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 2023 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 2022 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 2023 beginning on 1 January:
- Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies
- Amendments to IAS 8: Definition of Accounting Estimates
- Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
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 2022.
Seasonal factors
Based on past experience, traffic volumes (passenger volumes and number of flight movements), especially at the Zurich site, are usually higher in the second half of the year than in the first half.
II Notes to the interim consolidated financial statements
1 Segment reporting
(CHF million)
Regulated business
Noise
Non-regulated business
International
Eliminations
Consolidated
First half 2023
Revenue from third parties
278.6
0.0
246.6
51.5
0.0
576.7
Inter-segment revenue
13.7
0.0
53.1
0.0
–66.8
0.0
Total revenue
292.3
0.0
299.7
51.5
–66.8
576.7
Personnel expenses
–38.8
–0.9
–57.8
–5.7
0.0
–103.2
Other operating expenses
–81.3
–1.0
–47.4
–20.0
0.0
–149.7
Inter-segment operating expenses
–52.7
–0.4
–12.9
–0.8
66.8
–0.0
Segment result (EBITDA)
119.6
–2.3
181.5
25.0
0.0
323.8
Depreciation and amortisation
–72.3
–1.5
–63.2
–5.7
0.0
–142.6
Segment result (EBIT)
47.3
–3.7
118.4
19.3
0.0
181.2
Finance result
–8.6
Share of result of associates
0.0
Income taxes
–34.5
Consolidated result
138.1
Invested capital as at 30 June 2023
1,731.7
90.4
1,805.1
644.0
4,271.2
Non-interest-bearing non-current liabilities
352.9
Non-interest-bearing current liabilities
309.3
Total assets as at 30 June 2023
4,933.4
ROIC (in %) 1)
4.5
–3.5
9.6
3.0
6.3
(CHF million)
Aviation
PRM
User fees
Air security
Access fees
Eliminations
Total regulated business
First half 2023
Revenue from third parties
167.8
6.5
30.0
73.7
0.7
0.0
278.6
Inter-segment revenue
14.1
0.0
2.8
5.0
1.7
–10.0
13.7
Total revenue
181.9
6.5
32.8
78.7
2.4
–10.0
292.3
Personnel expenses
–31.7
0.0
–5.3
–1.3
–0.5
0.0
–38.8
Other operating expenses
–17.7
–5.5
–2.6
–31.3
–24.1
0.0
–81.3
Inter-segment operating expenses
–37.5
–0.6
–10.3
–7.9
–6.4
10.0
–52.7
EBITDA
95.1
0.4
14.6
38.2
–28.6
0.0
119.6
Depreciation and amortisation
–51.8
–0.1
–16.0
–2.9
–1.6
–72.3
EBIT
43.3
0.3
–1.4
35.3
–30.2
0.0
47.3
Invested capital as at 30 June 2023
1,191.7
5.6
425.8
81.7
26.9
1,731.7
ROIC (in %) 1)
5.7
7.1
–0.5
57.0
–182.3
4.5
1) Based on the result for the 12-month period preceding the reporting date.
