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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 29 March 2018.

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 comment «0 Scope of consolidation» below. 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.

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 and inventories of restaurants  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), other important sources of income are the compensation received from government and energy sales. 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). In deviation from previous years, the currently applicable tax rate for each company is used for the calculation of the deferred tax burden (previously: expected future tax rate 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

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

The assets of both 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 funds, 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)20172016Changein %
Segment sales
Net sales Jungfraujoch - Top of Europe128,699110,85517,84416.1%
Net sales Adventure mountains21,96318,4313,53219.2%
Net sales Winter sports26,11424,1871,9278.0%
Net sales other segments [1]45,98242,1303,8529.1%
Elimination group-internal sales-28,988-26,573-2,4159.1%
Total operating income according to profit and loss account193,770169,03024,74014.6%
Segment results EBITDA
EBITDA Jungfraujoch – Top of Europe66,63154,16912,46223.0%
EBITDA Adventure mountains10,2437,6272,61634.3%
EBITDA Winter sports329-202531-262.9%
EBITDA other segments [1]10,5449,4831,06111.2%
Group eliminations-42-6-300.0%
Total EBITDA according to the income statement87,74371,07916,66423.4%
[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 new acquired Jungfrau Gastronomie AG (100% holding) was included in the scope of consolidation on 1 November 2017. It was recognised in the consolidated financial statements using the fully consolidated method. The balance sheet at the time of acquisition included cash, inventories and tangible assets.

The following companies are included in the scope of consolidation as of 31 December 2017:

CompanyparticipationConsolidation method
Jungfraubahn Holding AG, Interlakenparent companyfull consolidation
Jungfraubahn AG, Interlaken100.0%full consolidation
Wengernalpbahn AG, Interlaken100.0%full consolidation
Firstbahn AG, Grindelwald100.0%full consolidation
Parkhaus Lauterbrunnen AG, Lauterbrunnen100.0%full consolidation
Mürrenbahn AG, Lauterbrunnen100.0%full consolidation
Jungfrau Gastronomie AG, Interlaken100.0%full consolidation
Bergbahn Lauterbrunnen-Mürren AG, Interlaken94.1%full consolidation
Harderbahn AG, Interlaken88.4%full consolidation
Grindelwald Grund Infrastruktur AG, Grindelwald80.0%full consolidation
Jungfraubahnen Management AG, Interlaken67.0%full consolidation
Sphinx AG Jungfraujoch, Fieschertal VS57.1%full consolidation
Gondelbahn Grindelwald-Männlichen AG, Grindelwald35.5%equity method
Skilift Bumps AG, Wengen22.7%equity method

1 Receivables from deliveries and services

CHF (thousands)20172016
Receivables from third parties9,5287,582
Receivables from associated companies141172
Value adjustments-90-49
Net value9,5797,705

2 Other current receivables

CHF (thousands)20172016
Short-term financial assets 4-12 months15,0000
Various current receivables7964,517

3 Accrued income

CHF (thousands)20172016
Operating material and consumables, printed matter, service clothing2,3962,309
Credit refund of tax payments571,255
Credit from energy supplies916687
Prepaid insurance premiums1,3491,337

4 Financial investments

Acquisition valuesCHF (thousands)Balance sheet value 01/01/2017Inventory 01/01/2017AdditionsDisposalsInventory 31/12/2017
Associated companies5,4836,423-26,421
Non-consolidated holdings526576576
Fixed deposits2,0252,025-2,0250
Total acquisition values9,46411,1503-2,4398,714
Depreciation and amortisationsCHF (thousands)Inventory 01/01/2017AdditionsDisposalsInventory 31/12/2017Balance sheet value 31/12/2017
Associated companies9409405,481
Non-consolidated holdings5050526
Fixed deposits000
Total depreciation and amortisations1,68631902,0056,709

