11 Intangible assets
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(CHF million) |
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Investments in airport operator projects |
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Intangible asset from right of formal expropriation |
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Other intangible assets |
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Total intangible assets |
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Cost |
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Balance as at 1 January 2022 |
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288.2 |
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134.0 |
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83.0 |
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505.1 |
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Additions |
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22.5 |
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0.0 |
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0.0 |
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22.5 |
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Disposals |
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–1.1 |
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–17.7 |
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–5.1 |
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–23.9 |
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Transfer and reclassification |
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0.0 |
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0.0 |
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4.8 |
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4.8 |
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Foreign exchange differences |
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14.6 |
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0.0 |
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0.0 |
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14.6 |
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Balance as at 31 December 2022 |
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324.2 |
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116.3 |
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82.7 |
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523.1 |
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Balance as at 1 January 2023 |
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324.2 |
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116.3 |
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82.7 |
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523.1 |
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Additions |
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50.5 |
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0.0 |
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0.0 |
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50.5 |
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Disposals |
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–1.7 |
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–24.9 |
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–3.9 |
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–30.5 |
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Transfer and reclassification |
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0.0 |
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0.0 |
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10.3 |
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10.3 |
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Foreign exchange differences |
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–18.6 |
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0.0 |
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0.0 |
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–18.6 |
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Balance as at 31 December 2023 |
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354.4 |
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91.4 |
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89.1 |
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534.8 |
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Amortisation and impairment |
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Balance as at 1 January 2022 |
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–19.5 |
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–67.7 |
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–65.1 |
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–152.4 |
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Amortisation |
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–9.9 |
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–2.1 |
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–9.6 |
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–21.6 |
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Impairment |
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–4.3 |
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0.0 |
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0.0 |
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–4.3 |
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Disposals |
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1.0 |
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0.0 |
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5.0 |
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6.0 |
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Foreign exchange differences |
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–1.1 |
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0.0 |
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0.0 |
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–1.1 |
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Balance as at 31 December 2022 |
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–33.8 |
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–69.8 |
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–69.7 |
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–173.4 |
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Balance as at 1 January 2023 |
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–33.8 |
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–69.8 |
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–69.7 |
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–173.4 |
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Amortisation |
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–11.0 |
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–1.7 |
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–9.3 |
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–22.0 |
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Impairment |
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0.0 |
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0.0 |
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0.0 |
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0.0 |
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Disposals |
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1.5 |
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0.0 |
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3.9 |
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5.4 |
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Foreign exchange differences |
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3.9 |
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0.0 |
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0.0 |
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3.9 |
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Balance as at 31 December 2023 |
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–39.4 |
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–71.5 |
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–75.1 |
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–186.1 |
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Net carrying amount as at 31 December 2022 |
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290.3 |
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46.5 |
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13.0 |
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349.8 |
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Net carrying amount as at 31 December 2023 |
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314.9 |
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19.9 |
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14.0 |
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348.8 |
Investments in airport operator projects
The investments in airport operator projects in the amount of CHF 314.9 million (previous year: CHF 290.3 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 to the expansion and operation of the Brazilian airport in Florianópolis (CHF 125.7 million; previous year: CHF 127.6 million), the expansion and operation of the Brazilian airports in Vitória and Macaé (CHF 118.2 million; previous year: CHF 96.3 million), the operation of the Brazilian airport in Natal (CHF 1.6 million; previous year: CHF 0.0 million) and the expansion and operation of the Chilean airports in Antofagasta and Iquique (CHF 69.4 million; previous year: CHF 66.4 million).
The obligations of CHF 5.7 million (previous year: CHF 6.6 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, Zurich Airport Ltd. 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 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 2023, the Zurich Airport Group has recognised an intangible asset from the right of formal expropriation in the amount of CHF 19.9 million (previous year: CHF 46.5 million).
Impairment
In the previous year, an impairment loss of CHF 4.3 million was recognised through profit or loss for the airport operator project in Iquique (Chile) (see Impairment of assets in accordance with IAS 36).
