Annual Report 2008

We are ready for the future

The Kurzentrum Rheinfelden Group presents its consolidated accounts for the 13th time.
For the first time, the Group recorded a loss. However, this is entirely attributable to a number of special factors.

The Group turnover was slightly higher than that of the previous year. The consolidated earnings before interest and tax (EBIT) remained virtually unchanged. The weaker company result is thus almost exclusively a result of the massive increase in financial expenditure. This rose by more than 1 million francs from 1.5 million francs the previous year to over 2.6 million francs in 2008. The increase is, on the one hand, the result of the financing requirement for the investments made: building loans, etc. were not activated but were charged to the annual financial accounts. On the other hand, the situation on the stock exchanges forced us to write down more than 600,000 francs on our financial assets. To be specific, this involves a larger number of UBS AG shares.

However, the last financial year was dominated by our two main projects: the opening celebration for the new “DES SALINES” residence and the extended Park Hotel am Rhein, which took place on 17 October 2008. The structural and operational requirements were also put in place to enable the sole uno extension to open to visitors in the middle of February 2009. In 2008, the investments made led to an increase in the fire insurance value of our property by another 30 million to 145 million francs. The consolidated balance sheet total increased by a good third to more than 83.5 million francs. In the last two financial years, we have invested more than 50 million francs. This is a considerable sum for a small to medium-sized company. However, it is an investment in the future of our company. In a successful future, as demonstrated by the extremely pleasing figures achieved in the first months of the 2009 financial year.

The large development projects have been completed: the car park, the residence and the pool extension. Our group of companies today boasts an extraordinarily attractive infrastructure. In the coming months, the task will be to “grow into” the new infrastructure, to optimise operational processes and to continue to find new customers.

 

Annual report 2008 (PDF–file 780 kb)

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Kurzentrum Rheinfelden • Roberstenstrasse 31 • CH–4310 Rheinfelden • Telephone +41 61 836 66 11 • www.kurzentrum.ch