• Jungfrau Railway Group
  • Development
  • Group structure
  • Jungfraubahn Holding AG
  • Subsidiaries
  • Jungfrau Railway Group

    Notes to the consolidated financial statements

    With an annual profit of CHF 47.8 million, the Jungfrau Railway Group again increased its earnings significantly in 2018.

    The Jungfrau Railway Group generated a total operating income of CHF 212.8 million, which corresponds to an increase of CHF 19.0 million. The most important source of income is still transport, which amounted to CHF 153.8 million in the reporting year – 7.0% or CHF 10.0 million above the previous year’s record amount. Operating expenses increased by 11.0% to CHF 117.7 million. Accordingly, EBITDA rose by 8.4% to CHF 95.1 million and cash flow (from operating activities) by 25.6% to CHF 79.9 million. Depreciation and amortisation amounted to CHF 34.1 million. EBIT increased by 15.0% to CHF 61.0 million, which corresponds to an EBIT margin of 28.6%. After a virtually balanced financial result and after taxes, the annual accounts show an annual profit of CHF 47.8 million, 15.0% above the previous year.

    In July 2018, the long-awaited construction of the V-Cableway began. By the end of 2018, significant progress had been made on the various sites. In total, the investment volume of the Jungfrau Railway Group amounted to CHF 63.6 million last year, of which CHF 40.8 million was attributable to the V-Cableway project. In recent years, the company has invested CHF 160 million or 50% of the estimated total costs in the generation project, which includes the already completed rolling stock renewals at the Wengernalp and Jungfrau railways, in addition to the core elements of the Eigerexpress, Grindelwald Terminal and car park.

    In addition to the V-Cableway, the first steps in the renewal programme of the Lauterbrunnen-Mürren mountain railway, the acquisition of a neighbouring property at the First Railway valley station, the rebuilding of the Wengen railway tracks, the start of the extension of the arrival hall on the Jungfraujoch – Top of Europe, the renewal of the power supply and tunnel lighting as well as the further development of our own distribution system were the focus of our investment activity. Except for CHF 5.6 million in interest-free infrastructure loans from the public authorities for the Lauterbrunnen-Wengen and Lauterbrunnen-Mürren routes, the investments were fully financed from cash flow.

    As at 31 December 2018, the consolidated balance sheet shows a solidly funded company with an equity ratio of 79.7%. It continues to operate without interest-bearing debts and has cash and cash equivalents of CHF 87.4 million. The Jungfrau Railway Group is therefore well prepared for the intensive investment phase of the next two years until the completion of the V-Cableway project with the planned commissioning of the Eigerexpress in December 2020.

    Information on the business segments

    The most important segment of Jungfraujoch – Top of Europe achieved net sales of CHF 139.2 million. The renewed increase of 8.2% is based in particular on the long-standing, intensive and successful development of the Asian markets. Best results were again achieved, both in terms of visitor numbers and transport income. With 1,067,000 visitors, more than a million guests travelled to the Jungfraujoch – Top of Europe in the reporting year, for the third time following 2015 and 2017. The transport income increased by 4.3% to CHF 111.8 million. Noteworthy is the simultaneous increase in average yield of 1.8% to CHF 104.80 per guest. The mix of guests, higher guest numbers and the shop opened in Interlaken for the first time all year round had a positive effect on the turnover of the Top of Europe shops, which also set a new record at CHF 8.8 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to CHF 67.5 million, accounting for 71.0% of Group EBITDA.

    Significantly better than in the previous year, but still significantly weaker than in the best years, was winter sports. Despite turbulent weather conditions in January and often unfavourable weather on the weekends of the high season, business activity from the beginning of the year until the end of the season in spring 2018 was satisfactory due to good snow conditions. Unfortunately, the start of the winter season 2018/2019 was sluggish. The number of skier visits across the Jungfrau Ski Region rose by 5.4% year-on-year to 987,000, and the Group's share of the transport business revenue rose by 6.7% to CHF 22.1 million. With net sales of CHF 28.1 million, the segment achieved an EBITDA of CHF 0.3 million. The winter sports segment continues to make a significant contribution to the other divisions.

    The strongest developments were with the Experience Mountains. All participating railways – the Harder Railway, First Railway and the Lauterbrunnen-Mürren Mountain Railway – achieved new records again in transport revenue. Overall, this increased by 26.7% to CHF 20.2 million. The Experience Mountains benefited from the long-lasting, beautiful summer and autumn weather. In addition, the independent positioning of all Experience Mountains is paying off. The sales increase of 40% to CHF 3.4 million in the adventure offers in the Grindelwald-First area and the increase in traffic revenue to over CHF 5 million at the Harder Railway are noteworthy. Overall, segment sales for the Experience Mountains increased by 24.9% to CHF 27.4 million and led to an EBITDA increase of 41.2% to CHF 14.5 million.

    Strategic financial targets

    The strategic financial objectives of the Jungfrau Railway Group reflect the orientation towards long-term goals and the policy of a value-oriented company (value stock). The profit and free cash flow targets also determine the financial planning of the Group.

    Key figureTarget value
    Return on sales≥ 12%
    EBIT margin≥ 15%
    Investments / cash flow< 50%
    Payout ratio33% – 50%
    Cumulative free cash flow 2014‒2023≥ CHF 150 Mio.
    Equity ratio> 70%

    In order to meet the objectives of self-financing and investment in relation to cash flow, the long-term average applies when it comes to the assessment. Due to the high investment requirements of the V-Cableway project, the investment / cash flow objective cannot be met temporarily.

    In 2018, the Jungfrau Railway Group exceeded its targets with the exception of the investment/cash flow indicator. The return on sales amounted to 22.5%, the EBIT margin reached 28.6%. With the proposed dividend increase of 16.7% to CHF 2.80 per share (previous year CHF 2.40), the payout ratio at 34.1% is within in the defined target range. Investments in the reporting year accounted for 79.6% of cash flow. For 2018, this resulted in a free cash flow of CHF 16.3 million. The accumulated free cash flow for the 2014–2023 target period at the end of 2018 therefore amounts to CHF 73.5 million. At the end of the reporting year, the level of self-financing was 79.7%.

