect that the free cash flow will climb well above the €100,000,000 mark for the full year 2021 if the economic recovery continues. The next chart shows the change in equity ratio, which increased also to reach 75%. Net liquidity amounted to just around €200,000,000 as of the reporting date.
This includes lease liabilities of around €50,000,000 Before I hand over to my colleagues, I would like to have a look at the segments. Unlike the position we found ourselves at last midyear, it's pleasing to see that we closed the first half of this year with a positive operating result across all segments. That is also the case for 20 minutes if we exclude the loss in the associated company, PTAMX, in Denmark due to the sale of our stake in this company in the first half of this year. Only group segment group and ventures was negative from EBIT before PPA level with minus €9,000,000 This loss is largely due to the group cost not allocated to the company. Ventures performed very well in the reporting year.
The organic sales growth of ventures amounted to 15%, overall, mainly thanks to the level and set 2. With that, I hand over to my colleagues for the operational report. Thanks.
Okay. Hi, everyone. Olivier from TeixMarkets. So looking back at the results of the first half of the year, I think we can be very happy with 8% more revenues. The economy, the recovery of the economy pushed the revenues of Job Cloud high and the secondhand and secular economy trend pushed also Ricardo and Tutti towards record numbers.
We are very happy about how we did it. So together with intakes markets, but also thanks to the support of the group, now sharing know how, sharing resources and then sharing best practices, we could really improve our platform in tech, but also in new services and products. The Job Cloud part is, of course, let's say, getting now to new level, pre COVID level, and it's absolutely great for us. But not only there, we are, let's say, the development of the platform of Tutti and Riccardo are above what we had also last year. And this is why I think the taste markets overall is had a fantastic first half of the year.
But now looking forward and you heard about the JV and of from Mr. Supino, I think we have a tremendous future in front of us. Joining forces with CAL24, we are able to consolidate the market, the Swiss market, but also to invest in innovative product. And if you think on the transaction model and transaction based business model, I think we have there a fantastic future in front of us, but not only in numbers, but also in for our employees to be part of the one of the biggest tech company in Switzerland with over 1,000 people. Our teams are very excited to of this future, and we will really looking forward to be part of this fantastic story and with a great potential in front of us.
Thank you very
much. Hi, everybody. Michi Frang Goldbach, the sales house from TX Group. When you see my first page, it's really that Goldbach comes back in black. That's really the highlight because when I look back on the last 18 months, it was really not an easy time in this crisis, especially the Q2 in 2020.
It was really not an easy one. But also in this year, the 1st 3 months, we are still in the crisis. We have worked then. But in the second quarter, the business is coming back, and then that's what you see now on these charts. And that's really, really important for us, Especially the TV advertising and also the paid advertising in publishing business is coming back.
There also is a growth in especially in Germany and in Austria in the programmatic stuff. But also, we have some problems still in the out of home business in the first half year because there was not a lot of people who were walking on the streets, and that was really the problem. But we see that now. The business is also coming back in the Q3 and especially in the Q4. That's a single VC.
We have there special in the second chart. You see that in the television. We have there nice growth also special in the revenues in the radio business. Revenue business, just for you, for information, there are 54 radio stations here radio And the last one is really video advertising. We are there also advertising space, which is going to open.
That's a nice story. And because we are sure for that, for the 360,000,000 focus, the 360,000,000 focus means all our content, what we have in the group together in one face to the customer in one hand, and that means that goes for the future and that's our business for the future, what we think. The last chart from my side, it's what I will show you is a special new business in TV with the new replay ads. It means we have a special situation in Switzerland with the skipping. The content producer is not the content owner.
And there, we have now a new situation. We plan that on May 22, together with all the partners also with the Esrogate, the national platform that we have new technology. When the skipping is coming, that still is 1 or 2 spots in, and that's really the future case for us. The second important is for us the network marketing. It means the network where we go together, especially in the online business, display business, ads offering also in brand safety, that's also a quality because that's our answer for the market that we have the content.
We go together and with new technology ID where we go in the future, that's the thing what we think that's the right way for us. Especially in neo advertising, chats for the information for you, we win 2 or 3 big pictures. Fabrizetti, it means that's the buses here in Zurich, it's the 2nd highest out of form place for us and we win that for 'twenty two and also the COPES parts. That's both of them are now in a discussion with us to go from the conventional out of form to digital out of form also from our group, but we have a lot of nice content, but we can play there in a programmatic way. Also, there is new winning stuff, moving media in Basel.
