Bergbahnen Adelboden AG: New Structure & Change In Management
The 21st Annual General Meeting of Bergbahnen Adelboden AG (BAAG) recently took place. The shareholders were informed about the past financial year. In addition, the Board of Directors officially said goodbye to Markus Hostettler - he will retire at the end of January 2025 after 24 years as BAAG Director. At the same time, his successor was introduced: Nicolas Vauclair, a familiar face, is taking over the management of the company.
On Saturday, November 23, 2024, Chairman of the Board of Directors, René Müller, welcomed shareholders to the 21st Annual General Meeting of Bergbahnen Adelboden AG in the Adelboden gymnasium. The past financial year 2023/2024 lasted from October 1, 2023 to June 30, 2024. It was all about change: The start of the last accounting period ushered in a new era: On October 1, 2023, Bergbahnen Adelboden-Lenk AG (BAL AG) - the joint operating company of Bergbahnen Adelboden AG and Lenk Bergbahnen - began operations.
All operational activities were transferred from the parent companies BAAG and Genossenschaft Lenk Bergbahnen (LBB) to the subsidiary BAL AG. BAAG thus changed from a cable car operator to a property and facility manager. "BAAG's operating income is now made up of rental income from the infrastructure leased to the subsidiary, such as cable cars and mountain huts, as well as other income," explained director Markus Hostettler. The other income mainly includes third-party participation in investment projects. BAAG's total operating income is 4,035,079 francs.
Since October 1, 2023, BAAG no longer has its own staff. The reported personnel expenses of CHF 108,754 result from administration fees, compensation for overtime from previous years and the associated social security expenses. BAAG's EBITDA for the short year 2023/24 is CHF 2,912,543. The depreciation required for operations amounts to CHF 2,573,046. The extraordinary expenses are the payment of the income from the advance sale of annual subscriptions (summer 2024 share) to the subsidiary, less the income from the sale of the Brenggenmäder ski lift to Lenk Bergbahnen. After deducting financial expenses and taxes, BAAG reports an annual profit of CHF 125,459.
Operating result with room for improvement
The shareholders were also informed about the activities and figures from the operational business of the subsidiary BAL AG. The very first financial year of BAL AG was peppered with many milestones: In winter 2023/24, a new pricing model for ski tickets was introduced across the entire tariff association, the company is now responsible for five catering establishments after taking over the Geilsbrüggli restaurant, and the new light art show "Allure" was performed at the annual traditional event Chuenis bi Nacht. In March, BAL AG in Adelboden and Lenk was part of the national youth campaign of Seilbahnen Schweiz and welcomed a total of 16 interested young people on two trial days. The short year was rounded off with participation in the national clean-up tour. The clean-up campaign, which was carried out in Adelboden and Lenk in May and June, was a success with 178 participants who collected a total of 176 kg of rubbish.
Despite an extremely difficult winter season from February 10th onwards, BAL AG generated a solid result with almost 25 million francs in winter traffic revenue. The three missing summer months had an impact of 768,857 francs on summer traffic revenue. The catering sector remained well below expectations with total revenue of just under 3.5 million francs. After initial challenges (staff shortages and new processes), those responsible are striving to consistently implement the measures now introduced to increase revenue and reduce costs. Overall, BAL AG generated total revenue of 31.3 million francs. EBITDA amounts to 9,530,399 francs (30.5%), EBIT is 499,958 francs. The 2023/24 annual financial statements close with a positive annual result of 521,351 francs. Nevertheless, there is potential for optimization: "In particular, we need to significantly improve the earnings situation in the catering sector and make better use of our facilities in January and March as well as in the summer. We also need to take measures to increase efficiency and optimize operating costs. These are necessary so that we can better meet economic challenges such as inflation, a shortage of skilled workers and energy prices," explains BAL AG CEO Nicolas Vauclair. He adds: "This is the only way we can approach the investments required in the future with confidence."
With a look at the future of BAAG and BAL AG, those present were informed, among other things, about the status of the Direttissima project (replacement for the Sillerenbahn). Because the Office for Municipality and Spatial Planning (AGR) expressed reservations about the approval of the relevant UeO No. 29a in September 2024 and required the subsequent exclusion of a water area in the Eselmoos area, a minor procedure with public notice is again necessary. Those responsible therefore expect the approval of the UeO by the AGR at the earliest at the end of March 2025. Since the start of the project in 2017, inflation in the construction and machinery sector has increased massively. This prompted BAAG to recalculate the financial volume with regard to the design of the entire project and the materialization of the premises (cable car stations, ancillary rooms, hotel concept, etc.). Inflation and the various crises of recent years alone will result in the project becoming more expensive by 15 to 20%.
Farewell after 24 years as director
After the shareholders had received a lot of information about the 2023/24 business performance and had unanimously approved all of the proposals on the agenda, René Müller paid tribute to and bid farewell to director Markus Hostettler for his many years of service to the company. Hostettler, who came to Adelboden on January 1, 2000, will retire at the end of January 2025. Nicolas Vauclair has been appointed as his successor. René Müller: "It is a stroke of luck for us that we have been able to recruit Nicolas Vauclair as our new director, a personality who already knows us and our structures in detail and has been committed to the Adelboden-Lenk region with passion and competence for years." Vauclair will take over the management of BAAG on January 1, 2025.
The full annual report and all figures (Bergbahnen Adelboden AG, Lenk Bergbahnen and Bergbahnen Adelboden-Lenk AG) can be found here