    Risk management and ICS

    In the context of risk management, Jungfrau Railways deals with possible events that could jeopardise the achievement of strategic and associated financial objectives. Accordingly, we assess these based on their probability of occurrence and their impact on EBIT. Events may include commercial success, partnerships, reputation, organisation (including, but not limited to, personal safety, material vulnerability, availability, integrity and confidentiality of data and the assurance of know-how), finances, as well as governance and compliance. Both opportunities and risks are identified. Strategic risks are regularly discussed as part of the update of the Management Board's SWOT analysis. In the management report, we focus heavily on the commercial challenges (see Message from the company management / opportunities and risks).

    Jungfrau Railways has an internal control system (ICS) that meets legal requirements. This tool is used to check compliance in the particularly sensitive area of finances and to ensure the correctness and reliability of the reporting.

    The IT security policy of Jungfrau Railways pursues a best-practice approach. The rules are defined in the IT security policy, the IT security guidelines for employees, and the IT password guidelines / user authorisation concept. In addition, special service levels are defined for all business-relevant applications and the change process is monitored by a specialist group in a risk-based manner. The internal data protection officer oversees the 60 or so data files with sensitive personal data, advises those responsible regarding handling and reports to the management at least once a year on the concerns of data protection and the results and recommendations from his examinations. The Jungfrau Railways are based on the General Data Protection Regulation (GDPR) of the EU, although the Swiss legislation is not yet in force. The necessary adjustments data collections with an international reference were treated with priority.

    The risk management process is embedded in the existing process landscape. Process organisation regulates responsibilities and ensures that the relevant measures are planned and implemented. The risk index (risk catalogue) forms the central basis for the formal risk process. The risks are assessed according to financial impact and probability of occurrence and positioned based on their importance for the company (risk profile). The risk catalogue of Jungfrau Railways provides an overview of the operational risks and is revised annually. The Management Board discusses and supplements the strategic risks when necessary, but at least once a year. The external and internal audit activities are closely linked to risk management. In addition to internal audits, which are used by the Executive Board to check certain areas, Jungfrau Railways is regularly externally audited by the Swiss Federal Office of Transport, Suva and the certification body for the ISO 9001/2015 quality management certificate.

    The Management Board is explicitly reintroducing the increasing density of regulation, which is accompanied by a public awareness of compliance, into the SWOT analysis. This results in efforts to continuously develop compliance. The focus remains on the safety of our employees and customers. However, more and more companies are affected by regulations in various areas. As a small listed company, it is a challenge to meet all the rules correctly, even to set standards in some areas, but not to let the costs explode and not to hinder innovation.

    The failure of projects is a significant risk position in the catalogue of a naturally investment-driven transport company that must maintain and modernise cable cars and railways. At present, the major V-Cableway project poses corresponding challenges to project management. This is carried out by a board formed especially by representatives of the Jungfrau Railways and Gondelbahn Grindelwald-Männlichen AG. Every three months, it reports to the Board of Directors of Jungfraubahn Holding AG, Berner Oberland-Bahnen AG and Gondelbahn Grindelwald-Männlichen AG. In addition to the cost control, the schedule and the monitoring of the necessity and added value of any project adjustments, the safety, allocation of work, preparation of the handover as well as the quality and specific risks of the construction are discussed. The internal reporting is supplemented by a report from an independent expert.

    Consolidated balance sheet

    At 31 December

    CHF (thousands)Note2018%2017%
    Current assets
    Liquid funds87,39082,284
    Receivables from deliveries and services114,6379,579
    Other current receivables221,67315,796
    Accrued income36,6156,775
    Total current assets132,09918.5%116,38717.7%
    Fixed assets
    Financial assets46,2976,709
    Tangible assets5567,097524,926
    Intangible assets68,8238,737
    Total fixed assets582,21781.5%540,37282.3%
    Total Assets714,316100.0%656,759100.0%
    Outside capital
    Liabilities from deliveries and services728,16918,025
    Current financial liabilities8740740
    Other current liabilities97,5894,952
    Current provisions102,0501,975
    Deferred income1123,60616,631
    Total current borrowed capital62,1548.7%42,3236.4%
    Non-current financial liabilities841,27136,431
    Non-current provisions1041,23142,094
    Total non-current borrowed capital82,50211.6%78,52512.0%
    Total borrowed capital144,65620.3%120,84818.4%
    Share capital238,7538,753
    Capital reserves-1,425-1,417
    Treasury shares23-440-399
    Retained earnings558,506524,588
    Equity shareholders of Jungfraubahn Holding AG565,394531,525
    Minority interests4,2664,386
    Total equity569,66079.7%535,91181.6%
    Total liabilities714,316100.0%656,759100.0%

    Consolidated income statement

    1 January to 31 December

    CHF (thousands)Note20182017
    Operating income
    Transportation revenues12153,833143,799
    Sale of energy11,0179,768
    Souvenir shops8,7637,549
    Dining and accommodation4,382488
    Service income7,4556,549
    Rental income148,1687,857
    Other income158,9437,608
    Total operating income212,815193,770
    Operating expenses
    Cost of goods16-5,453-3,634
    Purchase of energy-2,112-2,967
    Personnel expenses17-60,173-55,276
    Other operating expenses20-49,966-44,150
    Total operating expenses-117,704-106,027
    Depreciation and amortisation
    Depreciation of tangible assets5-32,325-33,399
    Amortisation of intangible assets6-1,817-1,306
    Total depreciation and amortisation-34,142-34,705
    Financial result
    Financial expenses-364-533
    Results from associated companies-3-2
    Financial income21360464
    Total financial result-7-71
    Profit before tax60,96252,967
    Income taxes22-13,136-11,366
    Annual profit47,82641,601
    Shareholders of Jungfraubahn Holding AG47,91441,292
    Minority interests-88309
    Result per share
    Shares issued5,835,0005,835,000
    Average balance of time-weighted treasury shares-8,154-9,541
    Average number of time-weighted outstanding shares5,826,8465,825,459
    Undiluted and diluted result per shareCHF8.227.09

