18 Financial liabilities
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|
|
|
|
(CHF million) |
|
31.12.2023 |
|
31.12.2022 |
|
Non-current debentures |
|
914.6 |
|
1,214.2 |
|
Non-current liabilities to banks |
|
177.9 |
|
123.3 |
|
Non-current lease liabilities |
|
146.1 |
|
156.5 |
|
Non-current liabilities from concession agreements |
|
5.0 |
|
5.9 |
|
Other non-current financial liabilities |
|
20.4 |
|
20.4 |
|
Non-current financial liabilities |
|
1,264.0 |
|
1,520.3 |
|
|
|
|
|
|
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Current debentures |
|
299.9 |
|
400.0 |
|
Current liabilities to banks |
|
18.6 |
|
12.3 |
|
Current lease liabilities |
|
9.0 |
|
9.1 |
|
Current liabilities from concession agreements |
|
0.7 |
|
0.7 |
|
Other current financial liabilities |
|
1.3 |
|
0.8 |
|
Current financial liabilities |
|
329.5 |
|
422.9 |
|
|
|
|
|
|
|
Total financial liabilities |
|
1,593.5 |
|
1,943.2 |
The CHF 400.0 million debenture reaching maturity was fully repaid in April of the reporting period. In addition, the CHF 300.0 million debenture maturing in May 2024 was reclassified out of non-current and into current financial liabilities.
The rise in non-current liabilities to banks to CHF 177.9 million (31 December 2022: CHF 123.3 million) is attributable to additional liabilities held by foreign Group companies as a result of their expansion activities at the relevant airports.
Composition of non-current financial liabilities as at the reporting date:
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as at 31.12.2023 |
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as at 31.12.2023 |
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as at 31.12.2022 |
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Financial liabilities |
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Nominal value |
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Carrying amount |
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Carrying amount |
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Duration |
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Interest rate |
|
Interest payment date |
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|
|
(CHF million) |
|
(CHF million) |
|
(CHF million) |
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|
|
|
|
|
|
Debenture (2024) |
|
n/a |
|
n/a |
|
299.7 |
|
2020 – 2024 |
|
0.700% |
|
22.5. |
|
Debenture (2027) |
|
200.0 |
|
199.7 |
|
199.7 |
|
2020 – 2027 |
|
0.100% |
|
30.12. |
|
Debenture (2029) |
|
350.0 |
|
350.3 |
|
350.4 |
|
2017 – 2029 |
|
0.625% |
|
24.5. |
|
Debenture (2035) |
|
365.0 |
|
364.5 |
|
364.5 |
|
2020 – 2035 |
|
0.200% |
|
26.2. |
|
Non-current liabilities to banks |
|
190.0 |
|
177.9 |
|
123.3 |
|
n/a |
|
n/a |
|
n/a |
|
Non-current lease liabilities |
|
498.9 |
|
146.1 |
|
156.5 |
|
until 2039 |
|
0.000% - 9.000% |
|
n/a |
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Non-current liabilities from concession agreements |
|
7.7 |
|
5.0 |
|
5.9 |
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until 2047 |
|
n/a |
|
n/a |
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Other non-current financial liabilities |
|
0.0 |
|
20.4 |
|
20.4 |
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until 2035 |
|
0.000% |
|
n/a |
|
Total non-current financial liabilities |
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|
|
1,264.0 |
|
1,520.3 |
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|
|
|
|
|
External financing is subject to standard guarantees and covenants, which were complied with as at the reporting date.
In addition, unused credit facilities at the reporting date amounted to a total of CHF 289.8 million (see note 24.1 a), Financial risk management, ii), Liquidity risk).
