• Seasonal factors

    Due to the nature of the civil aviation sector and based on statistics, traffic volumes (passenger volumes and number of flights) are usually higher in the second half of the year than in the first half. As there is still uncertainty over the further course of the coronavirus crisis, it remains difficult to issue a reliable forecast for the second half of the year. The trend in passenger numbers depends to a significant extent on the pace of the recovery in international tourist traffic.

  • II NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

    • 1 Segment reporting

      (CHF million)

       

      Regulated business

       

      Noise

       

      Non-regulated business

       

      Eliminations

       

      Consolidated

      First half 2021

       

       

       

       

       

      Revenue from contracts with customers (IFRS 15)

       

      65.4

       

      0.0

       

      66.8

       

      0.0

       

      132.2

      Other revenue (non IFRS 15)

       

      0.1

       

      0.0

       

      131.3

       

      0.0

       

      131.4

      Revenue from third parties

       

      65.5

       

      0.0

       

      198.1

       

      0.0

       

      263.6

      Inter-segment revenue

       

      10.1

       

      0.0

       

      38.3

       

      –48.4

       

      0.0

      Total revenue

       

      75.6

       

      0.0

       

      236.4

       

      –48.4

       

      263.6

      Personnel expenses

       

      –27.7

       

      –0.8

       

      –51.6

       

      0.0

       

      –80.1

      Other operating expenses

       

      –55.1

       

      –0.5

       

      –35.7

       

      0.0

       

      –91.3

      Inter-segment operating expenses

       

      –38.2

       

      –0.4

       

      –9.8

       

      48.4

       

      0.0

      Segment result (EBITDA)

       

      –45.4

       

      –1.7

       

      139.3

       

      0.0

       

      92.2

      Depreciation and amortisation

       

      –69.7

       

      –1.8

       

      –63.3

       

      0.0

       

      –134.8

      Segment result (EBIT)

       

      –115.1

       

      –3.5

       

      76.0

       

      0.0

       

      –42.6

      Finance result

       

       

       

       

       

       

       

       

       

      –11.5

      Share of result of associates

       

       

       

       

       

       

       

       

       

      –2.1

      Income tax expense

       

       

       

       

       

       

       

       

       

      11.1

      Consolidated result

       

       

       

       

       

       

       

       

       

      –45.1

       

       

       

       

       

       

       

       

       

       

       

      Invested capital as at 30 June 2021

       

      1,844.1

       

      107.0

       

      2,274.1

       

       

       

      4,225.2

      Non-interest-bearing non-current liabilities 1)

       

       

       

       

       

       

       

       

       

      499.5

      Non-interest-bearing current liabilities 2)

       

       

       

       

       

       

       

       

       

      215.7

      Total assets as at 30 June 2021

       

       

       

       

       

       

       

       

       

      4,940.4

       

       

       

       

       

       

       

       

       

       

       

      ROIC (in %) 3)

       

      –9.0

       

      –3.8

       

      4.9

       

       

       

      –1.5

      (CHF million)

       

      Aviation

       

      PRM

       

      User fees

       

      Air security 4)

       

      Access fees 4)

       

      Eliminations

       

      Total regulated business

      First half 2021

       

       

       

       

       

       

       

      Revenue from contracts with customers (IFRS 15)

       

      43.1

       

      1.0

       

      9.6

       

      11.4

       

      0.3

       

      0.0

       

      65.4

      Other revenue (non IFRS 15)

       

      0.1

       

      0.0

       

      0.0

       

      0.0

       

      0.0

       

      0.0

       

      0.1

      Revenue from third parties

       

      43.2

       

      1.0

       

      9.6

       

      11.4

       

      0.3

       

      0.0

       

      65.5

      Inter-segment revenue

       

      9.2

       

      0.0

       

      2.5

       

      4.2

       

      1.2

       

      –7.0

       

      10.1

      Total revenue

       

      52.4

       

      1.0

       

      12.1

       

      15.6

       

      1.5

       

      –7.0

       

      75.6

      Personnel expenses

       

      –23.6

       

      0.0

       

      –2.8

       

      –1.0

       

      –0.3

       

      0.0

       

      –27.7

      Other operating expenses

       

      –16.4

       

      –2.6

       

      –1.6

       

      –13.8

       

      –20.7

       

      0.0

       

      –55.1

      Inter-segment operating expenses

       

      –28.5

       

      –0.3

       

      –6.2

       

      –4.6

       

      –5.6

       

      7.0

       

      –38.2

      EBITDA

       

      –16.1

       

      –1.9

       

      1.5

       