    Consolidated cash flow statement

    1 January to 31 December

    CHF (thousands)Note20182017
    Annual profit47,82641,601
    Depreciation of tangible assets532,32533,399
    Amortisation of intangible assets61,8171,306
    Change of provisions10-688-293
    Book profits from the sale of fixed assets-253-11
    Book profits from the sale of financial assets-120
    Results from associated companies32
    Badwill from the acquisition of subsidiary shares21-6-9
    Value adjustment of financial assets40319
    Other non-cash items [1]1,9682,024
    Cash flow before change in net current assets82,98078,338
    Increase in receivables from deliveries and services-5,058-1,874
    Increase in other current receivables2-5,877-11,279
    Decrease / increase in inventories [2]169-520
    Decrease in accrued income160402
    decrease in liabilities from deliveries and services [3]-2,001-5,741
    Increase in other short-term liabilities2,637269
    Use of provisions10-1000
    Increase in deferred income6,9753,998
    Cash flow from operating activities79,88563,593
    Investments in tangible assets [3] [4]5-62,990-31,196
    Investments in financial assets40-3
    Acquisition of subsidiaries less cash [2] [4]0-335
    Investments in intangible assets6-1,903-1,425
    Divestment of tangible assets5892766
    Divestment of financial assets44212,437
    Cash flow from investing activities-63,580-29,756
    Free cash flow16,30533,837
    Increase in financial liabilities85,5804,168
    Repayment of financial liabilities8-740-740
    Purchase of minority shares-2-6
    Investment in own shares incl. transaction costs-2,925-2,244
    Divestment of own shares906697
    Transaction costs for divestment of own shares-2-2
    Profit distribution to minority interests-20-23
    Profit distribution to Jungfraubahn Holding AG-13,996-12,244
    Cash flow from financing activities-11,199-10,394
    Change in liquid assets5,10623,443
    Liquid funds 1 January82,28458,841
    Liquid funds 31 December87,39082,284
    Change in liquid assets5,10623,443
    [1] Equity compensation programme for administration board, management and employees. [2] Increase in inventories in the previous year due to acquisition of Jungfrau Gastronomie AG TCHF 60. [3] Liabilities from deliveries and services include kCHF 12'145, which relates to investing activities. The accrued cash outflow will be in 2019. [4] Increase in tangible assets in the previous year due to purchase of Jungfrau Gastronomie AG kCHF 275.

    Consolidated statement of shareholders' equity

    At 31 December

    CHF (thousands)NoteShare capitalCapital reservesTreasury sharesRetained earningsEquity shareholders of Jungfraubahn Holding AGMinority sharesTotal equity
    Equity at 01/01/20178,753-1,850-442495,540502,0014,116506,117
    Acquisition of own shares23-6-2,238-2,244-2,244
    Sale of treasury shares234392,2812,7202,720
    Annual profit41,29241,29230941,601
    Purchase of subsidiary shares0-16-16
    Equity at 31/12/20178,753-1,417-399524,588531,5254,386535,911
    Acquisition of own shares23-8-2,917-2,925-2,925
    Sale of treasury shares2302,8762,8762,876
    Annual profit47,91447,914-8847,826
    Purchase of subsidiary shares0-12-12
    Equity at 31/12/20188,753-1,425-440558,506565,3944,266569,660

    Annexes to the consolidated financial statements

    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 2019.

    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). The currently applicable tax rate for each company is used for the calculation of the deferred tax burden. 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)20182017Changein %
    Segment sales
    Net sales Jungfraujoch - Top of Europe139,216128,69910,5178.2%
    Net sales Adventure mountains27,42821,9635,46524.9%
    Net sales Winter sports28,05126,1141,9377.4%
    Net sales other segments [1]50,13045,9824,1489.0%
    Elimination group-internal sales-32,010-28,988-3,02210.4%
    Total operating income according to profit and loss account212,815193,77019,0459.8%
    Segment results EBITDA
    EBITDA Jungfraujoch – Top of Europe67,54466,6319131.4%
    EBITDA Adventure mountains14,45810,2434,21541.2%
    EBITDA Winter sports339329103.0%
    EBITDA other segments [1]12,76910,5442,22521.1%
    Group eliminations1-45-125.0%
    Total EBITDA according to the income statement95,11187,7437,3688.4%
    [1] Other segments include, in particular, the Jungfraubahn power station, Jungfraubahnen Management AG and the Lauterbrunnen car park.


    0 Scope of consolidation

    There were no changes in the scope of consolidation in the reporting year.

    The following companies are included in the scope of consolidation as of 31 December 2018:

    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, Interlaken88.5%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)20182017
    Receivables from third parties14,7509,528
    Receivables from associated companies589141
    Value adjustments-702-90
    Net value14,6379,579

    2 Other current receivables

    CHF (thousands)20182017
    Short-term financial assets 4-12 months20,02015,000
    Various current receivables1,653796

    3 Accrued income

    CHF (thousands)20182017
    Operating material and consumables, printed matter, service clothing2,4032,396
    Credit refund of tax payments38957
    Credit from energy supplies1,005916
    Prepaid insurance premiums1,1591,349

    4 Financial investments

    CHF (thousands)Associated companiesNon-consolidated holdingsLoansSecuritiesFixed depositsTotal acquisition values
    Acquisition values
    Inventory 01/01/20176,4235768311,2952,02511,150
    Inventory 31/12/20176,4215764191,29808,714
    Total acquisition values 31/12/20176,418576101,26308,267
    Depreciation and amortisations
    Inventory 01/01/201794050069601,686
    Inventory 31/12/20179405001,01502,005
    Total depreciation and amortisations 31/12/201894050098001,970
    Balance sheet values
    Inventory 31/12/20175,48152641928306,709
    Inventory 31/12/20185,4785261028306,297

