SBB Cargo in 2009.

An extract from SBB’s Annual Report.

Contents

SBB Cargo in 2009 6

Milestones in 2009 12
Organisation charts and SBB Cargo Management Board 14
Financial figures 16
Key figures 18
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
62.5 million in 2009, compared with a deficit of CHF
29.9 million in the previous year. Owing to the reces-
sion, traffic revenues fell 12.3 % to CHF 915.6 million
(2008: CHF 1,044.2 million). The traffic volume handled
by SBB Cargo in 2009 was reduced by 7 % to 11,674 mil-
lion net tonne-kilometres (2008: 12,531 million). This
decrease was due to the fact that many of the sectors
in which SBB Cargo operates were hit by the reces-
sion. SBB Cargo made various adjustments to its rates
in close consultation with the customers involved.
SBB was quick to respond to the impending econom-
ic crisis and instituted far-reaching measures in
summer 2008. These followed on from the funda-
mental restructuring of SBB Cargo that had been in
progress since 2007. The measures implemented in-
cluded a recruitment freeze, the deployment of Cargo
locomotive drivers on passenger services, and the re-
turn of freight wagons to leasing companies. In the first
half of 2009, SBB Cargo stepped up its countermeas-
ures by adapting freight capacity in advance to an an-
ticipated continuation of the demand fall-off. The roll-
ing stock fleet was reduced by 50 mainline locomotives
and 2,400 wagons. Owing to the recruitment freeze,
200 vacant posts were no longer filled. The overall ef-
fect of SBB Cargo’s package of measures was a sav-
ing of CHF 115 million. This mitigated the damage in-

