14Contingent liabilities

TX Group AG, Zurich, has formed a VAT group with other Swiss group companies since 1 January 2017. The companies in this group are all jointly and severally liable for the VAT debts of the other members of the group.

As of the balance sheet date, there are guarantee obligations to the benefit of related parties and third parties totalling CHF 17.9 million (previous year: CHF 17.6 million). There are no further guarantee obligations.

TX Group AG has promised liquidity support from the Groupʼs in-house banking for three of its subsidiaries, which may result in financial liabilities in the event that they call on the support.