    5 Tangible assets - acquisition values 2018

    Investment itemCHF (thousands)Balance sheet value 01/01/2018Inventory 01/01/2018AdditionsReclassificationDisposalsInventory 31/12/2018
    Undeveloped land1,4841,9450001,945
    Developed land11,62412,76812,768
    Railway stations29,09057,163-54356,620
    Depots and workshops12,55822,9771,4603,261-10327,595
    Railway substructure and superstructure80,034110,7523,564566-795114,087
    Gondola lift, chair lift and ski lift stations16,81236,98536,985
    Ski slopes and fixed snowmaking equipment16,07733,29772619-5133,991
    Hiking trails / climbing routes4401,1271,127
    Power station13,33619,17419,174
    Restaurants and accommodation17,16632,80832,808
    Car parks and parking spaces2,13915,93577-4215,970
    Residential buildings3,1885,252-3114,941
    Administration buildings1,1042,497885-6242,758
    Other buildings51,740102,2673102,270
    Total land and buildings255,308453,0026,7153,846-2,469461,094
    Railway installations36,41088,4693,3331,585-3,48289,905
    Gondola lifts11,25127,87099-9027,879
    Chairlifts and ski lifts21,18253,8471,329-2,99452,182
    Snowmaking equipment1,3784,676108-54,779
    Power stations23,84738,3132,5991,207-142,118
    Other facilities9,36919,5421,719462-12521,598
    Total facilities103,437232,7179,1873,254-6,697238,461
    Rail vehicles128,840235,6402,1904,729-2,743239,816
    Slope vehicles2,1938,6161,447-1,7588,305
    Other vehicles3611,294201-981,397
    Total vehicles131,965246,7893,9684,751-4,729250,779
    Office equipment01,393-121,381
    Devices and tools2,6359,669121-1329,658
    IT equipment1,0092,91096-1432,863
    Communication equipment187336336
    Total other property, plant and equipment3,83114,3082170-28714,238
    Installations under construction22,92322,92354,665-11,851065,737
    Spare parts / material supplies5,97813,5743830-74513,212

    5 Property, plant and equipment - depreciation and impairments 2018

    Investment itemCHF (thousands)Inventory 01/01/2018AdditionsReclassificationDisposalsInventory 31/12/2018Balance sheet value 31/12/2018
    Undeveloped land4610004611,484
    Developed land1,1441,14411,624
    Railway stations28,0731,349-54328,87927,741
    Depots and workshops10,419519-10310,83516,760
    Railway substructure and superstructure30,7182,413-79532,33681,751
    Gondola lift, chair lift and ski lift stations20,1731,25721,43015,555
    Ski slopes and fixed snowmaking equipment17,2201,349-5118,51815,473
    Hiking trails / climbing routes687127814313
    Power station5,8384646,30212,872
    Restaurants and accommodation15,64265216,29416,514
    Car parks and parking spaces13,796497-4214,2511,719
    Residential buildings2,064164-3111,9173,024
    Administration buildings1,393314-6241,0831,675
    Other buildings50,5272,19452,72149,549
    Total land and buildings197,69411,2990-2,469206,524254,570
    Railway installations52,0593,859-3,48252,43637,469
    Gondola lifts16,6191,242-9017,77110,108
    Chairlifts and ski lifts32,6652,065-2,99431,73620,446
    Snowmaking equipment3,298314-53,6071,172
    Power stations14,4661,007-115,47226,646
    Other facilities10,1731,722-12511,7709,828
    Total facilities129,28010,2090-6,697132,792105,669
    Rail vehicles106,8008,729-2,743112,786127,030
    Slope vehicles6,423833-1,7585,4982,807
    Other vehicles93381-98916481
    Total vehicles114,8249,7610-4,729119,856130,923
    Office equipment1,393-121,3810
    Devices and tools7,034451-1327,3532,305
    IT equipment1,901235-1431,993870
    Communication equipment14938187149
    Total other property, plant and equipment10,4777240-28710,9143,324
    Installations under construction0000065,737
    Spare parts / material supplies7,5963320-1067,8225,390

    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

    6 Intangible assets

    CHF (thousands)Concessions and rightsSoftwareGoodwillTotal acquisition values
    Acquisition values
    Inventory 01/01/20174,7009,55342814,681
    Inventory 31/12/20174,70010,57042815,698
    Total Acquisition values 31/12/20184,49512,39642817,319
    Depreciation and impairments
    Inventory 01/01/20172,1423,4934286,063
    Inventory 31/12/20172,2724,2614286,961
    Depreciation and impairments 31/12/20182,1935,8754288,496
    Balance sheet values
    Inventory 31/12/20172,4286,30908,737
    Inventory 31/12/20182,3026,52108,823

    7 Liabilities from deliveries and services

    CHF (thousands)20182017
    Liabilities from deliveries and services owed to third parties27,85817,927
    Liabilities from deliveries and services owed to related parties26041
    Liabilities from deliveries and services owed to associated companies5157

    8 Financial liabilities / net financial assets

    CHF (thousands)2018Maturity less than 1 yearMaturity more than 1 yearConditionally repayableUnused limits2017
    Confederation and canton loan under Art. 56 Railway Conveyance Act (non-interest-bearing)42,01174041,27137,171
    Bank liabilities0124,400
    Total financial liabilities42,011740041,271124,40037,171
    Liquid funds87,39082,284
    Net financial assets45,37945,113
    Change on previous year266

    9 Other current liabilities

    CHF (thousands)20182017
    Direct tax3,8172,375
    Social security liabilities34622
    Clearing balance Jungfrau Ski Region and SBB3,009383
    Various other liabilities240613
    Liabilities to shareholders [1]177167
    [1] Liabilities to shareholders include dividends not yet paid out.

