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

    Notes to the consolidated financial statements

    For the first time in its history, in 2020 the Jungfrau Railway Group suffered a loss. The loss of CHF 9.7 million in the 2020 coronavirus year is in stark contrast to the record profit of CHF 53.3 million in 2019.

    The Jungfrau Railway Group is optimally established on global tourism markets but suffered from the immediate halting of international travel following the global spread of the coronavirus in spring 2020. Subsequently, the operation of the tourist facilities had to be suspended for almost three months due to official conditions aimed at combating the pandemic. Following the lifting of lockdown, business with Swiss guests and visitors from surrounding countries developed positively. However, as expected, this was far from being able to compensate for the loss of guests from Asia.

    Overall, the Jungfrau Railway Group posted operating income of CHF 125.7 million, which equates to a fall of CHF 97.6 million compared to the record year of 2019. Transport revenue amounted to CHF 75.6 million, which is down CHF 86.2 million against the previous year. With a drop of 65.6%, transport revenue from the most important segment, Jungfraujoch – Top of Europe, was hardest hit. Experience Mountains transport revenue fell by around half, while transport income from winter sports passes declined by only 5.2%.

    Thanks to the rapid introduction of savings measures and use of the short-time work option, it was possible to reduce operating expenditure by 14.1% to CHF 103.4 million – despite the fact that additional new business operations were taken on in the reporting year thanks to the takeover of the gastronomy enterprises on the Jungfraujoch and the operational management of the Grindelwald-Männlichen cableway.

    In an extremely challenging environment with a historically unprecedented pandemic, which completely destroyed the largest segment of international customers, those from Asia, in addition to imposing a lockdown lasting almost three months, the positive EBITDA of CHF 22.3 million is pleasing. In view of the completion of the V-Cableway – a once-in-a-generation project – and the assumption of new business activities, a positive EBITDA underlines the robust business model of the Jungfrau Railway Group.

    Depreciation and amortisation amounted to CHF 33.5 million. Accordingly, EBIT came to CHF –11.2 million and the annual loss was CHF –9.7 million. Cash flow amounted to CHF 22.4 million, while cash flow from operating activities was CHF 30.4 million.

    Alongside the operational challenges caused by the pandemic, the completion of the V-Cableway project was the focus in 2020. Through the opening of the most state-of-the-art terminal in the Alps, the new multi-storey car park and the ultra-modern tricable cableway Eiger Express gondola on 5 December 2020, the intergenerational project successfully commenced operations.

    The Jungfrau Railway Group’s total investment volume last year was CHF 123.7 million. Of this, CHF 91.3 million was accounted for by the V-Cableway project. In total, the company has invested around CHF 340 million in the once-in-a-generation project to date, which includes the core elements of the Eiger Express, terminal and multi-storey car park, as well as the Wengernalp Railway and Jungfrau Railway rolling stock upgrades that had already been completed. There is still more investment to come. Overall, costs are expected to exceed the original planning by around 10%.

    The Jungfrau Railway Group’s second major project is the Lauterbrunnen-Mürren Mountain Railway upgrade, which is being financed directly or indirectly by the Canton of Berne. Costs amounting to a good CHF 50 million are estimated for the overall upgrade of Mürren Railway. In the reporting year, CHF 9.9 million was invested in the expansion of Grütschalp station and garage, as well as in the modernisation of Winteregg station. Three low-floor multiple-unit trains were also ordered at the end of the year, which will be put into operation in 2023.

    The station concourse on the Jungfraujoch will be under renovation until spring 2021. CHF 7.1 million was invested in this in the reporting year. For the Harder Railway, the drive and control of the funicular were upgraded in 2020, triggering investments of CHF 1.6 million.

    The consolidated balance sheet as of 31 December 2020 shows equity of CHF 597.0 million. This results in a very solid equity ratio of 72.9%. Borrowed capital of CHF 221.7 million includes financial liabilities of CHF 109.3 million. Only CHF 45.0 million of these are in the form of interest-bearing bank liabilities. The remaining CHF 64.3 million relates to non-interest-bearing loans from the public sector for the financing of railway infrastructure, the majority of which is only conditionally repayable.

    Details of individual segments

    During the first year of the pandemic, Jungfraujoch – Top of Europe remained the most significant segment of the Jungfrau Railway Group, despite the fact that the negative impacts of the corona pandemic were most serious in this segment. Net sales declined by CHF 80.6 million or 53.8% to CHF 69.2 million. Following a strong start to the year with record visitor numbers in January, demand began to weaken in February. Following the closure ordered by the authorities from 14 March to 5 June 2020, the guest structure through to the end of the year was no longer comparable with the time before the corona pandemic. Group travel fell away completely, and international guests were largely absent. This meant that the number of visitors to the Jungfraujoch fell by 65.6% to 362,800. The results of the gastronomy establishments and Top of Europe shops also suffered from the considerable drop in guest numbers. This segment as a whole saw EBITDA drop to a mere CHF 3.1 million, which equates to a fall of 95.6% in comparison to the previous year.

    The pandemic likewise had a significant negative impact on the Experience Mountains segment. Net sales fell by 48.4% to CHF 16.8 million and EBITDA by 69.0% to CHF 5.8 million. All railways – Harder Railway, First Railway and Lauterbrunnen-Mürren Mountain Railway– saw considerable drops in sales. The losses suffered during lockdown could not be compensated for by pleasing visitor numbers due to numerous Swiss guests in the summer months.

    The impact was felt least in the winter sports segment. While the number of skier visits for the Jungfrau Ski Region as a whole fell in comparison with the previous year by 16.0% to 898,400 due to the abrupt end to the season on 14 March 2020, the Jungfrau Railway Group’s share of the region's transport revenue fell by only 5.2% to CHF 22.2 million. With net sales of CHF 29.7 million, the winter sports segment achieved an EBITDA of CHF 3.7 million, which equates to an increase of CHF 2.0 million in comparison to the previous year.

    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). 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 targets is clear and simple.

    The Jungfrau Railway Group will continue to strive for development and financing based on solid results in the future. 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. In addition, the scope for distributions is expanded.

