24 Further details

24.1 Information concerning the performance of a risk assessment

Risk management ensures that risks are approached systematically and given due consideration. It guarantees transparency over the main risks associated with the company’s business activities as well as continuous improvement and monitoring of the risk situation.

Flughafen Zürich AG’s risk management system is the tool used to manage corporate risk across the Group and consists of the following components:

  • Risk policy objectives and principles of the company
  • Risk management organisation
  • Risk management process
  • Risk reporting
  • Auditing and review of the risk management system

In this context, the Board of Directors and the Management Board have overall responsibility under Swiss company law for ensuring the Group’s continued existence and profitability. The Board of Directors is responsible for overall oversight of risk management. The Chief Financial Officer (CFO) acts as the Management Board’s Chief Risk Officer.

The central Risk Office reports to the CFO as Chief Risk Officer and stipulates minimum requirements for decentralised risk management across the Group. The central Risk Office is responsible for risk reporting as well as for the operation and ongoing development of the risk management system.

The Management Board members are each responsible for the risks that could arise primarily in their respective divisions. They bear responsibility for identifying, assessing and managing the relevant risks (risk owner concept).

In consultation with the central Risk Office, other departments perform their specific risk management procedures themselves, such as safety management, liquidity management, occupational safety, information security, fire prevention and contingency planning. The same goes for Flughafen Zürich AG’s international subsidiaries. The key risks to the Zurich Airport Group are then incorporated from these into central risk reporting. This describes the business risks, responsibilities and measures in detail, along with an assessment of their probability of occurrence and potential impact. Implementation of the measures is continually monitored. The risk report is presented to the Management Board and the Board of Directors once a year.

a) Financial risk management

Due to the nature of its activities, the Zurich Airport Group is exposed to the following relevant financial risks, including:

  • i) Credit risk
  • ii) Liquidity risk
  • iii) Market risk (currency and interest rate risk)

The following sections provide an overview of the extent of the various financial risks and the objectives, principles and processes relating to the assessment, monitoring and hedging of risks, as well as of the capital management of the Zurich Airport Group. Further information on financial risks can also be found in the corresponding notes.

i) Credit risk

Credit risk refers to the risk that the Zurich Airport Group could incur financial losses if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Cash and cash equivalents, accruals, trade receivables and other financial assets are exposed to credit risk.

The Zurich Airport Group invests its cash and cash equivalents and fixed-term deposits with major banks with a rating indicating their solvency. In addition, the Group minimises potential risks relating to cash and cash equivalents and fixed-term deposits in that it does not invest with a single bank, but with a variety of financial service providers.

As a rule, accruals as at the reporting date are invoiced within one month and subsequently monitored as part of trade receivables management.

With the exception of the home carrier Swiss at Zurich Airport, credit risk is distributed over a broad clientele. Trade receivables include an amount of CHF 14.7 million due from Swiss (previous year: CHF 9.1 million) (see note 14, Trade receivables). In the period between the reporting date and the preparation of the 2022 consolidated financial statements, Swiss paid the outstanding amount arising from flight operations charges as at 31 December 2022 in full.

The exposure to credit risk primarily depends on the individual characteristics of each client. Risk assessments include a creditworthiness check, taking account of the client’s financial circumstances, past experience and other factors. The maturity structure of trade receivables is normally examined on a weekly basis. Where necessary, terms of payment aimed at minimising risk (mainly proforma invoicing) are applied, or security is requested (mainly in the form of bank guarantees).

The financial assets of the Airport Zurich Noise Fund are invested by professional financial institutions, partly on the basis of a conservative, money market-oriented investment strategy (mainly in fixed-rate debt instruments) and partly in a mixed investment fund. Here, priority is given to preservation of value and flexibility with respect to early redemption of investments. The direct use of derivative financial instruments is not permitted. The investment horizon is based on the expected obligation to make payments from the Airport Zurich Noise Fund and averages around four years. For bonds held directly, the minimum acceptable rating is A- (Standard & Poor’s) or an equivalent rating from another recognised rating agency (see note 20, Airport Zurich Noise Fund).

