20 Airport Zurich Noise Fund
The Airport Zurich Noise Fund (AZNF) represents a liquidity-based fund statement. The fund statement presents the accumulated surplus or shortfall as at the reporting date arising from noise charges, less expenses for formal expropriations, sound insulation and resident protection measures, and noise-related operating costs. As of 1 January 2021, income from aircraft noise charges is no longer allocated to the Fund as, according to current knowledge, the Airport Zurich Noise Fund has sufficient resources to cover the known costs for sound insulation, resident protection and formal expropriations.
If the fund statement shows an accumulated income surplus, this surplus is moved to a special investment account and invested by professional financial institutions, partly on the basis of a conservative, money market-oriented investment strategy and partly in a mixed investment fund. The income from these investments is credited to the fund statement.
The detailed fund statement is disclosed to a committee comprising representatives of Zurich Airport customers and the relevant authorities. The regulations of the Airport Zurich Noise Fund and other information (including an overview of its financial performance) can be downloaded from the website www.flughafen-zuerich.ch/aznf.
The balance on the Airport Zurich Noise Fund changed as follows in the reporting period:
|
(CHF million) |
|
2021 |
|
2020 |
|
Airport Zurich Noise Fund as at 1 January |
|
409.8 |
|
422.9 |
|
Revenue from noise charges |
|
0.8 |
|
5.7 |
|
Costs for sound insulation and resident protection |
|
–14.5 |
|
–14.3 |
|
Costs for formal expropriations 1) |
|
–1.4 |
|
–3.3 |
|
Balance before operating costs and finance result |
|
394.8 |
|
411.0 |
|
Operating costs |
|
–3.1 |
|
–3.4 |
|
Interest income from and adjustments to fair value on financial assets of Airport Zurich Noise Fund |
|
2.5 |
|
2.3 |
|
Airport Zurich Noise Fund as at 31 December |
|
394.1 |
|
409.8 |
1) In addition to compensation payments for formal expropriations, this amount includes other associated external costs (in accordance with regulations of the Airport Zurich Noise Fund; see note 19, “Provision for formal expropriations plus sound insulation and resident protection”).
Summary of assets invested for the Airport Zurich Noise Fund:
|
(CHF million) |
|
31.12.2021 |
|
31.12.2020 |
|
Cash equivalents (see note 16, "Cash and cash equivalents") |
|
29.8 |
|
3.9 |
|
Current financial assets of Airport Zurich Noise Fund |
|
45.3 |
|
48.4 |
|
Non-current financial assets of Airport Zurich Noise Fund |
|
327.7 |
|
370.6 |
|
Accrual/deferral towards Flughafen Zürich AG 1) |
|
–8.7 |
|
–13.2 |
|
Total assets invested for Airport Zurich Noise Fund |
|
394.1 |
|
409.8 |
1) For accounting reasons, an asset or liability towards Flughafen Zürich AG arises as of the balance sheet date. This is compensated in the subsequent month, so the balance of liquid funds is restored.
The following table presents an overview of the maturities and credit ratings of the assets invested for the Airport Zurich Noise Fund:
|
(CHF million) |
|
2022 |
|
2023 |
|
2024 |
|
2025 |
|
2026ff. |
|
Total |
|
Cash and cash equivalents |
|
29.8 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
29.8 |
|
AAA |
|
15.0 |
|
29.0 |
|
8.0 |
|
21.6 |
|
38.6 |
|
112.2 |
|
AA+/AA/AA– |
|
5.0 |
|
13.0 |
|
21.0 |
|
17.1 |
|
4.4 |
|
60.5 |
|
A+/A/A– |
|
25.0 |
|
18.0 |
|
33.3 |
|
4.0 |
|
11.5 |
|
91.8 |
|
Without rating |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
108.5 |
|
108.5 |
|
Other 1) |
|
–8.7 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
–8.7 |
|
Total assets invested for Airport Zurich Noise Fund |
|
66.2 |
|
60.0 |
|
62.3 |
|
42.7 |
|
162.9 |
|
394.1 |
|
in % |
|
16.8 |
|
15.2 |
|
15.8 |
|
10.8 |
|
41.3 |
|
100.00 |
1) For accounting reasons, an accrual (deferral) towards Flughafen Zürich AG arises as of the balance sheet date. This is compensated in the subsequent month, so the balance of liquid funds is restored.
