1. SBB Cargo in 2009.
An extract from SBB’s Annual Report.
2.
3. Contents
SBB Cargo in 2009 6
Milestones in 2009 12
Organisation charts and SBB Cargo Management Board 14
Financial figures 16
Key figures 18
4.
5.
6. SBB Cargo in 2009
Decline stabilised.
In 2009, demand for freight services decreased
drastically worldwide. SBB Cargo was able to alleviate
some of the repercussions of the economic crisis:
taking action early on, the company implemented a wide
range of measures that had an aggregate beneficial
effect of CHF 115 million. In the second half of the year,
SBB Cargo was able to stabilise volumes at a low
level. SBB Cargo reported a loss of CHF 62.5 million
(2008: CHF 29.9 million). Owing to the recession,
traffic revenues decreased to CHF 915.6 million (2008:
CHF 1,044.2 million). However, SBB Cargo’s average
customer satisfaction rating – 7.69 points out of a total
of 10 – was the highest since measurements began.
Freight services. SBB Cargo posted a loss of CHF summer 2008. These followed on from the funda-
62.5 million in 2009, compared with a deficit of CHF mental restructuring of SBB Cargo that had been in
29.9 million in the previous year. Owing to the reces- progress since 2007. The measures implemented in-
sion, traffic revenues fell 12.3 % to CHF 915.6 million cluded a recruitment freeze, the deployment of Cargo
(2008: CHF 1,044.2 million). The traffic volume handled locomotive drivers on passenger services, and the re-
by SBB Cargo in 2009 was reduced by 7 % to 11,674 mil- turn of freight wagons to leasing companies. In the first
lion net tonne-kilometres (2008: 12,531 million). This half of 2009, SBB Cargo stepped up its countermeas-
decrease was due to the fact that many of the sectors ures by adapting freight capacity in advance to an an-
in which SBB Cargo operates were hit by the reces- ticipated continuation of the demand fall-off. The roll-
sion. SBB Cargo made various adjustments to its rates ing stock fleet was reduced by 50 mainline locomotives
in close consultation with the customers involved. and 2,400 wagons. Owing to the recruitment freeze,
200 vacant posts were no longer filled. The overall ef-
SBB was quick to respond to the impending econom- fect of SBB Cargo’s package of measures was a sav-
ic crisis and instituted far-reaching measures in ing of CHF 115 million. This mitigated the damage in-
SBB Cargo in 2009 / Page 6
7. turn in freight volumes and revenues. The restructuring
SBB Cargo: net tonne-kilometres
billions programme, finalised in spring 2008, consisted of a
package of measures affecting many sections of SBB
Cargo. In 2009, SBB Cargo shed unprofitable routes,
15
13 .3 7
introduced a more flexible production system for freight
12 .5 3
12 .3 4
11 .6 7
services, and continually adapted its level of services
11.4 8
to changing market conditions even within the year. In
10 this way it succeeded to some extent in cushioning it-
self against the adverse effects of a difficult economic
period.
5
Continuation as an independent company. SBB’s plans
to strengthen the profitability and financial inde-
pendence of its Cargo division by selling a stake to an-
0 other major railway operator were hampered by the re-
05 06 07 08 09
cession. Due to the crisis, all rail operators were faced
with massive falls in freight revenues and were forced
to implement restructuring measures (on a rigorous
scale in some cases) to overcome the difficult situa-
tion. Negotiations with two major European railways
flicted on the company’s financial result by the current showed that under current circumstances the sale of
problems in the freight market. A number of major new a 49 % stake in SBB Cargo was not an option. After
contracts also alleviated these problems: for example, having originally made attractive tentative offers, these
the intermodal operator IFB signed a three-year con- railway companies therefore decided against submit-
tract with SBB Cargo for the haulage of trains from ting bids for a stake in SBB Cargo. SBB also saw that
Aachen and Basel to Turin, Milan, Novara, Piacenza the targets defined at the beginning of the project in-
and Tavazzano. The steelmaking and metallurgy sec- volving the acquisition of a stake by a partner compa-
tor is one of SBB Cargo’s key customer segments. In ny could not be met. When it began its search for a
these industries, revenues were halved. Intermodal traf- strategic partner in 2008, SBB stressed that a partic-
fic (haulage of containers and swap-bodies) was down ipation-based solution would only be feasible if it could
14 %. Also badly hit by the recession were the wood ensure a more successful future for the company in
and paper sector, and cross-border freight with neigh- the long term than the continuation of SBB Cargo as
bouring railways (“cooperation traffic”). SBB Cargo suc- an independent company. For this reason, an alterna-
ceeded in raising its revenues from the retail/wholesale tive scenario was developed in parallel, featuring co-
trade, and its carryings for the construction and petro- operation in specific areas for both domestic and in-
leum industries rose significantly. The fourth quarter ternational services.