The maximum exposure to credit risk corresponds to the carrying amounts of the individual financial assets. No guarantees or similar commitments exist that could give rise to an increase in the credit exposure above the respective carrying amounts. The maximum exposure to credit risk as at the reporting date was as follows:

 

 

 

 

 

(CHF million)

 

31.12.2022

 

31.12.2021

Cash equivalents (excluding cash on hand)

 

260.9

 

409.1

Current and non-current fixed-term deposits

 

409.1

 

123.4

Non-current financial assets of Airport Zurich Noise Fund

 

301.0

 

327.7

Trade receivables, net

 

93.3

 

78.6

Current financial assets of Airport Zurich Noise Fund

 

60.1

 

45.3

Other receivables and prepaid expenses

 

104.0

 

115.5

Other financial assets

 

65.5

 

17.6

Total maximum exposure to credit risk

 

1,293.9

 

1,117.1

ii) Liquidity risk

Liquidity risk refers to the risk that the Zurich Airport Group may not be able to meet its financial obligations on the due date.

The Zurich Airport Group monitors liquidity risk via a prudent liquidity management process, observing the principle that it must have sufficient flexibility and room for manoeuvre with respect to the availability of liquid funds at short notice. This means maintaining an adequate reserve of liquid funds, ensuring the availability of sufficient funds for financing purposes by securing adequate credit facilities, and being able to issue financial securities on the capital market. For this purpose, the company uses rolling liquidity planning that is based on expected cash flows and is periodically updated. In addition, the Zurich Airport Group had the following principal credit facilities at its disposal at the reporting date:

 

 

 

 

 

 

 

(CHF million)

 

Duration

 

31.12.2022

 

31.12.2021

Operating credit lines (committed credit lines)

 

31.12.2025

 

300.0

 

300.0

Total credit lines

 

 

 

300.0

 

300.0

Utilisation: bank guarantees

 

 

 

–11.2

 

–12.3

Total unused credit lines

 

 

 

288.8

 

287.7

The following tables show the contractual maturities of the financial liabilities (including interest payments) held by the Zurich Airport Group:

 

 

 

 

 

 

 

 

 

 

 

(CHF million)

 

Carrying amount

 

Contractual cash flows

 

Due within 1 year

 

Due within 1 to 5 years

 

Due in more than 5 years

31 December 2022

 

 

 

 

 

Debentures

 

1,614.2

 

1,651.0

 

411.2

 

514.6

 

725.2

Liabilities to banks

 

135.5

 

152.9

 

8.5

 

42.1

 

102.3

Lease liabilities

 

165.6

 

564.3

 

9.1

 

32.0

 

523.2

Liabilities from concession agreements

 

6.6

 

8.7

 

0.8

 

1.9

 

6.0

Other financial liabilities

 

21.2

 

21.2

 

0.8

 

0.0

 

20.4

Trade payables

 

44.4

 

44.4

 

44.4

 

0.0

 

0.0

Other current liabilities and accruals

 

109.1

 

109.1

 

109.1

 

0.0

 

0.0

Total non-derivative financial liabilities

 

2,096.6

 

2,551.6

 

583.9

 

590.5

 

1,377.1

Total

 

2,096.6

 

2,551.6

 

583.9

 

590.5

 

1,377.1

 

 

 

 

 

 

 

 

 

 

 

(CHF million)

 

Carrying amount

 

Contractual cash flows

 

Due within 1 year

 

Due within 1 to 5 years

 

Due in more than 5 years

31 December 2021

 

 

 

 

 

Debentures

 

1,648.9

 

1,698.3

 

11.3

 

723.0

 

964.0

Liabilities to banks

 

119.5

 

132.4

 

9.0

 

35.5

 

87.9

Lease liabilities

 

76.3

 

76.4

 

7.5

 

28.9

 

40.0

Liabilities from concession agreements

 

24.7

 

38.5

 

0.7

 

4.6

 

33.2

Other financial liabilities

 

21.3

 

21.3

 

0.9

 

0.0

 

20.4

Trade payables

 

57.0

 

57.0

 

57.0

 

0.0

 

0.0

Other current liabilities and accruals

 

97.9

 

97.9

 

97.9

 

0.0

 

0.0

Total non-derivative financial liabilities

 

2,045.6

 

2,121.8

 

184.3

 

792.0

 

1,145.4

Total

 

2,045.6

 

2,121.8

 

184.3

 

792.0

 

1,145.4

iii) Market risk (currency and interest rate risk)

Market risk refers to the risk that changes in market prices such as exchange rates and interest rates could have an impact on the finance result or the value of the financial instruments.

