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 2024 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 2023 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 2024 beginning on 1 January:
- Amendments to IAS 1: Classification of Liabilities as Current or Non-current
- Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
- Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
The above-mentioned amendments did not have any 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 2023.
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 2024
Revenue from contracts with customers (IFRS 15)
313.4
0.0
94.2
60.6
0.0
468.2
Other revenue (non-IFRS 15)
0.1
0.0
162.8
0.0
0.0
162.9
Revenue from third parties
313.5
0.0
257.0
60.6
0.0
631.1
Inter-segment revenue
14.3
0.0
56.4
0.0
–70.7
0.0
Total revenue
327.9
0.0
313.4
60.6
–70.7
631.1
Personnel expenses
–41.8
–0.8
–69.1
–6.9
0.0
–118.6
Other operating expenses
–90.3
–1.6
–49.2
–24.6
0.0
–165.7
Inter-segment operating expenses
–56.0
–0.4
–13.4
–1.0
70.7
0.0
Segment result (EBITDA)
139.9
–2.9
181.6
28.1
0.0
346.8
Depreciation and amortisation
–75.1
–1.0
–62.0
–5.7
0.0
–143.8
Segment result (EBIT)
64.8
–3.9
119.6
22.4
0.0
203.0
Finance result
–8.6
Share of result of associates
0.0
Income taxes
–42.6
Consolidated result
151.8
Invested capital as at 30 June 2024
1,703.3
74.9
1,688.3
842.4
4,308.9
Non-interest-bearing non-current liabilities
399.0
Non-interest-bearing current liabilities
280.4
Total assets as at 30 June 2024
4,988.3
ROIC (in %) 1)
7.1
–5.9
10.8
3.8
7.8
(CHF million)
Aviation
PRM
User fees
Air security
Access fees
Eliminations
Total regulated business
First half 2024
Revenue from contracts with customers (IFRS 15)
183.7
7.2
40.6
81.0
1.0
0.0
313.4
Other revenue (non-IFRS 15)
0.1
0.0
0.0
0.0
0.0
0.0
0.1
Revenue from third parties
183.8
7.2
40.6
81.0
1.0
0.0
313.5
Inter-segment revenue
15.3
0.0
3.1
4.8
1.6
–10.5
14.3
Total revenue
199.1
7.2
43.7
85.7
2.6
–10.5
327.9
Personnel expenses
–33.8
0.0
–5.7
–1.5
–0.7
0.0
–41.8
Other operating expenses
–19.1
–6.0
–3.3
–37.8
–24.0
–0.0
–90.3
Inter-segment operating expenses
–39.5
–0.8
–11.6
–8.5
–6.1
10.5
–56.0
EBITDA
106.7
0.4
23.0
37.9
–28.2
–0.0
139.9
Depreciation and amortisation
–51.0
–0.1
–18.9
–3.4
–1.6
0.0
–75.1
EBIT
55.7
0.3
4.1
34.5
–29.8
–0.0
64.8
Invested capital as at 30 June 2024
1,165.2
3.8
449.6
63.8
20.9
1,703.3
ROIC (in %) 1)
8.6
24.4
0.5
89.7
–202.4
7.1
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 2023
Revenue from contracts with customers (IFRS 15)
278.5
0.0
91.6
51.5
0.0
421.6
Other revenue (non-IFRS 15)
0.1
0.0
155.0
0.0
0.0
155.1
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 contracts with customers (IFRS 15)
167.7
6.5
30.0
73.7
0.7
0.0
278.5
Other revenue (non-IFRS 15)
0.1
0.0
0.0
0.0
0.0
0.0
0.1
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
0.0
–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.