That's also the buses there in this town. Yes, we look forward, and we are happy really what we see in the next 3 or 5 months for the market. We think we are here on the right way. Now I give the words to my colleagues. Thanks.
Bye.
Good afternoon, everybody. Marc Sekrola from 20 minutes. On my first chart, you see as Goldbach also 20 minutes or even more, we had a very difficult first half year last year. We had a loss of CHF 7,000,000. And I'm happy that we are back in the black figures with CHF 1,000,000.
These figures are the result of a revenue growth of 28%. It comes not only from Switzerland, it comes from all the markets where we are active. That means also from Austria and from Luxembourg. Very important on this chart, and that's the point for the future is the title. We have a total audience for the first time of over 3,000,000 readers.
That's important for the future. On my second chart, you see the strong digital growth. On the right side, you see the nationwide print run. It's still going down. We expect and we see we can change it.
Nevertheless, we see it's a structural change in the future. But on the digital growth, we are happy to give you maybe the figures behind this 10% 6% that you see on the chart unique clients that are about 2,000,000 unique clients we have every day and the visits nationwide, that's about 5,500,000 visits every day. To give you a short outlook, what's important is the logging campaign for 3 main reasons. First, there are quality aspects that since 2 weeks, our comments are behind the log in wall. It was a good decision.
But having log ins is also important to deliver personalized content and for my colleague, Michi Frank, to develop customized advertising offers. Being innovative is part of the DNA of 20 Minutes. Now 20 minutes now is an important part of that. We launched it in the German part of Switzerland in November last year. In March, in the French part, we are happy with the development.
We have new formats also, other ones. And we launched on the large screen our smart TV app. We were the 1st media house in Switzerland that made that. It's still a small business, but we see quite a good future. Yes, future developing our multichannel strategy, that's important.
We will stay reach model and we do that with content, we do that with video and we do that even more with social media. We see and we are happy about that our content is performing also on social media. And there, we can do much more, and it helps us to keep the young leadership. Thank you very much.
Good afternoon, everybody. This is Marco Bozzelli, one of the 2 co heads of TAMITIA besides Andreas Schofner, who will talk to you in a few minutes. So if we go to Chart 27, you see the key figures of OphthalmEdia. You see the revenue on the left side. We just had a slight drop of 1%, which comes entirely from our printing services.
Afterwards, you will see that all the KPIs from our Publishing business are positive. Especially a strong cost saving program helped us to improve our net income from minus €5,000,000 in the last half year to €7,000,000 in 2021. We also are really proud to be back in the winning zone. On the next slide, you see the KPIs of our publishing activities. In total subscriptions, on the left, you see that we were able to have a slight raise of 1%, which is a good news because that means that our digital subscription were able to overcompensate the loss in print subscriptions, which is a good message.
In the second graph, you see that in the digital only subscriptions, we had a really strong raise of 28%. We are now at 130 3,000 pure digital subscription, which is about 6 of all our subscriptions. Then you also see that the user market is quite stable with €121,000,000 and the recovery in the advertising market you see on the right side. Also, Tomediop profited off this new wind under the wings of Goldbach, which Nick de Frank told you just a few minutes ago. Andreas?
Hello, everybody. Andreas Schaffner, a colleague at Marco Vosserli, together for the forecast. While printed newspapers still are very important for us, we will only continue to grow digitally, and there is where our focus is. Our long term goal is to finance our business through the sense of digital subscriptions, but without neglecting our printed newspaper. We continuously develop our journalism and create new digital offerings and innovative new formats.
As Switzerland's biggest private editorial network, our aim is to offer readers and journalism of the highest quality, which has a wide reach and at the same time is locally and regionally anchored. Preserving our regional newspaper requires closer cooperation between the editorial teams. At the beginning of this year, we introduced the Turkish Zeitungs Report. The official start in June was successful, and we are very pleasant to see how well the collaboration among the team is working. In October of this year, we will introduce the new Beze Poon team, which will form the strongest private editorial offer in the region.
Our colleagues in Bern are currently working with great commitment on implementing the new BUNBESET editorial team and will launch this in month of October. We aim to increase diversity in Tamidya's team as well as our media coverage. Specific objectives and measures have been defined. There are they are regularly reviewed, and we will adapt them if necessary. So I hand over to Ursula.
Okay. Thank you very much. With this, we will go to the Q and A session.