The objective of market risk management is to monitor and control such risks in order to ensure that they do not exceed a specified limit.

iiia) Currency risk

The functional currency of the consolidated financial statements of the Zurich Airport Group is the Swiss franc (CHF). The Group is exposed to foreign currency movements primarily in the Brazilian real (BRL), the Chilean peso (CLP) and the Indian rupee (INR).

A 5% appreciation or depreciation in the value of the Swiss franc against the relevant currencies as at 31 December 2022 would have increased or reduced consolidated equity (“Other comprehensive income”) or the consolidated result by the amounts below. This analysis assumes that all other variables – in particular interest rates – remain unchanged.

 

 

 

 

 

 

 

 

 

 

 

Appreciation of CHF (plus 5%)

 

Depreciation of CHF (minus 5%)

(CHF million)

 

Equity

 

Profit

 

Equity

 

Profit

BRL

 

–6.5

 

0.0

 

6.5

 

0.0

CLP

 

–0.6

 

0.0

 

0.6

 

0.0

INR

 

–6.8

 

0.0

 

6.8

 

0.0

31 December 2022

 

–14.0

 

0.0

 

14.0

 

0.0

 

 

 

 

 

 

 

 

 

BRL

 

–6.9

 

0.0

 

6.9

 

0.0

CLP

 

–0.7

 

0.0

 

0.7

 

0.0

INR

 

–2.7

 

0.0

 

2.7

 

0.0

31 December 2021

 

–10.3

 

0.0

 

10.3

 

0.0

iiib) Interest rate risk

Interest rate risk can be divided into an interest-related cash flow risk (the risk that future interest payments could change due to fluctuations in the market interest rate) and an interest-related risk of a change in fair value (the risk that the fair value of a financial instrument could change due to fluctuations in the market interest rate).

The financial assets of the Airport Zurich Noise Fund are primarily invested in fixed-rate debt instruments and a mixed investment fund. The direct use of derivative financial instruments is not permitted in this context.

Most financing transactions have been concluded at a fixed rate of interest. Interest rate risk on variable liabilities is hedged on a case-by-case basis using interest rate swaps.

As at the reporting date, the Zurich Airport Group’s interest rate profile was as follows (interest-bearing financial instruments):

 

 

 

 

 

(CHF million)

 

31.12.2022

 

31.12.2021

Current and non-current fixed-term deposits

 

409.1

 

123.4

Fixed-interest financial assets of Airport Zurich Noise Fund

 

264.2

 

264.5

Fixed-interest financial instruments (assets)

 

673.3

 

387.9

Cash and cash equivalents

 

243.9

 

379.5

Cash and cash equivalents of Airport Zurich Noise Fund

 

17.3

 

29.8

Variable-interest financial instruments (assets)

 

261.2

 

409.3

Total interest-bearing assets

 

934.5

 

797.2

 

 

 

 

 

Current and non-current debentures

 

–1,614.2

 

–1,648.9

Current and non-current lease liabilities

 

–165.6

 

–76.3

Current and non-current other financial instruments

 

–21.2

 

–21.3

Fixed interest financial instruments (liabilities)

 

–1,801.0

 

–1,746.5

Current and non-current liabilities to banks

 

–135.5

 

–119.5

Variable-interest financial instruments (liabilities)

 

–135.5

 

–119.5

Total interest-bearing liabilities

 

–1,936.5

 

–1,865.9

The table below shows the sensitivity analysis for variable and fixed-rate financial instruments with a deviation of 0.5%:

 

 

 

 

 

 

 

 

 

 

 

Increase by 0.5%

 

