• 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 53.3 million, the Jungfrau Railway Group increased its earnings in 2019 by 11.5% compared to the previous year.

    The Jungfrau Railway Group generated a total operating income of CHF 223.3 million, which corresponds to an increase of CHF 10.5 million. The most important source of income remains transport revenue, which amounted to CHF 161.8 million in the reporting year – 5.2% or CHF 8.0 million above the previous year’s amount. Operating expenses rose by 2.3% to CHF 120.4 million. EBITDA rose accordingly by 8.3% and, at CHF 103.0 million, exceeded the CHF 100 million mark for the first time. Depreciation and amortisation amounted to CHF 35.5 million. EBIT increased by 10.7% to CHF 67.5 million, which corresponds to an EBIT margin of 30.2%. After a positive financial result and after taxes, the annual accounts show an annual profit of CHF 53.3 million, CHF 5.5 million above the previous year. Cash flow (from operating activities) rose by 21.5% to CHF 97.1 million.

    2019 was all about building the core elements of the V-Cableway project. In mid-December, important milestones were reached with the opening of the Grindelwald Terminal station of the Bernese Oberland Railway, the new Männlichen Railway and the partial opening of the terminal. All other construction sites were also busy throughout the year. The Jungfrau Railway Group’s total investment volume last year was CHF 118.6 million. Of this, CHF 83.6 million was accounted for by the V-Cableway project. In recent years, the company has invested just under CHF 250 million into the once-in-a-generation project, which includes the already completed rolling stock renewals at the Wengernalp Railway and Jungfrau Railway in addition to the core elements of the Eiger Express, Grindelwald Terminal and multi-storey car park.

    In addition to the V-Cableway, a second major project was launched – the renewal programme for the Lauterbrunnen-Mürren mountain railway. Costs of a good CHF 50 million have been estimated for the complete renewal of the Mürrenbahn, largely financed by the Canton of Bern. CHF 2.7 million was invested in the reporting year. The acquisition of the former bank building on Höheweg in Interlaken and its subsequent conversion into Jungfrau Railways’ first flagship store, including facilities, cost CHF 16.1 million. The station concourse on the Jungfraujoch will be under renovation until spring 2021. CHF 5.1 million was invested in the reporting year. In addition, orders were placed for the rolling stock of the Wengen Shuttle and advance payments of CHF 4.0 million were made.

    With the exception of CHF 1.3 million in interest-free infrastructure loans from the public sector for the Lauterbrunnen-Wengen and Lauterbrunnen-Mürren routes and a first instalment of CHF 7.8 million of an investment aid loan for Grindelwald Grund Infrastruktur AG to partially finance the terminal, the investments were financed entirely from cash flow.

    The consolidated balance sheet as of 31 December 2019 shows equity of CHF 607.3 million. This results in a very solid equity ratio of 79.0%. The company continues to operate without interest-bearing debts and has liquid assets of CHF 57.4 million. The Jungfrau Railway Group is therefore well prepared for the intensive investment phase lasting until the completion of the V-Cableway project with the planned operative launch of the Eiger Express in December 2020.

    Information on the business segments

    The most important segment, Jungfraujoch – Top of Europe, achieved net sales of CHF 149.8 million. The increase of 7.6% is based on the long-standing, intensive and successful development of the Asian markets. With 1,056,000 visitors, more than a million guests travelled to Jungfraujoch – Top of Europe in the reporting year, for the fourth time following 2015, 2017 and 2018. Transport revenue increased by 1.8% to CHF 120.9 million. Encouragingly, average revenues also rose again, by 2.7% to CHF 114.50 per guest. The Top of Europe Flagship Store was opened in Interlaken on 12 October and on 1 November, operation of the Jungfraujoch and Eigergletscher restaurant businesses was assumed. Overall, the business segment posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of CHF 70.5 million.

    For the fourth time in a row, higher earnings were achieved in winter sports. The number of ski visits (of ski sport guests) in the entire Jungfrau Ski Region rose by 8.4% compared to the previous year to 1,069,500, exceeding the one million mark for the first time since 2013. The Group’s proportionate transport revenue increased by 5.1% to CHF 23.5 million. With net sales of CHF 30.8 million, the segment achieved an EBITDA of CHF 1.7 million.

    The sharpest rise was in Experience Mountains. All participating railways – the Harder Railway, First Railway and the Lauterbrunnen-Mürren Mountain Railway – once again achieved new records in transport revenue. This resulted in an overall net increase of 21.1% to CHF 25.0 million. The independent positioning of all Experience Mountains and consistent cross-selling proved worthwhile. Overall, segment sales for the Experience Mountains rose by 18.9% to CHF 32.6 million, accompanied by a 30.3% increase in EBITDA to CHF 18.8 million.

    Strategic financial targets

    The strategic financial targets of the Jungfrau Railway Group reflect the orientation towards long-term goals and the policy of a value-based company (value stock). The current financial targets were reviewed for the last time in 2014.

    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 2019, the Jungfrau Railway Group exceeded its targets with the exception of the investment/cash flow indicator. The return on sales amounted to 23.9%, the EBIT margin reached 30.2%. With the proposed dividend of CHF 2.80 per share (previous year CHF 2.80), the payout ratio at 30.8% is slightly below the defined target range. Investments in the reporting year accounted for 122.2% of cash flow. For 2019, this resulted in a free cash flow of CHF -21.5 million. The accumulated free cash flow for the 2014–2023 target period at the end of 2019 therefore amounts to CHF 52.0 million. At the same time, the equity ratio was 79.0%.

    In the course of the V-Cableway realisation, the financial targets were reviewed and aligned with the time after entering into full operation. The system of objectives should remain clear and simple.