saw a slight revival in intermodal transit freight and was
also helped by a very large amount of domestic sugar-
beet business. Difficult market environment – global financial
and economic crisis.
Restructuring the freight business. Like the previous year, 2009 was dominated by the glo-
bal financial and economic crisis. SBB benefited from
The measures initiated at an early stage to restructure the fact that, with a crisis looming, it had already taken
and reposition SBB Cargo meant that this company initial steps to increase productivity in the late summer
was able in the year under review to weather the reper- of 2008 – notably a selective recruitment freeze and
cussions of the economic crisis and the resulting down- various cost-saving programmes.
SBB Cargo in 2009 / Page 7
8. Further measures were to follow in 2009. The main vic- share of the petroleum products market more than off-
tim of the economic downturn was freight: demand for set the fall-off in chemicals traffic.
goods shipments slumped worldwide. However, SBB
Cargo succeeded in at least partly offsetting the effects The trend in the freight business was stabilised in the
of the recession in 2009. It did so by implementing pro- second half of the year by the radical measures taken
ductivity-boosting measures early on, by regularly re- and the decreasing severity of the recession. SBB
viewing its production systems and adjusting them to Cargo had cut its capacity by 20 % at an early stage,
market developments, and by disposing of unprofita- and implemented a new end-to-end production plan-
ble business. In 2009, SBB Cargo saw freight revenues ning process for the entire North-South corridor. Pro-
in its international business fall by 15 %. In domestic duction plans and train orders were coordinated even
wagonload traffic, freight revenues dropped by 9 %. more closely with customers. Moreover, SBB Cargo
drafted joint development plans with major customers.
In the last two years, the recession has resulted in a This helped to improve planning reliability and the uti-
consolidation of the strong market position of some lisation of train capacity in the fourth quarter.
leading players. In 2009, moreover, the competitive-
ness even of these major players declined as the eco- Tonne-kilometres were down on the previous year by
nomic crisis confronted them with serious difficulties, 9.1 % in Germany, but in Italy they rose by 24.0 %.
reduced carryings and surplus capacity on their home
markets.
Switzerland business unit.
In this situation, it is natural that the focus should shift
back to joint efforts and cross-border cooperation. This At the Switzerland business unit, the economic down-
is the only way to enhance the market standing of rail turn had a varying impact on different sectors. Where-
freight and improve its competitive position versus road as SBB Cargo transported a similar or even an in-
haulage. For this reason, seven European freight rail- creased volume of goods compared with the previous
ways decided in the year under review to launch a year for the retail/wholesale, agricultural and construc-
cross-border venture involving close cooperation in tion sectors, volumes transported for the steelmaking,
wagonload traffic: the resulting Xrail alliance was formed paper and wood industries plummeted. SBB Cargo
at the beginning of 2010. Six other European railways rapidly downsized its capacity in line with market de-
will in future cooperate with SBB Cargo in the devel- velopments. Although it maintained its basic market of-
opment of European wagonload railfreight, further fering, it reduced its service frequencies at particular
strengthening the customer focus and competitiveness locations by agreement with the customers. At the
of this traffic. same time, SBB Cargo continued to expand its Swiss
intermodal freight offering, improving its facilities at
Renens and Sion for the transshipment of container-
International business unit. ised goods. In the retail/wholesale trade, SBB Cargo
reported a slight rise in the volume of goods transported.