Decrease by 0.5%

(CHF million)

 

Equity

 

Profit

 

Equity

 

Profit

Fixed-interest financial instruments

 

–1.6

 

0.0

 

1.6

 

0.0

Variable-interest financial instruments

 

0.0

 

1.0

 

0.0

 

–1.0

31 December 2022

 

–1.6

 

1.0

 

1.6

 

–1.0

 

 

 

 

 

 

 

 

 

Fixed-interest financial instruments

 

–3.2

 

0.0

 

3.2

 

0.0

Variable-interest financial instruments

 

0.0

 

1.7

 

0.0

 

–1.7

31 December 2021

 

–3.2

 

1.7

 

3.2

 

–1.7

b) Categories of financial instruments

The following tables show the carrying amounts of all financial instruments by category both for the reporting period and for the previous year:

 

 

 

 

 

(CHF million)

 

31.12.2022

 

31.12.2021

Current and non-current financial assets of Airport Zurich Noise Fund (bonds)

 

264.2

 

264.5

Total financial assets carried at amortised cost

 

264.2

 

264.5

 

 

 

 

 

Current and non-current financial assets of Airport Zurich Noise Fund (mixed investment fund)

 

96.9

 

108.5

Total financial assets measured at fair value

 

96.9

 

108.5

 

 

 

 

 

Cash (excl. cash on hand) and cash equivalents plus short-term monetary investments

 

260.9

 

409.1

Current and non-current fixed-term deposits

 

409.1

 

123.4

Trade receivables, net

 

93.3

 

78.6

Other receivables and prepaid expenses

 

104.0

 

115.5

Other financial assets

 

65.5

 

17.6

Total cash and cash equivalents, fixed-term deposits, receivables and other financial assets

 

932.8

 

744.1

 

 

 

 

 

Debentures

 

–1,614.2

 

–1,648.9

Total financial liabilities carried at amortised cost

 

–1,614.2

 

–1,648.9

 

 

 

 

 

Liabilities from concession agreements

 

–6.6

 

–24.7

Liabilities to banks

 

–135.5

 

–119.5

Lease liabilities

 

–165.6

 

–76.3

Other financial liabilities

 

–21.2

 

–21.3

Trade payables, net

 

–44.4

 

–57.0

Other current liabilities, accruals and deferrals (excluding derivatives and non-financial instruments)

 

–109.1

 

–97.9

Total other financial liabilities

 

–482.4

 

–396.7

c) Fair value of financial instruments

Financial instruments recognised or disclosed at fair value are categorised according to the following hierarchy, reflecting the significance of the inputs used to measure fair value:

Level 1 – Quoted market prices

The inputs used to measure the assets or liabilities are quoted, unadjusted market prices determined in active markets for identical assets or liabilities at the measurement date.

Level 2 – Measurement based on observable inputs

The assets or liabilities are measured on the basis of inputs (other than the quoted prices included within level 1) that are directly or indirectly observable for the asset or liability.

Level 3 – Measurement based on unobservable inputs

The inputs for these assets or liabilities are not observable.

The carrying amounts of cash and cash equivalents, fixed-term deposits, receivables, other financial assets and other financial liabilities are a reasonable approximation of their fair values.

Financial assets in the Airport Zurich Noise Fund: The fair value of the bonds corresponds to the market price of the securities at the reporting date (level 1). The fair value of the mixed investment fund is the unadjusted net asset value, as the units may be redeemed at that value as at the reporting date (level 2).

Financial liabilities: The fair value of the debentures corresponds to the market price (level 1).

