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.