SBB Cargo in 2009 / Page 6


SBB Cargo: net tonne-kilometres
billions
15
13.37
12.53
12.34
11.67
11.48
10
5
0
05 06 07 08 09
flicted on the company’s financial result by the current
problems in the freight market. A number of major new
contracts also alleviated these problems: for example,
the intermodal operator IFB signed a three-year con-
tract with SBB Cargo for the haulage of trains from
Aachen and Basel to Turin, Milan, Novara, Piacenza
and Tavazzano. The steelmaking and metallurgy sec-
tor is one of SBB Cargo’s key customer segments. In
these industries, revenues were halved. Intermodal traf-
fic (haulage of containers and swap-bodies) was down
14 %. Also badly hit by the recession were the wood
and paper sector, and cross-border freight with neigh-
bouring railways (“cooperation traffic”). SBB Cargo suc-
ceeded in raising its revenues from the retail/wholesale
trade, and its carryings for the construction and petro-
leum industries rose significantly. The fourth quarter
saw a slight revival in intermodal transit freight and was
also helped by a very large amount of domestic sugar-
beet business.
Restructuring the freight business.
The measures initiated at an early stage to restructure
and reposition SBB Cargo meant that this company
was able in the year under review to weather the reper-
cussions of the economic crisis and the resulting down-
SBB Cargo in 2009 / Page 7
turn in freight volumes and revenues. The restructuring
programme, finalised in spring 2008, consisted of a
package of measures affecting many sections of SBB
Cargo. In 2009, SBB Cargo shed unprofitable routes,
introduced a more flexible production system for freight
services, and continually adapted its level of services
to changing market conditions even within the year. In
this way it succeeded to some extent in cushioning it-
self against the adverse effects of a difficult economic
period.
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-
other major railway operator were hampered by the re-
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
showed that under current circumstances the sale of
a 49 % stake in SBB Cargo was not an option. After
having origi nally made attractive tentative offers, these
railway companies therefore decided against submit-
ting bids for a stake in SBB Cargo. SBB also saw that
the targets defined at the beginning of the project in-
volving the acquisition of a stake by a partner compa-
ny could not be met. When it began its search for a
strategic partner in 2008, SBB stressed that a partic-
ipation-based solution would only be feasible if it could
ensure a more successful future for the company in
the long term than the continuation of SBB Cargo as
an independent company. For this reason, an alterna-
tive scenario was developed in parallel, featuring co-
operation in specific areas for both domestic and in-
ternational services.
Difficult market environment – global financial
and economic crisis.
Like the previous year, 2009 was dominated by the glo-
bal financial and economic crisis. SBB benefited from
the fact that, with a crisis looming, it had already taken
initial steps to increase productivity in the late summer
of 2008 – notably a selective recruitment freeze and
various cost-saving programmes.
Further measures were to follow in 2009. The main vic-
tim of the economic downturn was freight: demand for
goods shipments slumped worldwide. However, SBB
Cargo succeeded in at least partly offsetting the effects
of the recession in 2009. It did so by implementing pro-
ductivity-boosting measures early on, by regularly re-
viewing its production systems and adjusting them to
market developments, and by disposing of unprofita-
ble business. In 2009, SBB Cargo saw freight revenues
in its international business fall by 15 %. In domestic
wagonload traffic, freight revenues dropped by 9 %.
In the last two years, the recession has resulted in a
consolidation of the strong market position of some
leading players. In 2009, moreover, the competitive-
ness even of these major players declined as the eco-
nomic crisis confronted them with serious difficulties,
reduced carryings and surplus capacity on their home
markets.
In this situation, it is natural that the focus should shift
back to joint efforts and cross-border cooperation. This
is the only way to enhance the market standing of rail
freight and improve its competitive position versus road
haulage. For this reason, seven European freight rail-
ways decided in the year under review to launch a
cross-border venture involving close cooperation in
wagonload traffic: the resulting Xrail alliance was formed
at the beginning of 2010. Six other European railways
will in future cooperate with SBB Cargo in the devel-
opment of European wagonload railfreight, further
strengthening the customer focus and competitiveness
of this traffic.
International business unit.
In the International business unit of SBB Cargo, the
steel industry and intermodal traffic were worst affect-
ed by the economic downturn. The number of tonne-
kilometres generated by cross-border steel trains was
down 60 % year-on-year, while revenues from the haul-
age of container trains declined overall by 14 % from
the previous year. As of October, business began to re-
cover from its reduced levels. By contrast, ChemOil AG
achieved positive growth (+ 4 %). The expansion of its
SBB Cargo in 2009 / Page 8
share of the petroleum products market more than off-
set the fall-off in chemicals traffic.
The trend in the freight business was stabilised in the
second half of the year by the radical measures taken
and the decreasing severity of the recession. SBB
Cargo had cut its capacity by 20 % at an early stage,
and implemented a new end-to-end production plan-
ning process for the entire North-South corridor. Pro-
duction plans and train orders were coordinated even
more closely with customers. Moreover, SBB Cargo
drafted joint development plans with major customers.
This helped to improve planning reliability and the uti-
lisation of train capacity in the fourth quarter.
Tonne-kilometres were down on the previous year by
9.1 % in Germany, but in Italy they rose by 24.0 %.
Switzerland business unit.
At the Switzerland business unit, the economic down-
turn had a varying impact on different sectors. Where-
as SBB Cargo transported a similar or even an in-
creased volume of goods compared with the previous
year for the retail/wholesale, agricultural and construc-
tion sectors, volumes transported for the steelmaking,
paper and wood industries plummeted. SBB Cargo
rapidly downsized its capacity in line with market de-
velopments. Although it maintained its basic market of-
fering, it reduced its service frequencies at particular
locations by agreement with the customers. At the
same time, SBB Cargo continued to expand its Swiss
intermodal freight offering, improving its facilities at
Renens and Sion for the transshipment of container-
ised goods. In the retail/wholesale trade, SBB Cargo
reported a slight rise in the volume of goods transported.
While freight shipped for its major client Migros was
maintained at the existing high level, carryings for the
other big Swiss supermarket group, Coop, were in-
creased slightly. As domestic bread-grain growers re-
corded a good harvest, import traffic was down in this
segment while domestic traffic rose. SBB Cargo is more
vulnerable to road competition in domestic freight
owing to the shorter distances involved. The lower har-
vest of feed grains pushed up demand for imported
grain, which benefited SBB Cargo. As a record sugar-
beet crop was harvested in 2009, SBB Cargo shipped
more than a million tonnes of beet to the sugar facto-
ries at Aarberg and Frauenfeld.
The cold winter resulted in a useful rise in road-salt car-
riage. Thanks to shipments to building sites for the
cross-city link in Zurich and to AlpTransit’s Gotthard
sites, carryings for the construction industry rose
sharply. In addition, SBB Cargo transported a larger
tonnage of aggregates than in the previous year, and
rail boosted its share of cement carriage.
The general situation in the metallurgy sector also im-
pacted on domestic freight traffic, thus affecting SBB
Cargo’s carryings: traffic in the first half of the year was
down 43 % compared with 2008. As of the autumn, the
volumes hauled stabilised at the new, lower level. SBB
Cargo also posted a sharp fall in paper and wood haul-
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,
Transalpine freight. Rail’s share of the transalpine
freight market declined in the reporting year com-
pared with that of road freight, falling from 64 % in
2008 to 61 % last year.
SBB Cargo’s share of transalpine railfreight pass-
ing through Switzerland was 47.8 % compared
with 50 % in the previous year.
In transalpine wagonload traffic, SBB Cargo had
a market share of 57.9 % (2008: 58.8 %) as against
48.4 % (49.1 %) for unaccompanied intermodal
freight and 9.5 % (16.3 %) for piggyback traffic.
SBB’s share of the transalpine freight market
in % (net-net tonnes)
100
80