 

 

 

 

 

 

 

 

 

(CHF million)

 

 

 

31.12.2022

 

 

 

31.12.2021

 

 

Carrying amount

 

Fair value

 

Carrying amount

 

Fair value

Bonds of Airport Zurich Noise Fund (Level 1)

 

264.2

 

253.9

 

264.5

 

268.0

Mixed investment fund of the Airport Zurich Noise Fund (Level 2)

 

96.9

 

96.9

 

108.5

 

108.5

Total financial assets

 

361.1

 

350.8

 

373.0

 

376.5

 

 

 

 

 

 

 

 

 

Debentures (Level 1)

 

–1,614.2

 

–1,461.4

 

–1,648.9

 

–1,643.9

Total financial liabilities

 

–1,614.2

 

–1,461.4

 

–1,648.9

 

–1,643.9

d) Capital management

With respect to capital management, the Zurich Airport Group pays particular attention to ensuring the continuation of the Group’s operating activities, achieving an acceptable return for shareholders and optimising the balance sheet structure, particularly in periods of major investment activity or after crises. In order to achieve these objectives, Flughafen Zürich AG can adjust the amount of the dividend payment.

The Zurich Airport Group primarily monitors the following key financial indicator: net debt to EBITDA. Here it is especially important to ensure that the ratio of debt to equity is in line with the budgetable cash flows and investments, and tends towards the conservative side. In this way a high degree of entrepreneurial flexibility can be assured at all times, including when future unforeseeable events occur.

The necessary quantity of treasury shares may be held for the purpose of staff participation and bonus programmes. It is not permitted to accumulate several years’ worth of treasury shares for the purpose of participation programmes, however. Neither is it permitted to hold treasury shares to use as payment for acquisitions (exchange of shares in the event of a takeover) or for the purpose of speculating on higher selling prices. Accumulated treasury shares may in no case exceed 10% of all shares issued.

24.2 Capital commitments

As at the reporting date, capital commitments for various buildings and engineering structures at the Zurich site amounted to around CHF 185 million in total. The most significant capital commitments currently relate to the refurbishment and expansion of the baggage sorting system (CHF 64 million), the Zone West construction project (CHF 19 million) and the development of the landside passenger zones (CHF 17 million). Capital commitments for the development and implementation of Noida International Airport in New Delhi, India amounted to around CHF 440 million.

24.3 Contingent liabilities

Zurich site

A number of legal proceedings and claims against the Zurich Airport Group in the context of its normal business activities are still pending. The company does not expect the amounts required to settle these lawsuits and claims to have a significantly negative impact on the consolidated financial statements and cash flow of the Zurich Airport Group.

Depending on future legal judgements, including with respect to the southern approaches at Zurich Airport, noise-related liabilities may in future be subject to substantial adjustments, which would also require adjustments to the noise-related costs recognised as assets and liabilities in the balance sheet. At the present time, it is not possible to reliably estimate the total costs to capitalise as an intangible asset from the right of formal expropriation, the resulting amortisation or the corresponding provision.

Flughafen Zürich AG and Swiss Life AG are jointly and severally liable to third parties for the liabilities of the co-ownership structure the Circle and the ordinary partnership the Circle.

International

As part of its involvement in the expansion and operation of foreign airports, the Zurich Airport Group provides the following guarantees as security for local debt financing:

Operator (CHF million)

 

Location

 

2022

 

2021

Concessionária do Aeroporto Internacional de Florianópolis S.A.

 

Florianópolis, Brazil

 

81.3

 

77.7

Aeroportos do Sudeste do Brasil S.A.

 

Vitória/Macaé, Brazil

 

2.8

 

2.5

Sociedade de Participação no Aeroporto de Confins S.A.

 

Belo Horizonte, Brazil

 

19.5

 

19.5

Yamuna International Airport Private Limited

 

New Delhi, India

 

0.0

 

0.0

Total

 

 

 

103.6

 

99.7

The Zurich Airport Group has entered into the following counterbonds for other guarantees (e.g. performance or bid bonds) provided to local authorities by the operators:

Operator (CHF million)

 

Location

 

Type of guarantee

 

2022

 

2021

Concessionária do Aeroporto Internacional de Florianópolis S.A.

 

Florianópolis, Brazil

 

Performance bond

 

13.6

 

11.7

Aeroportos do Sudeste do Brasil S.A.

 

Vitória/Macaé, Brazil

 

Performance bond

 

9.2

 

8.2

Sociedade de Participação no Aeroporto de Confins S.A.