    Prior to the outbreak of the corona pandemic, the Board of Directors had formulated the following financial targets for the period after the inauguration of the V-Cableway:

    Key figureTarget value2020
    Return on sales≥ 18%-7.7%
    EBITDA margin≥ 40%17.7%
    Payout ratio35% – 60%0.0%
    Cumulative free cash flow 2014‒2023≥ CHF 150 Mio.
    Interest-bearing borrowed capital≤ 10%5.5%

    During the pandemic, the financial targets, which are geared to the long term, are not achievable in their entirety. The duration, severity and consequences of the pandemic cannot be conclusively assessed at present. Accordingly, the financial targets cannot be used to assess corporate performance either for the reporting year or for the financial year 2021. For the duration of the pandemic, the Board of Directors and the Executive Board are focusing on the establishment of a positive EBITDA on the level of the consolidated financial statements. This will guarantee that the Jungfrau Railway Group can ensure its liquidity at all times and that no cash drain will take place.

    Following the normalisation of global tourism markets, the financial targets that had been defined can be drawn on again. Should the global markets recover only very slowly after the pandemic, contrary to expectations, it will be necessary to review the financial targets.

    Risk management and ICS

    Within the framework of the risk management, Jungfrau Railways examines possible events whose occurrence could jeopardise the achievement of its strategic goals and the associated financial objectives. We assess such events in terms of their probability of occurrence and their likely impact on EBIT. Such events may affect the commercial success, partnerships, reputation, organisation (especially personal safety, physical assets, availability, integrity, confidentiality of data and the protection of expertise), finances, governance and compliance. The risk management identifies both opportunities and threats. Strategic risks are regularly discussed as part of the Board of Directors’ so-called SWOT analysis. In the Management Report, we mainly focus on the commercial challenges (see message from the company management/opportunities and risks).

    Jungfrau Railways has an internal control system (ICS) that meets the statutory requirements. With this instrument, we firstly check the compliance with processes and the integrity of data in the highly sensitive area of finance and secondly, we ensure reporting accuracy and reliability.

    The IT security policy of Jungfrau Railways follows a best-practice approach. The rules are defined in the IT security policy, the IT security guidelines for employees, the IT password guidelines and the user authorisation concept. In addition, special service levels are defined for all business-relevant applications in line with the respective risks, and the change process is monitored by a specialist group. Moreover, an IT audit has been conducted for review and further development purposes. The results have been analysed, and a project has been launched to implement suitable measures. The in-house data protection officer oversees the 60-odd data repositories that include sensitive personal data, advises the data controllers regarding the handling of these data and reports to the Executive Board at least once a year on data protection concerns and the investigation results and conclusions drawn. In this context, Jungfrau Railways takes the strict EU General Data Protection Regulation (GDPR) into consideration, though the Swiss law has moderate regulations.

    The risk management is embedded in the company’s general process landscape. The process organisation determines the responsibilities and makes sure that relevant measures are planned and implemented. The risk index (risk catalogue) forms the central basis for the formal risk process. The risks are assessed by financial impact and probability of occurrence and categorised 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 whenever required. The strategic catalogue has always included the possibility of 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 the risk management. In addition to internal audits, which are used by the Executive Board to check certain areas for risks, Jungfrau Railways is subject to regular external audits by the Swiss Federal Office of Transport, Suva and the certification body for quality management according to ISO 9001/2015. Additionally, the Board of Directors decided to institute an internal audits unit from 1 January 2021. This function will be carried out in the future from the Gfeller & Partner AG, Bern and Langenthal. 

    In its recent SWOT analysis, the Board of Directors has explicitly taken the increasing regulatory density and the growing public awareness of compliance issues into consideration. This has resulted in efforts to continuously improve the compliance. While the safety of our employees and our clients remains as before our top priority, the company is also continually faced with additional legal and regulatory requirements in all kinds of areas. It is a challenge for Jungfrau Railways to duly meet all rules and to even set standards in some areas while not allowing the costs to get out of control and not impairing innovation. With these objectives in mind, a compliance management system (CMS) was started to built up in 2019. In February 2020, the new Jungfrau Railways Code of Conduct was adopted by the Board of Directors. Structural measures were taken in the course of the year in view of the comprehensive reorganisation of the entire management as of 1 January 2021. This also includes the creation of an additional position as a compliance officer who will take care of the implementation as well as the further development of the CMS.

    In this area too, the current corona crisis is keeping the company management occupied. In the wake of the materialised risk of a pandemic, the consequences have been newly assessed and repositioned in the risk matrix. An in-depth examination of the topic of a demand slump in the field of international tourism has shown that the reasons that lead to this situation should be presented in differentiated way and in the form of two separate risks in the risk matrix. The adjustment of the risk catalogue is under way and will be submitted to the Board of Directors in the current financial year 2021.

    The failure of projects continues to be a significant risk position in the catalogue of an inherently investment-driven transport company that must maintain and constantly renew cableways and railways. The large V-Cableway project was successfully inaugurated and commissioned. Until all work is completed (including dismantling of the cableway infrastructure) and the final accounting can take place, systematic project control must continue. Steering Committee meetings continue to take place, though at longer intervals, in order to guide and ensure the conclusion of the project in a timely manner. The company management has adjusted the risk position in order to accommodate future projects beyond the V-Railway project.