The reportable segments for the prior-year period are as follows:
(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
–125.6
Inter-segment operating expenses
–40.4
–0.4
–13.5
–0.7
55.0
0.0
Segment result (EBITDA)
69.1
0.3
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
Access fees
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
–28.8
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 Revenue
(CHF million)
First half 2023
First half 2022
Passenger charges
103.7
73.8
Security charges
72.6
51.3
PRM charges
6.5
4.5
Passenger-related flight operations charges
182.8
129.7
Landing charges
36.7
28.8
Aircraft-related noise charges
7.0
4.9
Emission charges
1.7
1.3
Aircraft parking charges
13.8
11.5
Freight charges
3.5
3.8
Other flight operations charges
62.7
50.3
Total flight operations charges
245.5
180.0
Baggage sorting and handling system
19.8
15.2
De-icing
4.0
3.2
Check-in
2.2
1.8
Aircraft energy supply system
2.1
1.9
Other fees
2.5
1.8
Total aviation fees
30.6
23.9
Refund of security costs
1.0
0.6
Other revenue
1.5
1.4
Total other aviation revenue
2.5
2.0
Total aviation revenue
278.6
205.9
Retail, tax & duty-free
56.2
51.3
Food & beverage
11.6
11.4
Advertising media and promotion
8.7
8.6
Other commercial revenue
8.1
6.8
Revenue from car parks
42.4
33.5
Total commercial and parking revenue
127.0
111.6
Revenue from rental agreements
69.1
64.9
Energy and utility cost allocation
25.7
15.2
Cleaning
1.3
1.2
Other real estate revenue
1.5
1.2
Total real estate revenue
97.6
82.5
Communication services
7.4
7.7
Fuel charges
3.2
2.7
Catering
0.7
0.6
Other revenue from services
10.7
8.8
Total revenue from services
22.0
19.8
Revenue from international airport concessions
39.8
29.2
Revenue from consulting activities
1.1
2.1
Revenue from construction projects as part of concession arrangements
10.5
7.2
Total revenue from international business
51.5
38.5
Total non-aviation revenue
298.1
252.4
Total revenue
576.7
458.3
3 Finance result
(CHF million)
First half 2023
First half 2022
Net interest expenses on debentures and non-current loans
–4.4
–5.5
Net interest expenses on defined benefit obligations
–0.1
–0.2
Other interest expenses
–5.2
–8.3
Adjustments to fair value on financial assets of Airport Zurich Noise Fund
0.0
–9.4
Present value adjustment on provision for formal expropriations plus sound insulation and resident protection
–3.1
0.0
Present value adjustment on liabilities from concession arrangements
–0.1
–0.5
Foreign exchange losses
0.0
–0.9
Other finance costs
–1.8
–3.9
Total finance costs
–14.7
–28.8
Interest income on financial assets of Airport Zurich Noise Fund
0.5
0.3
Adjustments to fair value on financial assets of Airport Zurich Noise Fund
0.8
0.0
Other interest income
4.0
1.6
Foreign exchange gains
0.5
0.0
Other finance income
0.3
0.1
Total finance income
6.1
1.9
Finance result
–8.6
–26.9
Interest expenses on debentures and non-current loans decreased to CHF –4.4 million (prior-year period: CHF –5.5 million) as a result of the repayment of a CHF 400.0 million debenture (see note 9, Financial liabilities). Other interest expenses declined to CHF –5.2 million (prior-year period: CHF –8.3 million) due mainly to the favourable trend in interest and inflation rates at the foreign airport concessions.
Expenses of CHF –3.1 million (prior-year period: CHF 0.0 million) for the present value adjustment on the provision for formal expropriations plus sound insulation and resident protection are attributable to the interest effect from the discounting of the relevant provision (see note 10, Provision for formal expropriations plus sound insulation and resident protection).
The financial assets of the Airport Zurich Noise Fund (AZNF) held at fair value showed changes in value of CHF 0.8 million in the first half of 2023 (prior-year period: CHF –9.4 million).
Other interest income increased year on year to CHF 4.0 million (prior-year period: CHF 1.6 million) due in particular to the generally more favourable interest rate environment.