 

Belo Horizonte, Brazil

 

Performance bond

 

9.4

 

8.1

Operating companies of Iquique and Antofagasta

 

Iquique/Antofagasta, Chile

 

Performance bond

 

4.9

 

4.8

Yamuna International Airport Private Limited

 

New Delhi, India

 

Performance bond

 

11.2

 

12.3

Total

 

 

 

 

 

48.3

 

45.1

24.4 Related parties

Related parties are:

  • Canton of Zurich
  • Members of the Board of Directors
  • Members of the Management Board
  • Associates
  • BVK Employee Pension Fund of the Canton of Zurich

a) Transactions with related parties

In the reporting period, the costs for the Canton of Zurich police force amounted to CHF 84.1 million (previous year: CHF 65.3 million) in accordance with the applicable service level agreement. In this context, accrued expenses amounting to CHF 21.8 million (previous year: CHF 19.6 million) at the reporting date were included in “Other current liabilities, accruals and deferrals”.

In financial year 2022, consulting revenue from operations and management agreements amounted to CHF 0.0 million (previous year: CHF 2.6 million) for the airport in Belo Horizonte and to CHF 2.5 million (previous year: CHF 2.8 million) for the airports in Bogotá and Curaçao.

In the reporting period, Flughafen Zürich AG paid employer contributions amounting to CHF 17.6 million (previous year: CHF 17.3 million) to the BVK Employee Pension Fund of the Canton of Zurich for employee benefits (see note 22, Employee benefits). As at the reporting date, CHF 2.6 million (previous year: CHF 2.4 million) of this was still included in “Other current liabilities, accruals and deferrals”.

b) Shares held by related parties

As at the reporting date, members of the Board of Directors and related parties held the following number of shares:

 

 

 

 

 

 

 

 

 

 

 

Number of shares as at

 

Number of shares as at

Name

 

Function

 

31.12.2022

 

31.12.2021

Andreas Schmid

 

Chairman

 

11,115

 

11,115

Josef Felder

 

Vice Chairman; Chairman Audit & Finance Committee

 

25,200

 

25,200

Vincent Albers

 

Member

 

2,517

 

2,517

Guglielmo L. Brentel

 

Member

 

309

 

309

Stephan Gemkow

 

Member; Chairman International Business Committee

 

100

 

100

Corine Mauch

 

Member

 

0

 

0

Eveline Saupper 

 

Member; Chairwoman Nomination & Compensation Committee

 

675

 

675

Carmen Walker Späh

 

Member; Chairwoman Public Affairs Committee

 

5

 

5

Total

 

 

 

39,921

 

39,921

As at the reporting date, members of the Management Board and related parties held the following number of shares:

 

 

 

 

 

 

 

Number of shares as at

 

Number of shares as at

Name

 

31.12.2022

 

31.12.2021

Stephan Widrig

 

8,080

 

7,292

Daniel Bircher

 

847

 

745

Lukas Brosi

 

2,029

 

1,719

Stefan Gross

 

1,846

 

1,536

Lydia Naef

 

450

 

n/a

Daniel Scheifele

 

n/a

 

1,553

Manuela Staub

 

167

 

n/a

Stefan Tschudin

 

1,404

 

1,094

Total

 

14,823

 

13,939

Neither members of the Board of Directors nor the Management Board held options on the company’s shares at the reporting date.

c) Remuneration for key management personnel

Remuneration for the members of the Board of Directors and Management Board comprises the following:

 

 

 

 

 

(CHF million)

 

2022

 

2021

Short-term employee benefits

 

5.0

 

4.1

Post-employment benefits (pension benefits)

 

0.7

 

0.6

Share-based payments

 

0.5

 

0.4

Total

 

6.2

 

5.1

24.5 Composition of the group

As at the reporting date, the Group comprised the following companies:

Company

 

Domicile

 

Share capital

 

Stake held in %

Flughafen Zürich AG

 

Kloten

 

CHF 307,018,750

 

Parent company

Airport Ground Services AG

 

Kloten

 

CHF 100,000

 

100.0

Zurich Airport International AG

 

Kloten

 

CHF 100,000

 

100.0

Zurich Airport International Asia Sdn. Bhd.