    10 Provisions

    CHF (thousands)Holidays / overtimeVariousDemolition Ostgrat buildingDeferred taxesTotal provisions
    Book value at 01/01/20171,299095042,11344,362
    Book value at 31/12/20171,87510095041,14444,069
    of which short-term1,875100001,975
    Book value at 01/01/20181,87510095041,14444,069
    Book value at 31/12/20182,050095040,28143,281
    of which short-term2,0500002,050

    11 Deferred income

    CHF (thousands)20181017
    Demarcation of transport income from subscriptions6,9365,936
    Direct tax7,2386,508
    Profit sharing1,008809
    Other demarcations8,4243,378

    12 Transportation revenues

    CHF (thousands)20182017
    Jungfraujoch – Top of Europe118,798114,369
    Adventure mountains20,66116,209
    Winter sports22,32420,934
    Gross transportation revenues161,783151,512
    Reductions in revenue-7,950-7,713

    13 Compensation received from government

    CHF (thousands)20182017
    Lauterbrunnen–Wengen infrastructure4,8214,638
    Regional passenger transport Lauterbrunnen–Wengen1,3931,455
    Freight transport Lauterbrunnen–Wengen1,9001,920
    Regional passenger transport Lauterbrunnen–Mürren2,1402,139

    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)20182017
    Catering rental rates1,7662,189
    Renting of parking spaces2,5352,256
    Renting of residential and commercial spaces1,2541,028
    Other renting2,6132,384

    15 Other income

    CHF (thousands)20182017
    Experience offers3,3982,440
    Income from package offers29114
    Various income2,4891,917
    Capitalised costs1,4611,124
    Income from sales of assets25311

    16 Cost of goods

    CHF (thousands)20182017
    Souvenir shops-4,055-3,395
    Dining and accommodation-1,398-239

    17 Personnel expenses

    CHF (thousands)20182017
    Salaries and wages-43,527-39,812
    Allowances, uniforms and other benefits-6,634-6,256
    Social expenditure-9,028-8,305
    remaining personnel expenses-1,480-1,372
    Insurance payments496469
    Employees (full-time positions)600542

    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 people20182017
    Active insured persons634615
    Total persons888865
    Expenditure for employee benefit plans in thousands of CHF (included in social expenses)-4,302-4,028

    19 Pension plans

    Economic benefit / economic commitmentTausend CHFSurplus cover / shortfall at 31/12/2017Surplus cover / shortfall at 31/12/2016Economic part of the organisation at 31/12/2017Economic part of the organisation at 31/12/2016
    Pension plan with surplus cover
    Jungfrau Railways pension fund [1]0000
    GastroSocial pension fund [2]00
    [1] The degree of coverage of the Jungfrau Railways pension fund amounts to 117.2% as of 31/12/2017 in the last published financial statements. [2] The staff of Jungfrau Gastronomie AG is insured with the GastroSocial Pension Fund. As at 31/12/2018, this shows a degree of coverage of 115.3%.
    Pension expenses in personnel expensesCHF (thousands)20182017
    Jungfrau Railways pension fund-3,986-3,866
    GastroSocial pension fund-77-12

    Management insurance is maintained for members of management and extended management. Expenses for the companies amounted to kCHF 239 in 2018 and kCHF 150 in 2017.

    20 Other operating expenses

    CHF (thousands)20182017
    Costs for services-8,929-8,988
    Rent expenses-519-424
    Maintenance, renovation and demolition-10,434-10,845
    Insurance and compensation-1,249-1,655
    Energy and consumables-2,280-2,326
    General expenses-14,588-8,656

    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 Financial income 

    Financial income for 2018 includes a badwill of kCHF 6, which resulted from the purchase of shares in subsidiaries. There was a badwill of kCHF 9 in 2017.

    22 Taxes on profits

    CHF (thousands)20182017
    Distribution by tax type
    Income taxes-13,999-12,335
    Deferred taxes on profits863969
    Analysis of taxes on profits
    Ordinary earnings before taxes on profits60,96252,967
    Average applicable tax rate before taking account of losses carried forward22.3%21.7%
    Expected taxes on profits related to the ordinary result-13,601-11,918
    Effect of changes in non-capitalised losses carried forward-402429
    Effect of tax-free results560192
    Other effects307-69
    Effective tax rate21.5%21.5%

    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 4,492 (previous year kCHF 2,657). The resulting non-capitalised deferred tax claim is kCHF 985 (previous year kCHF 583).

    23 Equity

    Share capital

    The share capital of Jungfraubahn Holding AG is fully paid up, amounting to CHF 8,752,500 at 31 December 2018 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 2018, the company held 3,018 registered treasury shares with a nominal value of CHF 1.50 each (previous year 3,593 registered treasury shares).

    In the reporting year, 20,000 (previous year: 20,005) of the Company's registered treasury shares were purchased at an average price of CHF 145.88 (previous year: CHF 111.86) and 20,575 (previous year 21,116) registered treasury shares were sold at an average price of CHF 139.91 (previous year CHF 128.94).

    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 43.00 per registered share (previous year CHF 33.00). 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 20,294 registered treasury shares were sold in the reporting year (previous year 20,975).

    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 26,279 at 31 December 2018 (previous year kCHF 24,917).

    24 Other information

    CHF (thousands)20182017
    Investment obligations34,02416,881
    Sureties, guarantees and pledges in favour of third parties
    Assets pledged to secure building lease charges5151
    Guarantee obligations9041
    Joint guarantee Verein Int. Lauberhornrennen Wengen500500
    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 leases12,25811,681
    • of which due within 1 year500475
    • of which due in 1-5 years1,4511,232
    • of which due in more than 5 years10,3079,974

    25 Events after the balance sheet date

    Since the balance sheet date of 31 December 2018, no events have occurred which affect the meaningfulness of the consolidated financial statements for 2018.


    Auditor's report on the consolidated financial statements

    The object of the official annual report of Jungfraubahn Holding AG is the management report (with segment reporting) and the financial report, which contains the consolidated financial statements for 2018 and the financial statements for 2018 of the holding company. The auditor's reports are also included in this part of the annual report. The printout of the annual report in German, available at the registered offices of the company during the invitation period to the General Meeting of Jungfraubahn Holding AG, is binding and has been audited. Thus no audit reports were drawn up in English. You can download a PDF document with the same content from the online annual report Download Centre. The accompanying report and the download file also contain the 2018 remuneration report and corporate governance information.