    The Jungfrau Railway Group will continue to strive for development and financing based on solid results in the future. After the investment-intensive phase with the V-Cableway project, the scope for dividend payments will be increased. Investments should continue to be financed from self-generated funds wherever possible. In the future, interest-bearing debt capital will continue to be raised only in a limited scope and only for operational investments. The Jungfrau Railway Group thus underlines its claim to be solidly financed and to be able to act independently of outside capital providers at all times.

    The Board of Directors has therefore formulated the following financial targets for the years after the V-Cableway enters into operation:

    Key figureTarget value
    Return on sales≥ 18%
    EBITDA margin≥ 40%
    Payout ratio35% – 60%
    Cumulative free cash flow 2014‒2023≥ CHF 150 Mio.
    Interest-bearing borrowed capital≤ 10%

    The EBITDA margin target is new and replaces the EBIT margin indicator. EBITDA is a common benchmark in the mountain railway industry and indicates how much cash flow can be generated from the operating business. Instead of the equity ratio, a limit for interest-bearing debt capital is introduced. An EBITDA margin of 46.1% was achieved in 2019. As of 31 December 2019, the consolidated balance sheet does not show any interest-bearing liabilities. Due to the widely varying level of investment, the annual investment/cash flow target of <50% will be waived in future. The targeted limitation of investments is ensured by the free cash flow target and the limitation of interest-bearing debt.

    Risk management and ICS

    Within the framework of risk management, Jungfrau Railways deals with possible events whose occurrence could mean that its strategic and thus the financial goals cannot be achieved. We assess such events in terms of their probability of occurrence and their likely impact on EBIT. Events may include commercial success, partnerships, reputation, organisation (especially personal safety, material assets, availability, integrity, confidentiality of data and the assurance of expertise), finances, governance, and compliance. Risk management identifies both opportunities and threats. Strategic risks are regularly discussed as part of the Board of Directors’ 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. With this instrument, we firstly check compliance with processes and the integrity of data in the particularly sensitive area of finance and secondly ensure security with regard to the accuracy and reliability of 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 or user authorisation plan. In addition, special service levels are defined for all business-relevant applications in line with the respective risks and a specialist group monitors the change process. The in-house data protection officer oversees the 60 or so data files that include sensitive personal data, advises the data controllers regarding handling of these data and reports to the Executive Board at least once a year on data protection concerns and the results and conclusions from said officer’s investigations. Jungfrau Railways is guided by the General Data Protection Regulation (GDPR) of the EU, although the Swiss law formally implementing it is not yet in force.

    Risk management is embedded in the company’s general process landscape. Process organisation specifies responsibilities and ensures that the relevant measures are planned and implemented. The corresponding 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 Board of Directors discusses and supplements the strategic risks at least once a year and in addition as required. The strategic catalogue has always included a pandemic, a risk that is currently a major concern. What this means in concrete terms is described by the company management in its current message in the management report. 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 for risks, Jungfrau Railways is regularly externally audited by the Swiss Federal Office of Transport, Suva, and the certification body for quality management according to ISO 9001/2015.

    The increasing density of regulation, which goes hand in hand with public awareness of compliance issues, has recently been explicitly included in the Board of Directors’ SWOT analysis. This results in efforts to continuously expand compliance. While the safety of our employees and our clients remains our top priority, the company is constantly faced with additional legal and regulatory requirements in a wide variety of areas. As a small listed company, it is a challenge for Jungfrau Railways to meet all the rules correctly, even to set standards in some areas, while at the same time ensuring costs do not explode and innovation is not hindered. A compliance management system was set up in 2019 with this objective in mind. In February 2020, the new Jungfrau Railways Code of Conduct was adopted by the Board of Directors. The most important innovation is the prohibition of accepting and giving gifts worth more than CHF 300. The implementation of structural measures, in particular the assignment of the Compliance Officer’s duties to an independent unit, will take place in the course of this year in view of the comprehensive reorganisation of the entire management as of 1 January 2021.

    The failure of projects is a significant risk position in the catalogue of a naturally investment-driven transport company that must maintain and constantly renew cable cars and railways. The major V-Cableway project currently poses corresponding challenges for our project management. This is carried out by a board formed specifically from representatives of Jungfrau Railways and Gondelbahn Grindelwald-Männlichen AG. Every three months, this body 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 tasks, preparation of the handover and 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)Note2019%2018%
    Current assets
    Liquid funds57,43287,390
    Receivables from deliveries and services113,95314,637
    Other current receivables212,33121,673
    Inventories souvenir shops and catering2,7041,784
    Accrued income39,3496,615
    Total current assets95,76912.5%132,09918.5%
    Fixed assets
    Financial assets47,1306,297
    Tangible assets5655,663567,097
    Intangible assets610,2758,823
    Total fixed assets673,06887.5%582,21781.5%
    Total Assets768,837100.0%714,316100.0%
    Outside capital
    Liabilities from deliveries and services738,23828,169
    Current financial liabilities8740740
    Other current liabilities94,8057,589
    Current provisions102,2662,050
    Deferred income1123,98123,606
    Total current borrowed capital70,0309.1%62,1548.7%
    Non-current financial liabilities850,33941,271
    Other non-current liabilities4360
    Non-current provisions1040,72341,231
    Total non-current borrowed capital91,49811.9%82,50211.6%
    Total borrowed capital161,52821.0%144,65620.3%
    Share capital248,7538,753
    Capital reserves-980-1,425
    Treasury shares24-144-440
    Retained earnings595,209558,506
    Equity shareholders of Jungfraubahn Holding AG602,838565,394
    Minority interests4,4714,266
    Total equity607,30979.0%569,66079.8%
    Total liabilities768,837100.0%714,316100.0%

