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Accounting principles

General information

The consolidated financial statements are prepared on the basis of commercial operating values and in accordance with accounting recommendations (Swiss GAAP FER) and the Swiss Stock Corporation Act. They provide a true and fair view of the Group's net assets, financial position and results of operations. Consolidation is based on audited and unified financial statements prepared by the Group companies.

The financial statements of Jungfraubahn Holding AG and the consolidated financial statements of the Jungfraubahn Group were approved by the Board of Directors on 27 March 2017.

Deviations from continuity

In the reporting period, the adjustments to Swiss GAAP FER standards 3 and 6, which were implemented on 1 January 2016, were applied. With revenue recognition from brokerage transactions, only the value of the internally generated service is recorded as net proceeds. The previous year's figures for the income statement have been adjusted accordingly, which means that the operating income and the operating expenses of the previous year are kCHF 3,208 lower. The annual result remained unchanged.

Closing date

The uniform closing date for all companies included in the consolidation is 31 December. The associated company Skilift Bumps AG is an exception to this rule (30 June). As in previous years, Skilift Bumps AG due to the lesser importance of the company does not have to prepare interim financial statements as at 31 December.

Scope of consolidation

The consolidated financial statements include the financial statements of Jungfraubahn Holding AG and its holdings. The holdings of the Group can be seen in the Notes to the individual financial statements of Jungfraubahn Holding AG. The holdings are broken down as follows:

Group companies
Group companies are companies in which Jungfraubahn Holding AG has a direct or indirect share of more than 50 per cent.

Associated companies
Associated companies are companies in which Jungfraubahn Holding AG holds 20 to 50 per cent and has a significant influence.

Non-consolidated holdings
Non-consolidated holdings (up to 20 per cent) are reported under «financial assets».

Consolidation method

Group companies
Assets and liabilities, as well as expenses and income, are 100 per cent accounted for according to the full consolidation method. Capital consolidation is carried out according to the Anglo-Saxon method (purchase method). Goodwill paid in connection with a share acquisition is usually depreciated over 5 years, in justified cases over 20 years. A passive difference (badwill) is credited to the income statement in the financial year.

The minority interests in equity and income are shown separately on the balance sheet and the income statement. Receivables, liabilities as well as deliveries and services between group companies, including resulting profits, are eliminated.

Associated companies
These companies are included in the consolidated financial statements using the equity method less value adjustments necessary for economic reasons.

Non-consolidated holdings
The non-consolidated participations reported in the «financial investments» are valued at the acquisition cost less value adjustments necessary for economic reasons.

Valuation principles

Balance sheet items are valued according to uniform guidelines. The valuation is based on the acquisition or production costs (principle of historical costs). The most important rules for the various items are set out below:

Foreign currencies
The conversion of positions in foreign currencies is carried out according to the closing rate method. The effects from foreign currency adjustments are recorded in the period result.

Receivables are stated at the nominal value less value adjustments necessary for economic reasons.

In particular, articles sold in souvenir shops are included in this item. The valuation is carried out at acquisition cost or - if this is lower - at the realisable disposal value. Any discounts are recorded as a reduction in acquisition costs. Consumables and operating materials are reported as «deferred accruals» in the sense of prepaid expenses.

Tangible assets
Property, plant and equipment and spare parts are recognised at acquisition or production values and amortised using the straight-line method over the estimated period of their use (spare parts corresponding to the period of the related property, plant and equipment). Land is not amortised. The planned useful lives for:

Investment itemYears
Railway stations50
Depots and workshops50
Railway substructure and superstructure25 – 80
Gondola lift, chairlift and ski lift stations20 – 50
Ski slopes and fixed snowmaking equipment10 – 25
Hiking trails and climbing routes20 – 30
Power plant and technical water buildings50 – 80
Restaurants and accommodation10 – 50
Car parks and parking spaces20 – 40
Residential buildings50
Administration buildings50
Other buildings50
Railway installations15 – 40
Gondola lifts30
Chairlifts and ski lifts10 – 30
Snowmakers6 – 10
Power plant and technical water facilities10 – 40
Other facilities4 – 20
Rail vehicles30
Slope vehicles6
Cars4 – 10
Other vehicles4 – 10
Office equipment5 – 8
Devices and tools5 – 10
IT equipment5 – 20
Communication equipment5 – 20

On each balance sheet date, an assessment is made as to whether there are any signs of impairment of the book values of the Jungfraubahn Group's assets. If there are any signs, the recoverable value of the assets is determined. An impairment loss is recognised in profit or loss.