5 Tangible assets - acquisition values 2017

Investment itemCHF (thousands)Balance sheet value 01/01/2017Inventory 01/01/2017AdditionsReclassificationDisposalsInventory 31/12/2017
Undeveloped land1,4841,9450001,945
Developed land11,52312,667515012,768
Railway stations27,39754,4361,1131,624-1057,163
Depots and workshops13,13223,25735-31522,977
Railway substructure and superstructure77,257105,9253,6951,629-497110,752
Gondola lift, chair lift and ski lift stations17,42436,35563036,985
Ski slopes and fixed snowmaking equipment17,52133,29733,297
Hiking trails / climbing routes5671,1271,127
Power station13,65619,031568719,174
Restaurants and accommodation14,79829,8472,09087132,808
Car parks and parking spaces2,52715,89288-4515,935
Residential buildings3,5015,2525,252
Administration buildings1,1472,4972,497
Other buildings52,808101,181810292-16102,267
Total land and buildings253,258440,7648,5684,553-883453,002
Railway installations35,26284,1143,0461,567-25888,469
Gondola lifts12,45327,87027,870
Chairlifts and ski lifts22,35452,94228362253,847
Snowmaking equipment1,6384,57165404,676
Power stations22,36736,1002,740101-62838,313
Other facilities9,46518,3951,46874-39519,542
Total facilities103,539223,9927,6022,404-1,281232,717
Rail vehicles132,691233,8944,5551,161-3,970235,640
Slope vehicles2,6548,237455-768,616
Other vehicles4261,2742001,294
Total vehicles136,287244,5565,1851,161-4,113246,789
Office equipment01,39301,393
Devices and tools2,8969,630198-1599,669
IT equipment1,2352,92918-372,910
Communication equipment2253360336
Total other property, plant and equipment4,35614,2882160-19614,308
Installations under construction21,96321,9639,078-8,118022,923
Spare parts / material supplies6,72213,5078220-75513,574

5 Property, plant and equipment - depreciation and impairments 2017

Investment itemCHF (thousands)Inventory 01/01/2017AdditionsReclassificationDisposalsInventory 31/12/2017Balance sheet value 31/12/2017
Undeveloped land4610004611,484
Developed land1,1441,14411,624
Railway stations27,0391,044-1028,07329,090
Depots and workshops10,125609-31510,41912,558
Railway substructure and superstructure28,6682,547-49730,71880,034
Gondola lift, chair lift and ski lift stations18,9311,24220,17316,812
Ski slopes and fixed snowmaking equipment15,7761,44417,22016,077
Hiking trails / climbing routes560127687440
Power station5,3754635,83813,336
Restaurants and accommodation15,04959315,64217,166
Car parks and parking spaces13,365476-4513,7962,139
Residential buildings1,7513132,0643,188
Administration buildings1,350431,3931,104
Other buildings48,3732,170-1650,52751,740
Total land and buildings187,50611,0710-883197,694255,308
Railway installations48,8523,465-25852,05936,410
Gondola lifts15,4171,20216,61911,251
Chairlifts and ski lifts30,5882,07732,66521,182
Snowmaking equipment2,9333653,2981,378
Power stations13,7331,361-62814,46623,847
Other facilities8,9301,638-39510,1739,369
Total facilities120,45310,1080-1,281129,280103,437
Rail vehicles101,2039,567-3,970106,800128,840
Slope vehicles5,583916-766,4232,193
Other vehicles84885933361
Total vehicles108,26910,6680-4,113114,824131,965
Office equipment1,3931,3930
Devices and tools6,734459-1597,0342,635
IT equipment1,694244-371,9011,009
Communication equipment11138149187
Total other property, plant and equipment9,9327410-19610,4773,831
Installations under construction0000022,923
Spare parts / material supplies6,785811007,5965,978

