Finance

The income statement, balance sheet and cashflow below provide a short and clear overview of SBB’s financial situation from a Group perspective. By showing the public sector funding, we make clear the significance of public money to SBB, and not least for the additions to assets. The figures on SBB’s purchasing volume and references from the extensive annual and financial reports as well as diagrams on selected financial indices round up the insight into SBB’s finances.

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2016 2017 2018 2019 2020 Δ%
 
Income statement
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Operating income
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CHF m 8,988 9,442 9,645 9,864 9,216 -6.6
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Operating income


Footnote

Revenue in 2020 was CHF 7966 million (operating income minus retained earnings; previous year: CHF 8641 million, −7.8 per cent).

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Traffic revenue
CHF m 4,146 4,280 4,382 4,439 3,345 -24.6
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Traffic revenue


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Passenger revenues
CHF m 3,165 3,316 3,393 3,468 2,465 -28.9
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Passenger revenues


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Long-Distance Services
CHF m 2,319 2,428 2,483 2,532 1,697 -33.0
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Long-Distance Services


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Regional Services
CHF m 846 888 909 936 768 -18.0
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Regional Services


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Freight revenues
CHF m 851 838 868 835 762 -8.8
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Freight revenues


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Operating services revenue
CHF m 48 39 35 39 29 -24.8
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Operating services revenue


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Revenue from infrastructure use
CHF m 82 87 86 97 89 -8.0
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Revenue from infrastructure use


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Public-sector funding
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CHF m 2,466 2,666 2,720 2,802 3,149 12.4
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Public-sector funding


Footnote

Only payments reflected in income statement; CHF 277 million of which is based on the Covid-19 Act.

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Grants for regional passenger services
CHF m 624 622 653 684 812 18.6
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Grants for regional passenger services


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Contributions to the rail infrastructure
CHF m 1,826 2,030 2,058 2,117 2,317 9.5
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Contributions to the rail infrastructure


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Grants for freight traffic
CHF m 16 13 8 1 21 2,229.8
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Grants for freight traffic


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Rental income from real estate
CHF m 458 487 508 559 546 -2.4
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Rental income from real estate


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Other income
CHF m 820 827 841 841 925 10.0
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Other income


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Own work capitalised
CHF m 1,098 1,183 1,194 1,222 1,250 2.3
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Own work capitalised


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Operating expenses
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CHF m -8,700 -8,941 -9,059 -9,377 -9,730 -3.8
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Operating expenses


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Cost of materials
CHF m -721 -747 -728 -738 -753 -1.9
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Cost of materials


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Personnel expenses
CHF m -4,168 -4,213 -4,226 -4,314 -4,360 -1.1
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Personnel expenses


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Other operating expenses
CHF m -1,681 -1,755 -1,833 -1,982 -2,121 -7.0
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Other operating expenses


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Depreciation
CHF m -2,130 -2,226 -2,273 -2,343 -2,497 -6.6
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Depreciation


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Depreciation of financial assets
CHF m 0 0 0 -13 -7 44.8
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Depreciation of financial assets


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Depreciation of tangible assets
CHF m -1,984 -2,066 -2,096 -2,137 -2,278 -6.6
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Depreciation of tangible assets


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Depreciation of intangible assets
CHF m -146 -160 -177 -194 -212 -9.3
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Depreciation of intangible assets


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Operating result/EBIT before write-down
CHF m 288 501 586 487 -515 -205.6
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Operating result/EBIT before write-down


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Write-down
CHF m 0 -189 0 0 0
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Write-down


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Operating result/EBIT
CHF m 288 313 586 487 -515 -205.6
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Operating result/EBIT


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Financial result
CHF m -120 -104 -105 -91 -139 -52.9
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Financial result


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Profit from real estate sales
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CHF m 225 207 107 86 44 -48.6
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Profit from real estate sales


Footnote

Up to 2016: Non-operating result.

