6 investment property
|
(CHF 1,000) |
|
Land |
|
Project and construction costs |
|
Total investment property |
|
Cost |
|
|
|
|
|
|
|
Balance as at 1 January 2020 |
|
950 |
|
432,519 |
|
433,469 |
|
Additions |
|
0 |
|
71,805 |
|
71,805 |
|
Balance as at 30 June 2020 |
|
950 |
|
504,324 |
|
505,274 |
|
|
|
|
|
|
|
|
|
Accumulated depreciation and impairment losses |
|
|
|
|
|
|
|
Balance as at 1 January 2020 |
|
0 |
|
–712 |
|
–712 |
|
Additions |
|
0 |
|
–466 |
|
–466 |
|
Balance as at 30 June 2020 |
|
0 |
|
–1,178 |
|
–1,178 |
|
|
|
|
|
|
|
|
|
Net carrying amount as at 1 January 2020 |
|
950 |
|
431,807 |
|
432,757 |
|
Net carrying amount as at 30 June 2020 |
|
950 |
|
503,146 |
|
504,096 |
THE CIRCLE PROJECT
Based on the nature of the contractual arrangement, the co-ownership structure The Circle is classified as a joint operation in accordance with IFRS 11. The share of the rights to the assets and the share of the obligations for the liabilities of the co-ownership structure are therefore recognised and presented in the relevant line items in the consolidated financial statements of Flughafen Zürich AG (Flughafen Zürich AGʼs share: 51%).
The fair value of The Circle was CHF 627.3 million at the reporting date (31 December 2019: CHF 530.9 million). The value was calculated by an external property valuer.
