Lenzerheide Bergbahnen AG (LBB AG) closes the 2022/23 financial year with a profit of CHF 1.2 million. Despite the lack of snowfall in the winter season and the sharp rise in energy and water prices, the result was CHF 12.4 million, the second-highest EBITDA in the history of the mountain railway company.
The omens before the 2022/23 winter season were challenging: the corona crisis was not over yet, the energy shortage and rising energy prices were looming as the next crisis; In addition, there were issues such as water shortages, inflation, a falling euro exchange rate and a shortage of skilled workers. The biggest challenge in the winter season proved to be the weather resp. the lack of precipitation in combination with high temperatures. There was less snow throughout the winter season than at any time since records began. The construction of the snow sports area took longer and was more complex than in other years. "This winter has clearly shown that technical snowmaking is indispensable as a guarantee for a successful winter season for the entire region," emphasized Thomas Küng, CEO of LBB AG.
Total sales in the 2022/23 financial year fell by -2% to CHF 36.5 million (previous year: CHF 37.3 million) compared to the previous year's record. In terms of operating expenses, the intensive snowmaking combined with higher energy and water prices resulted in additional costs. EBITDA (earnings before interest, taxes, depreciation and amortization) fell by -11% to CHF 12.4 million (previous year: CHF 13.9 million), which is still the second best value since the companies merged in 2005. After deducting depreciation, a profit of CHF 1,203,046 (previous year: CHF 2,250,733) results.
In winter, 1.28 million guests (first entries) were out and about in the Arosa Lenzerheide ski area, which is a satisfactory figure given the reduced number of slopes. The development of the summer business has weakened somewhat. With 200,175 first-time visitors, the number of visitors in the summer is still the very pleasing third-best value, which also corresponds to the 5-year average.
“Our employees suffered with the lack of snow and fought against the lack of snow with creative ideas. The many positive feedbacks from guests have shown that this commitment has been noticed. Such an achievement is only possible with a great team of employees», thanks Thomas Küng.
At the upcoming General Meeting, the Board of Directors will present a new dividend policy, which is intended to allow shareholders to participate appropriately in the company's future success from the 2023/24 financial year, if the business result allows this. For the 2022/23 financial year, the Board of Directors is not yet proposing a distribution to the shareholders.
The 18th General Assembly of LBB AG will take place on Friday, September 29, 2023, in the multi-purpose hall at the Lenzerheide school building. The instructions for exercising voting rights will be sent to shareholders in writing at the beginning of September 2023 with the invitation.