    Key figures 2014 to 2018

    CHF (thousands)20182017201620152014
    Balance sheet
    Current assets132,099116,38779,61370,08166,857
    Fixed assets582,217540,372545,691528,048502,603
    Outside capital144,656120,848119,187110,658108,635
    Balance sheet total714,316656,759625,304598,129569,460
    Income statement
    Operating income212,815193,770169,030175,488162,491
    Transportation revenues153,833143,799125,984133,969121,497
    Operating expenses117,704106,02797,95196,09394,968
    Personnel expenses60,17355,27653,40253,44052,045
    Depreciation and amortisation34,14234,70534,74732,39528,889
    EBIT (operating profit)60,96953,03836,33247,00038,634
    Annual profit47,82641,60130,96436,48530,597
    Cash flow statement
    Cash flow from operating activities79,88563,59368,51963,25656,696
    Cash flow from investing activities-63,580-29,756-50,408-57,813-56,931
    Cash flow from financing activities-11,199-10,394-8,358-6,052-8,736
    Free cash flow16,30533,83718,1115,443-235
    Key figures
    Equity ratio79.7%81.6%80.9%81.5%80.9%
    EBITDA in relation to operating income44.7%45.3%42.1%45.2%41.6%
    EBIT in relation to operating income28.6%27.4%21.5%26.8%23.8%
    Return on sales (ROS)22.5%21.5%18.3%20.8%18.8%
    Number of personnel600542536525519
    Earnings per employee355358315334313
    Personnel expenses in relation to operating income28.3%28.5%31.6%30.5%32.0%

    Charts 2014 to 2018

    Operating income / transportation revenue


    Free Cashflow

    Earnings per share

    Information for shareholders

    Information per registered share

    Information per share [1] in CHF20182017201620152014
    Nominal value1.501.501.501.501.50
    Voting rights11111
    Net profit [2]
    Dividends (2018: proposal) [3]2.802.402.102.001.80
    Equity [2]96.9091.0986.0382.5878.06
    Stock market price
    Year-end price125.50127.2097.5094.8575.50
    Key data [1]
    Price/earnings ratio15.2817.9718.4115.2714.51
    Payout ratio34.1%33.9%39.7%32.2%34.6%
    Dividend yield [3]2.2%1.9%2.2%2.1%2.4%
    Stock return [3]0.9%32.3%4.9%27.7%18.2%
    [1] Based on year-end prices, calculated from the total portfolio of 5,835,000 issued shares. [2] Calculated on the share of the shareholders of Jungfraubahn Holding AG. [3] Basis of updated appropriation of retained earnings.

    Share price (closing price) Jungfraubahn Holding AG, January to December 2018

    Group structure

    As at 31/12/2018

    Jungfraubahn Holding AG

    Balance sheet

    at 31 December

    CHF (thousands)2018%2017%
    Current assets
    Liquid funds51,49947,819
    Other receivables from third parties20,37515,377
    Other receivables from participating interests1055,187
    Accrued income2014
    Total current assets71,99936.4%68,39738.4%
    Fixed assets
    Loans to group companies101,72085,580
    Participating interests24,33524,329
    Total fixed assets126,05563.6%109,90961.6%
    Total Assets198,054100.0%178,306100.0%
    Outside capital
    Current interest-bearing liabilities owed to third parties3,009383
    Current interest-bearing liabilities for participating interests37,19422,566
    Other current liabilities owed to third parties410
    Other current liabilities owed to shareholders177167
    Deferred income367397
    Current provisions0100
    Total current borrowed capital40,75123,623
    Total non-current borrowed capital00
    Total borrowed capital40,75120.6%23,62313.2%
    Share capital8,7538,753
    Statutory retained earnings25,61225,612
    • Profit carried forward73,80271,612
    • Statutory and final reserves32,92032,920
    Voluntary retained earnings106,722104,532
    Own capital shares-440-399
    Annual result16,65616,185
    Total equity157,30379.4%154,68386.8%
    Total liabilities198,054100.0%178,306100.0%

    Income statement

    1 January to 31 December

    CHF (thousands)20182017
    Operating income
    Service income835834
    Total operating income835834
    Operating expenses
    Administration expenses-1,728-1,716
    Total operating expenses-1,728-1,716
    Financial result
    Financial expenses-267-225
    Investment income16,64015,647
    Other financial income1,2111,740
    Total financial result17,58417,162
    Direct tax-35-95
    Annual profit16,65616,185

    Profit sharing

    Application concerning the use of balance sheet profits

    Annual profit 201816,655,745
    Profit balance carried forward according to AGM resolution of 14 May 201873,793,365
    Undistributed dividends from own shares8,438
    Profit balance carried forward according to annual financial statement73,801,80373,801,803
    Balance sheet profit available to the AGM90,457,548
    Executive Board proposal:
    Distribution of a dividend of CHF 2.80 per share on 5,835,000 registered shares. CHF 1.50-16,338,000
    Amount to be carried forward74,119,548

    Notes to the financial statements


    The 2018 annual accounts of Jungfraubahn Holding AG, Interlaken, have been prepared in accordance with the provisions of Swiss Accounting Law (Section 32 of the Swiss Code of Obligations).

    Various information

    Jungfraubahn Holding AG did not employ any staff in the reporting year nor in the previous year. Since the balance sheet date of 31 As of December 2018, no events have occurred which affect the validity of the 2018 annual accounts of Jungfraubahn Holding AG.

    Treasury shares

    CHF (thousands)20182017
    Inventory on 1st January(2018: 3,593 shares, 2017: 4,704 shares)399442
    Purchases(2018: 20,000 shares, 2017: 20,005 shares)2,9172,238
    Sales(2018: 20,575 shares,2017: 21,116 shares)-2,878-2,723
    Inventory on 31st December(2018: 3,018 shares, 2017: 3,593 shares)440399
    Average price of purchased treasury shares (CHF)145.88111.86
    Average price of treasury shares sold (CHF)139.91128.94