    Consolidated balance sheet

    At 31 December

    CHF (thousands)Note2020%2019%
    Current assets
    Liquid funds20,01657,432
    Receivables from deliveries and services15,48913,953
    Other current receivables24,71012,331
    Inventories souvenir shops and catering3,2482,704
    Accrued income312,6059,349
    Total current assets46,0685.6%95,76912.5%
    Fixed assets
    Financial assets47,1067,130
    Tangible assets5750,579655,663
    Intangible assets614,92810,275
    Total fixed assets772,61394.4%673,06887.5%
    Total Assets818,681100.0%768,837100.0%
    Outside capital
    Liabilities from deliveries and services746,29238,238
    Current financial liabilities846,162740
    Other current liabilities97,4164,805
    Current provisions101,3602,266
    Deferred income1118,77723,981
    Total current borrowed capital120,00714.7%70,0309.1%
    Non-current financial liabilities863,09050,339
    Other non-current liabilities429436
    Non-current provisions1038,18340,723
    Total non-current borrowed capital101,70212.4%91,49811.9%
    Total borrowed capital221,70927.1%161,52821.0%
    Share capital248,7538,753
    Capital reserves-1,214-980
    Treasury shares24-524-144
    Retained earnings585,982595,209
    Equity shareholders of Jungfraubahn Holding AG592,997602,838
    Minority interests3,9754,471
    Total equity596,97272.9%607,30979.0%
    Total liabilities818,681100.0%768,837100.0%

    Consolidated income statement

    1 January to 31 December

    CHF (thousands)Note20202019
    Operating income
    Transportation revenues1275,643161,807
    Compensation received from government138,12410,551
    Sale of energy8,91510,043
    Souvenir shops2,5578,751
    Catering and accommodation7,7855,723
    Service income8,6898,722
    Rental income148,4418,550
    Other income155,4979,163
    Total operating income125,651223,310
    Operating expenses
    Cost of goods16-3,588-5,583
    Purchase of energy-2,104-2,305
    Personnel expenses17 - 19-56,807-62,090
    Other operating expenses20-40,890-50,374
    Total operating expenses-103,389-120,352
    Depreciation and amortisation
    Depreciation of tangible assets5-31,126-33,166
    Amortisation of intangible assets6-2,324-2,288
    Total depreciation and amortisation-33,450-35,454
    Financial result
    Financial expenses21-769-254
    Results from associated companies-2-7
    Financial income22324452
    Total financial result-447191
    Result before tax-11,63567,695
    Income taxes231,954-14,351
    Annual result-9,68153,344
    Shareholders of Jungfraubahn Holding AG-9,22752,976
    Minority interests-454368
    Result per share
    Shares issued5,835,0005,835,000
    Average balance of time-weighted treasury shares-7,760-20,138
    Average number of time-weighted outstanding shares5,827,2405,814,862
    Undiluted and diluted result per shareCHF-1.589.11

    Consolidated cash flow statement

    1 January to 31 December

    CHF (thousands)Note20202019
    Annual result-9,68153,344
    Depreciation of tangible assets531,12633,166
    Amortisation of intangible assets62,3242,288
    Change of provisions10-3,446-292
    Book profits from the sale of fixed assets-8-70
    Book profits from the sale of financial assets0-2
    Value adjustment of financial assets4330
    Results from associated companies27
    Badwill from the acquisition of subsidiary shares22-10-112
    Other non-cash items [1]2,0662,368
    Cash flow before change in net current assets22,40690,697
    Decrease in receivables from deliveries and services8,464684
    Decrease in other current receivables27,6219,342
    Increase in inventories-544-920
    Increase in accrued income3-3,256-2,734
    Decrease / increase in liabilities from deliveries and services [2]-1,7432,426
    Increase / decrease in other short-term liabilities92,611-2,784
    Decrease / increase in deferred income11-5,204375
    Cash flow from operating activities30,35597,086
    Investments in tangible assets [2]5-116,675-114,826
    Investments in financial assets4-20-840
    Investments in intangible assets [3]6-7,022-3,740
    Divestment of tangible assets511807
    Divestment of financial assets492
    Cash flow from investing activities-123,697-118,597
    Free cash flow-93,342-21,511
    Increase in financial liabilities858,66110,971
    Repayment of financial liabilities8-487-1,903
    Deposit right of use Terminal Grund80440
    Purchase of minority shares-2-2
    Investment in treasury shares incl. transaction costs-3,158-2,645
    Divestment of treasury shares9371,007
    Transaction costs for divestment of treasury shares-2-3
    Profit distribution to minority interests-23-39
    Profit distribution Jungfraubahn Holding AG0-16,273
    Cash flow from financing activities55,926-8,447
    Change in liquid assets-37,416-29,958
    Liquid funds 1 January57,43287,390
    Liquid funds 31 December20,01657,432
    Change in liquid assets-37,416-29,958
    [1] Equity compensation programme for administration board, management and employees. [2] Liabilities from deliveries and services include kCHF 29,585 (previous year kCHF 19,788), which relates to investing activities. The accrued cash outflow will be in 2021. [3]The investments in intangible assets of the previous year include goodwill of TCHF 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 01/01/20198,753-1,425-440558,506565,3944,266569,660
    Purchase of treasury shares24-7-2,638-2,645-2,645
    Sale of treasury shares244522,9343,3863,386
    Annual result52,97652,97636853,344
    Purchase of subsidiary shares0-124-124
    Equity at 31/12/20198,753-980-144595,209602,8384,471607,309
    Purchase of treasury shares24-6-3,152-3,158-3,158
    Sale of treasury shares24-2282,7722,5442,544
    Annual result-9,227-9,227-454-9,681
    Purchase of subsidiary shares0-19-19
    Equity at 31/12/20208,753-1,214-524585,982592,9973,975596,972

    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 7 April 2021.

    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 – 30
    Hiking trails and climbing routes20 – 30
    Power plant and technical water buildings50 – 80
    Restaurants and accommodation10 – 50
    Car parks and parking spaces20 – 50
    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 Jungfrau Railway Group except for Jungfrau Gastronomie AG and part of Grindelwald Grund Infrastruktur AG are insured with the legally independent staff pension foundation of Jungfrau Railways. The employees of Jungfrau Gastronomie AG are connected to the GastroSocial Pension Fund, and part of the employees of Grindelwald Grund Infrastruktur AG with the Nest Joint Foundation. The purpose of all three funds is to insure the employees against the economic consequences of age, death and disability. Employees aged 17 and above 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 period, no significant transactions were executed with related parties.