2 Revenue
(CHF million)
First half 2024
First half 2023
Passenger charges
113.9
103.7
Security charges
79.9
72.6
PRM charges
7.2
6.5
Passenger-related flight operations charges
200.9
182.8
Landing charges
40.4
36.7
Aircraft-related noise charges
7.4
7.0
Emission charges
1.9
1.7
Aircraft parking charges
14.2
13.8
Freight charges
4.4
3.5
Other flight operations charges
68.4
62.7
Total flight operations charges
269.3
245.5
Baggage sorting and handling system
30.2
19.8
De-icing
4.1
4.0
Check-in
2.3
2.2
Aircraft energy supply system
2.1
2.1
Other fees
2.9
2.5
Total aviation fees
41.6
30.6
Refund of security costs
1.1
1.0
Other revenue
1.5
1.5
Total other aviation revenue
2.6
2.5
Total aviation revenue
313.5
278.6
Retail, tax & duty-free
58.6
56.2
Food & beverage
12.2
11.6
Advertising media and promotion
9.8
8.7
Other commercial revenue
8.4
8.1
Revenue from car parks
44.7
42.4
Total commercial and parking revenue
133.8
127.0
Revenue from rental agreements
73.2
69.1
Energy and utility cost allocation
23.1
25.7
Cleaning
1.2
1.3
Other real estate revenue
0.6
1.5
Total real estate revenue
98.2
97.6
Communication services
7.5
7.4
Fuel charges
3.5
3.2
Catering
0.9
0.7
Other revenue from services
13.2
10.7
Total revenue from services
25.0
22.0
Revenue from international airport concessions
47.6
39.8
Revenue from consulting activities
1.6
1.1
Revenue from construction projects as part of concession arrangements
11.4
10.5
Total revenue from international business
60.6
51.5
Total non-aviation revenue
317.6
298.1
Total revenue
631.1
576.7
Presentation of revenue from contracts with customers (IFRS 15):
(CHF million)
First half 2024
First half 2023
Flight operations charges
269.3
245.5
Aviation charges
41.6
30.6
Other aviation revenue
2.5
2.4
Total aviation revenue from contracts with customers (IFRS 15)
313.4
278.5
Aviation revenue (non-IFRS 15)
0.1
0.1
Total aviation revenue
313.5
278.6
Commercial and parking revenue
45.0
42.5
Revenue from facility management
24.9
28.0
Revenue from services
24.3
21.1
Revenue from international activities
60.6
51.5
Total non-aviation revenue from contracts with customers (IFRS 15)
154.8
143.1
Non-aviation revenue (non-IFRS 15)
162.8
155.0
Total non-aviation revenue
317.6
298.1
Total revenue
631.1
576.7
3 Finance result
(CHF million)
First half 2024
First half 2023
Net interest expenses on debentures and non-current loans
–2.7
–4.4
Net interest expenses on defined benefit obligations
–0.3
–0.1
Other interest expenses
–6.2
–5.2
Present value adjustment on provision for formal expropriations plus sound insulation and resident protection
–3.1
–3.1
Present value adjustment on liabilities from concession arrangements
–0.1
–0.1
Foreign exchange losses
–0.1
0.0
Other finance costs
–1.8
–1.8
Total finance costs
–14.4
–14.7
Interest income on financial assets of Airport Zurich Noise Fund
1.4
0.5
Adjustments to fair value on financial assets of Airport Zurich Noise Fund
0.3
0.8
Other interest income
3.9
4.0
Foreign exchange gains
0.0
0.5
Other finance income
0.2
0.3
Total finance income
5.8
6.1
Finance result
–8.6
–8.6
Interest expenses on debentures and non-current loans dropped to CHF –2.7 million (prior-year period: CHF –4.4 million) as a result of repayments of debentures of CHF 300.0 million in May 2024 and of CHF 400.0 million in April 2023 (see note 9, Financial liabilities). The increase in other interest expenses to CHF –6.2 million (prior-year period: CHF –5.2 million) is particularly due to higher interest expenses on foreign airport concessions (integration of Natal Airport in Brazil, among other things).
The re-allocation completed at the end of 2023 in favour of additional bonds within the financial assets held in the Airport Zurich Noise Fund (AZNF) had a positive effect on the interest income on AZNF assets.
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 2024
138.1
1,772.7
4,945.9
280.5
482.8
7,620.0
Additions
0.0
0.0
0.0
0.0
217.9
217.9
Disposals
0.0
–0.1
–5.9
–8.0
0.0
–14.0
Transfers and reclassifications
0.0
3.5
15.1
7.2
–38.7
–12.9
Foreign exchange differences
0.0
0.0
0.0
0.0
14.4
14.4
Balance as at 30 June 2024
138.1
1,776.1
4,955.1
279.7
676.4
7,825.4
Depreciation and impairment
Balance as at 1 January 2024
0.0
–1,102.7
–3,457.7
–207.4
0.0
–4,767.8
Depreciation
0.0
–33.1
–73.9
–8.4
0.0
–115.4
Disposals
0.0
0.1
5.7
7.9
0.0
13.7
Balance as at 30 June 2024
0.0
–1,135.7
–3,525.9
–207.9
0.0
–4,869.5
Government subsidies and grants
Balance as at 1 January 2024
0.0
–6.7
–3.5
–0.3
–0.5
–11.0
Additions
0.0
0.0
0.0
0.0
0.0
0.0
Disposals
0.0
0.5
0.2
0.1
0.0
0.8
Balance as at 30 June 2024
0.0
–6.2
–3.3
–0.2
–0.5
–10.2
Net carrying amount as at 1 January 2024
138.1
663.3
1,484.7
72.8
482.3
2,841.2
Net carrying amount as at 30 June 2024
138.1
634.2
1,425.9
71.6
675.9
2,945.7
Projects in progress
In the first half of 2024, the Zurich Airport Group invested a total of CHF 217.9 million in projects in progress (prior-year period: CHF 156.3 million).