Financial assets
Financial assets are stated at acquisition costs, less value adjustments necessary for economic reasons.

Intangible assets
Intangible assets (software, concessions and rights as well as goodwill) are recognised at cost and depreciated over the estimated or contractually determined useful lives. The planned useful lives for:

Investment itemYears
Software5 – 10
Concessions and rights15 – 100

Liabilities are stated at their nominal value.

Provisions are probable obligations that are based on events in the past, the amount and / or maturity of which is uncertain but can be estimated. The valuation is based on uniform business management criteria.

Sales realisation

The revenues of the Jungfraubahn Group stem mainly from the sale of travel tickets (transport income). Transport income is realised with the completion of the sales transaction in the sales system and posted in the corresponding period. Proceeds from long-term travel tickets are deferred on a monthly basis and are settled over the entire duration of the travel tickets.


Current taxes on profits are deferred on the basis of the business results reported in the reporting year according to the principle of current-year measurement.

For deferred taxes, all differences between tax rates and group values are measured at full tax rates and reported in the balance sheet (comprehensive liability method). To calculate the deferred tax burden, the future expected tax rate is applied to each company at the time of dissolution. Deferred tax assets on tax-deductible losses carried forward are not capitalised but shown in the Notes.

Employee pension funds

All employees of the Jungfraubahn Group are insured by the legally independent personnel pension fund of Jungfrau Railways. The purpose of the fund is to insure the employees against the economic consequences of age, death and disability. All workers aged over 17 are insured.

The assets of the foundation are not included in the consolidated financial statements. In the statement of income, the contributions demarcated for the period are presented as personnel expenses. The balance sheet includes the corresponding deferred tax assets or liabilities as well as liabilities arising from contractual, regulatory or legal principles. It is assessed annually whether there is an economic benefit or an economic obligation from the organisation's perspective. The annual accounts of the pension fund, which are prepared in Switzerland in accordance with Swiss GAAP FER 26, and other calculations which represent the financial situation, the existing excess cover or shortfall under the actual circumstances, serve as a basis.

Transactions with related parties

Business relationships with related parties are settled under market conditions. This applies in particular to business transactions with BEKB | BCBE, Gebäudeversicherung Bern, Garaventa AG, Graf AG, Hoch- & Tiefbau, Holzbau, as well as with associated companies and personnel services.



Segment information

CHF (thousands)20162015Changein %
Segment sales
Net sales Jungfraujoch - Top of Europe110,855117,569-6,714-5.7%
Net sales Adventure mountain18,43115,5802,85118.3%
Net sales Winter Sports24,18726,808-2,621-9.8%
Net sales other segments [1]42,13041,2289022.2%
Elimination group-internal sales-26,573-25,697-8763.4%
Total operating income according to profit and loss account169,030175,488-6,458-3.7%
Segment results EBITDA
EBITDA Jungfraujoch – Top of Europe54,16962,481-8,312-13.3%
EBITDA Adventure mountain7,6275,3482,27942.6%
EBITDA Winter sports-2022,139-2,341-109.4%
EBITDA other segments [1]9,4839,434490.5%
Group eliminations2-79-128.6%
Total EBITDA according to the income statement71,07979,395-8,316-10.5%
[1] Other segments include, in particular, the Jungfraubahn power station, Jungfraubahnen Management AG and the Lauterbrunnen car park


0 Scope of consolidation

In the reporting year, the newly founded companies Grindelwald Grund Infrastruktur AG, Grindelwald (80% holding), and Mürrenbahn AG, Lauterbrunnen (100% holding) were included in the scope of consolidation. They were recognised in the consolidated financial statements using the fully consolidated method.

