Notes to the interim consolidated financial statements
I Accounting policies
Statement of compliance
The unaudited interim consolidated financial statements for the six months ended 30 June 2022 were prepared in accordance with International Accounting Standard 34 (IAS 34) Interim Financial Reporting. They do not contain all the information included in the consolidated financial statements for the year ended 31 December 2021 and should therefore be read in conjunction with the latter.
The interim consolidated financial statements are prepared in Swiss francs (CHF). Unless indicated otherwise, amounts are stated in millions of Swiss francs (CHF million). Due to the rules on rounding up or down, individual figures may not add up to precisely the sum total stated. This may also mean that individual amounts round to zero.
Changes in accounting policies
The company adopted the following relevant amendments to International Financial Reporting Standards which are mandatory for the first time for financial year 2022 beginning on 1 January:
- Amendments to IAS 16: Property, Plant and Equipment – Proceeds before Intended Use
- Amendments to IAS 37: Onerous Contracts – Cost of Fulfilling a Contract
- Amendments to IFRS 1: First-time Adoption of International Financial Reporting Standards – Subsidiary as a First-time Adopter
- Amendments to IFRS 3: Reference to the Conceptual Framework
- Amendments to IFRS 9: Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities
The above-mentioned amendments did not have a significant impact on these interim consolidated financial statements. In all other respects, the interim consolidated financial statements were prepared in accordance with the accounting policies described in the consolidated financial statements for the year ended 31 December 2021.
Seasonal factors
Based on past experience, traffic volumes (passenger volumes and number of flight movements) are usually higher in the second half of the year than in the first half. However, given the ongoing uncertainty, including on the further course of the pandemic-induced travel restrictions, as well as geopolitical risks and macroeconomic factors, it remains difficult to issue a reliable forecast for the second half of the year.
II Notes to the interim consolidated financial statements
1 Segment reporting
(CHF million)
Regulated business
Noise
Non-regulated business
International
Eliminations
Consolidated
First half 2022
Revenue from third parties
205.9
0.0
213.9
38.5
0.0
458.3
Inter-segment revenue
13.5
0.0
41.5
0.0
–55.0
0.0
Total revenue
219.5
0.0
255.4
38.5
–55.0
458.3
Personnel expenses
–35.1
–0.8
–52.4
–6.1
0.0
–94.4
Other operating expenses
–74.9
1.5
–35.6
–16.6
0.0
–125.7
Inter-segment operating expenses
–40.4
–0.4
–13.5
–0.7
55.0
0.0
Segment result (EBITDA)
69.1
0.2
153.9
15.0
0.0
238.3
Depreciation and amortisation
–71.2
–1.8
–63.9
–5.1
0.0
–142.0
Segment result (EBIT)
–2.1
–1.6
90.0
9.9
0.0
96.3
Finance result
–26.9
Share of result of associates
0.0
Income taxes
–14.0
Consolidated result
55.4
Invested capital as at 30 June 2022
1,940.5
105.2
1,961.8
546.6
4,554.2
Non-interest-bearing non-current liabilities
381.8
Non-interest-bearing current liabilities
220.5
Total assets as at 30 June 2022
5,156.5
ROIC (in %) 1)
–1.3
–3.8
7.3
3.1
2.9
(CHF million)
Aviation
PRM
User fees
Air security 2)
Access fees 2)
Eliminations
Total regulated business
First half 2022
Revenue from third parties
125.5
4.5
23.5
52.0
0.4
0.0
205.9
Inter-segment revenue
13.5
0.0
2.7
5.9
1.3
–9.9
13.5
Total revenue
139.0
4.5
26.2
57.8
1.8
–9.9
219.5
Personnel expenses
–28.9
0.0
–4.5
–1.2
–0.5
0.0
–35.1
Other operating expenses
–19.0
–4.7
–2.3
–27.4
–21.6
0.0
–74.9
Inter-segment operating expenses
–29.0
–0.5
–7.5
–6.4
–6.9
9.9
–40.4
EBITDA
62.1
–0.6
12.0
22.8
–27.2
0.0
69.1
Depreciation and amortisation
–51.3
–0.1
–15.3
–2.9
–1.6
–71.2
EBIT
10.8
–0.7
–3.3
19.9
–28.7
0.0
–2.1
Invested capital as at 30 June 2022
1,336.6
9.7
437.7
130.5
26.0
1,940.5
ROIC (in %) 1)
0.3
–22.0
–1.6
22.8
–198.3
–1.3
1) Based on the result for the 12-month period preceding the reporting date.
