SBB has improved on its 2011 result: consolidated net incomefor 2012 came in at CHF 422.5 million (2011: CHF 338.7 million). One-off effects and reversals of provisions (CHF 93.2 million, including reversals of provisions for the pension fund and higher market valuation of securities) raised the result. When adjusted for these one-off effects, the operating performance improved slightly compared to the previous year. Traffic revenues roses lightly by 0.8% thanks to fare adjustments, despite a stagnationin demand for transport. A positive contribution was made by real estate rental revenue. By contrast, operating expenses increased despite productivity improvements. This was due in part to higher personnel expenses, train path costs, and maintenance costs, as well as depreciation. Finally, the financial result boosted consolidated net income thanks to a lower financing requirement.

Free cash flow improved to CHF 905.8 million (previous year: CHF –5.2 million) owing to active cash management and the sale of Railway Employees’ Building Society (EGB) mortgages. By contrast, higher commercially financed investment (particularly rolling stock) weighed on free cash flow. Net interest-bearing debt amounted to CHF 6.8 billion, and was reduced by CHF 0.7 billion compared to 2011.