some routes were switched from block trains to wagon

58.3

groups or individual wagons.

55.1

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

In recent years, customer satisfaction has risen stead-
ily. The Switzerland business unit achieved its best re-
sult since 2003 with a rating of 7.61 points (7.08). Sat-
isfaction rose in nearly every area. Customers said they
were very satisfied with their business account manag-
ers, the quality of freight administration services, and
communication. Satisfaction with billing services and
complaints management was not quite so high. Cus-
tomers of our International Business Unit (including our
ChemOil Logistics AG subsidiary) rated its services at
7.88 (7.24) points, which is the best score since the sur-
veys began. Customers said they were very satisfied
with their business account managers, communication,
and freight administration services. From the custom-
er’s perspective, satisfaction with all quality criteria was
higher than in the previous year. Although complaints
management and billing services were in the critical as-
sessment area, a positive trend was noted for these as-
pects too in 2009.
Outlook for 2010.
In close cooperation with its owner, the federal govern-
ment, SBB produced a comprehensive overview of the
possible options. In the last few months, SBB has fur-
ther crystallised and defined the strategic thrusts for
developing its freight operation. It has decided to spin
off international block-train services on the transalpine
routes into a separate company. The aim is to lower
production costs through lean structures. In future,
SBB will concentrate on its role as a traction provider
for intermodal freight on the north-south corridor be-
tween the North Sea ports and northern Italy. Discus-
sions regarding a possible share in the new company
are currently ongoing with the Swiss intermodal oper-
ator Hupac, based in Chiasso. In Swiss wagonload traf-
fic, the level of standardisation of SBB Cargo’s serv-
ices is to be increased and its offering dovetailed more
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.