    Segment information

    CHF (thousands)20202019Changein %
    Segment sales
    Net sales Jungfraujoch - Top of Europe69,214149,839-80,625-53.8%
    Net sales Experience mountains16,84932,620-15,771-48.3%
    Net sales Winter sports29,67530,779-1,104-3.6%
    Net sales other segments [1]42,23949,125-6,886-14.0%
    Elimination group-internal sales-32,326-39,0536,727-17.2%
    Total operating income according to profit and loss account125,651223,310-97,659-43.7%
    Segment results EBITDA
    EBITDA Jungfraujoch – Top of Europe3,09070,546-67,456-95.6%
    EBITDA Experience mountains5,83918,840-13,001-69.0%
    EBITDA Winter sports3,7041,7002,004117.9%
    EBITDA other segments [1]9,60811,904-2,296-19.3%
    Group eliminations21-3253-165.6%
    Total EBITDA according to the income statement22,262102,958-80,696-78.4%
    [1] Other segments include, in particular, the Jungfraubahn power station, Jungfraubahnen Management AG and the multi-storey car parks in Grindelwald and Lauterbrunnen.


    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 2020:

    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, Interlaken100.0%full consolidation
    Jungfrau Gastronomie AG, Interlaken100.0%full consolidation
    Bergbahn Lauterbrunnen-Mürren AG, Interlaken94.8%full consolidation
    Harderbahn AG, Interlaken88.7%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, Wengen (Lauterbrunnen)22.7%equity method

    1 Receivables from deliveries and services

    CHF (thousands)20202019
    Receivables from third parties5,73414,815
    Receivables from associated companies28877
    Value adjustments-533-939
    Net value5,48913,953

    2 Other current receivables

    CHF (thousands)20202019
    Short-term financial assets 4-12 months010,000
    Various current receivables1,9561,004

    3 Accrued income

    CHF (thousands)20202019
    Operating material and consumables, printed matter, service clothing2,5262,460
    Credit refund of tax payments1,315197
    Credit from energy supplies1,0151,273
    Prepaid insurance premiums2,0472,335

    4 Financial investments

    CHF (thousands)Associated companiesNon-consolidated holdingsLoansSecuritiesFixed depositsTotal
    Acquisition values
    Inventory 01/01/20196,418576101,26308,267
    Inventory 31/12/20196,4115768341,25609,077
    Total acquisition values 31/12/20206,4095768251,27609,086
    Depreciation and amortisations
    Inventory 01/01/201994050098001,970
    Inventory 31/12/201994050095701,947
    Total depreciation and amortisations 31/12/202094050099001,980
    Balance sheet values
    Inventory 31/12/20195,47152683429907,130
    Inventory 31/12/20205,46952682528607,106

    5 Tangible assets - acquisition values 2020

    Investment itemCHF (thousands)Balance sheet value 01/01/2020Inventory 01/01/2020AdditionsReclassificationDisposalsInventory 31/12/2020
    Undeveloped land1,4841,9450001,945
    Developed land13,65714,80114,801
    Railway stations27,10657,05318,51318,94494,510
    Depots and workshops16,45527,8561,951289-530,091
    Railway substructure and superstructure81,009115,5773,6464,434123,657
    Gondola lift, chair lift and ski lift stations26,04048,6954,25913,04966,003
    Ski slopes and fixed snowmaking equipment14,53834,4142,8861,868-21438,954
    Hiking trails / climbing routes1901,1271,127
    Power station12,40919,17477019,944
    Restaurants and accommodation16,31933,27333,273
    Car parks and parking spaces1,21215,97014,68115,79346,444
    Residential buildings3,8285,9282615,955
    Administration buildings9,50510,71610,716
    Other buildings51,524106,48310,52117,091134,095
    Total land and buildings273,792491,06757,25371,469-219619,570
    Railway installations38,48292,65212,10961-3,685101,137
    Gondola lifts9,24228,24316,26133,89678,400
    Chairlifts and ski lifts18,84851,3733751,410
    Snowmaking equipment1,0044,8364,836
    Power stations27,72341,6461,581683-53043,380
    Other facilities18,70231,48013,6579,407-41754,127
    Total facilities114,001250,23043,64544,047-4,632333,290
    Rail vehicles119,424238,902101151-2,476236,678
    Slope vehicles2,8558,835575-4828,928
    Other vehicles4961,4601281,588
    Total vehicles123,387250,565836151-2,978248,574
    Office equipment01,1481,148
    Devices and tools1,9889,721351-2019,871
    IT equipment8362,9951,376172-684,475
    Communication equipment112336336
    Total other property, plant and equipment2,93614,2001,727172-26915,830
    Installations under construction134,572134,57222,619-115,839041,352
    Spare parts / material supplies5,49113,5373920-47213,457

    5 Property, plant and equipment - depreciation and impairments 2020

    Investment itemCHF (thousands)Inventory 01/01/2020AdditionsReclassificationDisposalsInventory 31/12/2020Balance sheet value 31/12/2020
    Undeveloped land4610004611,484
    Developed land1,1441,14413,657
    Railway stations29,9471,07331,02063,490
    Depots and workshops11,401557-511,95318,138
    Railway substructure and superstructure34,5682,43737,00586,652
    Gondola lift, chair lift and ski lift stations22,6551,21423,86942,134
    Ski slopes and fixed snowmaking equipment19,8761,347-21421,00917,945
    Hiking trails / climbing routes9371211,05869
    Power station6,7654807,24512,699
    Restaurants and accommodation16,95464617,60015,673
    Car parks and parking spaces14,75850615,26431,180
    Residential buildings2,1001822,2823,673
    Administration buildings1,2112211,4329,284
    Other buildings54,9592,62957,58876,507
    Total land and buildings217,27511,4130-219228,469391,101
    Railway installations54,1703,611-3,68554,09647,041
    Gondola lifts19,0011,28120,28258,118
    Chairlifts and ski lifts32,5251,86434,38917,021
    Snowmaking equipment3,8322674,099737
    Power stations13,9231,150-53014,54328,837
    Other facilities12,7781,737-41414,10140,026
    Total facilities136,2299,9100-4,629141,510191,780
    Rail vehicles119,4787,741-2,476124,743111,935
    Slope vehicles5,980865-4826,3632,565
    Other vehicles964841,048540
    Total vehicles127,1788,8120-2,978133,012115,562
    Office equipment1,1481,1480
    Devices and tools7,733349-2017,8811,990
    IT equipment2,159216-682,3072,168
    Communication equipment2243726175
    Total other property, plant and equipment11,2646020-26911,5974,233
    Installations under construction0000041,352
    Spare parts / material supplies8,0463890-458,3905,067