2) 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 for the “Air security” segment is -14.0%.
The reportable segments for the prior-year period are as follows:
(CHF million)
Regulated business
Noise
Non-regulated business
International 1)
Eliminations
Consolidated
First half 2021
Revenue from third parties
65.5
0.0
173.1
24.9
0.0
263.6
Inter-segment revenue
11.0
0.0
39.9
0.0
–50.9
0.0
Total revenue
76.5
0.0
213.0
24.9
–50.9
263.6
Personnel expenses
–27.7
–0.8
–46.7
–4.9
0.0
–80.1
Other operating expenses
–55.1
–0.5
–22.8
–12.9
0.0
–91.2
Inter-segment operating expenses
–39.2
–0.4
–10.4
–0.9
50.9
–0.0
Segment result (EBITDA)
–45.4
–1.7
133.1
6.3
0.0
92.2
Depreciation and amortisation
–69.7
–1.8
–59.6
–3.7
0.0
–134.8
Segment result (EBIT)
–115.1
–3.5
73.5
2.6
0.0
–42.6
Finance result
–11.5
Share of result of associates
–2.1
Income taxes
11.1
Consolidated result
–45.1
Invested capital as at 30 June 2021
1,832.2
106.8
1,916.4
369.8
4,225.2
Non-interest-bearing non-current liabilities
499.5
Non-interest-bearing current liabilities
215.8
Total assets as at 30 June 2021
4,940.4
ROIC (in %) 2)
–9.0
–3.9
5.7
0.7
–1.5
(CHF million)
Aviation
PRM
User fees
Air security 3)
Access fees 3)
Eliminations
Total regulated business
First half 2021
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
2.2
3.3
1.2
–4.8
11.0
Total revenue
52.4
1.0
11.8
14.7
1.5
–4.8
76.5
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
–20.6
0.0
–55.1
Inter-segment operating expenses
–28.5
–0.3
–6.0
–3.7
–5.5
4.8
–39.2
EBITDA
–16.1
–1.9
1.4
–3.8
–25.0
0.0
–45.4
Depreciation and amortisation
–51.5
–0.1
–13.0
–3.4
–1.6
0.0
–69.7
EBIT
–67.6
–2.0
–11.7
–7.2
–26.7
0.0
–115.1
Invested capital as at 30 June 2021
1,311.1
6.2
390.2
104.1
20.8
1,832.2
ROIC (in %) 2)
–7.0
–40.0
–4.6
–8.4
–180.4
–9.0
1) Since 31 December 2021, the “International” segment is presented separately from the “Non-regulated business” segment due to the changes in the areas of responsibility on the Management Board. For the purposes of comparison, the prior-year figures as at 30 June 2021 were adjusted accordingly.
2) Based on the result for the 12-month period preceding the reporting date.
3) 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 for the “Air security” segment is -36.9%.