SBB Cargo in 2009 / Page 10

SBB Cargo in 2009 / Page 11
Milestones in 2009
January
26 January – SBB Cargo expands its service offering for IFB (for-
merly T.R.W.) dramatically, signing a new three-year contract. In
cooperation with SNCB (Belgian Railways), the Swiss railfreight
provider will now transport around 70 container trains a week for
IFB from the North Sea coast to Italy. SNCB will haul the trains
through France to Basel and through Belgium to Aachen. SBB
Cargo then takes full responsibility for all consignments for jour-
neys to Turin, Milan and Novara as well as to the destinations of
Piacenza and Tavazzano, which were recently added to the inter-
national north-south network.
February
4 February – In order to combat the economic crisis, SBB Cargo
implements further measures including capacity reductions in
transit freight traffic. Around 30 train drivers are transferred tem-
porarily to SBB’s Passenger Division as a result of the growing
demand for passenger services following the expansion of the of-
fering to coincide with the timetable change.
March
4 March – SBB Cargo launches an individual emissions report-
ing system to support its customers in the area of environmental
management. The emissions comparison for all consignments
forwarded by SBB Cargo can easily be integrated into opera-
tional environmental management systems and shown in environ-
mental audits. Data are compiled using EcoTransIT, an online tool
developed by SBB Cargo and five other European rail operators,
together with the University of Hanover and the independent In-
stitute for Energy and Environmental Research (IFEU) in Heidel-
berg in cooperation with the International Railway Union (UIC).
24 March – Forestry and timber industry associations and SBB
Cargo draw positive conclusions from their joint project to im-
prove working relations. The project was aimed at targeting spe-
cific weak points in cooperation. Its most important results are
specific measures to improve the network of services, a Switzer-
land-wide cleaning concept for cleaning open-air loading areas
and improved planning for limited-capacity stations.
Milestones in 2009 / Page 12
April
1 April – Annette Jordan is appointed Head of the International
business unit. Ms Jordan was instrumental in expanding the SBB
Cargo Deutschland production company, where she had been
working as Managing Director since June 2004. Matthias Birn-
baum takes over as Managing Director of SBB Cargo Deutsch-
land.
1 April – Beat Malacarne takes control of SBB Cargo’s Finance
unit. He brings with him a wealth of experience, having held sen-
ior finance positions at international industrial companies for a
number of years.
2 April – Good segment results enabled SBB to improve its over-
all result for 2008 to CHF 345.0 million (compared with CHF
80.4 million in 2007). At the annual media conference it was
announced that the positive development was the product of
good results in the Passenger segment (5.2 % increase in the
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
freight traffic volumes caused by the economic downturn, there
was a marked improvement in the segment result. SBB’s high in-
vestment requirements led to outflows once again in 2008: these
increased by CHF 75.8 million to CHF 505.6 million.
2 April – At the annual media conference SBB reports on its
search for partners for SBB Cargo. SBB offers the two large rail
operators DB and SNCF a 49 % holding in its railfreight subsid-
iary. In December it is announced that negotiations with DB and
SNCF were not successful. This brought the scenario of inde-
pendent further development to the fore, a scenario which had
been discussed by SBB in parallel with the search for partners.
May
12 May – SBB Cargo takes such traditional Swiss values as pre-
cision, ecology, safety, reliability and punctuality to the Transport
Logistic trade fair in Munich. With more than 1,500 exhibitors from
60 countries and around 47,000 industry professionals attending,
Transport Logistic is Europe’s leading freight fair.
19 May – European railfreight services are suffering a serious
downturn in demand in the wake of the global economic crisis.
According to a survey conducted by Booz & Company, volumes
in the first quarter of 2009 were down by 36 %. In the first three
months of 2009 SBB Cargo ran 19 % fewer trains on the main
north-south routes. In the export segment, the number of trains
operated by SBB Cargo was down by 27 % – while import traffic
contracted by 11 %. Finally, there was a 12 % reduction in domes-
tic services.
June
1 June – SBB Cargo officially hands over the Bellinzona works to
the SBB Passenger Division’s Operating business unit (P-OP).
P-OP had already assumed operational control of the works in
January 2008. This measure completes the outsourcing of heavy
maintenance activities.
July
29 July – SBB Cargo begins running newsprint disposal serv-
ices for Valora AG from the company’s new logistics centre in
Egerkingen to the Perlen paper mill at Gisikon-Root. This involves
handling 120 tonnes of old newspapers and magazines each day,
and thereby transferring between three and six truckloads from
road to rail.
August
4 August – The Biel works begins modernising 23 type Tm IV
shunting tractors for SBB Cargo. The vehicles are being prepared
for another 20 years’ service. The new, post-refit vehicle number
is Tm 232, and the shunting vehicles are another sign of SBB
Cargo’s commitment to the future of wagonload freight transport
in Switzerland.
19 August – SBB Cargo continues to contribute to the transfer of
freight shipments from road to rail by expanding its range of do-
mestic intermodal services. At one location each in western Swit-
zerland (Renens) and Valais (Sion), transhipment operations for
goods to be loaded into containers have been improved through
the use of two Kalmar reach stackers.
Milestones in 2009 / Page 13
September
10 September – SBB unveils its figures for the first half of the year.
The results for the Passenger Division are good. However, the re-
cession has caused demand for freight services to plummet. SBB
Cargo posted a loss of CHF 24.4 million for the first six months of
2009 (compared with CHF –8.2 million for the first half of 2008),
but still performed well from an international perspective.
21 September – The sugar factory in Aarberg processes the first
2,000 tonnes of sugar beet to be transported by SBB Cargo. Dur-
ing the three-month season, SBB Cargo maintains its own sugar
beet network with around 75 loading terminals.
28 September – SBB Cargo announces its cooperation with the
non-profit foundation myclimate, aimed at giving its customers
completely climate-neutral services. Swiss railfreight customers
who make use of the carbon offsetting service will receive a cer-
tificate and will be entitled to attach myclimate’s “Klimaneutral”
(“climate neutral”) label to their consignments.
November
10 November – SBB Cargo announces that the audit carried out
in September by the Swiss Association for Quality and Manage-
ment Systems (SQS) was a success, and that the company re-
mains certified. As a result of the audit, the Swiss railfreight pro-
vider receives the quality certification ISO 9001:2008 for the
period 2010–2012.
December
11 December – The last scheduled service leaves Basel St. Jo-
hann, with the Rhine port line due to be closed and dismantled
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-
shipped at the ports of Basel Kleinhüningen and Auhafen (Birs-
felden).
17 December – Daniel Lützelschwab is appointed acting Head of
Corporate Services. Mr Lützelschwab takes over his new func-
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.
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