      –3.8

       

      –25.1

       

      0.0

       

      –45.4

      Depreciation and amortisation

       

      –51.5

       

      –0.1

       

      –13.1

       

      –3.4

       

      –1.6

       

      0.0

       

      –69.7

      EBIT

       

      –67.6

       

      –2.0

       

      –11.6

       

      –7.2

       

      –26.7

       

      0.0

       

      –115.1

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Invested capital as at 30 June 2021

       

      1,320.6

       

      6.5

       

      389.2

       

      107.1

       

      20.7

       

       

       

      1,844.1

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      ROIC (in %) 3)

       

      –7.0

       

      -40.4

       

      –4.6

       

      –8.4

       

      –181.2

       

       

       

      –9.0

      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.

      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 -37.2%.

      The reportable segments for the prior-year period are as follows:

      (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 result 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%.

    • 3 Other income and expenses

      (CHF 1,000)

       

      First half 2021

       

      First half 2020

      Capitalised expenditure

       

      4,879

       

      7,607

      Other income

       

      3,119

       

      736

      Capitalised expenditure and other income

       

      7,998

       

      8,343

       

       

       

       

       

      Expenses for construction projects as part of concession arrangements

       

      –4,885

       

      –3,328

      Other expenses

       

      –353

       

      –2,409

      Expenses for construction projects and other expenses

       

      –5,238

       

      –5,737

      The expenses of CHF –4.9 million (prior-year period: CHF –3.3 million) for construction projects as part of concession arrangements are the result of investments in airport infrastructure in Chile and India in particular. The corresponding counter-item can be found under note 2, Revenue.

    • 5 Property, Plant and equipment

      (CHF million)

       

      Land

       

      Engineering structures

       

      Buildings

       

      Projects in progress

       

      Movables

       

      Total property, plant and equipment

      Cost

       

       

       

       

       

       

       

       

       

       

       

       

      Balance as at 1 January 2021

       

      138.1

       

      1,684.1

       

      4,703.2

       

      390.3

       

      280.5

       

      7,196.2

      Additions

       

      0.0

       

      0.0

       

      0.0

       

      71.7

       

      0.0

       

      71.7

      Disposals

       

      0.0

       

      0.0

       

      –2.5

       

      0.0

       

      –0.1

       

      –2.6

      Transfers and reclassifications

       

      0.0

       

      1.1

       

      126.9

       

      –129.9

       

      2.9

       

      1.0

      Foreign exchange differences

       

      0.0

       

      0.0

       

      0.0

       

      0.3

       

      0.0

       

      0.3

      Balance as at 30 June 2021

       

      138.1

       

      1,685.2

       

      4,827.6

       

      332.4

       

      283.3

       

      7,266.6

       

       

       

       

       

       

       

       

       

       

       

       

       

      Depreciation, amortisation

       

       

       

       

       

       

       

       

       

       

       

       

      Balance as at 1 January 2021

       

      0.0

       

      –978.4

       

      –3,165.8

       

      0.0

       

      –197.8

       

      –4,342.0

      Additions

       

      0.0

       

      –29.0

       

      –75.8

       

      0.0

       

      –8.2

       

      –113.0

      Disposals

       

      0.0

       

      0.0

       

      2.3

       

      0.0

       

      0.1

       

      2.4

      Balance as at 30 June 2021

       

      0.0

       

      –1,007.4

       

      –3,239.3

       

      0.0

       

      –205.9

       

      –4,452.6

       

       

       

       

       

       

       

       

       

       

       

       

       

      Government subsidies and grants

       

       

       

       

       

       

       

       

       

       

       

       

      Balance as at 1 January 2021

       

      0.0

       

      –8.5

       

      –3.4

       

      –0.3

       

      0.0

       

      –12.2

      Additions

       

      0.0

       

      0.0

       

      0.0

       

      –0.7

       

      0.0

       

      –0.7

      Disposals

       

      0.0

       

      0.3

       

      0.1

       

      0.0

       

      0.0

       

      0.4

      Balance as at 30 June 2021

       

      0.0

       

      –8.2

       

      –3.3

       

      –1.0

       

      0.0

       

      –12.5

       

       

       

       

       

       

       

       

       

       

       

       

       

      Net carrying amount as at 1 January 2021

       

      138.1

       

      697.2

       

      1,534.0

       

      390.0

       

      82.7

       

      2,842.0

      Net carrying amount as at 30 June 2021

       

      138.1

       

      669.6

       

      1,585.0

       

      331.4

       

      77.4

       

      2,801.5

      Projects in progress

      In the first half of 2021, Flughafen Zürich AG invested a total of CHF 71.7 million in projects in progress (prior-year period: CHF 128.5 million). The biggest items comprise the following projects:

      • Refurbishment and expansion of the baggage sorting system (CHF 31.0 million)
      • Renovation of runway 28/10 (CHF 5.5 million)
      • Expansion of the landside passenger zones (CHF 3.9 million)

      Impairment

      Due to the coronavirus crisis and the related indicators that items of property, plant and equipment may be impaired, Flughafen Zürich AG performed some impairment tests (see note 16.1, Impairment in accordance with IAS 36).

