Titlis Bergbahnen On The Way Back To Normality

As in the previous year, the effects of the Corona crisis on international tourism were the dominant topic at the General Assembly of Titlis Bergbahnen. The shareholders had to take note of a loss of CHF 5.0 million. However, the solid balance sheet, the high equity ratio and the global progress in dealing with the pandemic give the company reason for hope, as does the successful start to the current financial year. 

For the third time in a row, the general meeting of Bergbahnen Engelberg-Trübsee-Titlis AG (BET) had to be held without the physical participation of the shareholders - here, too, the corona virus is shaping the everyday life of the traditional Engelberg company. As in the previous year, the absence of international guests, the closures ordered by the authorities and the massive restrictions on the range of restaurants had an impact on the 2020/21 income statement of Bergbahnen Engelberg-Trübsee-Titlis AG (BET). Once again, the long-established company from Engelberg had to record a drop in visitors – with 505,050 first-time visitors (341,515 guests in winter, 163,535 in summer), 90,301 fewer visitors were received on the Titlis than in the previous season. 

Hardship compensation reduces loss 

Traffic revenue fell by 26.4% to CHF 17.3 million. This led to a 35.4% drop in revenue from restaurants and hotels to CHF 5.2 million. Consolidated operating revenue rose by 0.7% to CHF 38.5 million CHF 14.6 million to CHF 5.0 million is thanks to the state à fonds perdu corona hardship compensation of CHF 10 million, as well as the resulting positive results in terms of cash flow (CHF 8.6 million) and EBITDA (CHF 8.9 million). BET emphasized that the company, with its solid balance sheet and high equity ratio, is still on a very solid footing. The shareholders approved all agenda items and proposals of the Board of Directors and were then informed about positive developments. 

Visitor numbers almost the same as before the pandemic - expansion of services for summer 

In the winter season until the end of January, frequencies in the snow sports segment were again reached that are only slightly below the level before the outbreak of the corona pandemic. Accordingly, sales in the catering trade (+87%) and the hotel industry (+20.7%) developed promisingly between November 2021 and February 2022. The introduction of dynamic pricing led to a significant increase in online sales and reduced waiting times at the checkout. The principle of "early booking, profit" is consistently applied and guests who buy the ticket a few days in advance pay less for a day ticket than they did a year ago. Due to the expanded travel options, those responsible at BET expect domestic tourism to be slightly weaker in the summer and the first intercontinental tourists to return. 

Approval phase for the TITLIS 3020 project nearing completion 

At the same time, investments are being made again - for example in the renewal of the Ice-Flyer, the Engelberg-Gerschni funicular, in the expansion of the Stand ski hut and in the adventure world around the Trübsee area. The approval marathon for all projects in connection with TITLIS 3020 is also in the final phase after 5 years of planning. BET hope to have all the necessary permits in place by the summer of 2022. Sustainability is essential for modern tourism - TITLIS 3020 is being planned and optimized accordingly: Thanks to the outstanding architecture, the use of future-oriented technologies and the most modern materials, the CO2 emissions can be reduced by 95% with the new infrastructure and fine dust can be completely eliminated; the energy requirement of the building is reduced by 80% per area and year. TITLIS 3020 is a real future project! 

Global tourism recovery will take time 

A full return to intercontinental travel and globalized tourism will still take some time. After only a few international guests visited the Titlis this winter, it is expected that this important visitor segment will partially return in winter 2022/23. In the long term, however, the BET are optimistic about the development of global tourism and assume that there is a great need to catch up during the corona pandemic.