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 2023
138.1
1,762.1
4,846.2
279.0
281.8
7,307.2
Additions
0.0
0.0
0.0
0.0
156.3
156.3
Disposals
0.0
–15.0
–6.2
–8.1
0.0
–29.3
Transfers and reclassifications
0.0
5.2
13.2
7.0
–28.3
–2.9
Foreign exchange differences
0.0
0.0
0.0
0.0
–1.6
–1.6
Balance as at 30 June 2023
138.1
1,752.3
4,853.2
277.9
408.2
7,429.7
Depreciation and impairment
Balance as at 1 January 2023
0.0
–1,054.4
–3,334.7
–204.6
0.0
–4,593.7
Depreciation
0.0
–33.2
–73.0
–8.2
0.0
–114.4
Disposals
0.0
15.0
6.2
8.1
0.0
29.3
Balance as at 30 June 2023
0.0
–1,072.6
–3,401.5
–204.7
0.0
–4,678.8
Government subsidies and grants
Balance as at 1 January 2023
0.0
–7.4
–3.7
–0.3
–0.3
–11.7
Additions
0.0
0.0
0.0
0.0
0.0
0.0
Disposals
0.0
0.4
0.2
0.0
0.0
0.6
Balance as at 30 June 2023
0.0
–7.0
–3.5
–0.3
–0.3
–11.1
Net carrying amount as at 1 January 2023
138.1
700.3
1,507.8
74.1
281.5
2,701.8
Net carrying amount as at 30 June 2023
138.1
672.7
1,448.2
72.9
407.9
2,739.8
Projects in progress
In the first half of 2023, the Zurich Airport Group invested a total of CHF 156.3 million in projects in progress (prior-year period: CHF 93.4 million).
The biggest items at Zurich Airport are attributable to the following projects:
- Expansion and refurbishment of the baggage sorting system (CHF 18.0 million)
- Development of the landside passenger zones (CHF 12.6 million)
- Work in preparation for the development of the main airport complex (CHF 10.7 million)
- Extension of the Zone West apron (CHF 7.2 million)
Capitalised development, planning and implementation costs relating to the construction and operation of Noida International Airport in New Delhi, India amounted to CHF 68.5 million in the reporting period (previous year: CHF 11.3 million).
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 2023
76.3
106.3
0.5
183.1
Additions
0.0
0.0
0.0
0.0
Foreign exchange differences
–1.5
0.0
0.0
–1.5
Balance as at 30 June 2023
74.8
106.3
0.5
181.6
Depreciation and impairment
Balance as at 1 January 2023
–2.6
–28.2
–0.1
–30.9
Depreciation
0.0
–4.4
0.0
–4.4
Transfer and reclassifications
–0.9
0.0
0.0
–0.9
Foreign exchange differences
0.1
0.0
0.0
0.1
Balance as at 30 June 2023
–3.4
–32.6
–0.1
–36.1
Net carrying amount as at 1 January 2023
73.7
78.1
0.4
152.2
Net carrying amount as at 30 June 2023
71.4
73.7
0.4
145.5
Via its operator Yamuna International Airport Private Limited, Zurich Airport Ltd. 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 71.4 million will expire at the end of the concession in 2061. The corresponding lease liabilities of CHF 87.1 million were recognised as non-current financial 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 2023
1.0
0.7
644.4
646.1
Additions
0.0
0.7
0.0
0.7
Transfers and reclassifications
0.0
0.0
–1.4
–1.4
Balance as at 30 June 2023
1.0
1.4
643.0
645.4
Depreciation and impairment
Balance as at 1 January 2023
0.0
0.0
–54.5
–54.5
Depreciation
0.0
0.0
–13.4
–13.4
Balance as at 30 June 2023
0.0
0.0
–67.9
–67.9
Net carrying amount as at 1 January 2023
1.0
0.7
589.9
591.6
Net carrying amount as at 30 June 2023
1.0
1.4
575.1
577.5
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 (Zurich Airport Ltd.’s 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 787.4 million at the reporting date (31 December 2022: CHF 794.1 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 2023
324.2
116.3
82.7
Additions
17.2
1.3
0.0
Disposals
0.0
0.0
–2.1
Transfers and reclassifications
–1.4
0.0
4.3
Foreign exchange differences
16.8
0.0
0.0
Balance as at 30 June 2023
356.8
117.6
84.9
Amortisation and impairment
Balance as at 1 January 2023
–33.8
–69.8
–69.7
Amortisation
–5.5
–0.8
–4.7
Disposals
0.0
0.0
2.1
Transfers and reclassifications
0.0
0.0
0.0
Foreign exchange differences
–2.0
0.0
0.0
Balance as at 30 June 2023
–41.3
–70.6
–72.3
Net carrying amount as at 1 January 2023
290.3
46.5
13.0
Net carrying amount as at 30 June 2023
315.4
47.0
12.6
Investments in airport operator projects
The investments in airport operator projects in the amount of CHF 315.4 million (31 December 2022: 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 related to the expansion and operation of the Brazilian airport in Florianópolis (CHF 133.3 million; 31 December 2022: CHF 127.6 million), the expansion and operation of the Brazilian airports in Vitória and Macaé (CHF 106.7 million; 31 December 2022: CHF 96.3 million) and the expansion and operation of the Chilean airports in Antofagasta and Iquique (CHF 75.4 million; 31 December 2022: CHF 66.4 million).