 

Kuala Lumpur

 

MYR 1.0 million

 

100.0

Yamuna International Airport Private Ltd.

 

New Delhi

 

INR 15,269 million

 

100.0

Concessionária do Aeroporto Internacional de Florianópolis S.A.

 

Florianópolis

 

BRL 304 million

 

100.0

Zurich Airport Latin America Ltda.

 

Rio de Janeiro

 

BRL 581 million

 

100.0

Aeroportos do Sudeste do Brasil S.A.

 

Vitória

 

BRL 571 million

 

100.0

A-port S.A.

 

Santiago de Chile

 

CLP 16,139 million

 

100.0

Sociedad Concesionaria Aeropuerto de Antofagasta S.A.

 

Santiago de Chile

 

CLP 3,600 million

 

100.0

Sociedad Concesionaria Aeropuerto de Iquique S.A.

 

Santiago de Chile

 

CLP 600 million

 

100.0

Sociedad Concesionaria Aeropuerto Diego Aracena S.A.

 

Santiago de Chile

 

CLP 10,700 million

 

100.0

A-port Operaciones S.A.

 

Santiago de Chile

 

CLP 1,352 million

 

99.0

A-port Operaciones Colombia S.A.

 

Bogotá

 

COP 100 million

 

99.0

Unique IDC S.A. de C.V.

 

Tegucigalpa

 

HNL 0.2 million

 

99.0

In addition, the following associates are included by applying the equity method:

Company

 

Domicile

 

Share capital

 

Stake held in %

Sociedade de Participação do Aeroporto de Confins S.A.

 

Belo Horizonte

 

BRL 474 million

 

25.0

Concessionária do Aeroporto Internacional de Confins S.A.

 

Belo Horizonte

 

BRL 907 million

 

12.8

Administradora Unique IDC C.A.

 

Porlamar

 

VEB 25 million

 

49.5

Aeropuertos Asociados de Venezuela C.A.

 

Porlamar

 

VEB 10 million

 

49.5

24.6 Notes on the licence to operate Zurich Airport

The Swiss Federal Department of the Environment, Transport, Energy and Communications (DETEC) awarded Flughafen Zürich AG the licence to operate Zurich Airport for 50 years from 1 June 2001 to 31 May 2051.

The licence encompasses the operation of an airport in accordance with the provisions of the ICAO (International Civil Aviation Organization) governing domestic, international and intercontinental civil aviation services. Flughafen Zürich AG is authorised and obliged to operate Zurich Airport for the entire period cited in the operating licence, and to provide the necessary infrastructure for this purpose. To accomplish this, it is entitled to collect charges from all users of the airport. Furthermore, Flughafen Zürich AG is authorised to assign specific rights and obligations arising from the operating licence to third parties. Insofar as they concern activities relating to airport operations such as aircraft handling, passenger handling, baggage sorting and handling, mail and freight handling, these rights and obligations shall be subject to the provisions of public law. Flughafen Zürich AG regulates rights and obligations it has assigned to third parties in the form of binding entitlements (concessions).

The concessionaire is obliged to grant access to the airport to all aircraft that are licensed to provide domestic and international flights. The volume of flight traffic and handling of licensed aircraft are governed by the regulations laid down in the Sectoral Aviation Infrastructure Plan (SAIP) and the provisions of the operating regulations. The concessionaire is obliged to implement all measures relating to regulations governing the use of German airspace for landings at, and take-offs from, Zurich Airport without delay, and to submit the necessary applications for approval by the authorities in good time. The concessionaire is empowered and obliged to enforce sound insulation measures and to implement them where they are not contested. The provision whereby the concessionaire shall meet all obligations to which it is bound through clauses of the civil aviation treaty between Germany and Switzerland without entitlement to compensation was declared null and void in response to an objection lodged by Flughafen Zürich AG.

As part of the bilateral agreements that came into effect on 1 June 2002, the EU ground handling directive (Council Directive 96/67/EC of 15 October 1996 on access to the groundhandling market at Community airports) also became applicable to Switzerland. The principles governing the granting of rights to carry out ground handling activities are defined in the operating regulations for Flughafen Zürich AG dated 30 June 2011. The licences for ground handling operations in areas in which the number of admissible service providers may be limited were re-awarded on the basis of tender procedures on 1 December 2018 for the period to the end of November 2025.