In the International business unit of SBB Cargo, the While freight shipped for its major client Migros was
steel industry and intermodal traffic were worst affect- maintained at the existing high level, carryings for the
ed by the economic downturn. The number of tonne- other big Swiss supermarket group, Coop, were in-
kilometres generated by cross-border steel trains was creased slightly. As domestic bread-grain growers re-
down 60 % year-on-year, while revenues from the haul- corded a good harvest, import traffic was down in this
age of container trains declined overall by 14 % from segment while domestic traffic rose. SBB Cargo is more
the previous year. As of October, business began to re- vulnerable to road competition in domestic freight
cover from its reduced levels. By contrast, ChemOil AG owing to the shorter distances involved. The lower har-
achieved positive growth (+ 4 %). The expansion of its vest of feed grains pushed up demand for imported
SBB Cargo in 2009 / Page 8
9. grain, which benefited SBB Cargo. As a record sugar-
beet crop was harvested in 2009, SBB Cargo shipped Transalpine freight. Rail’s share of the transalpine
more than a million tonnes of beet to the sugar facto- freight market declined in the reporting year com-
ries at Aarberg and Frauenfeld. pared with that of road freight, falling from 64 % in
2008 to 61 % last year.
The cold winter resulted in a useful rise in road-salt car-
riage. Thanks to shipments to building sites for the SBB Cargo’s share of transalpine railfreight pass-
cross-city link in Zurich and to AlpTransit’s Gotthard ing through Switzerland was 47.8 % compared
sites, carryings for the construction industry rose with 50 % in the previous year.
sharply. In addition, SBB Cargo transported a larger
tonnage of aggregates than in the previous year, and In transalpine wagonload traffic, SBB Cargo had
rail boosted its share of cement carriage. a market share of 57.9 % (2008: 58.8 %) as against
48.4 % (49.1 %) for unaccompanied intermodal
The general situation in the metallurgy sector also im- freight and 9.5 % (16.3 %) for piggyback traffic.
pacted on domestic freight traffic, thus affecting SBB
Cargo’s carryings: traffic in the first half of the year was
SBB’s share of the transalpine freight market
down 43 % compared with 2008. As of the autumn, the
in % (net-net tonnes)
volumes hauled stabilised at the new, lower level. SBB
Cargo also posted a sharp fall in paper and wood haul-
100
age. This was due on the one hand to restrictions on
timber production and, on the other hand, to a cyclical
rundown of inventories. Owing to the sharp decrease, 80
some routes were switched from block trains to wagon
58. 3
55 .1
groups or individual wagons. 60
50 .0
47.8
40
Shifting traffic from road to rail.
20
On transalpine routes, in 2009 SBB Cargo transported
11.7 million net tonnes of freight (–21.5 %). In the wagon-
0
load segment, the biggest recession-induced falls in
06 07 08 09
demand were recorded in the iron and steel industry
and in the wood and paper sector. In intermodal freight,
the cyclical downturn prompted intermodal operators
to cut back their level of service. At the same time, SBB
Cargo discontinued less profitable routes. In the sec-
ond half of the year, the volume of intermodal traffic
began to pick up again. As SBB Cargo also acquired
some important new business, the downturn in inter-
modal freight was less pronounced than in wagonload Customer satisfaction, quality and
traffic. Overall, carryings of transalpine freight fell by environment.
11.9 % to 6.1 billion net tonne-kilometres in 2009. The
average distance travelled by freight consignments rose Satisfied customers at SBB Cargo. In 2009, SBB Cargo
by 2.8 %. In the intermodal segment, the average length achieved its highest ever score for customer satisfac-
of trips increased by 10.1 % whereas in wagonload tion since it began measuring this in 2003. Customers
freight it decreased slightly. awarded SBB Cargo 7.69 points out of 10 (2008: 7.40).
SBB Cargo in 2009 / Page 9
10. In recent years, customer satisfaction has risen stead- Outlook for 2010.
ily. The Switzerland business unit achieved its best re-
sult since 2003 with a rating of 7.61 points (7.08). Sat- In close cooperation with its owner, the federal govern-
isfaction rose in nearly every area. Customers said they ment, SBB produced a comprehensive overview of the
were very satisfied with their business account manag- possible options. In the last few months, SBB has fur-
ers, the quality of freight administration services, and ther crystallised and defined the strategic thrusts for
communication. Satisfaction with billing services and developing its freight operation. It has decided to spin
complaints management was not quite so high. Cus- off international block-train services on the transalpine
tomers of our International Business Unit (including our routes into a separate company. The aim is to lower
ChemOil Logistics AG subsidiary) rated its services at production costs through lean structures. In future,
7.88 (7.24) points, which is the best score since the sur- SBB will concentrate on its role as a traction provider
veys began. Customers said they were very satisfied for intermodal freight on the north-south corridor be-
with their business account managers, communication, tween the North Sea ports and northern Italy. Discus-
and freight administration services. From the custom- sions regarding a possible share in the new company
er’s perspective, satisfaction with all quality criteria was are currently ongoing with the Swiss intermodal oper-
higher than in the previous year. Although complaints ator Hupac, based in Chiasso. In Swiss wagonload traf-
management and billing services were in the critical as- fic, the level of standardisation of SBB Cargo’s serv-
sessment area, a positive trend was noted for these as- ices is to be increased and its offering dovetailed more
pects too in 2009. closely with customer requirements.