    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

    6 Intangible assets

    CHF (thousands)Concessions and rightsSoftwareGoodwillTotal
    Acquisition values
    Inventory 01/01/20194,49512,39642817,319
    Inventory 31/12/20195,23413,8101,19020,234
    Total Acquisition values 31/12/20208,39917,1051,19026,694
    Depreciation and impairments
    Inventory 01/01/20192,1935,8754288,496
    Inventory 31/12/20192,1307,2495809,959
    Depreciation and impairments 31/12/20202,2108,82373311,766
    Balance sheet values
    Inventory 31/12/20193,1046,56161010,275
    Inventory 31/12/20206,1898,28245714,928

    7 Liabilities from deliveries and services

    CHF (thousands)20202019
    Liabilities from deliveries and services owed to third parties46,24738,201
    Liabilities from deliveries and services owed to associated companies4537

    8 Financial liabilities

    CHF (thousands)2020Maturity less than 1 yearMaturity more than 1 yearConditionally repayableUnused limits2019
    Confederation and canton loan public transport (non-interest-bearing)49,2521,1622,56145,52943,279
    Confederation and canton loan under NRP (non-interest-bearing)15,00015,0007,800
    Bank liabilities45,00045,000125,0000
    Total financial liabilities109,25246,16217,56145,529125,00051,079
    Liquid funds20,01657,432
    Net financial liabilities-89,2366,353
    Change on previous year-95,589

    9 Other current liabilities

    CHF (thousands)20202019
    Direct tax5013,658
    Social security liabilities30038
    Clearing balance Jungfrau Ski Region, BOB and SBB3,231186
    Various other liabilities3,217725
    Liabilities to shareholders [1]167198
    [1] Liabilities to shareholders include dividends not yet paid out.

    10 Provisions

    CHF (thousands)Holidays / overtimeDemolition Ostgrat buildingDeferred taxesTotal provisions
    Book value at 01/01/20192,05095040,28143,281
    Book value at 31/12/20192,26695039,77342,989
    of which short-term2,266002,266
    Book value at 01/01/20202,26695039,77342,989
    Book value at 31/12/20201,36095037,23339,543
    of which short-term1,360001,360

    11 Deferred income

    CHF (thousands)20202019
    Demarcation of transport income from subscriptions6,4658,166
    Direct tax1,4177,319
    Profit sharing01,029
    Other demarcations10,8957,467

    12 Transportation revenues

    CHF (thousands)20202019
    Jungfraujoch – Top of Europe41,549120,895
    Experience mountains12,63025,017
    Winter sports22,24723,464
    Gross transportation revenues76,426169,376
    Reductions in revenue-783-7,569

    13 Compensation received from government

    CHF (thousands)20202019
    Lauterbrunnen–Wengen infrastructure4,4654,769
    Regional passenger transport Lauterbrunnen–Wengen2531,493
    Freight transport Lauterbrunnen–Wengen1,8461,900
    Regional passenger transport Lauterbrunnen–Mürren1,5602,389

    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)20202019
    Catering rental rates6391,818
    Renting of parking spaces2,6352,692
    Renting of residential and commercial spaces2,4031,497
    Other renting2,7642,543

    15 Other income

    CHF (thousands)20202019
    Adventure offers1,5794,043
    Various income1,2372,647
    Capitalised costs2,5821,591
    Income from sales of assets870

    16 Cost of goods

    CHF (thousands)20202019
    Souvenir shops-1,491-4,032
    Catering and accommodation-2,097-1,551

    17 Personnel expenses

    CHF (thousands)20202019
    Salaries and wages-48,868-45,439
    Allowances, uniforms and other benefits-3,218-6,624
    Social expenditure-10,271-9,138
    remaining personnel expenses-1,304-1,477
    Insurance payments [1]6,854588
    Employees (full-time positions)665612
    [1] of which short-time work compensation kCHF 6,063 (previous year kCHF 0).

    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 people20202019
    Active insured persons712717
    Total persons975979
    Expenditure for employee benefit plans in thousands of CHF (included in social expenses)-4,735-4,420

    19 Pension plans

    Economic benefit / economic commitment [1]Tausend CHFSurplus cover / shortfall at 31/12/2019Surplus cover / shortfall at 31/12/2018Economic part of the organisation at 31/12/2019Economic part of the organisation at 31/12/2018
    Pension plan with surplus cover
    Jungfrau Railways pension fund [2]6,252000
    GastroSocial pension fund [3]0000
    Nest pension fund [4]0000
    [1] As the audited financial statements of the foundations for 2020 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 117,3% as of 31/12/2019 in the last revised financial statements. [3] The staff of Jungfrau Gastronomie AG is insured with the GastroSocial pension fund. As at 31/12/2019, this shows a degree of coverage of 120,9%. [4] A part of the staff of Grindelwald Grund Infrastruktur AG is insured with the Nest pension fund. As at 31/12/2019, this shows a degree of coverage of 110,6%.
    Pension expenses in personnel expensesCHF (thousands)20202019
    Jungfrau Railways pension fund-4,195-4,057
    GastroSocial pension fund-234-102
    Nest pension fund-82-13

    Management insurance is maintained for members of management and extended management. Expenses for the companies amounted to kCHF 224 in 2020 and kCHF 248 in 2019.

    20 Other operating expenses

    CHF (thousands)20202019
    Costs for services-9,487-13,347
    Rent expenses-474-472
    Maintenance, renovation and demolition-8,599-10,710
    Insurance and compensation-1,624-1,477
    Energy and consumables-2,632-2,672
    General expenses-8,186-9,768

    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)20202019
    Interest paid-268-42
    Relative exchange rate losses-12-13
    Other financial expenses-489-199

    22 Financial income

    CHF (thousands)20202019
    Interest received4084
    Relative exchange rate gains9573
    Badwill from the purchase of shares in subsidiaries10112
    Various income179183

    23 Taxes on profits

    CHF (thousands)20202019
    Distribution by tax type
    Current income taxes-586-14,859
    Deferred income taxes2,540508
    Analysis of taxes on profits
    Ordinary earnings before taxes on profits-11,63567,695
    Average applicable tax rate before taking account of losses carried forward21.9%22.2%
    Expected taxes on profits related to the ordinary result2,546-15,001
    Effect of changes in non-capitalised losses carried forward-1,565-282
    Effect of tax-free results359813
    Other effects614119
    Effective tax rate-16.8%21.2%

    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 Wengernalpbahn AG, 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 12,835 (previous year kCHF 5,669). The resulting non-capitalised deferred tax claim is kCHF 2,832 (previous year kCHF 1,267).