5 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

5 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

6 Intangible assets

Acquisition valuesCHF (thousands)Balance sheet value 01/01/2017Inventory 01/01/2017AdditionsReclassificationDisposalsInventory 31/12/2017
Concessions and rights2,5584,7004,700
Total acquisition values8,61814,6811,4250-40815,698
Depreciation and impairmentsCHF (thousands)Inventory 01/01/2017AdditionsReclassificationDisposalsInventory 31/12/2017Balance sheet value 31/12/2017
Concessions and rights2,1421302,2722,428
Total depreciation and impairments6,0631,3060-4086,9618,737

7 Liabilities from deliveries and services

CHF (thousands)20172016
Liabilities from deliveries and services owed to third parties17,92723,666
Liabilities from deliveries and services owed to related parties4138
Liabilities from deliveries and services owed to associated companies5762

8 Financial liabilities / net financial assets

CHF (thousands)2017Maturity less than 1 yearMaturity more than 1 yearConditionally repayableUnused limits2016
Confederation and canton loan under Art. 56 Railway Conveyance Act (non-interest-bearing)37,17174036,43133,743
Bank liabilities095,000
Total financial liabilities37,171740036,43195,00033,743
Liquid funds82,28458,841
Net financial assets45,11325,098
Change on previous year20,015

9 Other current liabilities

CHF (thousands)20172016
Direct tax2,3752,868
Social security liabilities22724
Clearing balance Jungfrau Ski Region and SBB383105
Various other liabilities61356
Liabilities to shareholders [1]167166
[1] Liabilities to shareholders include dividends not yet paid out.

10 Provisions

CHF (thousands)Holidays / overtimeVariousDemolition Ostgrat buildingDeferred taxesTotal provisions
Book value at 01/01/20161,1130042,98044,093
Book value at 31/12/20161,299095042,11344,362
of which short-term1,2990001,299
Book value at 01/01/20171,299095042,11344,362
Book value at 31/12/20171,87510095041,14444,069
of which short-term1,875100001,975

11 Deferred income

CHF (thousands)20172016
Demarcation of transport income from subscriptions5,9364,606
Direct tax6,5082,999
Profit sharing809651
Other demarcations3,3784,377

12 Transport income

CHF (thousands)20172016
Jungfraujoch – Top of Europe114,369100,274
Adventure mountains16,20913,281
Winter sports20,93419,591
Gross transport earnings151,512133,146
Reductions in revenue-7,713-7,162

13 Compensation received from government

CHF (thousands)20172016
Lauterbrunnen–Wengen infrastructure4,6383,511
Regional passenger transport Lauterbrunnen–Wengen1,4551,488
Freight transport Lauterbrunnen–Wengen1,9201,810
Regional passenger transport Lauterbrunnen–Mürren2,1392,251

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.

14 Rental income

CHF (thousands)20172016
Catering rental rates2,1892,076
Renting of parking spaces2,2562,120
Renting of residential and commercial spaces1,0281,039
Other renting2,3841,303

15 Other income

CHF (thousands)20172016
Experience offers2,4401,700
Income from package offers114232
Various income1,9171,837
Capitalised costs1,1241,137
Income from sales of assets1128

16 Cost of goods

CHF (thousands)20172016
Souvenir shops-3,395-2,673
Dining and accommodation-239-60

17 Personnel expenses

CHF (thousands)20172016
Salaries and wages-39,812-39,652
Allowances, uniforms and other benefits-6,256-5,105
Social expenditure-8,305-7,667
remaining personnel expenses-1,372-1,354
Insurance payments469376
Employees (full-time positions)542536

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

18 Employee benefit plans

Number of people20172016
Active insured persons615562
Total persons865803
Expenditure for employee benefit plans in thousands of CHF (included in social expenses)-4,028-3,375

