2014 Consolidated Statement of Income 1. Semester 2014/2013

09.09.2014

(in thousand CHF)	2014	2013	Varation

		adjusted
Operating revenue
Income from transport business	59'003	57'586	1'417
Subsidies	4'321	4'314	7
Income from energy business	4'593	4'522	71
Souvenir shops	2'138	2'088	50
Income from services	2'288	2'401	-113
Rental income	3'348	3'122	226
Other income	3'841	3'393	448
Total operating revenue	79'532	77'426	2'106

Operating expenses
Staff costs	-27'592	-26'677	-915
Purchase of energy	-1'736	-2'087	351
Cost of goods sold	-1'019	-969	-50
Other operating expenses	-20'437	-19'102	-1'335
Total operating expenses	-50'784	-48'835	-1'949

Depreciations
Depreciation on tangible fixed assets	-13'530	-13'318	-212
Depreciation on intangible assets	-344	-339	-5
Total depreciations	-13'874	-13'657	-217

Operating Profit / EBIT	14'874	14'934	-60

Financial income / expenses
Financial income	229	125	104
revenue from associated companies	0	-622	622
Financial expenses	-56	-119	63
Total financial income / expenses	173	-616	789

Income before tax / EBT	15'047	14'318	729
Income taxes	-3'224	-3'108	-116

Income before minority interests	11'823	11'210	613
Minority interests	-97	-107	10

Net profit for the period	11'726	11'103	623

The unaudited consolidated half-yearl financial statement of Jungfraubahn Holding AG has been compiled in
accordance with Swiss GAAP FER 12 professional recommendations on financial statements. The accounting
principles applied are identical to those in the 2013 financial report.

In the income statement the income from services is now reported as a separate item and is not included in other income.
The previous year is figures have been adjusted accordingly.

In the balance sheet of the current year several individual items were reclassified from trada accounts receivables
to other receivables. The previous year's year figures have also been reclassified: CHF 1'962 per 31.12.2013 were
moved from the trada accounts receivables to other receivables.

Because of different offers, Jungfrau Railways business activity is not marked by any significant seasonal effects-

Up to approval of this half-yearly financial statement by the Jungfraubahn Holding AG Executive Board on 2th
September 2014, no further occurrences were known which could result in an adjustment of the book values of
Group assets and liabilities, or which must be disclosed at this point.

Jungfrau Railways