    • 6 investment property

      (CHF 1,000)

       

      Land

       

      Project and construction costs

       

      Buildings and engineering structures plus movables

       

      Total investment property

      Cost

       

       

       

       

       

       

       

       

      Balance as at 1 January 2021

       

      950

       

      176,232

       

      395,248

       

      572,430

      Additions

       

      0

       

      46,326

       

      0

       

      46,326

      Transfers

       

      0

       

      –170,177

       

      170,177

       

      0

      Balance as at 30 June 2021

       

      950

       

      52,381

       

      565,425

       

      618,756

       

       

       

       

       

       

       

       

       

      Accumulated depreciation and impairment losses

       

       

       

       

       

       

       

       

      Balance as at 1 January 2021

       

      0

       

      0

       

      –5,488

       

      –5,488

      Additions

       

      0

       

      0

       

      –9,561

       

      –9,561

      Balance as at 30 June 2021

       

      0

       

      0

       

      –15,049

       

      –15,049

       

       

       

       

       

       

       

       

       

      Net carrying amount as at 1 January 2021

       

      950

       

      176,232

       

      389,760

       

      566,942

      Net carrying amount as at 30 June 2021

       

      950

       

      52,381

       

      550,376

       

      603,707

      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 share of the fair value of the Circle was CHF 729.8 million at the reporting date (31 December 2020: CHF 707.9 million). The value was determined by an external expert using the discounted cash flow method (level 3) and taking into account the highest and best use.

    • 7 INTANGIBLE ASSETS

      (CHF 1,000)

       

      Investments in airport operator projects

       

      Intangible asset from right of formal expropriation

       

      Other intangible assets

      Cost

       

       

       

       

       

       

      Balance as at 1 January 2021

       

      299,559

       

      134,029

       

      77,056

      Additions

       

      6,989

       

      0

       

      0

      Disposals

       

      –237

       

      0

       

      –370

      Transfers and reclassifications

       

      –4,590

       

      0

       

      3,600

      Foreign exchange differences

       

      1,464

       

      0

       

      0

      Balance as at 30 June 2021

       

      303,185

       

      134,029

       

      80,286

       

       

       

       

       

       

       

      Accumulated depreciation and impairment losses

       

       

       

       

       

       

      Balance as at 1 January 2021

       

      –17,423

       

      –65,439

       

      –59,690

      Additions

       

      –3,583

       

      –1,127

       

      –4,221

      Disposals

       

      182

       

      0

       

      370

      Foreign exchange differences

       

      –113

       

      0

       

      0

      Balance as at 30 June 2021

       

      –20,937

       

      –66,566

       

      –63,541

       

       

       

       

       

       

       

      Net carrying amount as at 1 January 2021

       

      282,136

       

      68,590

       

      17,366

      Net carrying amount as at 30 June 2021

       

      282,248

       

      67,463

       

      16,745

      Investments in airport operator projects

      The investments in airport operator projects in the amount of CHF 282.2 million (31 December 2020: CHF 282.1 million) consist of concession rights which, due to the application of IFRIC 12, comprise minimum concession payments recognised as assets and investments made. They relate to the expansion and operation of the Chilean airports in Antofagasta and Iquique (CHF 60.6 million; 31 December 2020: CHF 56.2 million), the expansion and operation of the Brazilian airport in Florianópolis (CHF 128.7 million; 31 December 2020: CHF 128.9 million) and the expansion and operation of the Brazilian airports in Vitória and Macaé (CHF 92.9 million; 31 December 2020: CHF 92.4 million).

      The obligations of CHF 24.9 million (31 December 2020: CHF 23.2 million) relating to the corresponding concessions have been recognised as current or non-current liabilities (see note 10, Financial liabilities).

      IMPAIRMENT

      Due to the coronavirus crisis and the related indicators that investments in airport operator projects may be impaired, Flughafen Zürich AG performed some impairment tests (see note 16.1, Impairment in accordance with IAS 36).