2011 Group Balance Sheet per 30.06.2011 / 31.12.2010

07.11.2011



(in CHF thousand)	30.06.11	%	31.12.10	%

Assets
Current assets
Cash and cash equivalents	9'829		22'702
Trade accounts receivable	9'776		9'367
Other receivables	207		425
Inventories	975		550
Prepayments and accrued revenues	6'643		4'316
Total current assets	27'430	5.6	37'360	7.7

Fixed assets
Tangible assets	449'645		438'534
Financial assets	6'447		6'405
Intangible assets	4'705		4'881
Total fixed assets	460'797	94.4	449'820	92.3

Total assets	488'227	100.0	487'180	100.0

Liabilities and shareholders' equity Short-term debts
Financial debts	9'240		3'240
Accounts payable, trade	9'320		20'119
Other liabilities	2'530		2'907
Accruals	884		417
Accruals and deferred income	8'571		10'742
Total short-term debts	30'545	6.3	37'425	7.7

Long-term debt	27'375		27'534
Accruals	50'311		49'840
Total long-term debts	77'686	15.9	77'374	15.9

Total liabilities	108'231	22.2	114'799	23.6

Shareholders' equity
Share capital	11'670		11'670
Capital reserves	-2'289		-2'288
Own shares	-17'657		-21'776
Consolidated reserves	381'879		378'460
Minority shareholders' interests	6'393		6'315

Total shareholders' equity	379'996	77.8	372'381	76.4

Total liabilities and shareholders' equity	488'227	100.0	487'180	100.0

Jungfrau Railways