Despite the difficult economic conditions, net profits rose from SFr
345 million ($US 324 million) to SFr 369.8 million, buoyed by one-off
asset disposals including SFr 239.3 million from land sales.

Passenger numbers rose 1.5% to 327.5 million, although demand has grown
at a slower rate than in previous years, and some passengers switched
to lower-cost tickets. Nonetheless, revenues in the Passenger Division
increased to SFr 2.72 billion and net profits rose by SFr 3.8 million
to SFr 280.6 million.

SBB Cargo witnessed a 7% decline in volumes to 11.7 billion net
tonne-km, with revenues from international traffic falling 15% and
domestic wagonload revenues dipping 9%. Overall operating revenues fell
12.3% and SBB Cargo made a loss of SFr 62.5 million, compared with a
loss of SFr 29.9 million in 2008.

Subsidies paid to SBB rose by SFr 123.8 million to SFr 2.67 billion,
which includes SFr 150 million from the federal government's economic
stimulus programme. In contrast with most other European railways, SBB
increased its workforce by 0.6% during 2009 to 27,978 employees.

SBB says that it will need to invest up to SFr 60 billion by 2050, and
substantial investment will be required in the coming decade to meet
the anticipated increase in passenger numbers. It says the public
sector will need to increase its contribution to the railway, but
productivity must also improve continually to provide the necessary
funds for investment. SBB will also need to tackle its negative free
cash flow and complete a SFr 1.15 billion restructuring of its pension
fund. Both of these issues will require federal government legislation.