    24 Equity

    Share capital
    The share capital of Jungfraubahn Holding AG is fully paid up, amounting to CHF 8,752,500 at 31 December 2020 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 2020, the company held 4,159 registered treasury shares with a nominal value of CHF 1.50 each (previous year 1,085 registered treasury shares). In the reporting year, 25,000 (previous year: 20,052) of the Company's registered treasury shares were purchased at an average price of CHF 126.08 (previous year: CHF 131.54) and 21,926 (previous year 21,985) registered treasury shares were sold at an average price of CHF 116.08 (previous year CHF 154.12).

    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 45.00). 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 21,651 registered treasury shares were sold in the reporting year (previous year 21,685).

    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 32,621 at 31 December 2020 (previous year kCHF 28,636).

    25 Other information

    CHF (thousands)20202019
    Investment obligations43,84253,095
    Sureties, guarantees and pledges in favour of third parties
    Assets pledged to secure building lease charges5151
    Guarantee obligations6464
    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 leases26,32812,875
    • of which due within 1 year845567
    • of which due in 1-5 years2,8001,753
    • of which due in more than 5 years22,68310,555

    26 Continuation and effects of the corona pandemic

    On 11 March 2020, the World Health Organisation (WHO) classified the global spread of COVID-19 (the so-called coronavirus) as a pandemic. To curb the pandemic, lockdowns and extensive travel restrictions have been imposed around the globe. This has resulted in an unprecedented decline in international tourism. Moreover, the pandemic and the reactions to the pandemic have impaired the economic performance around the globe. The Jungfrau Railway Group has been affected severely by the corona crisis and especially by the international travel restrictions. Since the outbreak of the pandemic, group travel – especially from Asia – has stopped, and individual tourism is limited to Switzerland and neighbouring countries.

    The Board of Directors and the Executive Board monitor the situation carefully and continually take necessary steps. Various measures have already been taken in order to ensure the going concern. Moreover, the valuation of the assets has been reviewed. The conclusion reached is that there is no need for impairment. Despite the ongoing uncertainty as to how demand will develop in the coming months, the Board of Directors and the Executive Board of the Jungfrau Railway Group are of the opinion that the company is soundly financed, and the required liquidity is secured.

    As of the date of approval of these consolidated financial statements, it is not possible to reliably estimate the effects of the pandemic and the resulting financing consequences. In particular, it is difficult to predict the scope and duration of international travel restrictions and to assess the impact of any government-imposed restrictions on the Jungfrau Railway Group. Unless potential serious effects of the said factors last for several years, the going concern of the Jungfrau Railway Group is currently not deemed to be in danger.

    27 Events after the balance sheet date

    Since the balance sheet date 31 December 2020, no events have occurred that would impair the relevance of the consolidated financial statements.

    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 2020 and the financial statements for 2020 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 2020 remuneration report and corporate governance information.


    Key figures 2016 to 2020

    CHF (thousands)20202019201820172016
    Balance sheet
    Current assets46,06895,769132,099116,38779,613
    Fixed assets772,613673,068582,217540,372545,691
    Outside capital221,709161,528144,656120,848119,187
    Balance sheet total818,681768,837714,316656,759625,304
    Income statement
    Operating income125,651223,310212,815193,770169,030
    Transportation revenues75,643161,807153,833143,799125,984
    Operating expenses103,389120,352117,704106,02797,951
    Personnel expenses56,80762,09060,17355,27653,402
    Depreciation and amortisation33,45035,45434,14234,70534,747
    EBIT (operating profit)-11,18867,50460,96953,03836,332
    Annual result-9,68153,34447,82641,60130,964
    Cash flow statement
    Cash flow from operating activities30,35597,08679,88563,59368,519
    Cash flow from investing activities-123,697-118,597-63,580-29,756-50,408
    Cash flow from financing activities55,926-8,447-11,199-10,394-8,358
    Free cash flow-93,342-21,51116,30533,83718,111
    Key figures
    Equity ratio72.9%79.0%79.7%81.6%80.9%
    EBITDA in relation to operating income17.7%46.1%44.7%45.3%42.1%
    EBIT in relation to operating income-8.9%30.2%28.6%27.4%21.5%
    Return on sales (ROS)-7.7%23.9%22.5%21.5%18.3%
    Number of personnel665612600542536
    Earnings per employee189365355358315
    Personnel expenses in relation to operating income45.2%27.8%28.3%28.5%31.6%

    Charts 2016 to 2020

    Operating income / transportation revenue


    Free Cashflow

    Earnings per share

    Information for shareholders

    Information per registered share

    Information per share [1] in CHF20202019201820172016
    Nominal value1.501.501.501.501.50
    Voting rights11111
    Net result [2]-1.589.
    Dividends (2020: proposal) [3]002.802.402.10
    Equity [2]101.63103.3196.9091.0986.03
    Stock market price
    Year-end price137.20165.00125.50127.2097.50
    Key data [1]
    Price/earnings ratio-86.7618.1715.2817.9718.41
    Payout ratio0.0%0.0%34.1%33.9%39.7%
    Dividend yield [3]0.0%0.0%2.2%1.9%2.2%
    Stock return [3]-16.8%31.5%0.9%32.3%4.9%
    [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] The Board of Directors proposes to the General Meeting not to pay out any dividend.