24.7 Concessions for the operation of foreign airports

As at the reporting date, the Zurich Airport Group was responsible, via its majority interests, for the operation and expansion of the following foreign airports:

Brazil

Florianópolis International Airport

 

 

Operator

 

Concessionária do Aeroporto Internacional de Florianópolis S.A.

Term of the concession

 

1 September 2017 – 31 August 2047

Terms and conditions

 

In return for the right to operate the airport, an upfront payment of BRL 83.3 million (CHF 24.7 million) fell due when the concession was acquired. Further concession fees (fixed and/or variable) will become due for payment over the term of the concession. The opening of the passenger terminal in October 2019 marked the completion of the infrastructure measures mandated in the concession agreement.

Location

 

The airport has a catchment area of 1.1 million people and is situated in the state of Santa Catarina in the south of Brazil. Florianópolis is a popular holiday destination for both local and international guests.

Eurico de Aguiar Salles and Benedito Lacerda Airport

 

 

Operator

 

Aeroportos do Sudeste do Brasil S.A

Term of the concession

 

4 October 2019 – 3 October 2049

Terms and conditions

 

The concession encompasses the operation and expansion of both airports (cluster). A concession fee totalling BRL 437.0 million (CHF 105 million) fell due at the acquisition date. Variable, revenue-based concession payments will be incurred as of the sixth year of operations. Whilst a newly expanded airport was acquired in Vitória, the concession in Macaé requires modifications to be made to the infrastructure so as to comply with International Civil Aviation Organization (ICAO) provisions. To do so, the operator must construct a new runway.

Location

 

Both cities lie north (Macaé 150 km, Vitória 400 km) of Rio de Janeiro in the state of Espírito Santo. Vitória is an important seaport for iron ore and pig iron exports. Macaé is a central helicopter base for serving offshore oil platforms.

Chile

Diego Aracena International Airport

 

 

Operator

 

Sociedad Concesionaria Aeropuerto Diego Aracena S.A.

Term of the concession

 

The concession in place since April 2018 and has a term dependent on traffic volumes. Based on current traffic trends, the concession is expected to end in 2040.

Terms and conditions

 

The operator has undertaken to invest in measures to upgrade and extend the airport infrastructure, in particular to extend the existing terminal.

Location

 

Iquique is situated on the Pacific coast in the Tarapacá region in the north of Chile. While the region’s economy is dominated by the mining industry, the city of Iquique is also popular with tourists.

Andrés Sabella Gálvez International Airport

 

 

Operator

 

Sociedad Concesionaria Aeropuerto de Antofagasta S.A.

Term of the concession

 

The concession in place since 2012 and has a term dependent on traffic volumes. Based on current traffic trends, the concession is expected to run until 2026.

Terms and conditions

 

The infrastructure measures mandated in the concession agreement were completed back in 2014 when the terminal was extended. No further, significant measures are required before the concession ends.

Location

 

Antofagasta is situated on the Pacific coast in the Antofagasta region in the north of Chile. The mining industry is the most important sector of the economy.

India

Noida International Airport

 

 

Operator

 

Yamuna International Airport Private Limited

Term of the concession

 

1 October 2021 – 30 September 2061

Terms and conditions

 

The operator has undertaken to construct and operate the new Noida International Airport. Once the first phase of construction has been completed at the end of 2024, the new airport will have the capacity to handle 12 million passengers a year. Additional phases of capital expenditure will depend on predefined performance indicators. A fixed concession fee per departing passenger will be payable as of the sixth year of operations.

Location

 

The new airport is the second international airport in the Delhi Metropolitan Area and is situated in Jewar in the Greater Noida Area around 70 kilometres south of the Indian capital.

24.8 Events after the reporting date

The Board of Directors authorised the 2022 consolidated financial statements for issue on 9 March 2023. These also have to be approved by the Annual General Meeting.