Titlis Bergbahnen Making A Profit Again
Back on the way to normality - this could be the short summary of the 2021/22 financial year of Bergbahnen Engelberg-Trübsee-Titlis AG (BET). The occupancy rate of BET developed very satisfactorily – with 827,616 visitors, the company closed 63.9% above the previous year's result, the number of first-time visitors increased by 322,566. At CHF 53.5 million, the consolidated operating income for 2021/22 is 39.1% higher than the previous year, the profit amounts to CHF 3.3 million.
In the first half of the new financial year, BET recorded 482,497 first-time admissions – a pleasing result compared to the 341,515 first-time admissions in the previous year. The main reason for the 41% increase was that the authorities refrained from closing ski areas and restricting restaurants last winter. The summer half-year also developed very positively with 345,119 guests.
Overall, BET welcomed 827,616 visitors over the entire financial year, an increase of 63.9% compared to the previous year.
International travel market is recovering
In the course of the 2021/22 financial year, the international travel market, which initially suffered massively from the consequences of the corona crisis, recovered visibly and more and more international travelers returned to the Titlis. The strategy of being present and active in many markets even during the crisis is paying off and making those responsible at BET confident. The number of individual travelers from Switzerland and neighboring countries stabilized at a high level. At the same time, many travelers from all over the world took advantage of the easier travel conditions and ensured visitor numbers that were sometimes higher than before the Corona pandemic.
Profit CHF 3.3 million with an EBITDA of CHF 16.5 million
Traffic revenue increased year-on-year by 92.4% to CHF 33.2 million. Operating expenses (goods, personnel, operations, depreciation and finance) rose by 25.0% to CHF 36.9 million. The reasons for this were continuous operation without closures, the increase in international Guests and the larger summer offer, but also the loss of short-time work compensation and the absence of partial gastro lockdowns. The positive EBITDA (earnings before interest, taxes, depreciation and amortization) of CHF 16.5 million is significantly higher than the previous year's value, the EBITDA margin rose to 31%, the net profit amounts to CHF 3.3 million.
Project Titlis 3020 soon to be announced
After all objections have been settled and the spatial planning procedures have been completed and the building permits for the various sub-projects have been obtained, BET only needs the permit for the "new mountain station building". This has been delayed due to the extensive planning and technical complexity and should arrive in the coming months.
Since the Titlis 3020 project was presented in 2018, in-depth clarification and project planning work has been carried out and a large number of offers have been obtained. It is becoming apparent that the realization of Titlis 3020 - due to the corona pandemic, the consequences of the Ukraine war and other (global) economic factors - will be around 20% more expensive than calculated five years ago. This increase in costs is due to the accrued inflation, delivery bottlenecks and new requirements and findings. After receiving the outstanding approval for the sub-project "New construction mountain station" and the last offers, the board of directors will take an overall view and then decide whether the future-oriented generation project on the Titlis should be tackled.