Maybe before I start the Q and A, let me kind of summarize that we think the transaction we have announced today has created a lot of value for our group. We have done the math before together. And this means that only our stake in the newly formed joint venture equals the market capitalization of our group. That's pretty impressive and shows the potential we have on which we want to work. On the other hand, the development in the first half year is pleasing.
It's okay. It's especially pleasing considering where we come from out of the crisis. But of course, it does not at all meet our ambitions and is far off the kind of profitability we have had in the past and we want to achieve again in the future with our businesses.
We will now begin the question and answer The first question comes from Daniel Bjerke from ZKB. Please go ahead, sir.
Yes. Good afternoon, everyone. I would have two questions. First, on TX Markets. You mentioned that the number of listed properties fell in the first half.
Could you comment on the sales development of Homegate? And then on the profitability of the segment of Tx market, can you comment on this? So it generally went up strongly, but could you maybe shed some light which areas were stronger at the end of the Opus? And then the second one on the cost savings in Thea Media, with this, you said you had €20,000,000 out of €70,000,000 you realize already. Is this, let's say, a run rate for the full year?
So you will have €40,000,000 already in 2021, if I remember correctly? You said it would rather be back end loaded. Now it seems to come earlier. Thank you.
Okay. Thank you for the question. Olivier, it's Markets. About the question on Homegate and real estate market, The market overall is dry. So last year in 2020, during the pandemic, 60 3,000 people came in Switzerland to and to settle in our country.
But the number of flats and then houses are not growing that far. And a lot of people bought also a second house in order to not to stay only in the city during the pandemic, but also to be in other regions. So and that's why, let's say, at the moment, the market is dry, but we could, let's say, keep the more or less the same number of listings and also have more customer on our platform, but with less listings because we have less houses to sell. And that's, let's say, the mitigation of the numbers we had at Homegate. But let's say, this is the picture now, and then we are very, let's say, comfortable.
And then we are, let's say, we push now also our organization with new sales with and also with a new proposal. We bought also Arches del Uy in Romandie in the French part of Switzerland. We also bought the business of Immobile, more in Eastern part of Switzerland. So we are very confident that we will grow again as soon as the market will be a little bit more liquid. So and about the margin of takes markets from 38% to 43%, we have top revenues of 8 percent more than last year.
This is the one thing. And the other thing is we had also a better performance in marketing. So we spend a little bit less than we were planned. And I think this is also, let's say, the result of joining the forces within taste markets and having more performance on every single brand we put into marketing.
Thank you, Olli. Then to Commedia.
For Commedia, it's right as you saw on JOUR 27. We have already made a quarter of this €70,000,000 So it's not really €20,000,000 it's a bit less than €20,000,000 But the run rate until end of year will be another €17,000,000 or €18,000,000 So we will be at around €35,000,000 EUR 36,000,000. And the biggest cost saving effect is this project in Bern. So yes, you're right, we should be around half of the savings that we have projected until the end of 2022.
Thank you.
The next question comes from Andy Schneider from Zett Capital. Please go ahead.
Hi, everybody. I would have a few questions, and I will start with Michi on Golpu. When you look at these newly won contracts, I think especially the Fauquetsen one is substantial in size. It's been somewhere around €20,000,000 €30,000,000 in the past. At least that's on top of my head.
When you look at the new revenue distribution, let's say, once these contracts have started, how would it look like for Goldfarb? Would it be like 60% TV, 10% radio and then 30% out of home? Or how do you see
it? Hi. Miki is here. Hi. I think to say a percent, it's not so easy.
We believe in that, that the way it goes to digital. And digital means it goes to programmatic. And all the stuff that we can bring together means also the publishing things, what Marcel Kohler told you about in the presentation. This mix could be the future what we see because the clients are looking for that for special ways, easy ways go in the market. And with our content, what we have, with our new technology, the IDs that we have, I can't say you now it goes 6 percent to TV, 20% to radio.
It's a new mix, I think. It's also second point from my opinion. I think the KMO business, that's the important stuff for us, for all the stuffs in publishing because that's the business where the big companies are picking up our money. And we have the better content. And then we now start with the technology ID what we have.
And when we bring that together, we have new clients. And we need also not just new clients, we need also new businesses. And that's the start with the start the second start with all the new things what we have in the out of home business with Coop and Sowbitsen. I think that the way starting still starting and the discussion with the clients goes in this way, one phase of the customer, they won't have to reach in a lot of medias. That's the idea what we have.