    Consolidated income statement

    1 January to 31 December

    CHF (thousands)Note20192018
    Operating income
    Transportation revenues12161,807153,833
    Sale of energy10,04311,017
    Souvenir shops8,7518,763
    Catering and accommodation5,7234,382
    Service income8,7227,455
    Rental income148,5508,168
    Other income159,1638,943
    Total operating income223,310212,815
    Operating expenses
    Cost of goods16-5,583-5,453
    Purchase of energy-2,305-2,112
    Personnel expenses17 - 19-62,090-60,173
    Other operating expenses20-50,374-49,966
    Total operating expenses-120,352-117,704
    Depreciation and amortisation
    Depreciation of tangible assets5-33,166-32,325
    Amortisation of intangible assets6-2,288-1,817
    Total depreciation and amortisation-35,454-34,142
    Financial result
    Financial expenses21-254-364
    Results from associated companies-7-3
    Financial income22452360
    Total financial result191-7
    Profit before tax67,69560,962
    Income taxes23-14,351-13,136
    Annual profit53,34447,826
    Shareholders of Jungfraubahn Holding AG52,97647,914
    Minority interests368-88
    Result per share
    Shares issued5,835,0005,835,000
    Average balance of time-weighted treasury shares-20,138-8,154
    Average number of time-weighted outstanding shares5,814,8625,826,846
    Undiluted and diluted result per shareCHF9.118.22

    Consolidated cash flow statement

    1 January to 31 December

    CHF (thousands)Note20192018
    Annual profit53,34447,826
    Depreciation of tangible assets533,16632,325
    Amortisation of intangible assets62,2881,817
    Change of provisions10-292-688
    Book profits from the sale of fixed assets-70-253
    Book profits from the sale of financial assets-2-12
    Results from associated companies73
    Badwill from the acquisition of subsidiary shares22-112-6
    Other non-cash items [1]2,3681,968
    Cash flow before change in net current assets90,69782,980
    Decrease / increase in receivables from deliveries and services684-5,058
    Decrease / increase in other current receivables29,342-5,877
    Increase / decrease in inventories-920169
    Increase / decrease in accrued income-2,734160
    Increase / decrease in liabilities from deliveries and services [2]2,426-2,001
    Decrease / increase in other short-term liabilities-2,7842,637
    Use of provisions100-100
    Increase in deferred income3756,975
    Cash flow from operating activities97,08679,885
    Investments in tangible assets [2]5-114,826-62,990
    Investments in financial assets4-8400
    Investments in intangible assets [3]6-3,740-1,903
    Divestment of tangible assets5807892
    Divestment of financial assets42421
    Cash flow from investing activities-118,597-63,580
    Free cash flow-21,51116,305
    Increase in financial liabilities810,9715,580
    Repayment of financial liabilities8-1,903-740
    Deposit right of use Terminal Grund84400
    Purchase of minority shares-2-2
    Investment in own shares incl. transaction costs-2,645-2,925
    Divestment of own shares1,007906
    Transaction costs for divestment of own shares-3-2
    Profit distribution to minority interests-39-20
    Profit distribution Jungfraubahn Holding AG-16,273-13,996
    Cash flow from financing activities-8,447-11,199
    Change in liquid assets-29,9585,106
    Liquid funds 1 January87,39082,284
    Liquid funds 31 December57,43287,390
    Change in liquid assets-29,9585,106
    [1] Equity compensation programme for administration board, management and employees. [2] Liabilities from deliveries and services include kCHF 19,788 (previous year kCHF 12,145), which relates to investing activities. The accrued cash outflow will be in 2020. [3]The investments in intangible assets include goodwill of kCHF 762 from the takeover of Restaurationsbetriebe Jungfraujoch AG, which was merged with Jungfrau Gastronomie AG on 1 November 2019.

    Consolidated statement of shareholders' equity

    At 31 December

    CHF (thousands)NoteShare capitalCapital reservesTreasury sharesRetained earningsEquity shareholders of Jungfraubahn Holding AGMinority interestsTotal equity
    Equity at 01/01/20188,753-1,417-399524,588531,5254,386535,911
    Acquisition of own shares24-8-2,917-2,925-2,925
    Sale of treasury shares2402,8762,8762,876
    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
    Acquisition of own shares24-7-2,638-2,645-2,645
    Sale of treasury shares244522,9343,3863,386
    Annual profit52,97652,97636853,344
    Purchase of subsidiary shares0-124-124
    Equity at 31/12/20198,753-980-144595,209602,8384,471607,309

    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 25 March 2020.

    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 facilities10 – 40
    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 and the Grindelwald Grund Infrastruktur AG are insured by the legally independent personnel pension fund of Jungfrau Railways. The employees of the Jungfrau Gastronomie AG are insured by the GastroSocial pension fund, the employees of the Grindelwald Grund Infrasturktur AG by the Nest pension fund. The purpose of all three 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 the foundations 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

    In the reporting year, the following material transaction was carried out with a related party: purchase of a business property in Interlaken from BEKB | BCBE as of 1 July 2019 for CHF 11.0 million.

    No other significant transactions with related parties took place in the 2019 financial year. In accordance with Swiss GAAP FER 15.8, the legal entities BEKB | BCBE, Gebäudeversicherung Bern and Garaventa AG, which are shown as related parties in the Financial Report 2018, no longer fall under this definition from 1 January 2020.

    Segment information

    CHF (thousands)20192018Changein %
    Segment sales
    Net sales Jungfraujoch - Top of Europe149,839139,21610,6237.6%
    Net sales Adventure mountains32,62027,4285,19218.9%
    Net sales Winter sports30,77928,0512,7289.7%
    Net sales other segments [1]49,12550,130-1,005-2.0%
    Elimination group-internal sales-39,053-32,010-7,04322.0%
    Total operating income according to profit and loss account223,310212,81510,4954.9%
    Segment results EBITDA
    EBITDA Jungfraujoch – Top of Europe70,54667,5443,0024.4%
    EBITDA Adventure mountains18,84014,4584,38230.3%
    EBITDA Winter sports1,7003391,361401.5%
    EBITDA other segments [1]11,90412,769-865-6.8%
    Group eliminations-321-33-3,300.0%
    Total EBITDA according to the income statement102,95895,1117,8478.3%
    [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 2019:

    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
    Jungfrau Shopping AG, Interlaken [1]100.0%full consolidation
    Jungfrau Gastronomie AG, Interlaken100.0%full consolidation
    Bergbahn Lauterbrunnen-Mürren AG, Interlaken94.8%full consolidation
    Harderbahn AG, Interlaken88.6%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] Formerly Mürrenbahn AG, renamed on June 11, 2019

    1 Receivables from deliveries and services

    CHF (thousands)20192018
    Receivables from third parties14,81514,750
    Receivables from associated companies77589
    Value adjustments-939-702
    Net value13,95314,637

    2 Other current receivables

    CHF (thousands)20192018
    Short-term financial assets 4-12 months10,00020,020
    Various current receivables2,3311,653

    3 Accrued income

    CHF (thousands)20192018
    Operating material and consumables, printed matter, service clothing2,4602,403
    Credit refund of tax payments197389
    Credit from energy supplies1,2731,005
    Prepaid insurance premiums2,3351,159

    4 Financial investments

    CHF (thousands)Associated companiesNon-consolidated holdingsLoansSecuritiesFixed depositsTotal acquisition values
    Acquisition values
    Inventory 01/01/20186,4215764191,29808,714
    Inventory 31/12/20186,418576101,26308,267
    Total acquisition values 31/12/20196,4115768341,25609,077
    Depreciation and amortisations
    Inventory 01/01/20189405001,01502,005
    Inventory 31/12/201894050098001,970
    Total depreciation and amortisations 31/12/201994050095701,947
    Balance sheet values
    Inventory 31/12/20185,4785261028306,297
    Inventory 31/12/20195,47152683429907,130

    5 Tangible assets - acquisition values 2019

    Investment itemCHF (thousands)Balance sheet value 01/01/2019Inventory 01/01/2019AdditionsReclassificationDisposalsInventory 31/12/2019
    Undeveloped land1,4841,9450001,945
    Developed land11,62412,7681,27076314,801
    Railway stations27,74156,6203835057,053
    Depots and workshops16,76027,59526127,856
    Railway substructure and superstructure81,751114,0871,265506-281115,577
    Gondola lift, chair lift and ski lift stations15,55536,98511,71048,695
    Ski slopes and fixed snowmaking equipment15,47333,9914032034,414
    Hiking trails / climbing routes3131,1271,127
    Power station12,87219,17419,174
    Restaurants and accommodation16,51432,8088538033,273
    Car parks and parking spaces1,71915,97015,970
    Residential buildings3,0244,94179805,928
    Administration buildings1,6752,7589,958-2,00010,716
    Other buildings49,549102,2701,5862,634-7106,483
    Total land and buildings254,570461,09426,9285,333-2,288491,067
    Railway installations37,46989,9052,2933,003-2,54992,652
    Gondola lifts10,10827,8793135128,243
    Chairlifts and ski lifts20,44652,182295-1,10451,373
    Snowmaking equipment1,1724,7795960-624,836
    Power stations26,64642,1181,303922-2,69741,646
    Other facilities9,82821,5989,855452-42531,480
    Total facilities105,669238,46114,1184,488-6,837250,230
    Rail vehicles127,030239,816204-1,118238,902
    Slope vehicles2,8078,305945-4158,835
    Other vehicles4811,39793-301,460
    Total vehicles130,923250,7791,34040-1,594250,565
    Office equipment01,381-2331,148
    Devices and tools2,3059,65812235-949,721
    IT equipment8702,863180-482,995
    Communication equipment149336336
    Total other property, plant and equipment3,32414,23830235-37514,200
    Installations under construction65,73765,73778,731-9,8960134,572
    Spare parts / material supplies5,39013,2121,0500-72513,537

    5 Property, plant and equipment - depreciation and impairments 2019

    Investment itemCHF (thousands)Inventory 01/01/2019AdditionsReclassificationDisposalsInventory 31/12/2019Balance sheet value 31/12/2019
    Undeveloped land4610004611,484
    Developed land1,1441,14413,657
    Railway stations28,8791,06829,94727,106
    Depots and workshops10,83556611,40116,455
    Railway substructure and superstructure32,3362,513-28134,56881,009
    Gondola lift, chair lift and ski lift stations21,4301,22522,65526,040
    Ski slopes and fixed snowmaking equipment18,5181,35819,87614,538
    Hiking trails / climbing routes814123937190
    Power station6,3024636,76512,409
    Restaurants and accommodation16,29466016,95416,319
    Car parks and parking spaces14,25150714,7581,212
    Residential buildings1,9171832,1003,828
    Administration buildings1,0832,128-2,0001,2119,505
    Other buildings52,7212,245-754,95951,524
    Total land and buildings206,52413,0390-2,288217,275273,792
    Railway installations52,4364,276-2,54254,17038,482
    Gondola lifts17,7711,23019,0019,242
    Chairlifts and ski lifts31,7361,893-1,10432,52518,848
    Snowmaking equipment3,607287-623,8321,004
    Power stations15,4721,148-2,69713,92327,723
    Other facilities11,7701,433-42512,77818,702
    Total facilities132,79210,2670-6,830136,229114,001
    Rail vehicles112,7867,810-1,118119,478119,424
    Slope vehicles5,498897-4155,9802,855
    Other vehicles91678-30964496
    Total vehicles119,8568,9160-1,594127,178123,387
    Office equipment1,381-2331,1480
    Devices and tools7,353469-897,7331,988
    IT equipment1,993214-482,159836
    Communication equipment18737224112
    Total other property, plant and equipment10,9147200-37011,2642,936
    Installations under construction00000134,572
    Spare parts / material supplies7,822224008,0465,491