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Income taxes
CHF m -10 -11 -13 -14 -17 -24.4
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Income taxes


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Minority interests
CHF m -3 -6 -6 -4 10 329.1
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Minority interests


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Consolidated result
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CHF m 381 399 568 463 -617 -233.1
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Consolidated result


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Balance sheet
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Assets
CHF m 44,039 45,174 46,565 48,918 51,335 4.9
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Assets


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Current assets
CHF m [2,062] [1,963] [2,063] 2,111 1,759 -16.7
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Current assets


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Fixed assets
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CHF m [42,245] [43,211] [44,502] 46,807 49,576 5.9
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Fixed assets


Footnote

On 1 September 2020, SBB AG took charge of the Ceneri Base Tunnel from AlpTransit Gotthard AG (ATG). The takeover meant fixed assets and public loans for financing railway infrastructure rose to CHF 1,555 million.

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Financial assets
CHF m [386] [403] [431] 576 530 -8.0
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Financial assets


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Property, plant and equipment
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CHF m 32,827 33,234 33,671 35,118 38,921 10.8
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Property, plant and equipment


Footnote

On 1 September 2020, SBB AG took charge of the Ceneri Base Tunnel from AlpTransit Gotthard AG (ATG). The takeover meant fixed assets and public loans for financing railway infrastructure rose to CHF 1,555 million.

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Assets under construction
CHF m 8,039 8,604 9,421 10,097 9,066 -10.2
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Assets under construction


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Intangible assets
CHF m 993 969 978 1,017 1,060 4.2
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Intangible assets


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Equity and liabilities
CHF m 44,039 45,174 46,565 48,918 51,335 4.9
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Equity and liabilities


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Public loans (Federal and cantonal)
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CHF m 18,932 19,563 20,251 21,730 23,813 9.6
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Public loans (Federal and cantonal)


Footnote

On 1 September 2020, SBB AG took charge of the Ceneri Base Tunnel from AlpTransit Gotthard AG (ATG). The takeover meant fixed assets and public loans for financing railway infrastructure rose to CHF 1,555 million.

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Interest-bearing debt
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CHF m 9,199 9,022 9,279 9,624 10,811 12.3
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Interest-bearing debt


Footnote

Net interest-bearing debt was CHF 10.38 billion, previous year: CHF 8.91 billion, +16.5 per cent.

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Other foreign capital
CHF m 3,903 4,177 4,050 4,113 3,873 -5.8
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Other foreign capital


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Equity, incl. minority interests
CHF m 12,005 12,412 12,985 13,451 12,838 -4.6
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Equity, incl. minority interests


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Free cash flow
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Footnote

Free cash flow relates to the financial resources readily available to the company after all expenses within the financial year, i.e. the net inflow of liquidity.
Total cash flow
CHF m -137 212 42 53 -299 -662.9
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Total cash flow


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Cash flow from financing for commercial investments and pension fund restructuring
CHF m 402 -184 257 346 1,202 247.6
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Cash flow from financing for commercial investments and pension fund restructuring


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Free cash flow after public-sector financing of rail infrastructure
CHF m -540 396 -215 -293 -1,500 -412.6
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Free cash flow after public-sector financing of rail infrastructure


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Cash flow from public-sector financing of rail infrastructure
CHF m 2,142 1,950 2,012 2,123 2,029 -4.4
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Cash flow from public-sector financing of rail infrastructure


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Free cash flow before public-sector financing of rail infrastructure
CHF m -2,682 -1,553 -2,227 -2,416 -3,529 -46.1
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Free cash flow before public-sector financing of rail infrastructure


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Cash flow from investing activities
CHF m [-2,860] [-3,169] [-3,445] -3,790 -3,740 1.3
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Cash flow from investing activities


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Cash flow from operating activities
CHF m [178] [1,616] [1,218] 1,374 211 -84.7
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Cash flow from operating activities


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Public-sector funding
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Total public-sector funding
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CHF m 13,150 3,371 3,466 4,374 6,459 47.7
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Total public-sector funding


Footnote

On 1 September 2020, SBB AG took charge of the Ceneri Base Tunnel from AlpTransit Gotthard AG (ATG). The takeover meant fixed assets and public loans for financing railway infrastructure rose to CHF 1,555 million. At the same time, investments in tunnel excavation of CHF 1,146 million were financed using public investment promotion (funds lost contributions).

