Financial Report 2016.

SBB keeps Switzerland moving – but how does it actually do that?

During the reporting period, consolidated net income for SBB was CHF 380.6 million (2015: CHF 245.7 million). The significant improvement was due in particular to higher profits from the disposal of real estate (CHF +83.1 million), the improved financial result (CHF +78.2 million) and the recovery in freight services (earnings CHF +22.6 million compared to the previous year).

Passenger Traffic generated earnings of CHF 139.2 million (CHF +8.7 million compared to the previous year). Passenger revenues rose compared to the previous year by CHF 10.5 million in spite of the decrease in international services.

Real Estate generated earnings before compensation payments of CHF 432.6 million (CHF +90.2 million compared to the previous year) in particular due to the earnings from the disposal of real estate (CHF 221.1 million). Of this, CHF 150.0 Million in compensation was paid to finance Infrastructure and CHF 270.9 million to restructure the SBB Pension Fund.

In 2016, Freight Services returned to the black (CHF +22.6 million compared to the previous year) with earnings of CHF 1.1 million thanks to the positive volume development at SBB Cargo International and additional savings as well as one-off effects.

As in previous years, Infrastructure also provided higher contributions to maintenance in 2016 which were not completely covered by the funds of the service-level agreement. This led to a negative result of CHF –102.8 million (2015: CHF –96.3 million).

Free cash flow amounted to CHF –539.7 million (2015: CHF –522.6 million), in particular due to the employer contribution to stabilising the pension fund (CHF 690.0 million) and the Infrastructure (Network) deficit. Consequently, net interestbearing debt increased as a result of the negative free cash flow to CHF 8.8 billion, leading to a debt coverage ratio of 7.3 (previous year: 6.9). If no employer contribution had been made to stabilise the pension fund, if the deficits had not been taken over from Infrastructure (Network) (2013–2016) and if the Investment contributions from the federal government and the cantons had been paid on schedule, the debt coverage ratio would have been 5.6 at the end of 2016.

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