SBB: Loss of CHF 245 million due to freight and infrastructure divisions

SBB: Loss of CHF 245 million due to freight and infrastructure divisions
@SBB Cargo

The situation at SBB Cargo Switzerland remained challenging last year, with transport volumes down on the previous year.

Excluding the loss at Infrastructure Energy (-165 million francs) and the value adjustment on the assets of SBB Cargo AG (-83 million francs), SBB would have broken even. The value adjustment was necessary due to the subdued economic outlook and the uncertain future financial support for single wagonload traffic. The war in Ukraine had a negative impact on supply chains. This was compounded by higher energy costs and inflationary price and interest rate increases.

With "Suisse Cargo Logistics", SBB demonstrated in the autumn of 2022 how the railways can transport 60 percent more goods in Switzerland by 2050, thus saving one million truck journeys a year. The basis for this is single wagonload traffic, in which trains are made up of freight wagons from different consignors and consignees. Today, this relieves the roads of 650,000 truck journeys. However, it cannot be operated on a cost-covering basis because the system costs and the utilisation risk are much higher than on the road. Nevertheless, SBB wants to continue to offer single wagonload services, which are important for the economy and the regions. Politicians will have to consider whether single wagonload traffic should be financially supported so that it can be maintained.

SBB Cargo Switzerland's result will deteriorate significantly in 2022 (2022: CHF -187.4 million, 2021: CHF 1.1 million). This is due to the loss of the Corona subsidy from the Swiss Confederation and, in particular, the value adjustment of CHF 128 million, of which CHF 83 million is borne by SBB and the remainder by minority shareholders. The subdued economic outlook and uncertainties about possible future financial support for single wagonload traffic made it necessary to adjust SBB Cargo AG's financial planning.

SBB Cargo International also posted a loss of CHF -0.3 million in 2022 (2021: CHF 19.5 million), due in part to construction sites and disruptions in Germany as well as additional electricity costs.

SBB Cargo's punctuality was slightly better than in the previous year.

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