18 Financial liabilities

At the end of February 2020, before the outbreak of the pandemic in Europe, Flughafen Zürich AG was able to raise funds by placing a 15-year CHF 400 million debenture (coupon of 0.2%) on the Swiss capital market. This was followed in May 2020 by a further placement, of a four-year CHF 300 million debenture (coupon of 0.7%), partly in order to refinance the CHF 300 million debenture falling due in July 2020. The favourable market environment in December 2020 allowed the company to place a further debenture, in the amount of CHF 200 million (coupon 0.1%) for seven years, in order to build up additional liquidity reserves.

Current liabilities to banks include a fixed advance of CHF 60 million under the operating credit facilities. It is planned to repay this in full by the end of March 2021.

Composition of non-current financial liabilities as at the reporting date:

External financing is subject to standard guarantees and covenants, which were complied with as at the reporting date.

In addition, unused credit facilities at the reporting date amounted to a total of CHF 87.9 million (see note 24.1 a) Financial risk management, ii) Liquidity risk).

The maturities of financial liabilities are shown in the table below:

Financial liabilities changed as follows as a result of cash and non-cash changes:

Overview of lease liabilities

The lease liabilities shown below include the leases listed in note 9, Right-of-use assets. The interest rate on the future lease liabilities is 0.0%. The interest rate for the ESS lease, which expired on 31 July 2020, was 3.476%.