II NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
1 Segment reporting
|
(CHF million) |
|
Regulated business |
|
Noise |
|
Non-regulated business |
|
Eliminations |
|
Consolidated |
|
First half 2020 |
|
|
|
|
|
|||||
|
Revenue from contracts with customers (IFRS 15) |
|
126.8 |
|
3.5 |
|
72.6 |
|
0.0 |
|
202.9 |
|
Other revenue (non IFRS 15) |
|
0.1 |
|
0.0 |
|
107.4 |
|
0.0 |
|
107.5 |
|
Revenue from third parties |
|
126.9 |
|
3.5 |
|
180.0 |
|
0.0 |
|
310.4 |
|
Inter-segment revenue |
|
10.1 |
|
0.0 |
|
36.3 |
|
–46.4 |
|
0.0 |
|
Total revenue |
|
137.0 |
|
3.5 |
|
216.3 |
|
–46.4 |
|
310.4 |
|
Personnel expenses |
|
–33.8 |
|
–0.8 |
|
–59.4 |
|
0.0 |
|
–94.0 |
|
Other operating expenses |
|
–73.0 |
|
–0.7 |
|
–37.8 |
|
0.0 |
|
–111.5 |
|
Inter-segment operating expenses |
|
–36.4 |
|
–0.4 |
|
–9.6 |
|
46.4 |
|
0.0 |
|
Segment result (EBITDA) |
|
–6.2 |
|
1.6 |
|
109.5 |
|
0.0 |
|
104.9 |
|
Depreciation and amortisation |
|
–68.7 |
|
–1.8 |
|
–52.8 |
|
0.0 |
|
–123.3 |
|
Segment result (EBIT) |
|
–74.9 |
|
–0.2 |
|
56.7 |
|
0.0 |
|
–18.4 |
|
Finance result |
|
|
|
|
|
|
|
|
|
–12.8 |
|
Share of profit or loss of associates |
|
|
|
|
|
|
|
|
|
–1.6 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
5.3 |
|
Consolidated result |
|
|
|
|
|
|
|
|
|
–27.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Invested capital as at 30 June 2020 |
|
2,004.7 |
|
109.9 |
|
2,267.6 |
|
|
|
4,382.2 |
|
Non-interest-bearing non-current liabilities 1) |
|
|
|
|
|
|
|
|
|
616.3 |
|
Non-interest-bearing current liabilities 2) |
|
|
|
|
|
|
|
|
|
225.7 |
|
Total assets as at 30 June 2020 |
|
|
|
|
|
|
|
|
|
5,224.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ROIC (in %) 3) |
|
1.0 |
|
2.4 |
|
7.0 |
|
|
|
4.0 |
|
(CHF million) |
|
Aviation |
|
PRM |
|
User fees |
|
Air security 4) |
|
Access fees 4) |
|
Eliminations |
|
Total regulated business |
|
First half 2020 |
|
|
|
|
|
|
|
|||||||
|
Revenue from contracts with customers (IFRS 15) |
|
78.5 |
|
2.6 |
|
16.0 |
|
29.4 |
|
0.3 |
|
0.0 |
|
126.8 |
|
Other revenue (non IFRS 15) |
|
0.1 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.1 |
|
Revenue from third parties |
|
78.6 |
|
2.6 |
|
16.0 |
|
29.4 |
|
0.3 |
|
0.0 |
|
126.9 |
|
Inter-segment revenue |
|
9.7 |
|
0.0 |
|
2.3 |
|
7.5 |
|
1.1 |
|
–10.5 |
|
10.1 |
|
Total revenue |
|
88.3 |
|
2.6 |
|
18.3 |
|
36.9 |
|
1.4 |
|
–10.5 |
|
137.0 |
|
Personnel expenses |
|
–28.7 |
|
0.0 |
|
–3.8 |
|
–1.0 |
|
–0.3 |
|
0.0 |
|
–33.8 |
|
Other operating expenses |
|
–18.9 |
|
–3.4 |
|
–2.2 |
|
–25.6 |
|
–22.9 |
|
0.0 |
|
–73.0 |
|
Inter-segment operating expenses |
|
–27.8 |
|
–0.4 |
|
–7.1 |
|
–4.5 |
|
–7.1 |
|
10.5 |
|
–36.4 |