Climate-friendly freight transport with SBB Cargo. If all
the freight moved throughout Europe by SBB Cargo in
the whole of 2009 had been sent by road instead, this
would have burdened the environment with almost an
extra one million tonnes of CO2. Every year SBB Car-
go saves as much CO2 as is generated by heating
150,000 Swiss households. SBB Cargo offers its cus-
tomers a detailed emissions report as the basis for op-
timising their freight logistics. This helps companies to
manage their energy consumption and carbon emis-
sions. Since 2009, climate aware companies have been
able to go one step further: in partnership with mycli-
mate, SBB Cargo now offers them a totally climate-neu-
tral service that makes up for all the emissions associ-
ated with transportation and energy production.
Noise reduction on target. Last year SBB erected a fur-
ther twelve kilometres of noise barriers on its network,
and fitted 938 SBB Cargo freight wagons with low-
noise “K soles”. In comparison with conventional cast
soles, these brake blocks create a smoother wheel sur-
face that sharply reduces the noise produced by wheel/
rail contact.
13. Milestones in 2009
January April
26 January – SBB Cargo expands its service offering for IFB (for- 1 April – Annette Jordan is appointed Head of the International
merly T.R.W.) dramatically, signing a new three-year contract. In business unit. Ms Jordan was instrumental in expanding the SBB
cooperation with SNCB (Belgian Railways), the Swiss railfreight Cargo Deutschland production company, where she had been
provider will now transport around 70 container trains a week for working as Managing Director since June 2004. Matthias Birn-
IFB from the North Sea coast to Italy. SNCB will haul the trains baum takes over as Managing Director of SBB Cargo Deutsch-
through France to Basel and through Belgium to Aachen. SBB land.
Cargo then takes full responsibility for all consignments for jour-
neys to Turin, Milan and Novara as well as to the destinations of 1 April – Beat Malacarne takes control of SBB Cargo’s Finance
Piacenza and Tavazzano, which were recently added to the inter- unit. He brings with him a wealth of experience, having held sen-
national north-south network. ior finance positions at international industrial companies for a
number of years.
February
4 February – In order to combat the economic crisis, SBB Cargo 2 April – Good segment results enabled SBB to improve its over-
implements further measures including capacity reductions in all result for 2008 to CHF 345.0 million (compared with CHF
transit freight traffic. Around 30 train drivers are transferred tem- 80.4 million in 2007). At the annual media conference it was
porarily to SBB’s Passenger Division as a result of the growing announced that the positive development was the product of
demand for passenger services following the expansion of the of- good results in the Passenger segment (5.2 % increase in the
fering to coincide with the timetable change. number of passengers to 322.6 million), in Real Estate and of the
progress made in the railfreight sector. In spite of a fall in total
March freight traffic volumes caused by the economic downturn, there
was a marked improvement in the segment result. SBB’s high in-
4 March – SBB Cargo launches an individual emissions report-
vestment requirements led to outflows once again in 2008: these
ing system to support its customers in the area of environmental
increased by CHF 75.8 million to CHF 505.6 million.
management. The emissions comparison for all consignments
forwarded by SBB Cargo can easily be integrated into opera-
2 April – At the annual media conference SBB reports on its
tional environmental management systems and shown in environ-
search for partners for SBB Cargo. SBB offers the two large rail
mental audits. Data are compiled using EcoTransIT, an online tool
operators DB and SNCF a 49 % holding in its railfreight subsid-
developed by SBB Cargo and five other European rail operators,
iary. In December it is announced that negotiations with DB and
together with the University of Hanover and the independent In-
SNCF were not successful. This brought the scenario of inde-
stitute for Energy and Environmental Research (IFEU) in Heidel-
pendent further development to the fore, a scenario which had
berg in cooperation with the International Railway Union (UIC).
been discussed by SBB in parallel with the search for partners.