2 Revenue
(CHF million)
First half 2022
First half 2021
Passenger charges
73.8
16.7
Security charges
51.3
11.4
PRM charges
4.5
1.0
Passenger-related flight operations charges
129.6
29.2
Landing charges
28.8
10.6
Aircraft-related noise charges
4.9
2.0
Emission charges
1.3
0.6
Aircraft parking charges
11.5
8.7
Freight charges
3.8
3.3
Other flight operations charges
50.3
25.1
Total flight operations charges
179.9
54.3
Baggage sorting and handling system
15.2
4.7
De-icing
3.2
2.2
Check-in
1.8
0.8
Aircraft energy supply system
1.9
0.8
Other fees
1.8
1.5
Total aviation fees
23.9
10.0
Refund of security costs
0.6
0.0
Other revenue
1.5
1.2
Total other aviation revenue
2.1
1.2
Total aviation revenue
205.9
65.5
Retail, tax & duty-free
51.3
52.4
Food & beverage
11.4
5.3
Advertising media and promotion
8.6
6.1
Other commercial revenue
6.8
4.3
Revenue from car parks
33.5
17.2
Total commercial and parking revenue
111.6
85.2
Revenue from rental agreements
64.9
60.9
Energy and utility cost allocation
15.2
10.9
Cleaning
1.2
1.1
Other real estate revenue
1.2
1.8
Total real estate revenue
82.5
74.6
Communication services
7.7
7.2
Fuel charges
2.7
1.2
Catering
0.6
0.1
Other revenue from services
8.8
4.8
Total revenue from services
19.8
13.3
Revenue from international airport concessions
29.2
16.0
Revenue from consulting activities
2.1
4.0
Revenue from construction projects as part of concession arrangements
7.2
5.0
Total revenue from international business
38.5
24.9
Total non-aviation revenue
252.4
198.1
Total revenue
458.3
263.6
3 Finance result
(CHF million)
First half 2022
First half 2021
Net interest expenses on debentures and non-current loans
–5.5
–5.4
Net interest expenses on defined benefit obligations
–0.2
–0.1
Other interest expenses
–8.3
–5.5
Adjustments to fair value on financial assets of Airport Zurich Noise Fund
–9.4
0.0
Present value adjustment on liabilities from concession arrangements
–0.5
–2.1
Foreign exchange losses
–0.9
–0.1
Other finance costs
–3.9
–0.9
Total finance costs
–28.8
–14.2
Interest income on financial assets of Airport Zurich Noise Fund
0.3
0.2
Adjustments to fair value on financial assets of Airport Zurich Noise Fund
0.0
2.3
Other interest income
1.6
0.1
Other finance income
0.1
0.1
Total finance income
1.9
2.7
Finance result
–26.9
–11.5
The financial assets of the Airport Zurich Noise Fund (AZNF) held at fair value showed changes in value of CHF –9.4 million in the first half of 2022 (prior-year period: CHF 2.3 million).
Other interest expenses rose to CHF –8.3 million due mainly to the trends in interest and inflation rates affecting the foreign concessions (prior-year period: CHF –5.5 million).
4 Property, plant and equipment
(CHF million)
Land
Engineering structures
Buildings
Movables
Projects in progress
Total property, plant and equipment
Cost
Balance as at 1 January 2022
138.1
1,704.1
4,799.2
280.0
268.5
7,189.9
Additions
0.0
0.0
0.0
0.0
93.4
93.4
Disposals
0.0
0.0
–0.9
–0.6
0.0
–1.5
Transfers and reclassifications
0.0
0.4
21.6
4.9
–28.4
–1.5
Foreign exchange differences
0.0
0.0
0.0
0.0
–0.5
–0.5
Balance as at 30 June 2022
138.1
1,704.5
4,819.9
284.3
333.0
7,279.8
Depreciation, amortisation
Balance as at 1 January 2022
0.0
–1,035.3
–3,197.3
–199.7
0.0
–4,432.3
Additions
0.0
–29.5
–76.2
–8.6
0.0
–114.3
Disposals
0.0
0.0
0.9
0.6
0.0
1.5
Balance as at 30 June 2022
0.0
–1,064.8
–3,272.6
–207.7
0.0
–4,545.1
Government subsidies and grants
Balance as at 1 January 2022
0.0
–7.7
–3.1
0.0
–1.0
–11.8
Additions
0.0
0.0
0.0
0.0
–0.1
–0.1
Disposals
0.0
0.2
0.1
0.0
0.0
0.3
Balance as at 30 June 2022
0.0
–7.5
–3.0
0.0
–1.1
–11.6
Net carrying amount as at 1 January 2022
138.1
661.1
1,598.8
80.3
267.5
2,745.8
Net carrying amount as at 30 June 2022
138.1
632.2
1,544.3
76.6
331.9
2,723.1
Projects in progress
In the first half of 2022, the Zurich Airport Group invested a total of CHF 93.4 million in projects in progress (prior-year period: CHF 71.7 million).
The biggest items at Zurich Airport are attributable to the following projects:
- Refurbishment and expansion of the baggage sorting system (CHF 36.4 million)
- Renovation of runway 10/28 (CHF 16.7 million)
Also in the reporting period, CHF 11.3 million was invested in development and planning relating to the construction and operation of Noida International Airport in New Delhi, India.