The biggest items at Zurich Airport are attributable to the following projects:
- Expansion and refurbishment of the baggage sorting system (CHF 22.4 million)
- Work in preparation for the development of the main airport complex (CHF 20.3 million)
- Development of the landside passenger zones (CHF 14.0 million)
- Extension of the Zone West apron (CHF 12.8 million)
Capitalised development, planning and implementation costs relating to the construction and operation of Noida International Airport in New Delhi, India, amounted to CHF 89.9 million in the reporting period (prior-year period: CHF 68.5 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 2024
68.8
106.3
0.5
175.6
Additions
0.0
0.0
0.0
0.0
Transfer and reclassifications
0.0
0.0
0.0
0.0
Foreign exchange differences
4.8
0.0
0.0
4.8
Balance as at 30 June 2024
73.6
106.3
0.5
180.4
Depreciation and impairment
Balance as at 1 January 2024
–4.2
–36.9
–0.2
–41.3
Depreciation
0.0
–4.4
0.0
–4.4
Transfer and reclassifications
–0.9
0.0
0.0
–0.9
Foreign exchange differences
–0.3
0.0
0.0
–0.3
Balance as at 30 June 2024
–5.4
–41.3
–0.2
–46.9
Net carrying amount as at 1 January 2024
64.6
69.4
0.3
134.3
Net carrying amount as at 30 June 2024
68.2
65.0
0.3
133.5
Via the 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 the future. The right-of-use asset with a present value of CHF 68.2 million will expire at the end of the concession in 2061. The corresponding lease liabilities of CHF 93.1 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 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.
7 Intangible assets
(CHF million)
Investments in airport operator projects
Intangible asset from right of formal expropriation
Other intangible assets
Total intangible assets
Cost
Balance as at 1 January 2024
354.4
91.4
89.1
534.8
Additions
76.0
5.7
0.1
81.8
Disposals
–0.5
0.0
–0.6
–1.1
Transfers and reclassifications
0.0
0.0
12.9
12.9
Foreign exchange differences
–18.0
0.0
0.0
–18.0
Balance as at 30 June 2024
411.9
97.1
101.5
610.4
Amortisation and impairment
Balance as at 1 January 2024
–39.4
–71.5
–75.1
–186.1
Amortisation
–5.8
–0.4
–4.9
–11.1
Disposals
0.0
0.0
0.6
0.6
Transfers and reclassifications
0.0
0.0
0.0
0.0
Foreign exchange differences
1.5
0.0
0.0
1.5
Balance as at 30 June 2024
–43.7
–71.9
–79.4
–195.1
Net carrying amount as at 1 January 2024
314.9
19.9
14.0
348.8
Net carrying amount as at 30 June 2024
368.1
25.2
22.1
415.4
Investments in airport operator projects
The investments in airport operator projects in the amount of CHF 368.1 million (31 December 2023: 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 120.4 million; 31 December 2023: CHF 125.7 million), the expansion and operation of the Brazilian airports in Vitória and Macaé (CHF 117.7 million; 31 December 2023: CHF 118.2 million), the operation of the Brazilian airport in Natal (CHF 56.9 million; 31 December 2023: CHF 1.6 million) and the expansion and operation of the Chilean airports in Antofagasta and Iquique (CHF 73.1 million; 31 December 2023: CHF 69.4 million).
The obligations of CHF 5.8 million (31 December 2023: CHF 5.7 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
30.06.2024
31.12.2023
(CHF million)
Total
of which AZNF
Total
of which AZNF
Cash on hand
0.2
0.0
0.3
0.0
Cash at banks and in postal accounts
119.7
24.8
89.9
17.1
Fixed-term deposits 1)
112.5
15.6
210.2
43.4
Total cash and cash equivalents
232.4
40.4
300.4
60.5
Current fixed-term deposits 2)
0.0
0.0
239.0
0.0
Non-current fixed-term deposits 3)
4.4
0.0
4.2
0.0
Total fixed-term deposits
4.4
0.0
243.2
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 year as of balance sheet date.
