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Jungfraubahn Holding AG: 47.8 million Swiss francs profit for Jungfrau Railway Group Donnerstag, 28. März 2019 - 07:01
Jungfraubahn Holding AG / Key word(s): Annual Results
Jungfraubahn Holding AG: 47.8 million Swiss francs profit for Jungfrau
Railway Group
28-March-2019 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
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47.8 million Swiss francs profit for Jungfrau Railway Group
The Jungfrau Railway Group recorded a profit of 47.8 million Swiss francs in
2018, the best result in its history. The Board of Directors has proposed a
dividend increase of 16.7 per cent to the AGM. At today's financial press
conference in Berne, statements will be made on the preceding financial
year.
The Jungfrau Railway Group can look back on a strong financial year of 2018.
It generated an operating income of 212.8 million Swiss francs. This
represents an increase of 9.8 per cent on the previous year. For the first
time, sales exceeded the 200-million-franc mark.
The Jungfrau Railway Group also recorded a record high in terms of its most
important source of income - transport revenue. At CHF 153.8 million, this
was 7.0 per cent higher than the previous year. Compared to 2017, the EBIT
margin increased by 1.2 per cent to 28.6 per cent. The return on sales was
22.5 per cent. The financial year 2018 saw a profit of 47.8 million Swiss
francs.
Jungfraujoch - Top of Europe
Intensive market development - above all in Asia - as well as the
diversification of markets paid off in the excursion traffic to Jungfraujoch
- Top of Europe. The best results in the history of the Jungfrau Railway
were achieved, both in terms of visitor numbers and transport income. With
1,067,000 visitors in 2018, the one million guest mark was exceeded for the
third time at Jungfraujoch. Net transport income in the Jungfraujoch segment
amounted to 111.8 million Swiss francs, exceeding the previous year by 4.3
per cent. The average yield per guest increased by 2 Swiss francs.
Experience Mountains
All railways of the Experience Mountains segment outperformed the previous
year and achieved record results. Net transport income increased
significantly by 4.3 million Swiss francs year-on-year. For the Experience
Mountains overall, transport income increased by 27 per cent to 20.2 million
Swiss francs.
Winter Sports
In Winter Sports, from the beginning of 2018 until the end of the season in
the spring of 2018,
an increase in net transport was achieved, but at a low level. Due to the
persistently warm temperatures and lack of snow, the start of the winter
sports season 2018/2019 proved challenging. The Jungfrau Ski Region is a
co-operation in which the Jungfrau Railway Group holds more than 60%. In
2018, 987,000 new entries were recorded throughout the Jungfrau Ski Region.
The winter sports segment registered a net transport income of CHF 22.1
million. This represents an increase of 6.8 per cent on 2017. However,
income is still below the successful winter sports season of 2007/2008.
Segment information
CHF (thousands) 2018 2017 Change in %
Segment sales
Net sales Jungfraujoch 139,216 128,699 8.2%
Net sales Experience Mountains 27,428 21,963 24.9%
Net sales Winter Sports 28,051 26,114 7.4%
Net sales Other segments* 50,130 45,982 9.0%
Elimination Group-internal sales -32,010 -28,988 10.4%
Total operating income 212,815 193,770 9.8%
* Other segments include, in particular, the Jungfraubahn power station,
Jungfraubahnen Management AG and the Lauterbrunnen Car Park.
Investments
The Jungfrau Railway Group invested 63.6 million francs in the reporting
year. The investment focus was the V-Cableway. In 2018, 40.8 million Swiss
francs were invested in the Eiger Glacier, Eigerexpress, car park and
terminal sub-projects. From the beginning of planning until the end of 2018,
the total expenditure for the generation project amounted to 160 million
Swiss francs. Overall, the Jungfrau Railway Group is planning to invest 320
million Swiss francs.
Further investments included the purchase of a neighbouring property from
First Railway for the strategic securing of access, the rebuilding of the
track system in Wengen according to the Disability Discrimination Act
(BehiG) and the project launch for the renewal of the Lauterbrunnen-Mürren
mountain railway.
Key figures of the consolidated
financial statements
CHF (thousands) 2018 2017 Change
in %
Operating income 212,815 193,770 9.8%
Transport income 153,833 143,799 7.0%
EBIT 60,969 53,038 15.0%
Annual profit 47,826 41,601 15.0%
Free cash flow 16,305 33,837 -51.8%
Headcount (full-time positions) 600 542 10.7%
2018 2017 Change
in %
Dividend 2.80 2.40 16.7%
(Proposal)
Outlook
The start to the year 2019 has been positive for the Jungfraujoch segment.
From 1 January to 24 March 2019, 107,965 guests visited the Top of Europe,
an increase of 7.3 per cent on the same period last year.
After the challenging start to the 2018/2019 winter sports season, more
skier visits were registered over public holidays as well as during the main
holiday season than during last year's season. Not least, the long-lasting
good weather and the excellent snow conditions in February contributed to
the positive result. From the beginning of the season in December 2018 until
Sunday, 24 March 2019, in the Jungfrau ski region as a whole, 962,446 skier
visits were registered, an increase of 9.8 per cent on the same period in
the winter sports season 2017/2018. Shortly before the end of the season,
visitor numbers are still lower than in the successful winter sports season
of 2007/2008.
With the main strategic project - the V-Cableway - the winter months on all
construction sites were challenging. Thanks to additional winter
construction measures, however, the tight schedule for the project was met.
The successful breakthrough on the Eiger Glacier for the future mountain
station of the Eigerexpress tricable gondola on 15 March 2019 marked an
important milestone. Construction works are on track to put the new
Grindelwald-Männlichen aerial gondola and the "Grindelwald Terminal" railway
station of the Bernese Oberland Railway into operation on time on 14
December 2019. The "Eigerexpress" tricable gondola, including car park and
terminal with shops and ski depots, will be opened on 12 December 2020.
Starting in September 2019, the Jungfrau Railway Group is expanding its shop
offer in Interlaken with a new flagship store. Following the opening of the
V-Cableway project at the end of 2020, the group will be operating a Top of
Europe shop and a watch shop inside the Grindelwald terminal itself. From
January 2021, we will be adding an exclusive watch shop on the Jungfraujoch.
Having operated the Bergrestaurant Kleine Scheidegg since December 2017,
Jungfraubahn Holding AG will also take over catering operations on the
Jungfraujoch - Top of Europe and the Eiger Glacier from November 2019. With
these measures, the Group is pursuing its strategy of developing into an
integrated leisure and service company.
Annual Report and Applications to the AGM
The Jungfrau Railway Group General Meeting will take place in Interlaken on
13 May 2019. The management board proposes an increase in the dividend from
2.40 to 2.80 francs (+16.7%).
The Jungfraubahn Holding AG Annual Report was created as an online edition
for the reporting year 2018. The online Annual Report is published at the
following links:
Annual Report 2018:
www.jungfrau.ch/business-report
www.jungfrau.ch/annual-report/
Link to the agenda for the 2019 General Meeting:
www.jungfrau.ch/general-meeting/
For questions:
Urs Kessler, Chairman of Executive Board, +41 (0)79 407 90 52
Patrizia Bickel, Head of Corporate Communications, +41 (0)79 222 53 10
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End of ad hoc announcement
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