4 Investments and loans
Investments comprised the following as at the reporting date:
|
|
|
|
|
|
|
|
|
Company |
|
Domicile |
|
Share capital |
|
Stake held in % |
|
Airport Ground Services AG 1) |
|
Kloten |
|
CHF 100,000 |
|
100.0 |
|
Zurich Airport International AG 1) |
|
Kloten |
|
CHF 100,000 |
|
100.0 |
|
Zurich Airport International Asia Sdn. Bhd. 2) |
|
Kuala Lumpur |
|
MYR 1.0 million |
|
100.0 |
|
Yamuna International Airport Private Ltd. 2) |
|
New Delhi |
|
INR 15,269 million |
|
100.0 |
|
Concessionária do Aeroporto Internacional de Florianópolis S.A. 2) |
|
Florianópolis |
|
BRL 304 million |
|
100.0 |
|
Zurich Airport Latin America Ltda. 2) |
|
Rio de Janeiro |
|
BRL 581 million |
|
100.0 |
|
Aeroportos do Sudeste do Brasil S.A. 2) |
|
Vitória |
|
BRL 571 million |
|
100.0 |
|
A-port S.A. 2) |
|
Santiago de Chile |
|
CLP 16,139 million |
|
100.0 |
|
Sociedad Concesionaria Aeropuerto de Antofagasta S.A. 2) |
|
Santiago de Chile |
|
CLP 3,600 million |
|
100.0 |
|
Sociedad Concesionaria Aeropuerto de Iquique S.A. 2) |
|
Santiago de Chile |
|
CLP 600 million |
|
100.0 |
|
Sociedad Concesionaria Aeropuerto Diego Aracena S.A. 2) |
|
Santiago de Chile |
|
CLP 10,700 million |
|
100.0 |
|
A-port Operaciones S.A. 2) |
|
Santiago de Chile |
|
CLP 1,352 million |
|
99.0 |
|
A-port Operaciones Colombia S.A. 2) |
|
Bogotá |
|
COP 100 million |
|
99.0 |
|
Unique IDC S.A. de C.V. 2) |
|
Tegucigalpa |
|
HNL 0.2 million |
|
99.0 |
|
Sociedade de Participação no Aeroporto de Confins S.A. 2) |
|
Belo Horizonte |
|
BRL 474 million |
|
25.0 |
|
Concessionária do Aeroporto Internacional de Confins S.A. 2) |
|
Belo Horizonte |
|
BRL 907 million |
|
12.8 |
|
Administradora Unique IDC C.A. 1) |
|
Porlamar |
|
VEB 25 million |
|
49.5 |
|
Aeropuertos Asociados de Venezuela C.A. 2) |
|
Porlamar |
|
VEB 10 million |
|
49.5 |
1) Direct investment
2) Indirect investment
The equity interests stated are also the share of the voting power in the investees listed.
As a precautionary measure in connection with the coronavirus crisis, Flughafen Zürich AG established Airport Ground Services AG based in Kloten in financial year 2020. In an emergency, this wholly-owned subsidiary could take over services related to airport operations. The company was inactive at the reporting date.
Zurich Airport International AG, the wholly-owned subsidiary responsible for advising, operating and/or owning airports and airport-related companies throughout the world, holds all the investees existing in this context (with the exception of those in Venezuela).
In 2010, Flughafen Zürich AG and its consortium partner Unique IDC turned to the International Centre for Settlement of Investment Disputes (ICSID) in Washington D.C. in the matter of the airport expropriated in Venezuela (Isla de Margarita). This step is in compliance with the investment protection treaty between Venezuela, Switzerland and Chile. The ICSID reached its decision in November 2014, requiring the Bolivarian Republic of Venezuela to reimburse the consortium the costs incurred for the proceedings and project plus a compensation payment of around USD 19.5 million as well as interest incurred up until receipt of payment. Flughafen Zürich AG is entitled to 50% of this. After an application for annulment was rejected, the tribunal’s decision is definitive and final. The value of this holding has been fully impaired.
Loans comprised the following as at the reporting date:
|
|
|
|
|
|
|
(CHF million) |
|
31.12.2022 |
|
31.12.2021 |
|
Loans to Zurich Airport International AG |
|
274.5 |
|
391.5 |
|
Valuation allowance for loans to Zurich Airport International AG |
|
0.0 |
|
–75.0 |
|
Total loans |
|
274.5 |
|
316.5 |
During the reporting period, further loans of CHF 131.0 million were extended to Zurich Airport International AG for the purposes of financing international airport operator projects. At the same time, loans of CHF 248.0 million were waived in the course of the subsidiary’s restructuring and recapitalisation. In this context, the existing valuation allowance of CHF 75.0 million was reversed (see note 1, Extraordinary result).
As at the reporting date, loans to Zurich Airport International AG in the amount of CHF 0.0 million were subject to terms of subordination (previous year: CHF 150.0 million).