|
EBITDA |
|
12.9 |
|
–1.2 |
|
5.2 |
|
5.8 |
|
–28.9 |
|
0.0 |
|
–6.2 |
|
Depreciation and amortisation |
|
–51.2 |
|
–0.1 |
|
–12.4 |
|
–3.5 |
|
–1.5 |
|
0.0 |
|
–68.7 |
|
EBIT |
|
–38.3 |
|
–1.3 |
|
–7.2 |
|
2.3 |
|
–30.4 |
|
0.0 |
|
–74.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invested capital as at 30 June 2020 |
|
1,455.2 |
|
9.3 |
|
372.8 |
|
138.9 |
|
28.4 |
|
|
|
2,004.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROIC (in %) 3) |
|
1.9 |
|
1.6 |
|
–0.1 |
|
36.8 |
|
–153.0 |
|
|
|
1.0 |
1) Non-interest-bearing non-current liabilities include non-current provisions for formal expropriations plus sound insulation and resident protection, deferred tax liabilities, employee benefit obligations and non-current liabilities from concession arrangements.
2) Non-interest-bearing current liabilities include current provisions for formal expropriations and sound insulation and resident protection, current tax liabilities, trade payables and other current liabilities plus accruals and deferrals.
3) Based on the result of the 12-month period preceding the reporting date.
4) In accordance with the Swiss Ordinance on Airport Charges, the shortfall in the “Access fees” segment can be charged to the “Air security” segment. Taking the shortfall into account, the ROIC of the “Air security” segment amounts to -4.7%.
The reportable segments for the prior-year period are as follows:
|
(CHF million) |
|
Regulated business |
|
Noise |
|
Non-regulated business |
|
Eliminations |
|
Consolidated |
|
First half 2019 |
|
|
|
|
|
|||||
|
Revenue from contracts with customers (IFRS 15) |
|
309.8 |
|
5.5 |
|
144.7 |
|
0.0 |
|
460.0 |
|
Other revenue (non IFRS 15) |
|
0.1 |
|
0.0 |
|
127.9 |
|
0.0 |
|
128.0 |
|
Revenue from third parties |
|
309.9 |
|
5.5 |
|
272.6 |
|
0.0 |
|
588.0 |
|
Inter-segment revenue |
|
9.9 |
|
0.0 |
|
44.7 |
|
–54.6 |
|
0.0 |
|
Total revenue |
|
319.8 |
|
5.5 |
|
317.3 |
|
–54.6 |
|
588.0 |
|
Personnel expenses |
|
–40.7 |
|
–0.9 |
|
–64.2 |
|
0.0 |
|
–105.8 |
|
Other operating expenses |
|
–91.7 |
|
–0.4 |
|
–86.4 |
|
0.0 |
|
–178.5 |
|
Inter-segment operating expenses |
|
–44.4 |
|
–0.3 |
|
–9.9 |
|
54.6 |
|
0.0 |
|
Segment result (EBITDA) |
|
143.0 |
|
3.9 |
|
156.8 |
|
0.0 |
|
303.7 |
|
Depreciation and amortisation |
|
–68.4 |
|
–2.1 |
|
–45.5 |
|
0.0 |
|
–116.0 |
|
Segment result (EBIT) |
|
74.6 |
|
1.8 |
|
111.3 |
|
0.0 |
|
187.7 |
|
Finance result |
|
|
|
|
|
|
|
|
|
–3.7 |
|
Share of profit or loss of associates |
|
|
|
|
|
|
|
|
|
–1.8 |
|
Income tax expense |
|
|
|
|
|
|
|
|
|
–38.8 |
|
Consolidated result |
|
|
|
|
|
|
|
|
|
143.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Invested capital as at 30 June 2019 |