    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

    6 Intangible assets

    CHF (thousands)Concessions and rightsSoftwareGoodwillTotal acquisition values
    Acquisition values
    Inventory 01/01/20184,70010,57042815,698
    Inventory 31/12/20184,49512,39642817,319
    Total Acquisition values 31/12/20195,23413,8101,19020,234
    Depreciation and impairments
    Inventory 01/01/20182,2724,2614286,961
    Inventory 31/12/20182,1935,8754288,496
    Depreciation and impairments 31/12/20192,1307,2495809,959
    Balance sheet values
    Inventory 31/12/20182,3026,52108,823
    Inventory 31/12/20193,1046,56161010,275

    7 Liabilities from deliveries and services

    CHF (thousands)20192018
    Liabilities from deliveries and services owed to third parties38,20127,858
    Liabilities from deliveries and services owed to related parties0260
    Liabilities from deliveries and services owed to associated companies3751

    8 Financial liabilities / net financial assets

    CHF (thousands)2019Maturity less than 1 yearMaturity more than 1 yearConditionally repayableUnused limits2018
    Confederation and canton loan under Art. 56 Railway Conveyance Act (non-interest-bearing)43,27974042,53942,011
    Confederation and canton loan under NRP (non-interest-bearing)7,8007,8000
    Bank liabilities0124,4000
    Total financial liabilities51,0797407,80042,539124,40042,011
    Liquid funds57,43287,390
    Net financial assets6,35345,379
    Change on previous year-39,026

    9 Other current liabilities

    CHF (thousands)20192018
    Direct tax3,6583,817
    Social security liabilities38346
    Clearing balance Jungfrau Ski Region and SBB1863,009
    Various other liabilities725240
    Liabilities to shareholders [1]198177
    [1] Liabilities to shareholders include dividends not yet paid out.

    10 Provisions

    CHF (thousands)Holidays / overtimeVariousDemolition Ostgrat buildingDeferred taxesTotal provisions
    Book value at 01/01/20181,87510095041,14444,069
    Book value at 31/12/20182,050095040,28143,281
    of which short-term2,0500002,050
    Book value at 01/01/20192,050095040,28143,281
    Book value at 31/12/20192,266095039,77342,989
    of which short-term2,2660002,266

    11 Deferred income

    CHF (thousands)20192018
    Demarcation of transport income from subscriptions8,1666,936
    Direct tax7,3197,238
    Profit sharing1,0291,008
    Other demarcations7,4678,424

    12 Transportation revenues

    CHF (thousands)20192018
    Jungfraujoch – Top of Europe120,895118,798
    Adventure mountains25,01720,661
    Winter sports23,46422,324
    Gross transportation revenues169,376161,783
    Reductions in revenue-7,569-7,950

    13 Compensation received from government

    CHF (thousands)20192018
    Lauterbrunnen–Wengen infrastructure4,7694,821
    Regional passenger transport Lauterbrunnen–Wengen1,4931,393
    Freight transport Lauterbrunnen–Wengen1,9001,900
    Regional passenger transport Lauterbrunnen–Mürren2,3892,140

    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)20192018
    Catering rental rates1,8181,766
    Renting of parking spaces2,6922,535
    Renting of residential and commercial spaces1,4971,254
    Other renting2,5432,613

    15 Other income

    CHF (thousands)20192018
    Adventure offers4,0433,398
    Various income2,6472,518
    Capitalised costs1,5911,461
    Income from sales of assets70253

    16 Cost of goods

    CHF (thousands)20192018
    Souvenir shops-4,032-4,055
    Catering and accommodation-1,551-1,398

    17 Personnel expenses

    CHF (thousands)20192018
    Salaries and wages-45,439-43,527
    Allowances, uniforms and other benefits-6,624-6,634
    Social expenditure-9,138-9,028
    remaining personnel expenses-1,477-1,480
    Insurance payments588496
    Employees (full-time positions)612600

    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 people20192018
    Active insured persons717634
    Total persons979888
    Expenditure for employee benefit plans in thousands of CHF (included in social expenses)-4,420-4,302

    19 Pension plans

    Economic benefit / economic commitment [1]Tausend CHFSurplus cover / shortfall at 31/12/2018Surplus cover / shortfall at 31/12/2017Economic part of the organisation at 31/12/2018Economic part of the organisation at 31/12/2017
    Pension plan with surplus cover
    Jungfrau Railways pension fund [2]0000
    GastroSocial pension fund [3]0000
    Nest pension fund [4]
    [1] As the audited financial statements of the foundations for 2019 are not yet available, the previous year's figures are shown as the last known values. [2] The degree of coverage of the Jungfrau Railways pension fund amounts to 111,0% as of 31/12/2018 in the last revised financial statements. [3] 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%. [4] The staff of Grindelwald Grund Infrastruktur AG is insured with the Nest pension fund. As at 31/12/2018, this shows a degree of coverage of 108,3%.
    Pension expenses in personnel expensesCHF (thousands)20192018
    Jungfrau Railways pension fund-4,057-3,986
    GastroSocial pension fund-102-77
    Nest pension fund-130

    Management insurance is maintained for members of management and extended management. Expenses for the companies amounted to kCHF 248 in 2019 and kCHF 239 in 2018.

    20 Other operating expenses

    CHF (thousands)20192018
    Costs for services-13,347-8,929
    Rent expenses-472-519
    Maintenance, renovation and demolition-10,710-10,434
    Insurance and compensation-1,477-1,249
    Energy and consumables-2,672-2,280
    General expenses-9,768-14,588

    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 expenses

    CHF (thousands)20192018
    Interest paid-42-101
    Relative exchange rate losses-13-30
    Other financial expenses-199-233

    22 Financial income

    CHF (thousands)20192018
    Interest received8495
    Relative exchange rate gains7386
    Badwill from the purchase of shares in subsidiaries1126
    Various income183173

    23 Taxes on profits

    CHF (thousands)20192018
    Distribution by tax type
    Current income taxes-14,859-13,999
    Deferred income taxes508863
    Analysis of taxes on profits
    Ordinary earnings before taxes on profits67,69560,962
    Average applicable tax rate before taking account of losses carried forward22.2%22.3%
    Expected taxes on profits related to the ordinary result-15,001-13,601
    Effect of changes in non-capitalised losses carried forward-282-402
    Effect of tax-free results813560
    Other effects119307
    Effective tax rate21.2%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 Bergbahn Lauterbrunnen-Mürren AG, Grindelwald Grund Infrastruktur AG, Jungfrau Gastronomie AG as well as Jungfrau Shopping AG there are tax-deductible losses carried forward totalling kCHF 5,669 (previous year kCHF 4,492). The resulting non-capitalised deferred tax claim is kCHF 1,267 (previous year kCHF 985).