19 Pension plans

Economic benefit / economic commitmentTausend CHFSurplus cover / shortfall at 31/12/2016Surplus cover / shortfall at 31/12/2015Economic part of the organisation at 31/12/2016Economic part of the organisation at 31/12/2015
Pension plan with surplus cover
Jungfrau Railways pension fund [1]070400
GastroSocial pension fund [2]
[1] The degree of coverage of the Jungfrau Railways pension fund amounts to 116.0% as of 31/12/2016 in the last published financial statements. [2] The staff of Jungfrau Gastronomie AG, which was acquired on 1/11/2017, is insured with the GastroSocial Pension Fund. As at 31/12/2016, this shows a degree of coverage of 117.1%.
Pension expenses in personnel expensesCHF (thousands)20172016
Jungfrau Railways pension fund-3,866-3,165
GastroSocial pension fund-120

Management insurance is maintained for members of management and extended management. Expenses for the companies amounted to kCHF 150 in 2017 and kCHF 210 in 2016.

20 Other operating expenses

CHF (thousands)20172016
Costs for services-8,988-7,896
Rent expenses-424-413
Maintenance, renovation and demolition-10,845-9,049
Insurance and compensation-1,655-1,604
Energy and consumables-2,326-2,407
General expenses-8,656-8,041

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.

21 Finanzertrag

Financial income for 2017 includes a badwill of kCHF 9, which resulted from the purchase of shares in subsidiaries. There was a badwill of kCHF 2,440 in 2016.

22 Taxes on profits

CHF (thousands)20172016
Distribution by tax type
Income taxes-12,335-8,780
Deferred taxes on profits969867
Analysis of taxes on profits
Ordinary earnings before taxes on profits52,96738,877
Average applicable tax rate before taking account of losses carried forward21.7%21.1%
Expected taxes on profits related to the ordinary result-11,918-8,203
Effect of changes in non-capitalised losses carried forward429220
Effect of tax-free results19237
Other effects-6933
Effective tax rate21.5%20.4%

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, Jungfrau Gastronomie AG as well as Mürrenbahn AG there are tax-deductible losses carried forward totalling kCHF 2,657 (previous year kCHF 4,583). The resulting non-capitalised deferred tax claim is kCHF 583 (previous year kCHF 1,013).

23 Equity

Share capital
The share capital of Jungfraubahn Holding AG is fully paid up, amounting to CHF 8,752,500 at 31 December 2017 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 2017, the company held 3,593 registered treasury shares with a nominal value of CHF 1.50 each (previous year 4,704 registered treasury shares).

In the reporting year, 20,005 (previous year: 20,476) of the Company's registered treasury shares were purchased at an average price of CHF 111.86 (previous year: CHF 94.89) and 21,116 (previous year 30,509) registered treasury shares were sold at an average price of CHF 128.94 (previous year CHF 93.15).

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 33.00 per registered share (previous year CHF 32.00). The difference between the preferential price and the exchange rate, determined according to circular no. 37 of the Federal Tax Administration, was recognised in the income statement under personnel expenses. In this way 20,975 registered treasury shares were sold in the reporting year (previous year 20,970).

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 24,917 at 31 December 2017 (previous year kCHF 24,392).

24 Significant non-cash transactions

CHF (thousands)20172016
Sale of treasury shares from acquisition of shares in Bergbahn Lauterbrunnen-Mürren AG and Harderbahn AG (2017: 26 shares; 2016: 7,364 shares)2667
Contribution in kind by third-party shareholder upon founding of Grindelwald Grundinfrastruktur AG (land)01,960

25 Other information

CHF (thousands)20172016
Investment obligations16,88114,363
Sureties, guarantees and pledges in favour of third parties
Assets pledged to secure building lease charges5151
Guarantee obligations4126
Joint guarantee Verein Int. Lauberhornrennen Wengen5000
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 leases11,68112,143
• of which due within 1 year475454
• of which due in 1-5 years1,2321,437
• of which due in more than 5 years9,97410,252

26 Events after the balance sheet date

Since the balance sheet date of 31 December 2017, no events have occurred which affect the meaningfulness of the consolidated financial statements for 2017.