Schilthorn - FY 2020 Results Announced

The 2020 financial year of Schilthornbahn AG was marked by the COVID-19 pandemic after a very successful start. The good figures of the previous year could no longer be achieved by a long way. Both yield and frequencies decreased by a total of around 45%. Nevertheless, it was possible to generate a positive cash flow. The Board of Directors proposes to the General Meeting that no dividend be paid out.

After a successful start to the 2020 financial year, the positive expectations were suddenly curbed on March 13, 2020 with the Federal Council's decision on a lockdown due to the rapidly spreading COVID-19 pandemic. The result was a massive drop in sales and drastic measures in all business areas. The numbers are correspondingly subdued:

The total income in 2020 is 17,322,383 francs, which means a drop of around 46 percent. The frequencies on all transport systems are around 42 percent lower at 3,291,602. The biggest losses had to be recorded on the cable car. The Allmendhubel funicular was least affected. The result for winter sports facilities was also somewhat less dramatic, with around 22 percent fewer frequencies. On the positive side, it can be said that the Schilthornbahn succeeded in generating a positive cash flow of 1,218,168 francs even in this difficult year. Liquidity was and is so far guaranteed at all times. An overview of the most important key figures can be found in the appendix to this announcement.

Motions to the General Assembly

Dividend: The Board of Directors proposes that no dividend be paid. Despite the very optimistic attitude towards the future of tourism with a good market position of the Schilthornbahn, the continuing uncertainty about the opening of the international travel markets and the long-term effects of the pandemic on the world economy is great. This prompts the company to carefully plan liquidity.

Consultative vote on the application for COVID-19 hardship measures by the Board of Directors: As part of risk management, the Board of Directors is currently reviewing the submission of an application for Covid-19 hardship measures. Although the decision on this lies within the competence of the board of directors, the receipt of hardship benefits due to the three-year ban on distributing dividends affects the property rights of shareholders. As part of a non-binding consultative vote, the opinion of the General Assembly should therefore be obtained in advance.

Fiscal year 2021 - history so far

The 2020/21 winter season was characterized by a lot of snow and excellent slope conditions. Since the pandemic restricted international travel, the almost perfect conditions could practically only be enjoyed by Swiss guests. Another damper is the persistently difficult situation in the catering sector: the loss of earnings due to the complete closure of the restaurants since Christmas 2020 could not be compensated for even with the operation of numerous take-aways. The cold temperatures in January and March were not inviting for a long stay in the outdoor areas and have exacerbated this deficiency. An earlier opening of the terraces would have been an important factor for a visit to the winter sports area, especially on nice weather days.

Fiscal year 2021 - RESTART and SCHILTHORNBAHN 20XX in focus

The focus in the 2021 financial year is on a successful RESTART after the COVID-19 pandemic or after the lifting of existing measures. The detailed planning and further preparations for the SCHILTHORNBAHN 20XX project enjoy just as high priority. For this purpose, planning approval from the Federal Office of Transport is expected in spring 2021. Due to the Corona, the first preparatory construction work can start in spring 2022 at the earliest.