5 Right-of-use assets
The Zurich Airport Group as lessee
(CHF million)
Land
Real estate
Movables
Total right-of-use assets
Cost
Balance as at 1 January 2022
0.0
93.4
0.0
93.4
Additions
83.5
13.5
0.0
97.0
Transfer and reclassifications
–1.6
–0.5
0.5
–1.6
Foreign exchange differences
–0.9
0.0
0.0
–0.9
Balance as at 30 June 2022
81.0
106.4
0.5
187.9
Depreciation, amortisation
Balance as at 1 January 2022
0.0
–19.5
0.0
–19.5
Additions
0.0
–4.3
–0.1
–4.4
Transfer and reclassifications
0.0
0.0
0.0
0.0
Foreign exchange differences
0.0
0.0
0.0
0.0
Balance as at 30 June 2022
0.0
–23.8
–0.1
–23.9
Net carrying amount as at 1 January 2022
0.0
73.9
0.0
73.9
Net carrying amount as at 30 June 2022
81.0
82.6
0.4
164.0
Via its operator Yamuna International Airport Private Limited, Flughafen Zürich AG holds the right-of-use asset relating to the land on which Noida International Airport, New Delhi, India will be built and operated in future. The right-of-use asset with a present value of CHF 83.5 million will expire at the end of the concession in 2061. The corresponding lease liabilities were recognised as non-current liabilities (see note 9, Financial liabilities) (commencement of payments as of 2031).
6 Investment property
(CHF million)
Land
Project and construction costs
Buildings and engineering structures plus movables
Total investment property
Cost
Balance as at 1 January 2022
1.0
0.6
631.9
633.5
Additions
0.0
11.3
0.0
11.3
Transfers
0.0
–5.0
5.0
0.0
Balance as at 30 June 2022
1.0
6.9
636.9
644.8
Depreciation, amortisation
Balance as at 1 January 2022
0.0
0.0
–27.6
–27.6
Additions
0.0
0.0
–13.0
–13.0
Balance as at 30 June 2022
0.0
0.0
–40.6
–40.6
Net carrying amount as at 1 January 2022
1.0
0.6
604.3
605.9
Net carrying amount as at 30 June 2022
1.0
6.9
596.3
604.2
The Circle
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 the Zurich Airport Group (Flughafen Zürich AGʼs share: 51%).
The share of the property is classified as investment property in accordance with IAS 40. In this context, the Zurich Airport Group has decided to apply the cost model. The share of the fair value of the Circle was CHF 792.0 million at the reporting date (31 December 2021: CHF 759.9 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 million)
Investments in airport operator projects
Intangible asset from right of formal expropriation
Other intangible assets
Cost
Balance as at 1 January 2022
288.2
134.0
83.0
Additions
8.9
0.0
1.5
Disposals
0.0
–4.6
–0.2
Foreign exchange differences
24.2
0.0
0.0
Balance as at 30 June 2022
321.3
129.4
84.3
Depreciation, amortisation
Balance as at 1 January 2022
–19.5
–67.7
–65.1
Additions
–4.8
–1.1
–4.8
Disposals
0.0
0.0
0.2
Foreign exchange differences
–1.6
0.0
0.0
Balance as at 30 June 2022
–25.9
–68.8
–69.7
Net carrying amount as at 1 January 2022
268.6
66.3
17.9
Net carrying amount as at 30 June 2022
295.3
60.6
14.6
Investments in airport operator projects
The investments in airport operator projects in the amount of CHF 295.3 million (31 December 2021: 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 59.9 million; 31 December 2021: CHF 56.4 million), the expansion and operation of the Brazilian airport in Florianópolis (CHF 133.9 million; 31 December 2021: CHF 122.0 million) and the expansion and operation of the Brazilian airports in Vitória and Macaé (CHF 101.5 million; 31 December 2021: CHF 90.2 million).
The obligations of CHF 29.2 million (31 December 2021: CHF 24.7 million) relating to the relevant concessions have been recognised as current and non-current liabilities (see note 9, Financial liabilities).
