Excursion traffic to the Jungfraujoch – Top of Europe continued to benefit from the diversification of markets and strong demand from Asia. In the first half of 2019, a total of 470,900 guests travelled to the Jungfraujoch, which is 1.0% more than in the same period in the previous year. Net transport revenue from the Jungfraujoch segment was up by 4.2% compared with the first half of 2018 at CHF 50.6 million. Seasonal tariffs were implemented for the second time, resulting in a positive effect on average income. This increased by 3.1% from January to June 2019.

The Jungfrau Railway Group posted a considerably marked improvement in regard to the Experience Mountains. Overall net transport revenue from the Experience Mountains amounted to 9.3 mil-lion francs, an increase of 28.4% compared with the previous year. The evening trips to the Harder Kulm, the adventure package offer to First and the earlier start to the summer season by extending the seasonal periods have once again had a positive effect.

After the challenging start to the winter sports season 2018-2019, more skier visits were recorded over the festive period and during the main holiday season in February 2019 than in the 2017-2018 season. For the reporting period 1 January 2019 to end-of-season in April 2019, the JUNGFRAU Ski Region – in which the Jungfrau Railway Group has a revenue share of over 60% – registered 904,200 skier visits and therefore an increase of 8.4% compared to the same period in the previous year. The Jungfrau Railway Group generated net transport revenue of CHF 19.1 million (+10.9%) from its winter sports business, although this result was still far below the best winter sports years in 2007-2008.

The company achieved an operating result (EBIT) of CHF 30.8 million. In the first half of 2019, the Jungfrau Railway Group produced its best half-yearly result to date with a profit of CHF 23.9 million. This is a year-on-year increase of 18.9%.

V-Cableway Expansion Project
The winter months were challenging in regard to the main strategic project – the V-cableway. Thanks to additional winter building work, we were able to keep to the tight schedule. One of the milestones was the breakthrough into the summit station of the 3S Eiger Express Cableway on 15 March 2019. Construction of the multi-storey car park was started on time in the spring of 2019. In the first half of 2019, CHF 27.8 million was spent on the V-cableway project. In total, CHF 190 million of the planned CHF 320 million has been invested.

Outlook
In July 2019, the heatwave attracted many visitors to the Experience Mountains of the Jungfrau Railways and to Jungfraujoch – Top of Europe. The Jungfrau Railway Group is well placed for the second half of the year due to its strong position on the intercontinental growth markets. The effects of the trade war between China and the USA and the conflict in Hong Kong on the Chinese and Asian tourism markets in general are still uncertain.

From October 2019, the Jungfrau Railway Group will expand its retail business in Interlaken with a new flagship store. In November 2019, it will take over the management of the restaurants on the Jungfraujoch and on the Eigergletscher. With these two measures, the Group is pursuing its strategy of developing into an integrated leisure and service company.

Realisation of the once-in-a-generation V-cableway project is in full swing. Work is on schedule at all building sites to get the new Grindelwald-Männlichen aerial gondola and the Grindelwald Terminal station on the Bernese Oberland railway up and running on time on 14 December 2019. The 3S Eiger Express Cableway, including a multi-storey car park and terminal with shops, food and ski lock-ers, will be opened on 12 December 2020. The partial opening of the V-cableway will be ready to enhance the attractiveness of winter sports in the Jungfrau Ski Region from the 2019-2020 season.

Link to the half-yearly report 2019 including CEO video: www.jungfrau.ch/half-year-report