21 DEFERRED TAX ASSETS AND LIABILITIES
In accordance with IAS 12.47, deferred tax assets and liabilities are calculated at the rate that is expected to apply when the asset is realised or the liability settled. Flughafen Zürich AG anticipates a tax rate of 20.4% for the reporting period (2019: 20.4%). The expected tax rate is calculated on the basis of the applicable rate (rounded up or down) at the domicile of Flughafen Zürich AG and its subsidiaries.
The balance of deferred tax assets and liabilities changed as follows:
|
(CHF 1,000) |
|
2020 |
|
2019 |
|
Deferred tax assets and liabilities, net as at 1 January |
|
–34,033 |
|
–42,334 |
|
Deferred taxes on remeasurement of defined benefit obligations, recognised in OCI |
|
–450 |
|
6,212 |
|
Change according to income statement |
|
16,001 |
|
2,228 |
|
Foreign exchange differences |
|
–204 |
|
–139 |
|
Deferred tax assets and liabilities, net as at 31 December |
|
–18,686 |
|
–34,033 |
|
of which deferred tax assets |
|
5,403 |
|
2,121 |
|
of which deferred tax liabilities |
|
–24,089 |
|
–36,154 |
Deferred tax assets and liabilities are allocated to the following items:
|
|
|
31.12.2020 |
|
31.12.2019 |
||||
|
(CHF 1,000) |
|
Assets |
|
Liabilities |
|
Assets |
|
Liabilities |
|
Property, plant and equipment & other intangible assets |
|
|
|
–10,428 |
|
|
|
–12,169 |
|
Intercompany loans and other financial assets |
|
|
|
–15,300 |
|
|
|
0 |
|
Renovation fund |
|
|
|
–37,659 |
|
|
|
–36,495 |
|
Aircraft noise |
|
|
|
–26,582 |
|
|
|
–26,266 |
|
Financial liabilities issuing costs |
|
|
|
–298 |
|
72 |
|
|
|
Employee benefit obligations |
|
40,308 |
|
|
|
38,757 |
|
|
|
Tax loss carryforwards for which deferred tax assets were recognised |
|
26,033 |
|
|
|
0 |
|
|
|
Miscellaneous items |
|
5,403 |
|
–163 |
|
2,121 |
|
–53 |
|
Deferred tax assets and liabilities, gross |
|
71,744 |
|
–90,430 |
|
40,950 |
|
–74,983 |
|
Offsetting of assets and liabilities |
|
–66,341 |
|
66,341 |
|
–38,829 |
|
38,829 |
|
Deferred tax assets and liabilities, net |
|
5,403 |
|
–24,089 |
|
2,121 |
|
–36,154 |
As at 31 December 2020, Flughafen Zürich AG subsidiaries had tax loss carryforwards of CHF 79.2 million where the criteria for recognising a deferred tax asset were not met, as it is not certain that it will be realised at a future date. Of the total loss carryforwards, CHF 2.0 million expire in 2025, CHF 4.8 million in 2026, and CHF 72.4 million in 2027.