24 March – Forestry and timber industry associations and SBB
May
Cargo draw positive conclusions from their joint project to im-
12 May – SBB Cargo takes such traditional Swiss values as pre-
prove working relations. The project was aimed at targeting spe-
cific weak points in cooperation. Its most important results are cision, ecology, safety, reliability and punctuality to the Transport
specific measures to improve the network of services, a Switzer- Logistic trade fair in Munich. With more than 1,500 exhibitors from
land-wide cleaning concept for cleaning open-air loading areas 60 countries and around 47,000 industry professionals attending,
and improved planning for limited-capacity stations. Transport Logistic is Europe’s leading freight fair.
Milestones in 2009 / Page 12
14. 19 May – European railfreight services are suffering a serious September
downturn in demand in the wake of the global economic crisis. 10 September – SBB unveils its figures for the first half of the year.
According to a survey conducted by Booz & Company, volumes
The results for the Passenger Division are good. However, the re-
in the first quarter of 2009 were down by 36 %. In the first three
cession has caused demand for freight services to plummet. SBB
months of 2009 SBB Cargo ran 19 % fewer trains on the main
Cargo posted a loss of CHF 24.4 million for the first six months of
north-south routes. In the export segment, the number of trains
2009 (compared with CHF –8.2 million for the first half of 2008),
operated by SBB Cargo was down by 27 % – while import traffic
but still performed well from an international perspective.
contracted by 11 %. Finally, there was a 12 % reduction in domes-
tic services.
21 September – The sugar factory in Aarberg processes the first
2,000 tonnes of sugar beet to be transported by SBB Cargo. Dur-
June
ing the three-month season, SBB Cargo maintains its own sugar
1 June – SBB Cargo officially hands over the Bellinzona works to beet network with around 75 loading terminals.
the SBB Passenger Division’s Operating business unit (P-OP).
P-OP had already assumed operational control of the works in 28 September – SBB Cargo announces its cooperation with the
January 2008. This measure completes the outsourcing of heavy non-profit foundation myclimate, aimed at giving its customers
maintenance activities. completely climate-neutral services. Swiss railfreight customers
who make use of the carbon offsetting service will receive a cer-
July tificate and will be entitled to attach myclimate’s “Klimaneutral”
(“climate neutral”) label to their consignments.
29 July – SBB Cargo begins running newsprint disposal serv-
ices for Valora AG from the company’s new logistics centre in
November
Egerkingen to the Perlen paper mill at Gisikon-Root. This involves
handling 120 tonnes of old newspapers and magazines each day, 10 November – SBB Cargo announces that the audit carried out
and thereby transferring between three and six truckloads from in September by the Swiss Association for Quality and Manage-
road to rail. ment Systems (SQS) was a success, and that the company re-
mains certified. As a result of the audit, the Swiss railfreight pro-
August vider receives the quality certification ISO 9001:2008 for the
4 August – The Biel works begins modernising 23 type Tm IV
period 2010–2012.
shunting tractors for SBB Cargo. The vehicles are being prepared
December
for another 20 years’ service. The new, post-refit vehicle number
is Tm 232, and the shunting vehicles are another sign of SBB 11 December – The last scheduled service leaves Basel St. Jo-
Cargo’s commitment to the future of wagonload freight transport hann, with the Rhine port line due to be closed and dismantled
in Switzerland. at the end of the year. The consignments that had previously been
taken over by SBB Cargo at Basel St. Johann will now be tran-
19 August – SBB Cargo continues to contribute to the transfer of shipped at the ports of Basel Kleinhüningen and Auhafen (Birs-
freight shipments from road to rail by expanding its range of do- felden).
mestic intermodal services. At one location each in western Swit-
zerland (Renens) and Valais (Sion), transhipment operations for 17 December – Daniel Lützelschwab is appointed acting Head of
goods to be loaded into containers have been improved through Corporate Services. Mr Lützelschwab takes over his new func-
the use of two Kalmar reach stackers. tion in addition to his current role as Head of SBB Cargo Legal
Services. Bernhard Meier, the previous Head of Corporate Serv-
ices, becomes acting Head of the SBB General Secretariat.