1 Receivables from deliveries and services

CHF (thousands)20162015
Receivables from third parties7,5829,321
Receivables from associated companies17259
Value adjustments-49-231
Net value7,7059,149

2 Accrued income

CHF (thousands)20162015
Operating material and consumables, printed matter, service clothing2,3092,279
Credit refund of tax payments1,25536
Credit from energy supplies687727
Prepaid insurance premiums1,3371,374

3 Financial investments

Acquisition valuesCHF (thousands)Balance sheet value 01/01/2016Inventory 01/01/2016AdditionsDisposalsInventory 31/12/2016
Associated companies3,1364,0762,382-356,423
Non-consolidated holdings526576576
Fixed deposits2,0252,0252,025
Total acquisition values6,3338,0163,980-84611,150
Depreciation and amortisationsCHF (thousands)Inventory 01/01/2016AdditionsDisposalsInventory 31/12/2016Balance sheet value 31/12/2016
Associated companies9409405,483
Non-consolidated holdings5050526
Fixed deposits002,025
Total depreciation and amortisations1,683301,6869,464

4 Tangible assets - acquisition values 2016

Investment itemCHF (thousands)Balance sheet value 01/01/2016Inventory 01/01/2016AdditionsReclassificationDisposalsInventory 31/12/2016
Undeveloped land1,4841,9450001,945
Developed land9,18510,3421,960673-30812,667
Railway stations27,30953,2811,154154,436
Depots and workshops13,57323,25723,257
Railway substructure and superstructure75,881103,2024,001687-1,965105,925
Gondola lift, chair lift and ski lift stations18,65736,35536,355
Ski slopes and fixed snowmaking equipment19,03433,352-44-1133,297
Hiking trails / climbing routes4849401871,127
Power station13,27218,24278919,031
Restaurants and accommodation15,35029,84729,847
Car parks and parking spaces3,28316,51995-673-4915,892
Residential buildings3,6995,287-355,252
Administration buildings1,1902,4972,497
Other buildings54,930101,155411-16101,181
Total land and buildings255,847434,2768,227645-2,384440,764
Railway installations34,55280,7534,04334-71684,114
Gondola lifts14,41227,80216727,870
Chairlifts and ski lifts24,15852,71023252,942
Snowmaking equipment1,8014,760197-3864,571
Power stations20,86033,0752,765276-1636,100
Other facilities10,28117,88268910-18618,395
Total facilities106,064216,9827,927387-1,304223,992
Rail vehicles108,623207,68412,95319,642-6,385233,894
Slope vehicles3,7138,20254-198,237
Other vehicles3931,1611131,274
Total vehicles113,084218,00213,36019,642-6,448244,556
Office equipment01,403-101,393
Devices and tools2,1058,6101,1793-1629,630
IT equipment1,5112,98115-672,929
Communication equipment262336336
Total other property, plant and equipment3,87813,3301,1943-23914,288
Installations under construction27,76727,76714,873-20,677021,963
Spare parts / material supplies7,36213,1699890-65113,507

4 Property, plant and equipment - depreciation and impairments 2016

Investment itemCHF (thousands)Inventory 01/01/2016AdditionsReclassificationDisposalsInventory 31/12/2016Balance sheet value 31/12/2016
Undeveloped land4610004611,484
Developed land1,157295-3081,14411,523
Railway stations25,9721,06727,03927,397
Depots and workshops9,68444110,12513,132
Railway substructure and superstructure27,3213,312-1,96528,66877,257
Gondola lift, chair lift and ski lift stations17,6981,23318,93117,424
Ski slopes and fixed snowmaking equipment14,3181,469-1115,77617,521
Hiking trails / climbing routes456104560567
Power station4,9704055,37513,656
Restaurants and accommodation14,49755215,04914,798
Car parks and parking spaces13,236472-295-4813,3652,527
Residential buildings1,588198-351,7513,501
Administration buildings1,307431,3501,147
Other buildings46,2252,164-1648,37352,808
Total land and buildings178,42911,4600-2,383187,506253,258
Railway installations46,2013,457-90-71648,85235,262
Gondola lifts13,3902,02715,41712,453
Chairlifts and ski lifts28,5522,03630,58822,354
Snowmaking equipment2,959360-3862,9331,638
Power stations12,2151,44490-1613,73322,367
Other facilities7,6011,515-1868,9309,465
Total facilities110,91810,8390-1,304120,453103,539
Rail vehicles99,0618,527-6,385101,203132,691
Slope vehicles4,4891,113-195,5832,654
Other vehicles76880848426
Total vehicles104,9189,7990-6,448108,269136,287
Office equipment1,403-101,3930
Devices and tools6,505391-1626,7342,896
IT equipment1,470291-671,6941,235
Communication equipment7437111225
Total other property, plant and equipment9,4527190-2399,9324,356
Installations under construction0000021,963
Spare parts / material supplies5,8071,0160-386,7856,722

