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 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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Balance as at 1 January 2024 |
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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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Additions |
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94.5 |
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9.8 |
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0.0 |
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104.3 |
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Disposals |
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0.0 |
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0.0 |
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–1.2 |
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–1.2 |
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Transfer and reclassification |
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0.0 |
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0.0 |
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26.7 |
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26.7 |
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Foreign exchange differences |
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–52.4 |
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0.0 |
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0.0 |
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–52.4 |
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Balance as at 31 December 2024 |
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396.5 |
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101.2 |
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114.6 |
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612.2 |
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Amortisation and impairment |
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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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Balance as at 1 January 2024 |
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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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Amortisation |
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–11.8 |
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–0.9 |
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–12.3 |
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–25.0 |
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Impairment |
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–7.8 |
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0.0 |
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0.0 |
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–7.8 |
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Disposals |
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0.0 |
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0.0 |
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1.1 |
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1.1 |
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Foreign exchange differences |
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5.4 |
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0.0 |
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0.0 |
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5.4 |
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Balance as at 31 December 2024 |
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–53.6 |
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–72.4 |
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–86.3 |
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–212.4 |
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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 |
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Net carrying amount as at 31 December 2024 |
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342.8 |
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28.8 |
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28.3 |
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399.9 |
Investments in airport operator projects
The investments in airport operator projects in the amount of CHF 342.8 million (previous year: CHF 314.9 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 110.1 million; previous year: CHF 125.7 million), the expansion and operation of the Brazilian airports in Vitória and Macaé (CHF 117.1 million; previous year: CHF 118.2 million), the operation of the Brazilian airport in Natal (CHF 53.2 million; previous year: CHF 1.6 million) and the expansion and operation of the Chilean airports in Antofagasta and Iquique (CHF 62.4 million; previous year: CHF 69.4 million).
The obligations of CHF 6.7 million (previous year: CHF 5.7 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 the reporting date of 31 December 2024, the Zurich Airport Group has recognised an intangible asset from the right of formal expropriation in the amount of CHF 28.8 million (previous year: CHF 19.9 million).
Impairment
Impairment testing for the CGU Iquique (Chile) revealed an impairment loss of CHF 7.8 million, mainly due to delays and cost increases in the completion of the new terminal as well as adjusted assumptions concerning future revenue and cost performance, which was recognised through profit or loss in the reporting year in the “International” segment (under “Depreciation and amortisation”). The recoverable amount for the corresponding investment was determined based on value in use calculations using cash flow forecasts from the financial plans for the remaining term of the contractually agreed concession (17 years) applying a country-specific WACC of 7.1%. (see Impairment of assets in accordance with IAS 36).