Organisation charts and SBB Cargo management board / Page 14

SBB Cargo Management Board
1 2
5 6
1 Nicolas Perrin (1959, Swiss)
CEO of SBB Cargo (previously head of international business unit),
degree in construction engineering from the Federal Institute of
Technology (ETH), Zurich. With SBB since 1987; posts have in-
cluded personal assistant to the general manager and deputy to
the Board delegate for Rail 2000.
2 Adrian Keller (1966, Swiss)
Deputy CEO of SBB Cargo, head of the Switzerland business unit,
lawyer (lic. jur. degree). With SBB Cargo since 2001, first as head
of the Legal Service and head of Business Development, then as
head of Corporate Services, latterly as head of Network and
Capacity Management.
3 Annette Jordan (1968, German)
Head of the international business unit; mechanical engineer. With
SBB Cargo Deutschland since 2004 as head of the SBB Cargo
production company in Germany. Previously held senior positions
with DB Cargo.
4 Jürgen Mues (1963, German)
Head of Asset Management; previously head of Corporate Ser-
vices. Executive MBA in Logistics Management from the Univer-
sity of St. Gallen and degree in industrial engineering. With SBB
Cargo since 2006. Formerly head of Logistics and IT at Roche
Consumer Health.
Organisation charts and SBB Cargo management board / Page 15
3 4
7 8
5 Beat Malacarne (1962, Swiss)
CFO, certified auditor; with SBB Cargo since 2009. Previously oc-
cupied senior finance department positions in various countries
with the Holcim Group, notably as CFO for Asia.
6 Daniel Eigenmann (1958, Swiss)
Head of Human Resources; federal diploma in sports teaching.
With SBB Cargo since 2008. Previously head of Human Resourc-
es at the Swiss subsidiary of a large international pharmaceuti-
cal company. Head of Human Resources at SBB Cargo from 2003
to 2007. Before that, personnel manager at various Swiss banks.
7 Renato Fasciati (1975, Swiss)
Head of Business Development, economist (lic. oec. degree from
the University of St. Gallen). With SBB since 2007 in Corporate
Development. Head of Turnaround Task Force and Corporate De-
velopment at SBB Cargo since December 2007. Former consult-
ant at McKinsey & Company, Zurich.
8 Daniel Lützelschwab (1968, CH)
Acting Head of Services, lawyer (lic. iur. degree). With SBB Cargo
since 2001, initially in Legal Services then as assistant to the
Management Board, Board of Directors and most recently as
Head of Legal Services.
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 expenses1 – 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 – 50.4 – 3.7

Financial income 15.3 17.6

Financial expenses – 22.1 – 42.1
Allocation of Central Services costs – 3.3 – 0.1
Profit before tax – 60.4 – 28.3

Taxes – 2.1 – 1.6

Transfer payments 0.0 0.0
Minority interests 0.0 0.0
Results for the period – 62.5 – 29.9
1
of which train-path charges – 180.7 – 214.7

