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Notes to the financial statements
Basis
The 2017 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).
Various information
Jungfraubahn Holding AG did not employ any staff in the reporting year nor in the previous year. Since the balance sheet date of 31 As of December 2017, no events have occurred which affect the validity of the 2017 annual accounts of Jungfraubahn Holding AG.
Treasury shares
| CHF (thousands) | 2017 | 2016 | |
|---|---|---|---|
| Inventory on 1st January | (2017: 4,704 shares, 2016: 14,737 shares) | 442 | 1,379 |
| Purchases | (2017: 20,005 shares, 2016: 20,476 shares) | 2,238 | 1,943 |
| Sales | (2017: 21,116 shares, 2016: 30,509 shares) | -2,723 | -2,842 |
| Success | 442 | -38 | |
| Inventory on 31st December | (2017: 3,593 shares, 2016: 4,704 shares) | 399 | 442 |
| Average price of purchased treasury shares (CHF) | 111.86 | 94.89 | |
| Average price of treasury shares sold (CHF) | 128.94 | 93.15 |
Holdings / voting rights in per cent
| Share capital CHF (thousands) | 2017 | 2016 | |
|---|---|---|---|
| Group companies | |||
| Jungfraubahn AG, Interlaken; operation of a rack railway from Kleine Scheidegg to Jungfraujoch | 10,000 | 100.0% | 100.0% |
| Wengernalpbahn AG, Interlaken; operation of a rack railway, chair lifts and ski lifts | 10,000 | 100.0% | 100.0% |
| Firstbahn AG, Grindelwald; operation of the First Railway as well as chairlifts and ski lifts, hotels and restaurants | 10,000 | 100.0% | 100.0% |
| Parkhaus Lauterbrunnen AG, Lauterbrunnen; construction and operation of Lauterbrunnen car park | 1,000 | 100.0% | 100.0% |
| Mürrenbahn AG, Lauterbrunnen; operation of cable car and narrow gauge railway from Lauterbrunnen to Mürren | 100 | 100.0% | 100.0% |
| Jungfrau Gastronomie AG, Interlaken; operation of hotels and restaurants [1] | 100 | 100.0% | 0.0% |
| Bergbahn Lauterbrunnen-Mürren AG; operation of cable car and narrow gauge railway from Lauterbrunnen to Mürren | 1,800 | 94.1% | 94.0% |
| Harderbahn AG, Interlaken; Interlaken-Harder cable car and Harder Kulm restaurant | 705 | 88.4% | 88.2% |
| Grindelwald Grund Infrastruktur AG, Grindelwald; creating, maintaining and managing the infrastructure of railway stations, terminal, car park | 10,000 | 80.0% | 80.0% |
| Jungfraubahnen Management AG, Interlaken; management / company consultancy, provision of services | 100 | 67.0% | 67.0% |
| Sphinx AG Jungfraujoch, Fieschertal VS; ownership and management of Sphinx buildings, Jungfraujoch | 53 | 57.1% | 57.1% |
| Associated companies | |||
| Gondelbahn Grindelwald-Männlichen AG, Grindelwald; operation of gondola lift and ski lifts in the Männlichen area | 11,000 | 35.5% | 35.5% |
| Skilift Bumps AG, Wengen; creation, operation and maintenance of a ski lift on the Wickibort | 220 | 22.7% | 22.7% |
| Deviating voting rights in holdings as a percentage | |||
| Gondelbahn Grindelwald-Männlichen AG, Grindelwald | 34.8% | 34.8% | |
| Other significant holdings | |||
| Intersport Rent-Network Jungfrau Region AG, Grindelwald | 400 | 12.5% | 12.5% |
| Berner Oberland-Bahnen AG, Interlaken | 12,341 | 8.1% | 8.1% |
[1] Company acquired in 2017
Shareholder structure
| 2017 | 2016 | |
|---|---|---|
| Significant shareholders | ||
| BEKB | BCBE (Berner Kantonalbank), Bern | 14.3% | 14.3% |
| Gebäudeversicherung Bern, Bern | 7.7% | 7.7% |
| Securitas Investment AG, Zollikofen | 4.7% | 4.7% |
| Erwin Reinhardt, Muri b. Bern [1] | 4.4% | 4.4% |
| Martin Haefner, Horw | 4.0% | 4.0% |
[1] Participation directly and as beneficial owner of Montalto Holding AG, Zug, and Epicea Holding AG, Zug
Further information
| CHF (thousands) | 2017 | 2016 |
|---|---|---|
| Sureties, guarantees and pledges in favour of third parties | ||
| Joint and several liability for all value-added tax liabilities of the Jungfraubahn Group (including Berner Oberland-Bahnen AG) | p.m. | p.m. |
| Net release of silent reserves | 306 | 0 |
| Disclosure under Art. 663c OR | Number of shares 2017 | Number of shares 2016 | Voting rights share 2017 |
|---|---|---|---|
| Board of Directors | |||
| Prof. Thomas Bieger, Board Chairman | 10,000 | 9,450 | 0.17% |
| Ueli Winzenried, Board Vice-Chairman | 4,500 | 4,500 | 0.08% |
| Peter Baumann, Board of Directors | 5,700 | 4,950 | 0.10% |
| Nils Graf, Board of Directors | 4,913 | 4,163 | 0.08% |
| Bruno Hofweber, Board of Directors | 5,340 | 5,340 | 0.09% |
| Dr. Jürg Rieben, former Board Vice-Chairman [1] | 8,554 | ||
| Hanspeter Rüfenacht, Board of Directors [2] | 850 | 0.01% | |
| Total Board of Directors | 31,303 | 36,957 | 0.54% |
| Company Management | |||
| Urs Kessler, Chairman of the Executive Board | 32,000 | 30,000 | 0.55% |
| Jürg Lauper, Head of Infrastructure [3] | 9,197 | ||
| Christoph Schläppi, Head of Corporate Services | 8,895 | 8,849 | 0.15% |
| Christoph Seiler, Head of Finances and Controlling | 16,808 | 16,608 | 0.29% |
| Total management | 57,703 | 64,654 | 0.99% |
[1] on the Board of Directors until 22.05.2017
[2] Election to the Board of Directors on 22.05.2017
[3] Resigned on 31.05.2017
The relationships between the largest shareholders and individual members of the Board of Directors are disclosed in Figure 3.1 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.