11 Intangible assets
|
|
|
|
|
|
|
|
|
|
|
(CHF million) |
|
Investments in airport operator projects |
|
Intangible asset from right of formal expropriation |
|
Other intangible assets |
|
Total intangible assets |
|
Cost |
|
|
|
|
|
|
|
|
|
Balance as at 1 January 2021 |
|
299.6 |
|
134.0 |
|
77.1 |
|
510.6 |
|
Additions |
|
16.2 |
|
0.0 |
|
0.1 |
|
16.3 |
|
Disposals |
|
–0.9 |
|
0.0 |
|
–3.8 |
|
–4.7 |
|
Transfer and reclassification |
|
–4.6 |
|
0.0 |
|
9.6 |
|
5.0 |
|
Foreign exchange differences |
|
–22.1 |
|
0.0 |
|
0.0 |
|
–22.1 |
|
Balance as at 31 December 2021 |
|
288.2 |
|
134.0 |
|
83.0 |
|
505.1 |
|
|
|
|
|
|
|
|
|
|
|
Balance as at 1 January 2022 |
|
288.2 |
|
134.0 |
|
83.0 |
|
505.1 |
|
Additions |
|
22.5 |
|
0.0 |
|
0.0 |
|
22.5 |
|
Disposals |
|
–1.1 |
|
–17.7 |
|
–5.1 |
|
–23.9 |
|
Transfer and reclassification |
|
0.0 |
|
0.0 |
|
4.8 |
|
4.8 |
|
Foreign exchange differences |
|
14.6 |
|
0.0 |
|
0.0 |
|
14.6 |
|
Balance as at 31 December 2022 |
|
324.2 |
|
116.3 |
|
82.7 |
|
523.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortisation and impairment |
|
|
|
|
|
|
|
|
|
Balance as at 1 January 2021 |
|
–17.4 |
|
–65.4 |
|
–59.7 |
|
–142.6 |
|
Amortisation |
|
–7.2 |
|
–2.3 |
|
–9.2 |
|
–18.7 |
|
Disposals |
|
0.2 |
|
0.0 |
|
3.8 |
|
4.0 |
|
Foreign exchange differences |
|
4.9 |
|
0.0 |
|
0.0 |
|
4.9 |
|
Balance as at 31 December 2021 |
|
–19.5 |
|
–67.7 |
|
–65.1 |
|
–152.4 |
|
|
|
|
|
|
|
|
|
|
|
Balance as at 1 January 2022 |
|
–19.5 |
|
–67.7 |
|
–65.1 |
|
–152.4 |
|
Amortisation |
|
–9.9 |
|
–2.1 |
|
–9.6 |
|
–21.6 |
|
Impairment |
|
–4.3 |
|
0.0 |
|
0.0 |
|
–4.3 |
|
Disposals |
|
1.0 |
|
0.0 |
|
5.0 |
|
6.0 |
|
Foreign exchange differences |
|
–1.1 |
|
0.0 |
|
0.0 |
|
–1.1 |
|
Balance as at 31 December 2022 |
|
–33.8 |
|
–69.8 |
|
–69.7 |
|
–173.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying amount as at 31 December 2021 |
|
268.6 |
|
66.3 |
|
17.9 |
|
352.8 |
|
Net carrying amount as at 31 December 2022 |
|
290.3 |
|
46.5 |
|
13.0 |
|
349.8 |
Investments in airport operator projects
The investments in airport operator projects in the amount of CHF 290.3 million (previous year: CHF 268.6 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 mainly to the expansion and operation of the Chilean airports in Antofagasta and Iquique (CHF 66.4 million; previous year: CHF 56.4 million), the expansion and operation of the Brazilian airport in Florianópolis (CHF 127.6 million; previous year: CHF 122.0 million) and the expansion and operation of the Brazilian airports in Vitória and Macaé (CHF 96.3 million; previous year: CHF 90.2 million).
The obligations of CHF 6.6 million (previous year: CHF 24.7 million) relating to the relevant concessions have been recognised as current and non-current liabilities (see note 18, Financial liabilities).
Intangible asset from right of formal expropriation
With the award of the operating licence for Zurich Airport, Flughafen Zürich AG was also granted a right of formal expropriation in respect of property owners exposed to aircraft noise. This right of formal expropriation was granted on condition that the airport operator bears the costs associated with compensation payments and is recognised as an intangible asset at the date when the probable total cost can be estimated based on final-instance court rulings, so that the cost can be reliably estimated in accordance with IAS 38.21 (see Reporting of noise-related costs in the consolidated financial statements). This is amortised using the straight-line method over the remaining term of the operating licence (until May 2051).
As at 31 December 2022, the Zurich Airport Group has recognised an intangible asset from the right of formal expropriation in the amount of CHF 46.5 million (previous year: CHF 66.3 million).
Impairment
As in previous years, an impairment test was performed for investments in airport operator projects due to the coronavirus pandemic and its effects (see Impairment of assets in accordance with IAS 36).
An impairment loss of CHF 4.3 million was required to be recognised as a result of the impairment test on the non-financial asset relating to the investment in the airport operator project in Iquique (Chile) due in particular to the delays and increases in costs in finishing the new terminal (bankruptcy of the general contractor engaged). This impairment loss was recognised through profit or loss in the “International” segment in the reporting period. Recoverable amount was determined for the investment based on value in use calculations using cash flow forecasts from the financial budgets for the remaining term of the contractually agreed concession (18 years) and applying a country-specific WACC of 9.3%.