And we have the content and that mix on these things we are working now.
Okay. Perfect. And regarding Provostat and Coop, how much of that inventory can be digital inventory? I guess, it for COP, it can be rather easy to convert into digital because most of their inventory is probably in their shopping centers and inside their buildings. But for Vaupezat, I think it must be a little bit harder because you have so strict laws and rules that you cannot convert everything into digital, right?
That's right. But there is a plan. There's really a strict plan. We start in '22. We've tried 2 50 places, digital new digital places where we start by the hybrid network because that's the story what I told you.
These places also need content, and we have the content in our group. And if the technology, if the programmatic stuff, we can go out with them. That's one of the things. The second is the new thing with Coke is also goes in the same way. There are a lot of out of home medias, but now we go to refresh on that and discuss that together with them to build new ideas also in the digital stuff.
Together goes in this way. It will be a mix. And the first thing by far, we'd say it will be 2 server could be normally analog stuff, it means out of foam. And the weight goes to 1 third of the part. I think that's really way.
And for in 5 year, ask me in 5 year, I think we have more digital places.
Perfect. And last question for you, Before in 2019, you had around 20%, 22% EBITDA margin. With these new contracts, is it fair to assume that the margin will rather come down a little bit? Or is that a wrong assumption?
Look, that's the story what I told you about the market. The out of home market is special. That was not so easy really because but we think we can go back there. That's really the idea what we have because it's when we have the digital stuff, when we have that, it could be easier for everybody to go in, in this market and the margin could be there better. That's the way where we are working.
But our Financial Director, Sandro Martin, is stopping and he can say the right figures to you. I don't know exactly, but you work on that.
Okay. So I take the 22% back into my model. So no, thank you. And some questions for Mr. Koller on 20 minutes.
You had a second half last year with less lockdowns, obviously. But what we've seen in the past for many newspapers is that every cyclical downturn we had, which made some of the advertising money, the print advertising money disappear, it never came back afterwards. And how do you see that for 20 minutes? What do we hear in the market? What do we hear from your advertising clients?
Has there been a shift? Do you feel that a lot of these advertising money will not come back even when COVID is gone at some point in the future?
Yes. Thank you for this question. What where I agree with you, the money in the print will not come back as it was in 2019. That's very clear. But what we expect that is that a part of this print loss will come back.
We see that in our markets in Luxembourg and in Austria, it's possible. And I think and I hope that we will see that also here in Switzerland. And but the structural change is clear and we don't have to say it's not the case, it is the case. But what helps us is that we work now for years on our digital position and our revenues came this year maybe about 2 third from the digital and 1 third from the print. That means for the result in the future, of course, print is important and we do everything we can that we can grow also in the print.
But it's even more important to have a growth in the digital, and we see that this year in the 1st 6 months, it's about 30%.
Okay, perfect. Yes, my second question would have been how much it should be revenue you had in H1. In 3rd, it's quite good and impressive. Thank you. Perfect.
Then some questions on the JV announcement probably for Mr. Spino, Harissa or Machakina. I'm not sure if I've missed that at the beginning of the call, but two questions on the structure of the JV. So why is Atlantic Group part of the joint venture? I would be interested in that.
And why is JOPS the JOPS network not part of the joint venture?
So General Atlantic is part of the joint venture, firstly, because we think they can contribute to the value creation. They have, as you might know, been part of the original Springer General Atlantic joint venture, which has been very successful and they are invested in a number of other marketplaces around the world and have really deep know how about that and also, of course, a lot of experience in bringing companies to the stock exchange. Secondly, it was important for us to create a balanced governance structure where Ringe and Mobilear would not be in a position of control. As you might know, Mobilear is also a minority shareholder of Ringe and they have been associated now for many years. And with this shareholder structure with 4 partners, each of them having a 25 percent voting share, we avoid such a situation where we would be a minority.
And finally, for us, it is also very important that there is a clear exit strategy for all shareholders. And of course, that was a condition for General Atlantic. In that sense, the stake that we have in the joint venture will become liquid eventually once we have built a new company and realized all synergies and ready to bring it to the stock exchange. Jobs, Job Cloud could have been part of that joint venture. We have been discussing it.