The maturities of financial liabilities are shown in the table below:
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(CHF million) |
|
31.12.2023 |
|
31.12.2022 |
|
Due date up to 1 year |
|
329.5 |
|
422.9 |
|
Due date from 1 to 5 years |
|
278.1 |
|
499.3 |
|
Due date in more than 5 years |
|
985.9 |
|
1,021.0 |
|
Total financial liabilities |
|
1,593.5 |
|
1,943.2 |
Financial liabilities changed as follows as a result of cash and non-cash changes:
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|
31.12.2022 |
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Cash flows (+) |
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Cash flows (–) |
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Non-cash changes |
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31.12.2023 |
||||
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(CHF million) |
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|
|
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Increase(+)/decrease(–) |
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Foreign exchange movements |
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Value changes |
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||||
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Debentures |
|
1,214.2 |
|
0.0 |
|
0.0 |
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–299.9 |
|
0.0 |
|
0.3 |
|
914.6 |
|
Non-current liabilities to banks |
|
123.3 |
|
67.9 |
|
0.0 |
|
–4.6 |
|
–10.8 |
|
2.1 |
|
177.9 |
|
Non-current lease liabilities |
|
156.5 |
|
0.0 |
|
0.0 |
|
–9.0 |
|
–8.8 |
|
7.4 |
|
146.1 |
|
Non-current liabilities from concession agreements |
|
5.9 |
|
0.0 |
|
0.0 |
|
–0.6 |
|
–0.5 |
|
0.1 |
|
5.0 |
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Other non-current financial liabilities |
|
20.4 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
20.4 |
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Non-current financial liabilities |
|
1,520.3 |
|
67.9 |
|
0.0 |
|
–314.1 |
|
–20.1 |
|
9.9 |
|
1,264.0 |
|
Debentures |
|
400.0 |
|
0.0 |
|
–400.0 |
|
299.9 |
|
0.0 |
|
0.0 |
|
299.9 |
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Current liabilities to banks |
|
12.3 |
|
5.7 |
|
–2.7 |
|
5.2 |
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–2.0 |
|
0.2 |
|
18.6 |
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Current lease liabilities |
|
9.1 |
|
0.0 |
|
–9.1 |
|
9.0 |
|
0.0 |
|
0.0 |
|
9.0 |
|
Current liabilities from concession agreements |
|
0.7 |
|
0.0 |
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–0.5 |
|
0.6 |
|
–0.1 |
|
0.0 |
|
0.7 |
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Other current financial liabilities |
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0.8 |
|
0.0 |
|
0.0 |
|
0.6 |
|
–0.1 |
|
0.0 |
|
1.3 |
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Current financial liabilities |
|
422.9 |
|
5.7 |
|
–412.3 |
|
315.3 |
|
–2.2 |
|
0.2 |
|
329.5 |
|
Total financial liabilities |
|
1,943.2 |
|
73.6 |
|
–412.3 |
|
1.2 |
|
–22.3 |
|
10.1 |
|
1,593.5 |
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|
31.12.2021 |
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Cash flows (+) |
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Cash flows (–) |
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Non-cash changes |
|
31.12.2022 |
||||
|
(CHF million) |
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|
|
|
Increase(+)/decrease(–) |
|
Foreign exchange movements |
|
Value changes |
|
||||
|
Debentures |
|
1,648.9 |
|
0.0 |
|
–26.6 |
|
–400.0 |
|
0.0 |
|
–8.1 |
|
1,214.2 |
|
Non-current liabilities to banks |
|
111.8 |
|
2.9 |
|
0.0 |
|
2.6 |
|
5.4 |
|
0.6 |
|
123.3 |
|
Non-current lease liabilities |
|
68.8 |
|
0.0 |
|
0.0 |
|
86.5 |
|
–8.3 |
|
9.5 |
|
156.5 |
|
Non-current liabilities from concession agreements |
|
24.0 |
|
0.0 |
|
–9.5 |
|
–5.9 |
|
2.5 |
|
–5.2 |
|
5.9 |
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Other non-current financial liabilities |
|
20.4 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
20.4 |
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Non-current financial liabilities |
|
1,873.9 |
|
2.9 |
|
–36.1 |
|
–316.8 |
|
–0.4 |
|
–3.2 |
|
1,520.3 |
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Debentures |
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0.0 |
|
0.0 |
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0.0 |
|
400.0 |
|
0.0 |
|
0.0 |
|
400.0 |
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Current liabilities to banks |
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7.7 |
|
0.0 |
|
–10.7 |
|
14.3 |
|
0.3 |
|
0.7 |
|
12.3 |
|
Current lease liabilities |
|
7.5 |
|
0.0 |
|
–8.9 |
|
10.4 |
|
0.0 |
|
0.1 |
|
9.1 |
|
Current liabilities from concession agreements |
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0.7 |
|
0.0 |
|
–0.7 |
|
0.7 |
|
0.0 |
|
0.0 |
|
0.7 |
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Other current financial liabilities |
|
0.9 |
|
0.0 |
|
0.0 |
|
0.0 |
|
–0.1 |
|
0.0 |
|
0.8 |
|
Current financial liabilities |
|
16.8 |
|
0.0 |
|
–20.3 |
|
425.4 |
|
0.2 |
|
0.8 |
|
422.9 |
|
Total financial liabilities |
|
1,890.7 |
|
2.9 |
|
–56.4 |
|
108.6 |
|
–0.2 |
|
–2.4 |
|
1,943.2 |
Overview of lease liabilities
The lease liabilities shown below include the leases listed in note 9, Right-of-use assets. The interest rate on future lease liabilities is mostly 0.0% (leases at the Zurich site) or 9.0% (leases in Noida, India).
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|
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|
|
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|
(CHF million) |
|
31.12.2023 |
|
31.12.2022 |
|
Future minimum lease payments |
|
|
|
|
|
Due within 1 year |
|
9.0 |
|
9.1 |
|
Due between 1 and 5 years |
|
30.5 |
|
32.0 |
|
Due in more than 5 years |
|
468.4 |
|
523.2 |
|
Total future minimum lease payments |
|
507.9 |
|
564.3 |
|
|
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|
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|
Future interest payments |
|
352.8 |
|
398.7 |
|
|
|
|
|
|
|
Present value of lease liabilities |
|
155.1 |
|
165.6 |
|
Due within 1 year |
|
9.0 |
|
9.1 |
|
Due between 1 and 5 years |
|
30.4 |
|
31.9 |
|
Due in more than 5 years |
|
115.7 |
|
124.6 |