Financial figures / Page 16

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 68.0 80.0
Trade accounts payable 60.4 85.5
Other current liabilities 64.0 52.0
Deferred income and accrued charges 69.9 65.0
Current provisions 38.8 103.3
Total current liabilities 301.0 385.9

Non-current financial liabilities 456.6 0.0

Other non-current liabilities 0.5 462.6
Non-current provisions 57.4 32.6
Total non-current liabilities 514.5 495.2

Total liabilities 815.6 881.0

Equity
Share capital 723.0 723.0
Capital reserves 2.2 2.2
Retained earnings –426.0 –396.1
Net profit –62.5 –29.9
Equity, excl. minority interests 236.6 299.1

Minority interests 0.0 0.0

Total equity 236.6 299.1

Total liabilities and equity 1,052.1 1,180.2

Financial figures / Page 17

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 SBB Cargo AG (Switzerland)
0
03 04 05 06 07 08 09
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Until 2007 national boundaries were key to assigning traffic per-

U

Pi
W

formance figures. From 2008 these figures are assigned to the

appropriate railway company on the basis of actual handover
points.

Key figures / Page 18

Traffic volume and performance

2007 2008 2009 09 – 08

Volume ± in %
SBB Cargo total Net tonnes (millions) 53.7 54.4 49.3 – 9.4
Wagonload freight 35.8 37.9 34.8 – 8.2
– Individual wagonloads 24.0 24.9 21.9 – 12.0
– Wagonload block trains 11.8 13.0 12.9 – 0.8
Intermodal freight 17.9 16.5 14.5 – 12.1
– Unaccompanied intermodal freight 14.5 13.1 11.2 – 14.5
– Piggyback 3.4 3.4 3.4 0.0

Performance
SBB Cargo total Net tonne-km (millions) 13,368.1 12,530.9 11,674.2 – 6.8
Wagonload freight 5,397.4 5,776.7 5,118.7 – 11.4
– Individual wagonloads 3,748.7 3,862.6 3,146.9 – 18.5
– Wagonload block trains 1,648.7 1,914.1 1,971.8 3.0
Intermodal freight 7,970.7 6,754.2 6,555.5 – 2.9
– Unaccompanied intermodal freight 7,295.5 6,107.4 5,949.6 – 2.6
– Piggyback 675.2 646.8 605.8 – 6.3

Railfreight volume and performance

Net tonnes (millions) Net tonne-km (millions)

70 14,000

60 12,000

50 10,000

40 8,000

30 6,000

20 4,000

10 2,000

0 0
89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

Net tonnes (millions) Net tonne-km (millions)

Development of railfreight performance

% share per category

100

80

60

40

20

0
89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

Unaccompanied intermodal Piggyback Wagonloads

Key figures / Page 19

SBB Cargo transalpine freight services

Domestic, import, export and transit traffic through the Alps in millions of net tonnes
2007 2008 2009 09 – 08
± in %
Gotthard Net tonnes (millions) 13.46 12.28 9.00 – 26.7
Wagonload freight 3.89 4.21 2.96 – 29.5
Unaccompanied intermodal freight 8.89 7.52 5.72 – 24.0
Piggyback 0.68 0.55 0.32 – 42.6

Simplon 2.82 2.49 2.67 7.4

Wagonload freight 1.20 1.03 0.94 – 8.2
Unaccompanied intermodal freight 1.62 1.46 1.73 18.3

Total 16.28 14.77 11.67 – 21.0

Wagonload freight 5.09 5.23 3.91 – 25.3
Unaccompanied intermodal freight 10.55 8.99 7.44 – 17.1
Piggyback 0.68 0.55 0.32 – 42.6

SBB Cargo transalpine freight services Mean distance travelled per net tonne of freight

Net tonnes (millions) Kilometres

249

237
25 260
230
220

240
205

220
20
181

200
175

180
160
15
140
120
10 100
80
60
5
Piggyback 40
Unaccompanied intermodal freight 20
0 Wagonload freight 0
02 03 04 05 06 07 08 09 03 04 05 06 07 08 09