4 Tangible assets - acquisition values 2015

Investment itemCHF (thousands)Balance sheet value 01/01/2015Inventory 01/01/2015AdditionsReclassificationDisposalsInventory 31/12/2015
Undeveloped land1,4841,6592632301,945
Developed land9,16310,21712510,342
Railway stations28,22353,165165-4953,281
Depots and workshops13,88923,13312423,257
Railway substructure and superstructure72,31397,6995,6821,002-1,181103,202
Gondola lift, chair lift and ski lift stations19,96836,3055036,355
Ski slopes and fixed snowmaking equipment19,40432,345945114-5233,352
Hiking trails / climbing routes573940940
Power station13,44118,06817418,242
Restaurants and accommodation15,35529,35755624-9029,847
Car parks and parking spaces3,77416,51916,519
Residential buildings3,9015,304-175,287
Administration buildings1,2322,4972,497
Other buildings54,73398,8782,2868-17101,155
Total land and buildings255,969424,42710,1071,148-1,406434,276
Railway installations31,05877,2664,6971,744-2,95480,753
Gondola lifts15,39727,605285-8827,802
Chairlifts and ski lifts25,55352,098673-6152,710
Snowmaking equipment1,9134,5282324,760
Power stations18,64830,0382,820642-42533,075
Other facilities10,63816,8521,0586-3417,882
Total facilities103,207208,3879,7652,392-3,562216,982
Rail vehicles84,410182,69613,19918,595-6,806207,684
Slope vehicles3,6767,5981,0583-4578,202
Other vehicles4841,1611,161
Total vehicles88,922192,38314,35118,598-7,330218,002
Office equipment01,4031,403
Devices and tools2,0268,316431-1378,610
IT equipment1,1352,674599-2922,981
Communication equipment301336336
Total other property, plant and equipment3,46212,7291,0300-42913,330
Installations under construction30,81430,81419,114-22,161027,767
Spare parts / material supplies8,58813,8385590-1,22813,169

4 Property, plant and equipment - depreciation and impairments 2015

Investment itemCHF (thousands)Inventory 01/01/2015AdditionsReclassificationDisposalsInventory 31/12/2015Balance sheet value 31/12/2015
Undeveloped land175286004611,484
Developed land1,0541031,1579,185
Railway stations24,9421,079-4925,97227,309
Depots and workshops9,2444409,68413,573
Railway substructure and superstructure25,3863,116-1,18127,32175,881
Gondola lift, chair lift and ski lift stations16,3371,36117,69818,657
Ski slopes and fixed snowmaking equipment12,9411,429-5214,31819,034
Hiking trails / climbing routes36789456484
Power station4,6273434,97013,272
Restaurants and accommodation14,002585-9014,49715,350
Car parks and parking spaces12,74549113,2363,283
Residential buildings1,403202-171,5883,699
Administration buildings1,265421,3071,190
Other buildings44,1452,097-1746,22554,930
Total land and buildings168,45811,3770-1,406178,429255,847
Railway installations46,2082,953-6-2,95446,20134,552
Gondola lifts12,2081,270-8813,39014,412
Chairlifts and ski lifts26,5452,068-6128,55224,158
Snowmaking equipment2,6153442,9591,801
Power stations11,3901,2446-42512,21520,860
Other facilities6,2141,421-347,60110,281
Total facilities105,1809,3000-3,562110,918106,064
Rail vehicles98,2867,581-6,80699,061108,623
Slope vehicles3,9221,024-4574,4893,713
Other vehicles67791768393
Total vehicles103,4618,7860-7,329104,918113,084
Office equipment1,4031,4030
Devices and tools6,290345-1306,5052,105
IT equipment1,539223-2921,4701,511
Communication equipment353974262
Total other property, plant and equipment9,2676070-4229,4523,878
Installations under construction0000027,767
Spare parts / material supplies5,2501,1030-5465,8077,362

5 Intangible assets

Acquisition valuesCHF (thousands)Balance sheet value 01/01/2016Inventory 01/01/2016AdditionsReclassificationDisposalsInventory 31/12/2016
Concessions and rights2,6884,7004,700
Total acquisition values6,22912,0763,3030-69814,681
Depreciation and impairmentsCHF (thousands)Inventory 01/01/2016AdditionsReclassificationDisposalsInventory 31/12/2016Balance sheet value 31/12/2016
Concessions and rights2,0121302,1422,558
Total depreciation and impairments5,8479140-6986,0638,618