The obligations of CHF 6.8 million (31 December 2022: CHF 6.6 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
30.06.2023
31.12.2022
(CHF million)
Total
of which AZNF
Total
of which AZNF
Cash on hand
0.2
0.0
0.2
0.0
Cash at banks and in postal accounts
128.6
9.7
147.6
17.3
Fixed-term deposits 1)
114.5
0.0
113.4
0.0
Total cash and cash equivalents
243.3
9.7
261.2
17.3
Current fixed-term deposits 2)
100.0
0.0
401.1
0.0
Non-current fixed-term deposits 3)
4.1
0.0
8.0
0.0
Total fixed-term deposits
104.1
0.0
409.1
0.0
1) Due within 90 days from date of acquisition.
2) Due after 90 days from date of acquisition, remaining term less than 1 year as of balance sheet date.
3) Due after 90 days from date of acquisition, remaining term more than 1 Jahr as of balance sheet date.
9 Financial liabilities
(CHF million)
30.06.2023
31.12.2022
Non-current debentures
914.6
1,214.2
Non-current liabilities to banks
145.3
123.3
Non-current lease liabilities
154.1
156.5
Non-current liabilities from concession agreements
6.0
5.9
Other non-current financial liabilities
20.4
20.4
Non-current financial liabilities
1,240.4
1,520.3
Current debentures
299.8
400.0
Current liabilities to banks
15.0
12.3
Current lease liabilities
9.1
9.1
Current liabilities from concession agreements
0.8
0.7
Other current financial liabilities
0.0
0.8
Current financial liabilities
324.7
422.9
Total financial liabilities
1,565.1
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 145.3 million (31 December 2022: CHF 123.3 million) is attributable to additional liabilities held by the foreign airport operators as a result of their expansion activities.
The maturities and terms of the debentures outstanding at the reporting date were as follows:
as at 30.06.2023
as at 30.06.2023
Debentures
Nominal value
Carrying amount
Duration
Interest rate
Early amortisation
Interest payment date
(CHF million)
30.06.2023
Debenture (2024)
300.0
299.8
2020 – 2024
0.700%
no
22.5.
Debenture (2027)
200.0
199.7
2020 – 2027
0.100%
no
30.12.
Debenture (2029)
350.0
350.4
2017 – 2029
0.625%
no
24.5.
Debenture (2035)
365.0
364.5
2020 – 2035
0.200%
no
26.2.
Total debentures
1,214.4
As at the reporting date, Zurich Airport Ltd. had the following credit facilities at its disposal:
(CHF million)
Duration
30.06.2023
31.12.2022
Operating credit lines (committed credit lines)
31.12.2025
300.0
300.0
Total credit lines
300.0
300.0
Utilisation: bank guarantees
–11.0
–11.2
Total unused credit lines
289.0
288.8
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 2023
226.3
92.4
318.7
Provisions used 1)
–0.4
–2.2
–2.6
Increase of provision
1.3
0.6
1.9
Present value adjustment
2.2
0.9
3.1
Balance as at 30 June 2023
229.4
91.7
321.1
of which current (planned payment within 1 year)
43.4
13.5
56.9
of which non-current (planned payment from 1 year on)
186.0
78.2
264.2
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 2023, the estimated costs for formal expropriations remained unchanged at CHF 330.0 million, of which CHF 87.0 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 243.0 million (nominal amount) at their present value of CHF 229.4 million. The relevant interest rate here is 1.9 % (31 December 2022: 2.1 %). 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 2023, the estimated costs for sound insulation and resident protection measures remained unchanged at CHF 400.0 million, of which CHF 302.6 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 97.4 million (nominal amount) at their present value of CHF 91.7 million. The relevant interest rate here is 1.9 % (31 December 2022: 2.1%). It is expected that the payments can be completed by the end of 2030.
