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 2024 |
|
1.0 |
|
0.5 |
|
645.5 |
|
647.0 |
|
Additions |
|
0.0 |
|
2.0 |
|
0.0 |
|
2.0 |
|
Transfers and reclassifications |
|
0.0 |
|
–1.3 |
|
1.3 |
|
0.0 |
|
Balance as at 30 June 2024 |
|
1.0 |
|
1.2 |
|
646.8 |
|
649.0 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and impairment |
|
|
|
|
|
|
|
|
|
Balance as at 1 January 2024 |
|
0.0 |
|
0.0 |
|
–81.6 |
|
–81.6 |
|
Depreciation |
|
0.0 |
|
0.0 |
|
–13.7 |
|
–13.7 |
|
Balance as at 30 June 2024 |
|
0.0 |
|
0.0 |
|
–95.3 |
|
–95.3 |
|
|
|
|
|
|
|
|
|
|
|
Net carrying amount as at 1 January 2024 |
|
1.0 |
|
0.5 |
|
563.9 |
|
565.4 |
|
Net carrying amount as at 30 June 2024 |
|
1.0 |
|
1.2 |
|
551.5 |
|
553.7 |
The Circle
Based on the nature of the contractual arrangement, the co-ownership structure of 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 752.3 million at the reporting date (31 December 2023: CHF 758.9 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.