6 Liabilities from deliveries and services

CHF (thousands)20162015
Liabilities from deliveries and services owed to third parties23,66615,020
Liabilities from deliveries and services owed to related parties38258
Liabilities from deliveries and services owed to associated companies6226

7 Financial liabilities / net financial assets

CHF (thousands)2016Maturity less than 1 yearMaturity more than 1 yearConditionally repayableUnused limits2015
Confederation and canton loan under Art. 56 Railway Conveyance Act (non-interest-bearing)33,74374033,00328,974
Bank liabilities095,000
Total financial liabilities33,743740033,00395,00028,974
Liquid funds58,84149,088
Net financial assets25,09820,114
Change on previous year4,984

8 Other current liabilities

CHF (thousands)20162015
Direct tax2,8682,303
Social security liabilities72419
Clearing balance Jungfrau Ski Region and SBB1050
Various other liabilities5625
Liabilities to shareholders166160

Among liabilities to shareholders, unpaid dividends are recognised on exchange shares. Exchange shares are non-swapped shares from the mergers of the Jungfraubahn Holding AG with Wengernalpbahn AG and Jungfraubahn AG in 1994, with Sesselbahn Innerwengen-Allmend AG in 2002 as well as Bergbahnen Grindelwald-First AG in 2003.

9 Provisions

CHF (thousands)Holidays / overtimeVariousDemolition Ostgrat buildingDeferred taxesTotal provisions
Book value at 01/01/20159172043,64844,567
Book value at 31/12/20151,1130042,98044,093
of which short-term1,1130001,113
Book value at 01/01/20161,1130042,98044,093
Book value at 31/12/20161,299095042,11344,362
of which short-term1,2990001,299

10 Deferred income

CHF (thousands)20162015
Demarcation of transport income from subscriptions4,6065,893
Direct tax2,9995,708
Profit sharing6511,291
Other demarcations4,3775,965

11 Transport income

CHF (thousands)20162015
Jungfraujoch – Top of Europe100,274108,483
Adventure mountains13,28111,396
Winter sports19,59121,986
Gross transport earnings133,146141,865
Reductions in revenue-7,162-7,896

12 Compensation received from government

CHF (thousands)20162015
Lauterbrunnen–Wengen infrastructure3,5113,163
Regional passenger transport Lauterbrunnen–Wengen1,4881,400
Freight transport Lauterbrunnen–Wengen1,8101,732
Regional passenger transport Lauterbrunnen–Mürren2,2512,165

The uncovered costs of the transport service ordered by the public authorities (Federation and Canton of Bern) on the routes Lauterbrunnen–Mürren and Lauterbrunnen–Wengen are paid by the purchaser. The corresponding compensation must be negotiated in advance.

13 Rental income

CHF (thousands)20162015
Catering rental rates2,0762,096
Renting of parking spaces2,1202,121
Renting of residential and commercial spaces1,0391,087
Other renting1,3031,246

14 Other income

CHF (thousands)20162015
Experience offers1,7001,032
Income from package offers232178
Various income1,9021,755
Capitalised costs1,1371,075
Income from sales of assets2831

15 Cost of goods

CHF (thousands)20162015
Souvenir shops-2,673-2,512
Dining and accommodation-60-49

16 Personnel expenses

CHF (thousands)20162015
Salaries and wages-39,652-39,018
Allowances, uniforms and other benefits-5,105-5,742
Social expenditure-7,667-7,521
remaining personnel expenses-1,354-1,546
Insurance payments376387
Employees (full-time positions)536525

The compensation paid to the Management booked under personnel expenses is shown in the remuneration report of Jungfraubahn Holding AG.

17 Employee benefit plans

Number of people20162015
Active insured persons562563
Total persons803790
Expenditure for employee benefit plans in thousands of CHF (included in social expenses)-3,375-3,318

18 Pension plans

Economic benefit / economic commitmentTausend CHFSurplus cover / shortfall at 31/12/2015Surplus cover / shortfall at 31/12/2014Economic part of the organisation at 31/12/2015Economic part of the organisation at 31/12/2014
Pension plan with surplus cover
Jungfrau Railways pension fund [1]7047,51600
[1] The degree of coverage of the Jungfrau Railways pension fund amounts to 116.8% as of 31/12/2015 in the last published financial statements.
Pension expenses in personnel expensesCHF (thousands)20162015
Jungfrau Railways pension fund-3,165-3,155

Management insurance is maintained for members of management and extended management. Expenses for the companies amounted to kCHF 210 in 2016 and kCHF 163 in 2015.