Milestones in 2009 / Page 13
15. Organisation charts
SBB
Passenger Traffic Infrastructure SBB Cargo AG Real Estate
Production company Germany
SBB Cargo Deutschland GmbH
Sales agency Germany
SBB Cargo GmbH
Production company Italy
SBB Cargo Italia S.r.l.
Sales agency Italy
SBB Cargo S.r.l.
ChemOil Logistics AG
CEO SBB Cargo AG
Finances Services
Human Resources Business Development
Switzerland International Asset Management
business unit business unit business unit
17. SBB Cargo Management Board
1 2 3 4
5 6 7 8
1 Nicolas Perrin (1959, Swiss) 5 Beat Malacarne (1962, Swiss)
CEO of SBB Cargo (previously head of international business unit), CFO, certified auditor; with SBB Cargo since 2009. Previously oc-
degree in construction engineering from the Federal Institute of cupied senior finance department positions in various countries
Technology (ETH), Zurich. With SBB since 1987; posts have in- with the Holcim Group, notably as CFO for Asia.
cluded personal assistant to the general manager and deputy to
the Board delegate for Rail 2000. 6 Daniel Eigenmann (1958, Swiss)
Head of Human Resources; federal diploma in sports teaching.
2 Adrian Keller (1966, Swiss) With SBB Cargo since 2008. Previously head of Human Resourc-
Deputy CEO of SBB Cargo, head of the Switzerland business unit, es at the Swiss subsidiary of a large international pharmaceuti-
lawyer (lic. jur. degree). With SBB Cargo since 2001, first as head cal company. Head of Human Resources at SBB Cargo from 2003
of the Legal Service and head of Business Development, then as to 2007. Before that, personnel manager at various Swiss banks.
head of Corporate Services, latterly as head of Network and
Capacity Management. 7 Renato Fasciati (1975, Swiss)
Head of Business Development, economist (lic. oec. degree from
3 Annette Jordan (1968, German) the University of St. Gallen). With SBB since 2007 in Corporate
Head of the international business unit; mechanical engineer. With Development. Head of Turnaround Task Force and Corporate De-
SBB Cargo Deutschland since 2004 as head of the SBB Cargo velopment at SBB Cargo since December 2007. Former consult-
production company in Germany. Previously held senior positions ant at McKinsey & Company, Zurich.
with DB Cargo.
8 Daniel Lützelschwab (1968, CH)
4 Jürgen Mues (1963, German) Acting Head of Services, lawyer (lic. iur. degree). With SBB Cargo
Head of Asset Management; previously head of Corporate Ser- since 2001, initially in Legal Services then as assistant to the
vices. Executive MBA in Logistics Management from the Univer- Management Board, Board of Directors and most recently as
sity of St. Gallen and degree in industrial engineering. With SBB Head of Legal Services.
Cargo since 2006. Formerly head of Logistics and IT at Roche
Consumer Health.
19. Segment information for SBB freight services
Income statement for the period from 1 January to 31 December
CHF millions 2009 2008
Operating revenues
Traffic revenues 915.6 1,044.2
Grants 10.0 13.0
Rental revenue from real estate 0.9 1.9
Other operating revenues 87.5 150.5
Other revenues 2.6 4.0
Own work capitalised 25.7 56.0
Revenue reductions – 11.8 – 10.6
Total operating revenues 1,030.6 1,259.0
Operating expenses
Expenses for materials – 82.8 – 143.6
Personnel expenses – 455.2 – 516.6
Other operating expenses 1
– 449.8 – 506.1
Depreciation of tangible assets, impairment of financial assets and amortisation of intangible assets – 70.8 – 73.8
Allocation of Central Services costs – 22.4 – 22.6
Total operating expenses – 1,081,0 – 1,262.7
Operating income/EBIT Financial – 50.4
Financial income figures / Page 15.3
Financial expenses 16 – 22.1
Allocation of Central Services costs – 3.3
Profit before tax – 60.4
Taxes – 2.1
Transfer payments 0.0
Minority interests 0.0
Results for the period – 62.5
1 of which train-path charges – 180.7
21. Segment information for SBB freight services