    Share price (closing price) Jungfraubahn Holding AG, January to December 2020

    Group structure

    As at 31/12/2020

    Jungfraubahn Holding AG

    Balance sheet

    at 31 December

    CHF (thousands)2020%2019%
    Current assets
    Liquid funds7,43925,966
    Other receivables from third parties78710,381
    Other receivables from participating interests1,3272,123
    Accrued income4423
    Total current assets9,5973.8%38,49317.6%
    Fixed assets
    Loans to group companies [1]226,751155,580
    Total fixed assets242,55496.2%180,46482.4%
    Total Assets252,151100.0%218,957100.0%
    Outside capital
    Current interest-bearing liabilities owed to third parties48,231186
    Current interest-bearing liabilities for participating interests35,25659,830
    Other current liabilities owed to third parties410
    Other current liabilities owed to shareholders162193
    Deferred income406396
    Total current borrowed capital84,09660,605
    Total non-current borrowed capital00
    Total borrowed capital84,09633.4%60,60527.7%
    Share capital8,7538,753
    Statutory retained earnings25,61225,612
    • Profit carried forward91,21174,184
    • Statutory and final reserves32,92032,920
    Voluntary retained earnings124,131107,104
    Own capital shares-524-144
    Annual profit10,08317,027
    Total equity168,05566.6%158,35272.3%
    Total liabilities252,151100.0%218,957100.0%
    [1] Loan with subordination kCHF 3,890 (previous year kCHF 0).

    Income statement

    1 January to 31 December

    CHF (thousands)20202019
    Operating income
    Service income697866
    Total operating income697866
    Operating expenses
    Administration expenses-1,227-1,542
    Total operating expenses-1,227-1,542
    Financial result
    Depreciation on investments-9,090-762
    Other financial expenses-943-340
    Investment income18,84716,972
    Other financial income1,8521,889
    Total financial result10,66617,759
    Direct tax-53-56
    Annual profit10,08317,027

    Profit sharing

    Application concerning the use of balance sheet profits

    Annual profit 202010,082,875
    Profit balance carried forward according to AGM resolution of 18 May 202091,211,158
    Balance sheet profit available to the AGM101,294,033
    Executive Board proposal:
    Waiver of the distribution of a dividend and carrying forward of the balance sheet profit101,294,033

    Notes to the financial statements


    The 2020 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).

    Deviation from consistency

    In previous years, shareholdings and loans had been accounted for under consideration of the group valuation. As of the reporting period, individual valuation is newly applied. In these annual financial statements, this results in additional impairment of the shareholdings in the amount of CHF 9,090 thousand.


    The shareholdings are accounted for at cost under consideration of any impairment and under consideration of the individual valuation.


    The loans are accounted for at the nominal value under consideration of any impairment and under consideration of the individual valuation.

    Various information

    Jungfraubahn Holding AG did not employ any staff in the reporting year nor in the previous year.

    Continuation and effects of the corona pandemic

    On 11 March 2020, the World Health Organisation (WHO) classified the global spread of COVID-19 (the so-called coronavirus) as a pandemic. To curb the pandemic, lockdowns and extensive travel restrictions have been imposed around the globe. This has resulted in an unprecedented decline in international tourism. Moreover, the pandemic and the reactions to the pandemic have impaired the economic performance around the globe. The Jungfraubahn Holding AG has been affected severely by the corona crisis and especially by the international travel restrictions. Since the outbreak of the pandemic, group travel – especially from Asia – has stopped, and individual tourism is limited to Switzerland and neighbouring countries.

    The Board of Directors and the Executive Board monitor the situation carefully and continually take necessary steps. Various measures have already been taken in order to ensure the going concern. Moreover, the valuation of the assets has been reviewed. The conclusion reached is that there is no need for impairment. Despite the ongoing uncertainty as to how demand will develop in the coming months, the Board of Directors and the Executive Board of the Jungfrau Railway Group are of the opinion that the company is soundly financed, and the required liquidity is secured.

    As of the date of approval of these consolidated financial statements, it is not possible to reliably estimate the effects of the pandemic and the resulting financing consequences. In particular, it is difficult to predict the scope and duration of international travel restrictions and to assess the impact of any government-imposed restrictions on the Jungfraubahn Holding AG. Unless potential serious effects of the said factors last for several years, the going concern of the Jungfraubahn Holding AG is currently not deemed to be in danger.

    Events after the balance sheet date

    Since the balance sheet date 31 December 2020, no events have occurred that would impair the relevance of the financial statement.

    Treasury shares

    CHF (thousands)20202019
    Inventory on 1st January(2020: 1,085 shares, 2019: 3,018 shares)144440
    Purchases(2020: 25,000 shares, 2019: 20,052 shares)3,1522,638
    Sales(2020: 21,926 shares, 2019: 21,985 shares)-2,545-3,388
    Inventory on 31st December(2020: 4,159 shares, 2019: 1,085 shares)524144
    Average price of purchased treasury shares (CHF)126.08131.54
    Average price of treasury shares sold (CHF)116.08154.12

    Holdings / voting rights in per cent

    Share capital CHF (thousands)20202019
    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 and of cableways10,000100.0%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 parking halls1,000100.0%100.0%
    Jungfrau Shopping AG, Interlaken; trade in accessories and goods of all kinds100100.0%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%94.8%
    Harderbahn AG, Interlaken; Interlaken-Harder cable car and Harder Kulm restaurant70588.7%88.6%
    Grindelwald Grund Infrastruktur AG, Grindelwald; creating, maintaining and managing the infrastructure of railway stations, terminal, car park and provision of services10,00080.0%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 (Lauterbrunnen); 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%14.2%
    Gebäudeversicherung Bern, Bern5.0%5.5%
    JSP Sicherheitsdienste, Alarmempfang und Intervention (Schweiz) AG, Zollikofen4.7%4.7%
    Erwin Reinhardt, Muri b. Bern [1]4.4%4.4%
    Martin Haefner, Horw4.2%4.0%
    [1] Participation directly and as beneficial owner of Montalto Holding AG, Zug, and Epicea Holding AG, Zug. Erwin Reinhardt passed away on 14 February 2021. According to the information received from the legal representatives, the shares will be transferred to his widow, Franziska Reinhardt-Scherz in the course of the financial year 2021.