19 Other operating expenses

CHF (thousands)20162015
Costs for services-7,896-7,903
Rent expenses-413-391
Maintenance, renovation and demolition-9,049-8,418
Insurance and compensation-1,604-1,708
Energy and consumables-2,407-2,236
General expenses-8,041-7,303

General expenses mainly include administrative costs, fees and duties as well as various sponsorship and cost contributions. The compensation paid to Board members as a general expense is disclosed in the remuneration report of Jungfraubahn Holding AG.

20 Financial income

Financial income for 2016 includes a badwill of kCHF 2,440, which resulted from the purchase of shares in subsidiaries. There was no badwill in 2015.

21 Taxes on profits

CHF (thousands)20162015
Distribution by tax type
Income taxes-8,780-11,027
Deferred taxes on profits867668
Analysis of taxes on profits
Ordinary earnings before taxes on profits38,87746,844
Average applicable tax rate before taking account of losses carried forward21.1%22.4%
Expected taxes on profits related to the ordinary result-8,203-10,474
Effect of changes in non-capitalised losses carried forward220-2
Effect of tax-free company parts37188
Other effects33-71
Effective tax rate20.4%22.1%

The Group's average income tax rate is based on the weighted average tax rate resulting from the profit or loss before tax as well as the tax rate of each individual company.

With the companies Firstbahn AG, Bergbahn Lauterbrunnen-Mürren AG, Grindelwald Grund Infrastruktur AG as well as Mürrenbahn AG there are tax-deductible losses carried forward totalling kCHF 4,583 (previous year kCHF 5,633). The resulting non-capitalised deferred tax claim is kCHF 1,013 (previous year kCHF 1,233).

22 Equity

Share capital

The share capital of Jungfraubahn Holding AG is fully paid up, amounting to CHF 8,752,500 at 31 December 2016 and is divided into 5,835,000 registered shares with a nominal value of CHF 1.50. Rights and restrictions related to the shares are explained in Section 6 of the Corporate Governance report.

Treasury shares

At 31 December 2016, the company held 4,704 registered treasury shares with a nominal value of CHF 1.50 each (previous year 14,737 registered treasury shares).

In the reporting year, 20,476 (previous year: 16,138) of the Company's registered treasury shares were purchased at an average price of CHF 94.89 (previous year: CHF 93.97) and 30,509 (previous year 23,271) registered treasury shares were sold at an average price of CHF 93.15 (previous year CHF 93.05).

Since 2005, the employees of the Jungfrau Railway Group as well as the administrative boards of Jungfraubahn Holding AG have been given the option of voluntarily purchasing a limited number of registered shares of Jungfraubahn Holding AG at a preferential price. In the reporting year, this price was CHF 32.00 per registered share (previous year CHF 25.00). The difference between the preferential price and the average acquisition price was recognised in the income statement under personnel expenses. In this way 20,970 registered treasury shares were sold in the reporting year (previous year 20,990).

The share ownership of the Board members and management is shown in the annexe to the financial statements of Jungfraubahn Holding AG.


The non-distributable, statutory or legal reserves amounted to kCHF 24,392 at 31 December 2016 (previous year kCHF 24,524).

23 Significant non-cash transactions

CHF (thousands)20162015
Sale of treasury shares from acquisition of shares in Bergbahn Lauterbrunnen-Mürren AG and Harderbahn AG (7,364 shares, excluding transaction costs kCHF 1)6670
Contribution in kind by third-party shareholder upon founding of Grindelwald Grundinfrastruktur AG (land)1,9600

24 Other information

CHF (thousands)20162015
Sureties, guarantees and pledges in favour of third parties
Investment obligations14,36323,649
Assets pledged to secure building lease charges5133
Guarantee obligations2626
Joint and several liability for all value-added tax liabilities of the Jungfraubahn Group (including Berner Oberland-Bahnen AG)p.m.p.m.
Joint and several liability for the obligations of the simple partnership Jungfrau Ski Regionp.m.p.m.
Other obligations not to be recognised
Lease obligations from long-term leases12,14312,494
• of which due within 1 year454450
• of which due in 1-5 years1,4371,412
• of which due in more than 5 years10,25210,632

25 Events after the balance sheet date

Since the balance sheet date of 31 December 2016, no events have occurred which affect the meaningfulness of the consolidated financial statements for 2016.