EANS-Adhoc: Jungfraubahn Holding AG
A solid result in spite of a difficult environment
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
6-month report
09.09.2009
The Jungfraubahn Group can look back on a successful first six months of 2009. In a difficult environment we achieved a solid result. Despite the financial and economic crisis, we recorded half-year profits of CHF 8.2 million - "only" 9% below the record result for the same period last year. Operating revenue totalled CHF 65.4 million, a decline of CHF 1.1 million. The cost-cutting measures we introduced are already bearing fruit. Altogether we were able to reduce outgoings by 1.7%. The operative result (EBIT) of CHF 10.9 million was equivalent to an EBIT margin of 16.6%.
These half-year results are all the more gratifying when one takes into account the underlying conditions. The financial and economic crisis ¬(which already had a negative effect on visitors to the Jungfraujoch - Top of Europe in the last quarter of 2008) affected in particular our two most important Asian markets, Japan and Korea. Since April 2009, swine flu has had further negative impact on large regions of Asia. For these reasons Asian group travel turnover slumped by more than 40%. However, promotion campaigns within Switzerland and in the close European markets succeeded in attracting more individual excursion visitors to the Jungfraujoch - Top of Europe. A total of 268,800 passengers made the trip to our premium destination; this was 11,000 more than during the first six months of 2008.
Our second most important pillar - winter sports business - also fulfilled our expectations. Despite an above-average number of days lost due to strong "Föhn" conditions, we still recorded the second highest winter sports season turnover in our history.
The Firstbahn saw not only good occupancy rates in winter but also benefited from new attractions on the First. These included the First Flyer and the Alpine Playground on Bort which, together with the popular scooter biking activity introduced several years ago, continues to boost bookings. As expected, however, the Harderbahn attracted fewer guests than during the first half year of 2008 - the year the railway celebrated its centenary. The Mürrenbahn also recorded a passenger decline, because the ski descent to Lauterbrunnen was open over a very long period of time.
Under the previously announced share subscription programme, 68.8% of subscription rights were taken up. As a result, some 2.5% of shares from our own holding were placed with existing shareholders. From the winter season 2009/2010, members of the new Shareholders' Club each owning more than 250 shares will be entitled to take advantage of a range of special offers (details to be announced shortly).
Despite the financial and economic crisis, the Jungfraubahnen continues to invest in future-oriented projects with high customer-benefit potential. This winter will see the opening of a new six-seater Eigernordwand chairlift, linking the Arvengarten station with the Eigergletscher and completing the Kleine Scheidegg-Eigergletscher-Lauberhorn ski-trail carousel. At the same time, the snowmaking installations in the Kleine Scheidegg-Eigergletscher area will be completed and fully operational.
We have also begun renovating facilities at the Lütschental power station, ensuring a 50% increase in electricity production from 2011.
Up to and including August 2009, passenger traffic to the Jungfraujoch - Top of Europe has declined by only 1.2%. Unlike the first six months of the year, we have not launched any further new high season special offers. Instead we have intensified marketing activities in our key Asian source markets. Our strategy is intentionally anti-cyclical, in the firm conviction that we will further strengthen our position in the medium term and be well prepared for the anticipated upswing from 2010.
With the aim of extending our high season, we are currently launching many events and pursuing a consequential strategy of sustained targeting at our near-European markets - this in keeping with our slogan: "10 months of high season."
Preparations are already well under way for our festivities in 2012, marking the 100th anniversary of the Jungfraubahn. An attractive programme of centenary celebrations is being planned worldwide, aimed at promoting interest in our product and increasing demand. In addition, the Jungfraujoch - Top of Europe will be given a festive facelift in time to welcome centenary visitors.
All the figures by the following link: http://www.jungfraubahn.ch/en/desktopdefault.aspx/tabid-201/
Further inquiry note:
Urs Kessler, CEO, +41 (0)33 823 22 50
Simon Bickel, Head of media, +41 (0)79 222 53 10
Branche: Railway
ISIN: CH0017875789
WKN: 001787578
Index: SPI
Börsen: BX Berne eXchange / SWX Local Caps
SIX Swiss Exchange / SWX Local Caps