    Further information

    CHF (thousands)20202019
    Sureties, guarantees and pledges in favour of third parties
    Joint guarantee Grindelwald Grund Infrastruktur AG15,0007,800
    Joint and several liability for all value-added tax liabilities of the Jungfraubahn Group and the Berner Oberland-Bahnen AGp.m.p.m.
    Contingent liabilities
    Liquidity commitments to subsidiariesp.m.-

    Holding relationships of directors and management board members

    Disclosure under Art. 663c ORNumber of shares 2020Number of shares 2019Voting rights share 2020
    Board of Directors
    Prof. Thomas Bieger, Board Chairman11,46011,4600.2%
    Ueli Winzenried, Board Vice-Chairman5,9605,2100.1%
    Peter Baumann, Board of Directors7,8277,0770.1%
    Nils Graf, Board of Directors7,1236,3730.1%
    Heinz Karrer, Board of Directors [1]20000.0%
    Dr. iur. Catrina Luchsinger Gähwiler, Board of Directors2,2101,4600.0%
    Hanspeter Rüfenacht, Board of Directors3,0602,3100.1%
    Total Board of Directors37,84033,8900.6%
    Company Management
    Urs Kessler, Chairman of the Executive Board38,18536,0080.7%
    Christoph Schläppi, Head of Corporate Services [2]8,7959,7950.1%
    Christoph Seiler, Head of Finances and Controlling15,69215,4920.3%
    Total management62,67261,2951.1%
    [1] Election to the Board of Directors on 18/05/2020. [2] Retirement on 31/12/2020.

    The relationships between the largest shareholders and individual members of the Board of Directors are disclosed in Figure 3 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 2020 and the financial statements for 2020 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 2020 remuneration report and corporate governance information.


    Jungfraubahn AG

    It is from Kleine Scheidegg that the Jungfrau Railway 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, situated on 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, on First, in Interlaken and since 5 December 2020 also in the terminal in Grindelwald Grund, 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
    Catering (leased)5 Restaurants Jungfraujoch (seats)730
    3 Restaurants Eigergletscher (seats)320
    Shopping area Top of Europe ShopsJungfraujoch140 m2
    Flagship Store Interlaken290 m2
    Grindelwald Terminal162 m2
    First60 m2

    Key figures

    Operating values, in thousands of CHF20202019
    Employees (full-time positions)147151
    • of which learners44
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income43,822102,646
    Transportation revenues23,91670,903
    Goods income from shops2,5608,751
    Goods expenditure shops-1,506-4,034
    Sale of energy12,42015,083
    Purchase of energy-2,104-2,306
    Annual result-23734,666

    Wengernalpbahn AG

    With the longest rack and pinion 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. On 5 December 2020, the new tricable cableway Eiger Express was opened. It transports guests from Grindelwald Grund to Eigergletscher in 15 minutes.

    Company data

    RouteRoute length (all rack)19.2 km
    Most important rolling stockPanorama trains10
    Double carriage4
    Conveying capacity per hourLauterbrunnen (seats/standing places)1,076 / 444
    Grindelwald (seating / standing)784 / 420
    Eiger Express (tricable aerial cableway)Conveying capacity2,200 p/h
    Seats per cabine26
    Track length6,483 m
    Altitude difference1,391 m
    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 CHF20202019
    Employees (full-time positions)214224
    • of which learners33
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income45,81274,622
    Transportation revenues33,20759,668
    Annual result-7,8626,446

    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, the Firstbahn AG 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 CHF20202019
    Employees (full-time positions)6467
    • of which learners79
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income15,85525,724
    Transportation revenues13,26620,086
    Annual profit2,0117,373

    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 cable carTrack length1,432 m
    Altitude difference686 m
    Cable car cabin (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 CHF20202019
    Employees (full-time positions)3331
    Holdings of Jungfraubahn Holding AG94.8%94.8%
    Operating income5,0768,012
    Transportation revenues3,1065,254
    Annual result-9451,499

    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 trip, the breath-taking view from an exposed vantage platform over Lake Brienz and Lake Thun, as well as 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 CHF20202019
    Employees (full-time positions)55
    Holdings of Jungfraubahn Holding AG88.7%88.6%
    Operating income3,1977,231
    Transportation revenues2,8176,382
    Annual profit1,0013,479

    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. On 5 December 2020, the new multi-storey car park belonging to Grindelwald Grund Infrastruktur AG was opened, with 1,000 parking spaces. Parkhaus Lauterbrunnen AG is taking over operation of this facility on an agent basis.

    Key figures

    Operating values, in thousands of CHF20202019
    Employees (full-time positions)54
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income2,3882,423
    Annual profit799760

    Grindelwald Grund Infrastruktur AG

    Grindelwald Grund Infrastruktur AG (GGI) is the owner of infrastructure built for the V-Cableway project in Grindelwald Grund (terminal and multi-storey car park). It maintains, manages and rents out these facilities. In addition, it has a mandate to provide services for Gondelbahn Grindelwald–Männlichen AG and Wengernalpbahn AG. This includes personnel management, cleaning and operational control, as well as the operational management of Gondelbahn Grindelwald–Männlichen AG. GGI is also responsible for the care of Berner Oberland-Bahnen AG's Rothenegg station facilities and for controlling private traffic with respect to parking at Grindelwald Grund. 

    Key figures

    Operating values, in thousands of CHF20202019
    Employees (full-time positions) [1]2414
    Holdings of Jungfraubahn Holding AG80.0%80.0%
    Operating income3,771921
    Service income2,203507
    Rental income1,565413
    Annual result-1,788-764
    [1] 2019 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 November 2019. On 5 December 2020, the production kitchen and the bistro in the new terminal in Grindelwald Grund and the café-bar in the new mountain station of the tricable cableway Eiger Express were opened. The production kitchen and all restaurants are rented by Jungfrau Gastronomie AG via its sister companies and run under central management based on a holistic concept.

    Key figures

    Operating values, in thousands of CHF20202019
    Employees (full-time positions)9648
    Holdings of Jungfraubahn Holding AG100.0%100.0%
    Operating income7,9755,735
    Annual result-2,571-555

    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 CHF20202019
    Employees (full-time positions)7780
    • of which learners410
    Holdings of Jungfraubahn Holding AG67.0%67.0%
    Operating income25,29430,112
    Income from management services18,87823,697
    Annual result-486139