    24 Equity

    Share capital
    The share capital of Jungfraubahn Holding AG is fully paid up, amounting to CHF 8,752,500 at 31 December 2019 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 2019, the company held 1,085 registered treasury shares with a nominal value of CHF 1.50 each (previous year 3,018 registered treasury shares). In the reporting year, 20,052 (previous year: 20,000) of the Company's registered treasury shares were purchased at an average price of CHF 131.54 (previous year: CHF 145.88) and 21,985 (previous year 20,575) registered treasury shares were sold at an average price of CHF 154.12 (previous year CHF 139.91).

    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 45.00 per registered share (previous year CHF 43.00). 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 21,685 registered treasury shares were sold in the reporting year (previous year 20,294).

    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 28,636 at 31 December 2019 (previous year kCHF 26,279).

    25 Other information

    CHF (thousands)20192018
    Investment obligations53,09534,024
    Sureties, guarantees and pledges in favour of third parties
    Assets pledged to secure building lease charges5151
    Guarantee obligations6490
    Joint guarantee Verein Int. Lauberhornrennen Wengen500500
    Joint and several liability for all value-added tax liabilities of the Jungfraubahn Group and Berner Oberland-Bahnen AGp.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 leases12,87512,258
    • of which due within 1 year567500
    • of which due in 1-5 years1,7531,451
    • of which due in more than 5 years10,55510,307

    26 Events after the balance sheet date

    On 11 March 2020, the World Health Organisation (WHO) classified the global spread of the Coronavirus (COVID-19) as a pandemic. As a result, the ski area and the cogwheel railways above Grindelwald and Wengen were officially closed on 14 March 2020. They remain closed at the time of publication of this Financial Report. The Board of Directors and Executive Board of Jungfraubahn Holding AG are monitoring events and will take the necessary measures on an ongoing basis. At the time of approval of these consolidated financial statements, the financial consequences of the direct and indirect effects of this pandemic on the current financial year 2020 cannot yet be estimated. On the other hand, the significance of the 2019 consolidated financial statements will not be affected by the consequences of the coronavirus pandemic.


    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 2019 and the financial statements for 2019 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 2019 remuneration report and corporate governance information.


    Key figures 2015 to 2019

    CHF (thousands)20192018201720162015
    Balance sheet
    Current assets95,769132,099116,38779,61370,081
    Fixed assets673,068582,217540,372545,691528,048
    Outside capital161,528144,656120,848119,187110,658
    Balance sheet total768,837714,316656,759625,304598,129
    Income statement
    Operating income223,310212,815193,770169,030175,488
    Transportation revenues161,807153,833143,799125,984133,969
    Operating expenses120,352117,704106,02797,95196,093
    Personnel expenses62,09060,17355,27653,40253,440
    Depreciation and amortisation35,45434,14234,70534,74732,395
    EBIT (operating profit)67,50460,96953,03836,33247,000
    Annual profit53,34447,82641,60130,96436,485
    Cash flow statement
    Cash flow from operating activities97,08679,88563,59368,51963,256
    Cash flow from investing activities-118,597-63,580-29,756-50,408-57,813
    Cash flow from financing activities-8,447-11,199-10,394-8,358-6,052
    Free cash flow-21,51116,30533,83718,1115,443
    Key figures
    Equity ratio79.0%79.7%81.6%80.9%81.5%
    EBITDA in relation to operating income46.1%44.7%45.3%42.1%45.2%
    EBIT in relation to operating income30.2%28.6%27.4%21.5%26.8%
    Return on sales (ROS)23.9%22.5%21.5%18.3%20.8%
    Number of personnel612600542536525
    Earnings per employee365355358315334
    Personnel expenses in relation to operating income27.8%28.3%28.5%31.6%30.5%

    Charts 2015 to 2019

    Operating income / transportation revenue


    Free Cashflow

    Earnings per share

    Information for shareholders

    Information per registered share

    Information per share [1] in CHF20192018201720162015
    Nominal value1.501.501.501.501.50
    Voting rights11111
    Net profit [2]
    Dividends (2019: proposal) [3]2.802.802.402.102.00
    Equity [2]103.3196.9091.0986.0382.58
    Stock market price
    Year-end price165.00125.50127.2097.5094.85
    Key data [1]
    Price/earnings ratio18.1715.2817.9718.4115.27
    Payout ratio30.8%34.1%33.9%39.7%32.2%
    Dividend yield [3]1.7%2.2%1.9%2.2%2.1%
    Stock return [3]33.2%0.9%32.3%4.9%27.7%
    [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 2019

    Group structure

    As at 31/12/2019

    Jungfraubahn Holding AG

    Balance sheet

    at 31 December

    CHF (thousands)2019%2018%
    Current assets
    Liquid funds25,96651,499
    Other receivables from third parties10,38120,375
    Other receivables from participating interests2,123105
    Accrued income2320
    Total current assets38,49317.6%71,99936.4%
    Fixed assets
    Loans to group companies155,580101,720
    Participating interests24,88424,335
    Total fixed assets180,46482.4%126,05563.6%
    Total Assets218,957100.0%198,054100.0%
    Outside capital
    Current interest-bearing liabilities owed to third parties1863,009
    Current interest-bearing liabilities for participating interests59,83037,194
    Other current liabilities owed to third parties04
    Other current liabilities owed to shareholders193177
    Deferred income396367
    Current provisions00
    Total current borrowed capital60,60540,751
    Total non-current borrowed capital00
    Total borrowed capital60,60527.7%40,75120.6%
    Share capital8,7538,753
    Statutory retained earnings25,61225,612
    • Profit carried forward74,18473,802
    • Statutory and final reserves32,92032,920
    Voluntary retained earnings107,104106,722
    Own capital shares-144-440
    Annual result17,02716,656
    Total equity158,35272.3%157,30379.4%
    Total liabilities218,957100.0%198,054100.0%

