16 FURTHER DETAILS

16.1 IMPAIRMENT IN ACCORDANCE WITH IAS 36 (IMPAIRMENT TEST)

The coronavirus crisis brought air traffic almost completely to a standstill in some cases. This and the related reduction in commercial activities resulted in lower demand at airports around the globe and also affected Flughafen Zürich AG. As these circumstances indicate that the carrying amount of assets may be impaired, the company performed an impairment test for its cash-generating units. In each case, the cash-generating unitʼs value in use was calculated as its recoverable amount and checked to determine whether it exceeds the corresponding carrying amount. Management did not identify any impairment losses for Flughafen Zürich AGʼs cash-generating units as a result of this analysis as at the reporting date. The impairment calculations will be conducted again in the second half based on the current impact of the coronavirus crisis.

16.2 CONTINGENT LIABILITIES

A number of legal proceedings and claims against Flughafen Zürich AG in the context of its normal business activities are still pending. The company does not expect the amounts required to settle these lawsuits and claims to have a significantly negative impact on the consolidated financial statements and cash flow of Flughafen Zürich AG.

Depending on future and final-instance legal judgements, especially with respect to the southern approaches, noise-related liabilities may in future be subject to substantial adjustments, which would also require adjustments to the noise-related costs recognised as assets and liabilities in the balance sheet. At the present time, it is not possible to reliably estimate the total costs to capitalise as an intangible asset from the right of formal expropriation, the resulting amortisation or the corresponding provision.

Flughafen Zürich AG is jointly and severally liable to third parties for the liabilities of the co-ownership structure The Cirle and the ordinary partnership The Circle.

16.3 EVENTS AFTER THE REPORTING DATE

The Board of Directors approved the 2020 interim consolidated financial statements and authorised them for issue on 18 August 2020.

On 3 July 2020, a CHF 300 million debenture was repaid on schedule.