8 Cash and cash equivalents and fixed-term deposits
30.06.2022
31.12.2021
(CHF million)
Total
of which AZNF
Total
of which AZNF
Cash on hand
0.3
0.0
0.2
0.0
Cash at banks and in postal accounts
279.2
17.5
301.3
29.8
Fixed-term deposits 1)
113.0
0.0
107.8
0.0
Total cash and cash equivalents
392.5
17.5
409.3
29.8
Current fixed-term deposits 2)
221.3
0.0
121.3
0.0
Non-current fixed-term deposits 2)
0.7
0.0
2.1
0.0
Total fixed-term deposits
222.0
0.0
123.4
0.0
1) Due within 90 days from date of acquisition.
2) Due after 90 days from date of acquisition.
9 Financial liabilities
(CHF million)
30.06.2022
31.12.2021
Non-current debentures
1,249.1
1,648.9
Non-current liabilities to banks
126.6
111.8
Non-current lease liabilities
160.4
68.8
Non-current liabilities from concession agreements
28.5
24.0
Other non-current financial liabilities
20.4
20.4
Non-current financial liabilities
1,585.0
1,873.9
Current debentures
400.0
0.0
Current liabilities to banks
9.6
7.7
Current lease liabilities
13.0
7.5
Current liabilities from concession agreements
0.7
0.7
Other current financial liabilities
2.4
0.9
Current financial liabilities
425.6
16.8
Total financial liabilities
2,010.6
1,890.7
The change in debentures is due to the reclassification of the CHF 400.0 million debenture maturing in April 2023 from non-current to current.
Non-current lease liabilities increased primarily as a result of the right-of-use asset relating to the land on which Noida International Airport will be operated in future (see note 5, Right-of-use assets).
The maturities and terms of the debentures outstanding at the reporting date were as follows:
as at 30.06.2022
as at 30.06.2022
Debentures
Nominal value
Carrying amount
Duration
Interest rate
Early amortisation
Interest payment date
(CHF million)
30.06.2022
Debenture (2023)
400.0
400.0
2013 – 2023
1.500%
no
17.4.
Debenture (2024)
300.0
299.6
2020 – 2024
0.700%
no
22.5.
Debenture (2027)
200.0
199.6
2020 – 2027
0.100%
no
30.12.
Debenture (2029)
350.0
350.4
2017 – 2029
0.625%
no
24.5.
Debenture (2035)
400.0
399.5
2020 – 2035
0.200%
no
26.2.
Total debentures
1,649.1
As at the reporting date, Flughafen Zürich AG had the following unused credit facilities at its disposal:
(CHF million)
Duration
30.06.2022
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
–12.2
–12.3
Total unused credit lines
287.8
287.7
10 Provision for formal expropriations plus sound insulation and resident protection
(CHF million)
Formal expropriations
Sound insulation and resident protection
Total
Balance as at 1 January 2022
244.4
110.7
355.1
Provisions used 1)
0.0
–2.6
–2.6
Present value adjustment
–4.6
–1.8
–6.4
Balance as at 30 June 2022
239.8
106.3
346.1
of which current (planned payment within 1 year)
32.8
13.4
46.2
of which non-current (planned payment from 1 year on)
207.0
92.9
299.9
1) The amount paid for formal expropriations only includes actual payments of compensation, and excludes other associated external costs (in accordance with the regulations of the Airport Zurich Noise Fund).
Provision for formal expropriations
As at 30 June 2022, the estimated costs for formal expropriations remained unchanged at CHF 330.0 million, of which CHF 85.6 million had already been paid out at that date. In the interim consolidated financial statements, a provision was recognised for the outstanding costs of CHF 244.4 million (nominal amount) at their present value of CHF 239.8 million. Due to the general rise in interest rates, the relevant interest rate here is 0.5% (31 December 2021: 0.0%). It is expected that the payments can be completed by the end of 2030.
Provision for sound insulation and resident protection
As at 30 June 2022, the estimated costs for sound insulation and resident protection measures remained unchanged at CHF 400.0 million, of which CHF 291.9 million had already been paid out at that date. In the interim consolidated financial statements, a provision was recognised for the outstanding costs of CHF 108.1 million (nominal amount) at their present value of CHF 106.3 million. Due to the general rise in interest rates, the relevant interest rate here is 0.5% (31 December 2021: 0.0%). It is expected that the payments can be completed by the end of 2030.
