19 Provision for formal expropriations plus sound insulation and resident protection
|
(CHF million) |
|
2021 |
|
2020 |
|
Provision for formal expropriations as at 1 January |
|
245.4 |
|
248.1 |
|
Provision used 1) |
|
–1.0 |
|
–2.7 |
|
Present value adjustment |
|
0.0 |
|
0.0 |
|
Provision for formal expropriations as at 31 December |
|
244.4 |
|
245.4 |
|
|
|
|
|
|
|
Provision for sound insulation and resident protection as at 1 January |
|
125.2 |
|
139.4 |
|
Provision used 1) |
|
–14.5 |
|
–14.2 |
|
Present value adjustment |
|
0.0 |
|
0.0 |
|
Provision for sound insulation and resident protection as at 31 December |
|
110.7 |
|
125.2 |
|
|
|
|
|
|
|
Total provision for formal expropriations plus sound insulation and resident protection as at 31 December |
|
355.1 |
|
370.6 |
|
of which current (planned payment within 1 year) |
|
36.8 |
|
32.1 |
|
of which non-current (planned payment from 1 year on) |
|
318.3 |
|
338.5 |
1) The amount paid for formal expropriations only includes effective payments of compensation, and excludes other associated external costs in accordance with the regulations of the Airport Zurich Noise Fund (see note 20, Airport Zurich Noise Fund).
PROVISION FOR FORMAL EXPROPRIATIONS
As at the reporting date, the estimated costs for formal expropriations remained unchanged at CHF 330.0 million (see Reporting of noise-related costs in the consolidated financial statements), of which CHF 85.6 million had already been paid out at that date. In the consolidated financial statements for the period ended 31 December 2021, a provision was recognised at present value for the outstanding costs of CHF 244.4 million (nominal amount). As the interest rate used to adjust the present value of the nominal payment flows remained unchanged at 0.00% at the reporting date due to the low level of interest rates, the present value is the nominal amount. It is expected that the payments can be completed by the end of 2030.
PROVISION FOR SOUND INSULATION AND RESIDENT PROTECTION
As at the reporting date, the estimated costs for sound insulation and resident protection measures remained unchanged at CHF 400.0 million (see Reporting of noise-related costs in the consolidated financial statements), of which CHF 289.3 million had already been paid out at that date. In the consolidated financial statements for the period ended 31 December 2021, a provision was recognised at present value for the outstanding costs of CHF 110.7 million (nominal amount). As the interest rate used to adjust the present value of the nominal payment flows remained unchanged at 0.00% at the reporting date due to the low level of interest rates, the present value is the nominal amount. It is expected that the payments can be completed by the end of 2030.
