Consolidated cash flow statement

(CHF 1,000)

 

Notes

 

2020

 

2019

Consolidated result

 

 

 

–69,119

 

309,145

Finance result

 

(6)

 

24,815

 

14,010

Share of profit or loss of associates

 

 

 

3,101

 

2,548

Income tax expense

 

(7)

 

–15,363

 

77,413

Depreciation/amortisation of

 

 

 

 

 

 

Property, plant and equipment (after recognition of government subsidies and grants)

 

(8)

 

222,067

 

214,702

Right-of-use assets

 

(9)

 

8,165

 

6,262

Investment property

 

(10)

 

4,776

 

120

Intangible assets

 

(11)

 

17,582

 

17,635

Gains (–)/losses (+) on disposal of property, plant and equipment (net)

 

 

 

12,409

 

928

Share-based payments

 

 

 

719

 

1,021

Increase (–)/decrease (+) in inventories, trade receivables and other receivables and prepaid expenses

 

 

 

–46,867

 

–27,552

Increase (+)/decrease (–) in current liabilities, excluding current financial liabilities

 

 

 

20,229

 

–3,847

Increase (+)/decrease (–) in employee benefit obligations

 

 

 

9,303

 

3,107

Increase (+)/decrease (–) in provision for formal expropriations plus sound insulation and resident protection

 

 

 

–16,893

 

–21,269

Income tax paid

 

 

 

–27,646

 

–82,486

Cash flow from operating activities

 

 

 

147,278

 

511,737

of which related to aircraft noise (Airport of Zurich Noise Fund)

 

 

 

–11,911

 

–8,895

Income from noise charges

 

(20)

 

5,701

 

12,733

Expenses for formal expropriations plus sound insulation and resident protection

 

(20)

 

–17,612

 

–21,628

 

 

 

 

 

 

 

Investments in property, plant and equipment and projects in progress

 

 

 

–232,064

 

–432,890

Investments in investment property (incl. advance payments)

 

 

 

–135,504

 

–104,987

Investments in airport operator projects

 

 

 

–30,953

 

–235,279

Investments in intangible assets

 

 

 

0

 

–859

Investments in financial assets

 

 

 

–22,864

 

–28,239

Investments in fixed-term deposits due > 90 days

 

 

 

–200,000

 

–6,500

Repayment of financial assets

 

 

 

17,651

 

23,360

Repayment of fixed-term deposits due > 90 days

 

 

 

37,500

 

149,167

Proceeds from disposal of property, plant and equipment

 

 

 

48

 

126

Interest received

 

 

 

1,076

 

7,790

Cash flow from investing activities

 

 

 

–565,110

 

–628,311

of which related to aircraft noise (Airport of Zurich Noise Fund)

 

 

 

–5,714

 

–3,436

Investments in financial assets and fixed-term deposits (Airport of Zurich Noise Fund)

 

 

 

–22,864

 

–26,796

Repayment of current financial assets and fixed-term deposits (Airport of Zurich Noise Fund)

 

 

 

17,150

 

23,360

 

 

 

 

 

 

 

Issue of new debentures

 

(18)

 

900,000

 

0

Transaction cost issue of new debentures

 

(18)

 

–1,936

 

0

Repayment of debentures

 

(18)

 

–300,000

 

–38,204

Issue of liabilities to banks

 

(18)

 

170,189

 

111,640

Repayment of liabilities to banks

 

(18)

 

–82,523

 

–3,297

Issue of other financial liabilities

 

(18)

 

20,400

 

40,000

Repayment of other financial liabilities

 

(18)

 

–40,000

 

0

Repayment of lease liabilities

 

(18)

 

–6,779

 

–5,797

Payment of dividend for the 2019/2018 financial years

 

 

 

0

 

–211,835

Purchase of treasury shares

 

 

 

–1,078

 

–1,467

Interest paid

 

 

 

–17,112

 

–24,902

Cash flow from financing activities

 

 

 

641,161

 

–133,862

 

 

 

 

 

 

 

Increase (+)/decrease (–) in cash and cash equivalents

 

 

 

223,329

 

–250,436

Balance at 1 January

 

(16)

 

132,428

 

395,872

Effect of foreign exchange differences on cash and cash equivalents held

 

 

 

–4,543

 

–13,008

Balance as at reporting date

 

(16)

 

351,214

 

132,428

of which included in Airport of Zurich Noise Fund

 

(16)

 

3,943

 

18,092