    Holdings / voting rights in per cent

    Share capital CHF (thousands)20182017
    Group companies
    Jungfraubahn AG, Interlaken; operation of a rack railway from Kleine Scheidegg to Jungfraujoch10,000100.0%100.0%
    Wengernalpbahn AG, Interlaken; operation of a rack railway, chair lifts and ski lifts10,000100.0%100.0%
    Firstbahn AG, Grindelwald; operation of the First Railway as well as chairlifts and ski lifts, hotels and restaurants10,000100.0%100.0%
    Parkhaus Lauterbrunnen AG, Lauterbrunnen; construction and operation of Lauterbrunnen car park1,000100.0%100.0%
    Mürrenbahn AG, Lauterbrunnen; operation of cable car and narrow gauge railway from Lauterbrunnen to Mürren100100.0%100.0%
    Jungfrau Gastronomie AG, Interlaken; operation of hotels and restaurants100100.0%100.0%
    Bergbahn Lauterbrunnen-Mürren AG; operation of cable car and narrow gauge railway from Lauterbrunnen to Mürren1,80094.1%94.1%
    Harderbahn AG, Interlaken; Interlaken-Harder cable car and Harder Kulm restaurant70588.5%88.4%
    Grindelwald Grund Infrastruktur AG, Grindelwald; creating, maintaining and managing the infrastructure of railway stations, terminal, car park10,00080.0%80.0%
    Jungfraubahnen Management AG, Interlaken; management / company consultancy, provision of services10067.0%67.0%
    Sphinx AG Jungfraujoch, Fieschertal VS; ownership and management of Sphinx buildings, Jungfraujoch5357.1%57.1%
    Associated companies
    Gondelbahn Grindelwald-Männlichen AG, Grindelwald; operation of gondola lift and ski lifts in the Männlichen area11,00035.5%35.5%
    Skilift Bumps AG, Wengen; creation, operation and maintenance of a ski lift on the Wickibort22022.7%22.7%
    Deviating voting rights in holdings as a percentage
    Gondelbahn Grindelwald-Männlichen AG, Grindelwald34.8%34.8%
    Other significant holdings
    Intersport Rent-Network Jungfrau Region AG, Grindelwald40012.5%12.5%
    Berner Oberland-Bahnen AG, Interlaken12,3418.1%8.1%

    Shareholder structure

    Significant shareholders
    BEKB | BCBE (Berner Kantonalbank), Bern14.2%14.3%
    Gebäudeversicherung Bern, Bern7.4%7.7%
    JSP Sicherheitsdienste, Alarmempfang und Intervention (Schweiz) AG, Zollikofen4.7%4.7%
    Erwin Reinhardt, Muri b. Bern [1]4.4%4.4%
    Martin Haefner, Horw4.0%4.0%
    [1] Participation directly and as beneficial owner of Montalto Holding AG, Zug, and Epicea Holding AG, Zug.

    Further information

    CHF (thousands)20182017
    Sureties, guarantees and pledges in favour of third parties
    Joint and several liability for all value-added tax liabilities of the Jungfraubahn Group (including Berner Oberland-Bahnen AG)p.m.p.m.
    Net release of silent reserves2306

    Holding relationships of directors and management board members

    Disclosure under Art. 663c ORNumber of shares 2018Number of shares 2017Voting rights share 2018
    Board of Directors
    Prof. Thomas Bieger, Board Chairman10,75010,0000.2%
    Ueli Winzenried, Board Vice-Chairman4,5004,5000.1%
    Peter Baumann, Board of Directors6,3675,7000.1%
    Nils Graf, Board of Directors5,6634,9130.1%
    Bruno Hofweber, former Member of Board of Directors [1]5,3400.0%
    Dr. Catrina Luchsinger Gähwiler, Board of Directors [2]7500.0%
    Hanspeter Rüfenacht, Board of Directors1,6008500.0%
    Total Board of Directors29,63031,3030.5%
    Company Management
    Urs Kessler, Chairman of the Executive Board34,00032,0000.6%
    Christoph Schläppi, Head of Corporate Services9,4958,8950.2%
    Christoph Seiler, Head of Finances and Controlling17,05816,8080.3%
    Total management60,55357,7031.0%
    [1] On the Board of Directors until 14/05/2018. [2] Election to the Board of Directors on 14/05/2018.

    The relationships between the largest shareholders and individual members of the Board of Directors are disclosed in Figure 3.1 of the Corporate Governance Report. This connection is classified as "not related". There is no attribution of the shareholding held by the major shareholders to individual Board members.

    Auditor's report

    The object of the official annual report of Jungfraubahn Holding AG is the management report (with segment reporting) and the financial report, which contains the consolidated financial statements for 2018 and the financial statements for 2018 of the holding company. The auditor's reports are also included in this part of the annual report. The printout of the annual report in German, available at the registered offices of the company during the invitation period to the General Meeting of Jungfraubahn Holding AG, is binding and has been audited. Thus no audit reports were drawn up in English. You can download a PDF document with the same content from the online annual report Download Centre. The accompanying report and the download file also contain the 2018 remuneration report and corporate governance information.


    Jungfraubahn AG

    From Kleine Scheidegg, the Jungfrau Railway opens up the world-famous excursion destination of Jungfraujoch - Top of Europe. Every year, the Jungfrau Railway transports guests from all over the world to Europe's highest railway station in eternal snow and ice. On the Jungfraujoch and on the Eigergletscher, guests are catered for in various, leased gastronomic establishments. In the Top of Europe Shops, on the Jungfraujoch, Kleine Scheidegg, on First and in Interlaken, the company sells typical Swiss souvenirs, clothing and accessories. Since its founding, Jungfraubahn AG has been producing electricity in its own hydroelectric power plant in Lütschental and provides services in energy supplies.

    Company data

    RouteRoute length (all rack)9.3 km
    Length of tunnel7.6 km
    Altitude difference1,393 m
    Most important rolling stockDouble carriage8
    Low-floor control cars4
    Conveying capacity per hourSeats1,060
    Jungfraujoch catering (leased)Restaurant (elevated)1
    Group restaurants2
    Total seats730
    Eigergletscher catering (leased)Restaurant1
    Ski bar1
    Shopping area Top of Europe ShopsJungfraujoch140 m2
    Kleine Scheidegg40 m2
    First60 m2
    Interlaken90 m2

    Key figures

    Operating values, in thousands of CHF20182017
    Employees (full-time positions)139140
    • of which learners44
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income98,44992,361
    Transportation revenues69,37566,556
    Goods income from shops8,7687,563
    Goods expenditure shops-4,055-3,394
    Sale of energy16,12714,713
    Purchase of energy-2,113-2,968
    Annual profit35,05730,337

    Wengernalpbahn AG

    The Wengernalp Railway, with the longest racked railway in the world, opens up the excursion and winter sports area of Kleine Scheidegg and serves as a feeder to the world-famous destination of Jungfraujoch - Top of Europe. In the area of public transport, Wengernalpbahn AG supplies the car-free residential and holiday resort of Wengen. Wengernalpbahn AG also owns the winter sports facilities around Kleine Scheidegg with a total of 8 chairlifts. In addition, the company leases catering facilities at Kleine Scheidegg (to the sister company Jungfrau Gastronomie AG) and Grindelwald Grund.