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Payments reflected in income statement
CHF m 2,466 2,666 2,720 2,802 3,149 12.4
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Payments reflected in income statement


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Contributions to the rail infrastructure
CHF m 1,826 2,030 2,058 2,117 2,317 9.5
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Contributions to the rail infrastructure


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Grants for regional passenger services
CHF m 624 622 653 684 812 18.6
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Grants for regional passenger services


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Grants for freight traffic
CHF m 16 13 8 1 21 2,229.8
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Grants for freight traffic


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Increase in loans, non-repayable contributions
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CHF m 10,684 705 746 1,572 3,310 110.6
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Increase in loans, non-repayable contributions


Footnote

On 1 September 2020, SBB AG took charge of the Ceneri Base Tunnel from AlpTransit Gotthard AG (ATG). The takeover meant fixed assets and public loans for financing railway infrastructure rose to CHF 1,555 million. At the same time, investments in tunnel excavation of CHF 1,146 million were financed using public investment promotion (funds lost contributions).

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Increase in loans for financing of rail infrastructure
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CHF m 4,655 631 688 1,479 2,083 40.8
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Increase in loans for financing of rail infrastructure


Footnote

On 1 September 2020, SBB AG took charge of the Ceneri Base Tunnel from AlpTransit Gotthard AG (ATG). The takeover meant fixed assets and public loans for financing railway infrastructure rose to CHF 1,555 million.

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Non-repayable contributions to investments
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CHF m 6,029 74 58 92 1,227 1,228.6
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Non-repayable contributions to investments


Footnote

On 1 September 2020, SBB AG took charge of the Ceneri Base Tunnel from AlpTransit Gotthard AG (ATG). In the context of this takeover, investments in tunnel excavation of CHF 1,146 million were financed using public investment promotion (funds lost contributions).

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Additions to assets
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Additions to assets reflected in the balance sheet
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CHF m 6,955 3,539 3,564 4,534 5,342 17.8
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Additions to assets reflected in the balance sheet


Footnote

2020: SBB took over the Ceneri Base Tunnel from AlpTransit Gotthard AG on 1 September. 2016 and 2019: additions to assets in connection with the Gotthard Base Tunnel.

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Passenger services
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CHF m 578 722 750 895 1,187 32.7
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Passenger services


Footnote

Expansion of regional and long-distance service fleets; capitalisable additions to fixed and intangible assets reflected in the balance sheet.

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Real Estate
CHF m 554 683 619 586 463 -20.9
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Real Estate


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Freight services
CHF m 18 30 34 34 38 11.2
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Freight services


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Infrastructure
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CHF m 5,771 2,075 2,138 2,993 3,633 21.4
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Infrastructure


Footnote

On 1 September 2020, SBB AG took charge of the Ceneri Base Tunnel from AlpTransit Gotthard AG (ATG). The takeover meant fixed assets and public loans for financing railway infrastructure rose to CHF 1,555 million.

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Network
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CHF m 5,693 1,998 2,029 2,847 3,491 22.6
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Network


Footnote

On 1 September 2020, SBB AG took charge of the Ceneri Base Tunnel from AlpTransit Gotthard AG (ATG). The takeover meant fixed assets and public loans for financing railway infrastructure rose to CHF 1,555 million.

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Energy
CHF m 79 77 110 146 142 -2.7
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Energy


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Group-level units
CHF m 33 29 23 26 20 -22.6
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Group-level units


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SBB as a purchaser
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Purchasing volume
CHF m [4,509] [4,911] [5,223] [5,646] 6,055 7.3
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Purchasing volume


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Proportion of suppliers based in Switzerland
% [89.0] [87.5] [87.5] [88.7] 91.2 2.5
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Proportion of suppliers based in Switzerland


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Suppliers
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number [15,237] [14,838] [14,808] [15,542] 14,206 -8.6
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Suppliers


Footnote

Only includes billers with a purchasing volume of more than CHF 2,000 in 2019.

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Proportion of suppliers based in Switzerland
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% [92.0] [91.1] [90.7] [90.6] 90.4 -0.2
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Proportion of suppliers based in Switzerland


Footnote

Only includes billers with a purchasing volume of more than CHF 2,000 in 2019.

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