    Income statement

    1 January to 31 December

    CHF (thousands)20192018
    Operating income
    Service income866835
    Total operating income866835
    Operating expenses
    Administration expenses-1,542-1,728
    Total operating expenses-1,542-1,728
    Financial result
    Depreciation on investments-7620
    Other financial expenses-340-267
    Investment income16,97216,640
    Other financial income1,8891,211
    Total financial result17,75917,584
    Direct tax-56-35
    Annual profit17,02716,656

    Profit sharing

    Application concerning the use of balance sheet profits

    Annual profit 201917,027,238
    Profit balance carried forward according to AGM resolution of 13 May 201974,119,548
    Undistributed dividends from own shares64,372
    Profit balance carried forward according to annual financial statement74,183,92074,183,920
    Balance sheet profit available to the AGM91,211,158
    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 forward74,873,158

    Notes to the financial statements


    The 2019 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.

    Events after the balance sheet date

    On 11 March 2020, the World Health Organisation (WHO) classified the global spread of the Coronavirus (COVID-19) as a pandemic. As a result, the ski area and the cogwheel railways above Grindelwald and Wengen were officially closed on 14 March 2020. They remain closed at the time of publication of this Financial Report. The Board of Directors and Executive Board of Jungfraubahn Holding AG are monitoring events and will take the necessary measures on an ongoing basis. At the time of approval of these consolidated financial statements, the financial consequences of the direct and indirect effects of this pandemic on the current financial year 2020 cannot yet be estimated. On the other hand, the significance of the 2019 consolidated financial statements will not be affected by the consequences of the coronavirus pandemic.

    Treasury shares

    CHF (thousands)20192018
    Inventory on 1st January(2019: 3,018 shares, 2018: 3,593 shares)440399
    Purchases(2019: 20,000 shares, 2018: 20,000 shares)2,6382,917
    Sales(2019: 20,575 shares, 2018: 20,575 shares)-3,388-2,878
    Inventory on 31st December(2019: 1,085 shares, 2018: 3,018 shares)144440
    Average price of purchased treasury shares (CHF)131.54145.88
    Average price of treasury shares sold (CHF)154.12139.91

    Holdings / voting rights in per cent

    Share capital CHF (thousands)20192018
    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%
    Jungfrau Shopping AG, Interlaken; trade in accessories and goods of all kinds [1]100100.0%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 Mürren1,80094.8%94.1%
    Harderbahn AG, Interlaken; Interlaken-Harder cable car and Harder Kulm restaurant70588.6%88.5%
    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%
    [1] Formerly Mürrenbahn AG, renamed on June 11, 2019

    Shareholder structure

    Significant shareholders
    BEKB | BCBE (Berner Kantonalbank), Bern14.2%14.2%
    Gebäudeversicherung Bern, Bern5.5%7.4%
    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)20192018
    Sureties, guarantees and pledges in favour of third parties
    Joint guarantee Grindelwald Grund Infrastruktur AG7,8000
    Joint and several liability for all value-added tax liabilities of the Jungfraubahn Group and the Berner Oberland-Bahnen AGp.m.p.m.
    Net release of silent reserves02

    Holding relationships of directors and management board members

    Disclosure under Art. 663c ORNumber of shares 2019Number of shares 2018Voting rights share 2019
    Board of Directors
    Prof. Thomas Bieger, Board Chairman11,46010,7500.20%
    Ueli Winzenried, Board Vice-Chairman5,2104,5000.09%
    Peter Baumann, Board of Directors7,0776,3670.12%
    Nils Graf, Board of Directors6,3735,6630.11%
    Dr. Catrina Luchsinger Gähwiler, Board of Directors1,4607500.03%
    Hanspeter Rüfenacht, Board of Directors2,3101,6000.04%
    Total Board of Directors33,89029,6300.59%
    Company Management
    Urs Kessler, Chairman of the Executive Board36,00834,0000.62%
    Christoph Schläppi, Head of Corporate Services9,7959,4950.17%
    Christoph Seiler, Head of Finances and Controlling15,49217,0580.27%
    Total management61,29560,5531.06%

    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 2019 and the financial statements for 2019 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 2019 remuneration report and corporate governance information.

    Revised dividend proposal from 20 April 2020

    The invitation to cast votes at the 26th Annual General Meeting of Jungfraubahn Holding AG was publicised on 16 April 2020. On 20 April 2020, the Board of Directors revisited its decision with regard to the dividends from March 2020 and is now proposing to forgo a distribution of dividends. The Board of Directors has thus changed its proposal for agenda item 2, use of balance sheet profit and dividend resolution. All other proposals by the Board of Directors remain unchanged.

    Revised dividend proposal

    Annual profit 201917,027,238
    Profit balance carried forward according to AGM resolution of 13 May 201974,119,548
    Undistributed dividends from own shares64,372
    Profit balance carried forward according to annual financial statement74,183,92074,183,920
    Balance sheet profit available to the AGM91,211,158
    Executive Board proposal:
    Forgoing distribution of dividends and carrying over the balance sheet profit to new account91,211,158

    Interlaken, 20 April 2020
    For the Board of Directors of Jungfraubahn Holding AG
    Prof. Dr. Thomas Bieger, Chairman; Ueli Winzenried, Vice-Chairman

    Auditor's report on the revised dividend proposal

    The printout of the revised dividend proposal 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.