11 Airport Zurich Noise Fund
(CHF million)
2023
Airport Zurich Noise Fund as at 1 January
363.8
Revenue from noise charges
0.0
Costs for sound insulation and resident protection
–2.2
Costs for formal expropriations 1)
–0.5
Airport Zurich Noise Fund as at 30 June before operating costs and finance result
361.1
Operating costs
–1.7
Interest income and adjustments to fair value financial assets of Airport Zurich Noise Fund
–2.4
Airport Zurich Noise Fund as at 30 June
357.0
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)
30.06.2023
31.12.2022
Cash equivalents (see note 8, "Cash and cash equivalents")
9.7
17.3
Current financial assets of Airport Zurich Noise Fund
87.4
60.1
Non-current financial assets of Airport Zurich Noise Fund
272.4
301.0
Accrual/deferral towards Zurich Airport Ltd. 1)
–12.5
–14.6
Total assets invested for Airport Zurich Noise Fund
357.0
363.8
1) For accounting reasons, an asset or liability towards Zurich Airport Ltd. 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. The balance of deferred tax assets and liabilities changed as follows:
(CHF million)
2023
Deferred tax assets and liabilities, net as at 1 January
–63.2
Deferred taxes on remeasurement of defined benefit obligations, recognised in OCI
2.1
Change according to income statement
–1.4
Foreign exchange differences
–0.1
Deferred tax assets and liabilities, net as at 30 June
–62.6
of which deferred tax assets
5.9
of which deferred tax liabilities
–68.5
13 Employee benefit obligations
Employee benefit obligations broke down as follows at the reporting date:
(CHF million)
30.06.2023
31.12.2022
Net defined benefit obligations
–9.2
0.0
Other long-term employee benefits
–10.9
–10.7
Employee benefit obligations
–20.1
–10.7
Net defined benefit obligations changed as follows in the first half of 2023:
(CHF million)
2023
Net defined benefit obligations as at 1 January
0.0
Total charge recognised in the income statement
–6.9
Total remeasurements recognised in other comprehensive income
–11.4
Employer contributions
9.1
Net defined benefit obligations as at 30 June
–9.2
The changes in measurement of CHF –11.4 million recognised in other comprehensive income are due to the change in the discount rate from 2.15 % (31 December 2022) to 1.80 % (CHF –24.9 million), the positive performance from the plan assets (CHF 7.6 million) and the effect of limiting the plan assets on which there are no economic benefits (CHF 5.9 million).
14 Fair value disclosures
Fair value of financial instruments
(CHF million)
30.06.2023
31.12.2022
Carrying amount
Fair value
Carrying amount
Fair value
Bonds of Airport Zurich Noise Fund (Level 1)
262.8
254.0
264.2
253.9
Mixed investment fund of the Airport Zurich Noise Fund (Level 2)
97.6
97.6
96.9
96.9
Total financial assets
360.3
351.6
361.1
350.8
Debentures (Level 1)
–1,214.4
–1,105.5
–1,614.2
–1,461.4
Total financial liabilities
–1,214.4
–1,105.5
–1,614.2
–1,461.4
15 Further details
15.1 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.
Zurich Airport Ltd. 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.
15.2 Events after the reporting date
The Board of Directors approved the 2023 interim consolidated financial statements and authorised them for issue on 24 August 2023.
