Bergbahnen Wildhaus: Positive Results Despite Turbulence
The Wildhaus mountain company can look back on a very demanding and eventful winter season. With good subscription sales and a successful course of business over the holidays, the start was successful. By the end of January, sales were in the order of magnitude of a comparable winter. The new family tariffs in particular met with great approval.
In the year under review, total sales of CHF 5.91 million were achieved. The operating result before interest, taxes, depreciation and amortization (EBITDA) is around 663,000 francs. In the final account, this results in an annual profit of CHF 12,072.55, which is to be carried forward to the new invoice. The bottom line is therefore a black zero.
February 2020 will go down in the annals as a storm month. Storms with hurricane strength swept over the Toggenburg every week and led to business interruptions lasting several days. On the night of February 11, 2020, the winter storm “Sabine” irreparably damaged the very important Oberdorf ski lift. Several fir trees fell on the mountain station. This at an extremely bad time, namely in the middle of the high season. The replacement systems that were purchased could only partially compensate for the loss of this central offer. Since the guest beds were well occupied in February, an acceptable occupancy rate was achieved in the most important business month despite the capricious weather. When the sun showed up again at the beginning of March, a conciliatory end of the season seemed within reach. As is known, however, ended in the night of Saturday, 14. March 2020 the winter season abruptly. The Federal Council had ordered the immediate closure of the snow sports areas due to the impending corona pandemic. In retrospect, it is certainly a correct decision, but a painful one for the entire mountain railway industry. The sales losses in March alone amount to over half a million Swiss francs, which were then also missing in the result. The previous summer season was in line with expectations, but with the changeable weather conditions did not quite reach the very good level of the previous year. The sales losses in March alone amount to over half a million Swiss francs, which were then also missing in the result. The previous summer season was in line with expectations, but with the changeable weather conditions did not quite reach the very good level of the previous year. The sales losses in March alone amount to over half a million Swiss francs, which were then also missing in the result. The previous summer season was in line with expectations, but with the changeable weather conditions did not quite reach the very good level of the previous year.
With the result achieved, all operationally necessary depreciations could be made and the liquidity for the upcoming projects could be maintained. According to an internal analysis, the decline in operating income of around 15% results to a similar extent from the loss of income in February, the premature end of the season in March and the discontinuation of the regional tariff offer.
The construction work for the Doppelmayr-Garaventa chairlift is well advanced. It will be the first 6-seater chairlift of the latest generation that is equipped with all the technically possible components of a “family lift”. The implementation of the project also includes the new children's ski lift in Oberdorf, slope improvements in the areas of Freienalpbord and Funi ‐ Rank as well as optimization of technical snowmaking. On August 3, 2020, another milestone was the splicing of the chairlift's transport rope. The building shell of the valley station is currently being built and the acceptance and approval processes will start in September. If the dates can still be met, the new family railway can be opened on the inauguration day on Sunday, November 11th.
The ordinary capital increase approved at the Extraordinary General Meeting on November 30, 2019, amounting to an additional million francs, was successfully launched. New shares with a value of CHF 250,000 have already been subscribed. The additional million will create the necessary room for maneuver in what continues to be a demanding environment. In this way, borrowed capital and the interest burden can be reduced, the company is further supported by shareholders and further investments in technical snowmaking are possible as a result.
Note on the ordinary general assembly - This year's General Assembly on September 12, 2020 will be held in writing. The shareholders were sent the voting documents by post and are invited to vote in writing on the proposals of the Board of Directors this year.