11 Airport Zurich Noise Fund
(CHF million)
2022
Airport Zurich Noise Fund as at 1 January
394.1
Revenue from noise charges
0.0
Costs for sound insulation and resident protection
–2.6
Costs for formal expropriations 1)
0.1
Airport Zurich Noise Fund as at 30 June before operating costs and finance result
391.7
Noise-related operating costs
–1.6
Interest income and adjustments to fair value financial assets of Airport Zurich Noise Fund
–9.2
Airport Zurich Noise Fund as at 30 June
380.8
1) In addition to compensation payments for formal expropriations, this amount includes other associated external costs (in accordance with the regulations of the Airport Zurich Noise Fund).
Summary of assets invested in the Airport Zurich Noise Fund:
(CHF million)
30.06.2022
31.12.2021
Cash equivalents (see note 8, "Cash and cash equivalents")
17.5
29.8
Current financial assets of Airport Zurich Noise Fund
42.1
45.3
Non-current financial assets of Airport Zurich Noise Fund
333.9
327.7
Accrual/deferral towards Flughafen Zürich AG 1)
–12.7
–8.7
Total assets invested for Airport Zurich Noise Fund
380.8
394.1
1) For accounting reasons, an asset or liability towards Flughafen Zürich AG arises as at the reporting date. This is compensated for in the following month, so the balance of liquid funds is restored.
12 Deferred tax assets and liabilities
In accordance with IAS 12.47, deferred tax assets and liabilities are calculated at the rate that is expected to apply when the asset is realised or the liability settled. Flughafen Zürich AG currently anticipates an applicable tax rate of 19.0% (31 December 2021: 19.0%).
The balance of deferred taxes changed as follows:
(CHF million)
2022
Deferred tax assets and liabilities, net as at 1 January
–35.3
Deferred taxes on remeasurement of defined benefit obligations, recognised in OCI
–14.7
Change according to income statement
–13.0
Foreign exchange differences
1.0
Deferred tax assets and liabilities, net as at 30 June
–62.0
of which deferred tax assets
8.8
of which deferred tax liabilities
–70.8
13 Employee benefit obligations
Employee benefit obligations broke down as follows at the reporting date:
(CHF million)
30.06.2022
31.12.2021
Net defined benefit obligations
0.0
–76.0
Other long-term employee benefits
–11.1
–11.8
Employee benefit obligations
–11.1
–87.8
Net defined benefit obligations changed as follows in the first half of 2022:
(CHF million)
2022
Net defined benefit obligations as at 1 January
–76.0
Total charge recognised in the income statement
–10.0
Total remeasurements recognised in other comprehensive income
77.3
Employer contributions
8.7
Net defined benefit obligations as at 30 June
0.0
The changes in measurement of CHF 77.3 million recognised in other comprehensive income are due to the change in the discount rate (CHF 140.2 million) to 2.05% (31 December 2021: 0.30%), the negative performance of plan assets (CHF –44.6 million) and the effect of limiting the net defined benefit asset to the asset ceiling (CHF –18.3 million).
14 Fair value disclosures
Fair value of financial instruments
(CHF million)
30.06.2022
31.12.2021
Carrying amount
Fair value
Carrying amount
Fair value
Bonds of Airport Zurich Noise Fund (Level 1)
276.6
269.2
264.5
268.0
Mixed investment fund of the Airport Zurich Noise Fund (Level 2)
99.4
99.4
108.5
108.5
Total financial assets
376.0
368.6
373.0
376.5
Debentures (Level 1)
–1,649.1
–1,514.8
–1,648.9
–1,643.9
Total financial liabilities
–1,649.1
–1,514.8
–1,648.9
–1,643.9
15 Further details
15.1 Impairment of assets in accordance with IAS 36
No impairment losses were required to be recognised for the assets concerned as a result of a detailed impairment test on the CGUs and non-financial assets last performed as at 31 December 2021. In the first half of 2022, there were no additional significant negative indicators that had not already been taken into account in performing the calculation and impairment test at the end of 2021. The detailed impairment test on the CGUs and non-financial assets will be updated at the end of the current financial year.
15.2 Contingent liabilities
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 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 together with Swiss Life AG is jointly and severally liable to third parties for the liabilities of the co-ownership structure The Circle and the ordinary partnership The Circle.
15.3 Events after the reporting date
The Board of Directors approved the 2022 interim consolidated financial statements and authorised them for issue on 18 August 2022.
