2012 Consolidated Statement of Income 1 Semester 2012/2011

11.09.2012

(in thousand CHF)	1. Semester 2012	2. Semester 2011	Variation

Operating revenue
Income from transport business	55'031	55'292	-261
Subsidies	4'293	4'116	177
Income from energy business	4'571	2'070	2'501
Souvenir shops	2'065	1'599	466
Catering & accommodation	491	461	30
Rental income	3'006	2'800	206
Other income	5'646	5'324	322
Total operating revenue	75'103	71'662	3'441

Operating expenses
Staff costs	-26'067	-24'886	-1'181
Purchase of energy	-2'069	-1'449	-620
Cost of goods sold	-997	-681	-316
Other operating expenses	-20'250	-18'818	-1'432
Total operating expenses	-49'383	-45'834	-3'549

EBITDA	25'720	25'828	-108

Depreciations
Depreciation on tangible fixed assets	-12'150	-11'447	-703
Depreciation on intangible assets	-328	-284	-44
Total depreciations	-12'478	-11'731	-747

Operating Profit / EBIT	13'242	14'097	-855

Financial income/expenses
Financial income	183	108	75
Revenue from associated companies	47	62	-15
Financial expenses	-92	-117	25
Total financial income/expenses	138	53	85

Income before tax / EBT	13'380	14'150	-770
Income taxes	-2'704	-2'901	197

Income before minority interests	10'676	11'249	-573
Minority interests	-28	-87	59

Net profit for the period	10'648	11'162	-514

The unaudited consolidated half-yearly financial statement of Jungfraubahn Holding AG has been compiled in accordance with Swiss GAAP FER 12 professional recommendations on financial statements. The accounting principles applied are identical to those in the 2011 financial report.

Because of different offers, Jungfrau Railways business activity is not marked by any significant seasonal effects.

Up to approval of this half-yearly financial statement by the Jungfraubahn Holding AG Executive Board on 4th September 2012, no further occurrences were known which could result in an adjustment of the book values of Group assets and liabilities, or which must be disclosed at this point.

Jungfrau Railways