|
1,809.6 |
|
105.7 |
|
1,555.5 |
|
|
|
3,470.8 |
|
Non-interest-bearing non-current liabilities 1) |
|
|
|
|
|
|
|
|
|
618.0 |
|
Non-interest-bearing current liabilities 2) |
|
|
|
|
|
|
|
|
|
213.8 |
|
Total assets as at 30 June 2019 |
|
|
|
|
|
|
|
|
|
4,302.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ROIC (in %) 3) |
|
7.6 |
|
3.4 |
|
11.6 |
|
|
|
9.3 |
|
(CHF million) |
|
Aviation |
|
PRM |
|
User fees |
|
Air security 4) |
|
Access fees 4) |
|
Eliminations |
|
Total regulated business |
|
First half 2019 |
|
|
|
|
|
|
|
|||||||
|
Revenue from contracts with customers (IFRS 15) |
|
181.9 |
|
7.4 |
|
35.7 |
|
84.1 |
|
0.7 |
|
0.0 |
|
309.8 |
|
Other revenue (non IFRS 15) |
|
0.1 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.1 |
|
Revenue from third parties |
|
182.0 |
|
7.4 |
|
35.7 |
|
84.1 |
|
0.7 |
|
0.0 |
|
309.9 |
|
Inter-segment revenue |
|
9.4 |
|
0.0 |
|
2.2 |
|
5.7 |
|
1.0 |
|
–8.4 |
|
9.9 |
|
Total revenue |
|
191.4 |
|
7.4 |
|
37.9 |
|
89.8 |
|
1.7 |
|
–8.4 |
|
319.8 |
|
Personnel expenses |
|
–33.9 |
|
0.0 |
|
–5.0 |
|
–1.2 |
|
–0.6 |
|
0.0 |
|
–40.7 |
|
Other operating expenses |
|
–22.9 |
|
–6.0 |
|
–2.8 |
|
–36.3 |
|
–23.7 |
|
0.0 |
|
–91.7 |
|
Inter-segment operating expenses |
|
–30.4 |
|
–0.5 |
|
–8.1 |
|
–6.8 |
|
–7.0 |
|
8.4 |
|
–44.4 |
|
EBITDA |
|
104.2 |
|
0.9 |
|
22.0 |
|
45.5 |
|
–29.6 |
|
0.0 |
|
143.0 |
|
Depreciation and amortisation |
|
–51.0 |
|
–0.1 |
|
–12.5 |
|
–3.1 |
|
–1.7 |
|
0.0 |
|
–68.4 |
|
EBIT |
|
53.2 |
|
0.8 |
|
9.5 |
|
42.4 |
|
–31.3 |
|
0.0 |
|
74.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invested capital as at 30 June 2019 |
|
1,361.6 |
|
4.8 |
|
320.4 |
|
87.7 |
|
35.1 |
|
|
|
1,809.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROIC (in %) 3) |
|
7.3 |
|
33.1 |
|
4.6 |
|
76.0 |
|
–139.5 |
|
|
|
7.6 |
1) Non-interest-bearing non-current liabilities include non-current provisions for formal expropriations plus sound insulation and resident protection, deferred tax liabilities, employee benefit obligations and non-current liabilities from concession arrangements.
2) Non-interest-bearing current liabilities include current provisions for formal expropriations and sound insulation and resident protection, current tax liabilities, trade payables and other current liabilities plus accruals and deferrals.
3) Based on the result of the 12-month period preceding the reporting date.
4) In accordance with the Swiss Ordinance on Airport Charges, the shortfall in the “Access fees” segment can be charged to the “Air security” segment. Taking the shortfall into account, the ROIC of the “Air security” segment amounts to 17.1%.