SBB Cargo traffic performance by national company

Net tonne-km (millions) 2007 2008 2009 09 – 08

± in %
SBB Cargo AG (Switzerland) 8,008.1 7,768.8 6,581.4 – 15.3
SBB Cargo Deutschland GmbH 3,686.2 3,649.6 3,317.4 – 9.1
SBB Cargo Italia Srl 915.2 914.1 1,133.9 24.0
Bought in from third parties 758.7 198.3 641.4 223.5
Total 13,368.1 12,530.9 11,674.2 – 7.0

Key figures / Page 20

Workforce and fixed assets

2007 2008 2009 09 – 08

Employees ± in %
Total (consolidated) Number 1 4,406 4,248 3,677 – 13.4
SBB Cargo AG 2 4,035 3,790 3,213 – 15.2
Central administration 268 264 256 – 3.0
Sales 283 292 123 – 57.9
Production 2,651 2,532 2,521 – 0.4
– Mainline and shunting locomotive crews 871 831 786 – 5.4
Maintenance (rolling stock) 806 657 280 – 57.4
Other 27 45 33 – 26.7
Subsidiaries3 371 457 464 1.5

1
Yearly average headcount (full-time equivalent).
2
SBB Cargo AG (excluding subsidiaries).
3
Incl. sales companies.

2007 2008 2009 09 – 08

Structure by business units ± in %
Total (consolidated) Number 1 4,406 4,248 3,677 – 13.4
2
SBB Cargo AG 4,035 3,790 3,213 – 15.2
Switzerland business unit 2,079 2,039 2,509 23.1
International business unit, excluding subsidiaries 1,008 951 211 – 77.8
Asset Management business unit 806 657 280 – 57.4
Central Services 142 143 213 49.0
Subsidiaries 371 457 464 1.5
SBB Cargo Deutschland 3 160 178 172 – 3.4
SBB Cargo Italia 3 183 251 266 6.0
ChemOil Logistics AG 28 28 26 – 7.1

1
Yearly average headcount (full-time equivalent).
2
SBB Cargo AG (excluding subsidiaries).
3
Incl. sales companies.

2007 2008 2009 09 – 08

Rolling stock, as at 31.12 ± in %
Traction units 681 670 659 – 1.6
Mainline locomotives 466 455 438 – 3.7
– Diesel-powered 3 3 3 0.0
– Compatible with foreign networks 109 109 109 0.0
Shunting locomotives 123 122 125 2.5
– Diesel-powered 107 106 109 2.8
Shunting tractors 92 93 96 3.2
– Diesel-powered 90 91 94 3.3
Freight wagons 10,464 9,910 9,121 – 8.0
– 4-wheel wagons 5,767 5,098 4,374 – 14.2
– 8-wheel wagons 4,697 4,812 4,747 – 1.4
– Open wagons 2,178 2,107 2,025 – 3.9
– Covered wagons 4,686 4,220 3,889 – 7.8
– Flat wagons, 4-wheel 747 744 655 – 12.0
– Flat wagons, 8-wheel 2,340 2,340 2,262 – 3.3
– Wagons with sliding walls or roof 421 398 191 – 52.0
– Special-purpose wagons 112 101 99 – 2.0
Noise Number 5,280 6,373 7,062 10.8
Low-noise SBB Cargo freight wagons % 50.2 64.3 77.4

Key figures / Page 21

 1
2 3
1 Port of Switzerland, Basel – In Swiss wagonload traffic, the level
of standardisation of SBB Cargo’s services is to be increased and
its offering dovetailed more closely with customer requirements.
2, 6 Cross-city link construction site at Oerlikon, Canton of Zu-
rich – SBB Cargo’s carryings for the construction and petroleum
industries rose significantly, and it also raised its revenues from
the retail/wholesale trade slightly.
4
5 6
3, 4 Limmattal noise prevention service centre, Canton of Zu-
rich – Last year, SBB Cargo retrofitted 938 freight wagons with
low-noise “K-pads”. In comparison with conventional cast brake
shoes, these brake blocks spare the wheel surface and thus
sharply reduce rolling noise.
5 Busto Arsizio container terminal, Italy – Revenues from the haul-
age of container trains declined overall by 14 % from the previous
year. As of October, business began to recover from its reduced
levels.
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
SBB Cargo AG
Communications
Elsässertor
Centralbahnstrasse 4
4065 Basel
Switzerland
www.sbbcargo.com