There are pros and cons. We believe that for a listing a more focused portfolio is more attractive. And then also, it is a shareholder structure that it was easier to come to a conclusion that way. It's not excluded that we can still merge JobCloud with that joint venture before a listing. Personally, I think that JobCloud itself has a great potential to grow and to aim for a listing of its activities, a separate listing.
JobCloud is also unlike this joint venture active outside of Switzerland being the biggest minority shareholder, 49% shareholder of Carriere A. T, the number one job portal in Austria, with the fantasy of one day possibly taking over the remaining part from the founders and the fantasy that there is a lot of growth potential around the value chain of job classifieds that promises enough growth to nurture the fantasy that JobCloud could itself be a publicly listed company one day.
Okay. And about the €2,700,000,000 valuation of the joint venture, Can you tell us who did this evaluation? What method have been used to do this evaluation?
It is not based on a mathematical method. Of course, we have analyzed the P and L statements of the merged companies as of now and the business plans. But ultimately, a lot of this valuation is driven by the synergies that we expect, and about onethree of the synergies we think is included in the valuation, but twothree are not. And in the end of the day, it has just been the set price from our side to make the transaction happening, and it has been accepted by the other parts.
Okay, perfect. Thank you very much. Yes.
Thanks. The next question comes from Ola Maun from Firth Investments. Please go ahead.
Hi. I have a few questions, one of which one of which is somewhat detailed and frankly less important and 2 of which are more important. So I'll start with the one that I consider somewhat less important, but still I'd like to bring it up. When I look at Slide 16 in the presentation, with sessions per month and number of listed jobs per month for Job Cloud. I just wanted to clarify whether that includes both the Job Cloud business and the Carriere Punta Puntaute business for both H1 2020 and for H1 2021.
And then I'll take the 2 other questions as well so you can cover them up in whichever order you think is most sensible. My second question concerns whether any thought has been given as to in what way the proceeds from a prospective future listing of the joint venture announced today and have a prospective future listing of the Double Club business would be returned to TX Group shareholders like by pursuing that natural thing in the event of a listing would be to spin off those shareholdings directly to shareholders. But I was curious as to whether or not any thought has been given to this point. Yes. And my third question pertain to share buybacks.
Of course, this is a point that's occasionally been discussed in the past, but now with a prospective enterprise value some distance down the road of perhaps CHF3 billion, one for the TX Markets JV, and of course, that's a price that VA is paying. A prospective IPO would presumably comment a somewhat higher valuation if we look at sort of what similar businesses that are listed are valued at. The Job Cloud business, that's prospectively another $1,000,000,000 seeing us there's 100,000,000 of EBT in that business, Goldbach, of course, 200,000,000, the core business, etcetera, etcetera. So it really seems to me that, at the present time, the cash on TXU's balance sheet, it would be extremely hard to deploy it in a new subsidiary or in a new operating business at a higher rate of return than in TX Group's shares. So yes, just curious as to whether this has any impact on what we should expect around share
Okay. Thank you very much for the question. We will start with the Slide 16 about the listening of the jobs.
Well, it's very, very simple answer. It's without karaerati. It's not including karaerati, the KPIs you see on Page 16.
And if I recall right, the second question is about the job cloud and an eventual individual IPO?
So both in the case of the envisaged IPO of this newly formed joint venture as well as in the case of a potential IPO of JobCloud, there is the possibility that the shares of the then newly listed companies will be distributed to our shareholders. It's not a plan, but there is this possibility. We have also already studied that possibility. There are some tax issues that would have to be considered at the time. We have not gone any further because for the moment, our job is, we think, to build these businesses, to build now a great company in the context of the newly formed joint venture and to further develop job plot.
But of course, there are these options. And with regard to your question of the share buyback, yes, you're right. That would be very interesting from a strictly financial perspective. It is in a way a bit the problem of the treatment, the egg. We would hope that this transaction that we have announced today will help us to show the real value of our group, and we hope that it will be reflected over time in the stock price.
And in such a scenario, our goal would be to further develop the portfolio. And by doing that, hopefully successfully further create fantasy and also sustainable growth and profitability to make our group an attractive investment case. If we are not able to do that, then of course, we also have to consider what you have suggested. But the problem of that is that by further reducing the liquidity, we will make our stock as attractive, and we fear it would be sort of a vicious circle that we would then create.
Okay. Thank you very much. I hope that answers your question.
It does. Thank you very much.
Thank you. I think we are right in the time, and I guess we will end the call. And that said, we will most probably hold an Investor Day in November. Thank you for joining.
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