    Company data

    RouteRoute length (all rack)19.2 km
    Most important rolling stockPanorama trains10
    Double carriage4
    Articulated driving units8
    Passenger cars and control cars13
    Freight cars47
    Freight locomotives7
    Conveying capacity per hourLauterbrunnen (seats/standing places)1,076 / 444
    Grindelwald (seating / standing)784 / 420
    Winter sportsChairlifts8
    Slope vehicles11
    Catering, accommodation (leased)2 restaurants (number of seats)550
    Dormitory (number of beds)90

    Key figures

    Operating values, in thousands of CHF20182017
    Employees (full-time positions)230220
    • of which learners44
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income70,72968,861
    Transportation revenues57,46555,865
    Annual profit6,2536,264

    Firstbahn AG

    On the Grindelwald-First - Top of Adventure excursion mountain you can take a trip into the mountains with a spectacular tour on the «First Cliff Walk by Tissot», a fast-paced ride with the First Flyer (Tyrolienne) and the First Glider, an adventurous ride in the «Mountain Cart» and a downhill ride with the Trottibike scooter. The sunniest ski area of the Jungfrau Region, with its five service facilities, half-pipe and the « Snowpark Grindelwald-First», is popular in winter with locals, freestylers and holidaymakers from all over the world. First Railway leases the Berghaus on First with a dormitory.

    Company data

    Gondola liftGondola lift (sections)1 (3)
    Gondola lift carrying capacity1,200 p/h
    Carrying capacity 3rd section1,800 p/h
    Winter sportsChairlifts3
    Ski lifts2
    Carrying capacity chairlifts and ski lifts8,190 p/h
    Slope vehicles7
    Experience offersFirst Flyer (Tyroliennes)4
    First Glider (number of seats)4
    Mountain Carts (vehicles)100
    Trotti-Bikes (vehicles)120
    Catering, accommodation (leased)2 restaurants (number of seats)790
    Dormitory (number of beds)90

    Key figures

    Operating values, in thousands of CHF20182017
    Employees (full-time positions)6657
    • of which learners97
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income21,77616,544
    Transportation revenues16,99912,997
    Annual profit5,0792,423

    Bergbahn Lauterbrunnen – Mürren AG

    The Mürren Railway is part of the public transport network financed by the canton of Bern. It connects the car-free health resort of Mürren, the «Winteregg - Top of Family» excursion destination and the Mürren-Schilthorn winter sports area. On Winteregg, the company leases the restaurant of the same name.

    Company data

    Lauterbrunnen-Grütschalp funicularTrack length1,432 m
    Altitude difference686 m
    Cable car cabins (number of persons / tonnes of goods)100 / 6
    Grütschalp-Mürren adhesion railwayTrack length4.3 km
    Catering (leased)Restaurant Winteregg (number of seats)430

    Key figures

    Operating values, in thousands of CHF20182017
    Employees (full-time positions)3030
    Holdings of Jungfraubahn Holding AG94.1%94.1%
    Operating income7,4217,015
    Transportation revenues4,8784,493
    Annual profit996617

    Harderbahn AG

    With «Harder Kulm - Top of Interlaken», the funicular is positioned as an excursion to Interlaken's own mountain. The short journey, the breathtaking view from an exposed viewing platform on Lake Brienz and Lake Thun as well as the three peaks of the Eiger, Mönch and Jungfrau contribute to the special experience. A wide range of dishes in the leased «Harder Kulm» restaurant rounds off the offer.

    Company data

    FunicularTrack length1,449 m
    Altitude difference754 m
    Carrying capacity500 p/h
    Catering (leased)Restaurant Harder Kulm (seats)560

    Key figures

    Operating values, in thousands of CHF20182017
    Employees (full-time positions)55
    Holdings of Jungfraubahn Holding AG88.5%88.4%
    Operating income6,2304,704
    Transportation revenues5,3803,951
    Annual profit2,9852,099

    Parkhaus Lauterbrunnen AG

    The Lauterbrunnen car park with its 940 parking spaces and bus terminal is the central transfer point between private transport and the car-free resorts of Mürren and Wengen.

    Key figures

    Operating values, in thousands of CHF20182017
    Employees (full-time positions)44
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income2,4192,096
    Annual profit796609

    Grindelwald Grund Infrastruktur AG

    The company was founded in 2016 as the central element of the V-Cableway project, with the aim of providing the Grindelwald-Männlichen valley stations, the multifunctional terminal and connected car park with more than 1,000 parking spaces and a bus terminal.

    Key figures

    Operating values, in thousands of CHF20182017
    Holdings of Jungfraubahn Holding AG80.0%80.0%
    Operating income48822
    Annual result-2,568-86

    Jungfrau Gastronomie AG

    The Jungfrau Gastronomie AG was acquired on 1 November 2017. The purpose of this company is the operation of catering establishments along the main traffic axis to the Jungfraujoch Top of Europe. As the first operation branch, the «Bergrestaurant Kleine Scheidegg» was opened on 1 December 2017 at Kleine Scheidegg.

    Key figures

    Operating values, in thousands of CHF20182017
    Employees (full-time positions) [1]4036
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income4,349458
    Annual result-866-614
    [1] In the 2017 full-time equivalent as of 31 December.

    Jungfraubahnen Management AG

    The main activity of Jungfraubahnen Management AG is the provision of IT infrastructure and the performance of central, group-wide services for the companies of the Jungfrau Railway Group and Berner Oberland-Bahnen AG.

    Key figures

    Operating values, in thousands of CHF20182017
    Employees (full-time positions)8680
    • of which learners1212
    Holdings of Jungfraubahn Holding AG67.0%67.0%
    Operating income30,12827,609
    Income from management services23,10420,914
    Annual profit68139