Balance sheet
Assets
CHF millions 31. 12. 2009 31. 12. 2008
Current assets
Cash and cash equivalents 39.0 24.1
Securities 0.1 0.1
Trade accounts receivable 148.1 173.4
Other receivables 47.8 49.9
Inventories and work in progress 8.8 54.7
Accrued income 38.8 46.6
Total current assets 282.5 348.8
Fixed assets
Financial investments 15.8 15.2
Tangible assets 714.1 765.6
Assets under construction – tangible assets 27.4 34.7
Intangible assets 12.4 15.9
Total fixed assets 769.6 831.4
Total assets 1,052.1 1,180.2
Liabilities and equity
CHF millions 31. 12. 2009 31. 12. 2008
Liabilities
Current financial liabilities Financial 68.0
Trade accounts payable 60.4
figures / Page
Other current liabilities 64.0
Deferred income and accrued charges 17 69.9
Current provisions 38.8
Total current liabilities 301.0
Non-current financial liabilities 456.6
Other non-current liabilities 0.5
Non-current provisions 57.4
Total non-current liabilities 514.5
Total liabilities 815.6
Equity
Share capital 723.0
Capital reserves 2.2
Retained earnings –426.0
Net profit –62.5
Equity, excl. minority interests 236.6
Minority interests 0.0
Total equity 236.6
Total liabilities and equity 1,052.1
23. Key figures for SBB Cargo
SBB Freight: principal subsidiary undertakings
Share capital SBB holding SBB holding SBB holding
millions millions % %
Company name 31. 12. 2009 31. 12. 2008
Schweizerische Bundesbahnen SBB Cargo AG, Basel CHF 723.00 723.00 100.00 100.00 V
SBB Cargo Italia S.r.l., Gallarate EUR 13.00 13.00 100.00 100.00 V
SBB Cargo Deutschland GmbH, Duisburg EUR 1.50 1.50 100.00 100.00 V
ChemOil Logistics AG, Basel CHF 1.00 1.00 100.00 100.00 V
SBB Cargo GmbH, Duisburg EUR 0.25 0.25 100.00 100.00 V
SBB Cargo S.r.l., Gallarate EUR 0.05 0.05 100.00 100.00 V
RAlpin AG, Bern CHF 0.30 0.09 30.00 30.00 E
Hupac SA, Chiasso CHF 20.00 4.77 23.85 23.85 E
Termi SA, Chiasso CHF 0.50 0.10 20.00 20.00 E
Key:
V = fully consolidated
E = accounted for by equity method
Breakdown by freight type Breakdown by country
Percentage share tkm millions
80 14,000
70 12,000
60
10,000
50
8,000
40
6,000
30
4,000
20
10 2,000 SBB Cargo Italia S.r.l.
Volume in tonnes SBB Cargo Deutschland GmbH
0 Traffic performance in tonne-km 0 SBB Cargo AG (Switzerland)
03 04 05 06 07 08 09
Until 2007 national boundaries were key to assigning traffic per-
formance figures. From 2008 these figures are assigned to the
appropriate railway company on the basis of actual handover
points.
31. 1
2 3 4
5 6
1 Port of Switzerland, Basel – In Swiss wagonload traffic, the level 3, 4 Limmattal noise prevention service centre, Canton of Zu-
of standardisation of SBB Cargo’s services is to be increased and rich – Last year, SBB Cargo retrofitted 938 freight wagons with
its offering dovetailed more closely with customer requirements. low-noise “K-pads”. In comparison with conventional cast brake
shoes, these brake blocks spare the wheel surface and thus
2, 6 Cross-city link construction site at Oerlikon, Canton of Zu- sharply reduce rolling noise.
rich – SBB Cargo’s carryings for the construction and petroleum
industries rose significantly, and it also raised its revenues from 5 Busto Arsizio container terminal, Italy – Revenues from the haul-
the retail/wholesale trade slightly. age of container trains declined overall by 14 % from the previous
year. As of October, business began to recover from its reduced
levels.
32. This extract from SBB’s Annual Report 2009 is published in German,
French, Italian and English. It can also be downloaded from
www.sbbcargo.com. The printed German version is authoritative.
Publishing details
Published by: Swiss Federal Railways SBB Cargo AG,
Elsässertor, Centralbahnstrasse 4, 4065 Basel, Switzerland
Concept: schneiter meier külling AG, Zurich
Layout: Satzart AG, Berne
Photos: Andrea Vedovo, Zürich; SBB Cargo, Basel
Printed by: Vetter Druck AG, Thun