    Jungfraubahn AG

    It is from Kleine Scheidegg that Jungfrau Railways opens up access to 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, set in permanent snow and ice. On the Jungfraujoch and on the Eigergletscher, guests are catered for by a number of gastronomy locations. In the Top of Europe Shops located 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, while also providing energy supply services.

    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
    Interlaken290 m2

    Key figures

    Operating values, in thousands of CHF20192018
    Employees (full-time positions)151139
    • of which learners44
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income102,64698,449
    Transportation revenues70,90369,375
    Goods income from shops8,7518,768
    Goods expenditure shops-4,034-4,055
    Sale of energy15,08316,127
    Purchase of energy-2,306-2,113
    Annual profit34,66635,057

    Wengernalpbahn AG

    With the longest cogwheel railway in the world, the Wengernalp Railway opens up the excursion and winter sports area of Kleine Scheidegg and serves as a shuttle service to the world-famous destination of Jungfraujoch – Top of Europe. And for 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, which have a total of eight chairlifts. Currently under construction is the new 3S cableway from Grindelwald Grund to the Eigergletscher. It will open at the end of 2020.

    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 CHF20192018
    Employees (full-time positions)224230
    • of which learners34
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income74,62270,729
    Transportation revenues59,66857,465
    Annual profit6,4466,253

    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. With its five service facilities, half-pipe and the Grindelwald-First Snowpark, the sunniest ski area of the Jungfrau region is popular in winter with locals, freestylers and holidaymakers from all over the world. On First, First Railway leases a Berghaus that includes a tourist accommodation centre.

    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 CHF20192018
    Employees (full-time positions)6766
    • of which learners99
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income25,72421,776
    Transportation revenues20,08616,999
    Annual profit7,3735,079

    Bergbahn Lauterbrunnen – Mürren AG

    The Lauterbrunnen-Mürren Mountain 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 also leases a 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 CHF20192018
    Employees (full-time positions)3130
    Holdings of Jungfraubahn Holding AG94.8%94.1%
    Operating income8,0127,421
    Transportation revenues5,2544,878
    Annual profit1,499996

    Harderbahn AG

    With Harder Kulm - Top of Interlaken, the cable car is positioning itself as an excursion service to Interlaken’s local mountain. The short journey, the breath-taking view from an exposed vantage platform on Lake Brienz and Lake Thun and the three peaks of the Eiger, Mönch and Jungfrau all help to create a special experience. A wide range of dishes in the leased Harder Kulm restaurant tops off the range on 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 CHF20192018
    Employees (full-time positions)55
    Holdings of Jungfraubahn Holding AG88.6%88.5%
    Operating income7,2316,230
    Transportation revenues6,3825,380
    Annual profit3,4792,985

    Parkhaus Lauterbrunnen AG

    Thanks to its location at the railway station, the Lauterbrunnen multi-storey car park with its 940 parking spaces and bus terminal is the central transfer point between family-owned transport and the car-free resorts of Mürren and Wengen. After completion of the new Grindelwald Grund Infrastruktur AG multi-storey car park in Grindelwald at the end of 2020, Parkhaus Lauterbrunnen AG will assume operations of this facility.

    Key figures

    Operating values, in thousands of CHF20192018
    Employees (full-time positions)44
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income2,4232,419
    Annual profit760796

    Grindelwald Grund Infrastruktur AG

    Grindelwald Grund Infrastruktur AG is the owner of infrastructures built or currently under construction for the V-Cableway project in Grindelwald Grund. It builds, maintains, manages and rents out these facilities. In addition, it has a mandate to provide services for Gondelbahn Grindelwald-Männlichen AG and, from 2021, for Wengernalpbahn AG. This includes personnel management, cleaning and operational control as well as the operational management of the Grindelwald-Männlichen AG aerial gondola. The multifunctional terminal is currently being completed. The multi-storey car park with over 1000 parking spaces is under construction. The entire facility will be completed with the opening of the Wengernalpbahn 3S cableway at the end of 2020.

    Key figures

    Operating values, in thousands of CHF20192018
    Employees (full-time positions) [1]140
    Holdings of Jungfraubahn Holding AG80.0%80.0%
    Operating income921488
    Annual result-764-2,568
    [1] Full-time equivalent as of 31 December.

    Jungfrau Gastronomie AG

    Jungfrau Gastronomie AG operates catering establishments along the main traffic axis to the Jungfraujoch – Top of Europe. Bergrestaurant Kleine Scheidegg was the first establishment to open on 1 December 2017 in the railway station on Kleine Scheidegg. This was followed by restaurants on the Eigergletscher and Jungfraujoch in December 2019. The new production kitchen at Grindelwald Grund’s terminal is under construction. New café bars are also being built there and on the Eigergletscher. The production kitchen and all restaurants are rented by Jungfrau Gastronomie AG via its sister companies and run under central management based on an holistic concept.

    Key figures

    Operating values, in thousands of CHF20192018
    Employees (full-time positions)4840
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income5,7354,349
    Annual result-555-866

    Jungfraubahnen Management AG

    Jungfraubahnen Management AG provides the Executive Board elected by Jungfraubahn Holding AG with a management infrastructure that includes personnel (managers, specialists) and is suitable for managing the Jungfrau Railway Group and successfully fulfilling management mandates for other related companies. Insofar as it coordinates its approach with clients who do not belong to the Group in order to strive for the greatest possible synergies, particularly in marketing, customer service, insurance, quality assurance, compliance management, procurement and IT, it does so as a full-function joint venture of the companies involved.

    Key figures

    Operating values, in thousands of CHF20192018
    Employees (full-time positions)8086
    • of which learners1012
    Holdings of Jungfraubahn Holding AG67.0%67.0%
    Operating income30,11230,128
    Income from management services23,69723,104
    Annual profit13968