9 Financial liabilities
(CHF million)
30.06.2024
31.12.2023
Non-current debentures
914.6
914.6
Non-current liabilities to banks
291.5
177.9
Non-current lease liabilities
151.4
146.1
Non-current liabilities from concession agreements
5.2
5.0
Other non-current financial liabilities
22.7
20.4
Non-current financial liabilities
1,385.4
1,264.0
Current debentures
0.0
299.9
Current liabilities to banks
77.5
18.6
Current lease liabilities
9.0
9.0
Current liabilities from concession agreements
0.6
0.7
Other current financial liabilities
1.5
1.3
Current financial liabilities
88.6
329.5
Total financial liabilities
1,474.0
1,593.5
The CHF 300.0 million debenture reaching maturity was fully repaid in May of the reporting period.
The rise in non-current liabilities to banks to CHF 291.5 million (31 December 2023: CHF 177.9 million) is attributable to additional liabilities held by the foreign airport operators as a result of their expansion activities as well as the commencement of operations at the airport in Natal (Brazil).
The current liabilities to banks as at 30 June 2024 increased primarily due to a temporary drawdown on the credit facilities (fixed advance of CHF 60.0 million). The fixed advance was repaid in full at the end of July 2024.
The maturities and terms of the debentures outstanding at the reporting date were as follows:
30.06.2024
30.06.2024
Debentures
Nominal value
Carrying amount
Duration
Interest rate
Early amortisation
Interest payment date
(CHF million)
(CHF million)
Debenture (2027)
200.0
199.8
2020 – 2027
0.100%
no
30.12.
Debenture (2029)
350.0
350.3
2017 – 2029
0.625%
no
24.5.
Debenture (2035)
365.0
364.5
2020 – 2035
0.200%
no
26.2.
Total debentures
915.0
914.6
As at the reporting date, Zurich Airport Ltd. had the following credit facilities at its disposal:
(CHF million)
Duration
30.06.2024
31.12.2023
Operating credit facilities (committed credit lines)
31.12.2025
300.0
300.0
Total credit facilities
300.0
300.0
Utilisation: fixed advance
–60.0
0.0
Utilisation: bank guarantees
–10.9
–10.2
Total unused credit facilities
229.1
289.8
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 2024
204.4
81.6
286.0
Provisions used 1)
–1.7
–2.3
–4.0
Increase of provision
5.7
1.1
6.8
Present value adjustment
2.3
0.8
3.1
Balance as at 30 June 2024
210.7
81.2
291.9
of which current (planned payment within 1 year)
5.0
16.5
21.5
of which non-current (planned payment from 1 year on)
205.7
64.7
270.4
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 2024, the estimated costs for formal expropriations remained unchanged at CHF 330.0 million, of which CHF 89.5 million had already been paid out at that date. A provision has been recognised for the outstanding costs at their present value (CHF 210.7 million) as at the reporting date. The discount rate for calculating the present value of the nominal payment flows is 1.90% (31 December 2023: 2.25%). In view of the still pending court proceedings, it is assumed that payments can be completed by the end of 2040.
Provision for sound insulation and resident protection
As at 30 June 2024, the estimated costs for sound insulation and resident protection measures remained unchanged at CHF 400.0 million, of which CHF 314.7 million had already been paid out at that date. A provision has been recognised for the outstanding costs at their present value (CHF 81.2 million) as at the reporting date. The discount rate used to calculate the present value of the nominal payment flows was 1.80% (31 December 2023: 2.35%). It is expected that the payments can be completed by the end of 2030.
11 Airport Zurich Noise Fund
(CHF million)
2024
Airport Zurich Noise Fund as at 1 January
348.5
Costs for sound insulation and resident protection
–2.3
Costs for formal expropriations 1)
–1.8
Airport Zurich Noise Fund as at 30 June before operating costs and finance result
344.4
Operating costs
–1.7
Interest income and adjustments to fair value financial assets of Airport Zurich Noise Fund
0.8
Airport Zurich Noise Fund as at 30 June
343.5
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)
30.06.2024
31.12.2023
Cash equivalents (see note 8, "Cash and cash equivalents")
40.4
60.5
Current financial assets of Airport Zurich Noise Fund
45.9
62.5
Non-current financial assets of Airport Zurich Noise Fund
262.7
234.0
Accrual/deferral towards Zurich Airport Ltd. 1)
–5.5
–8.5
Total assets invested for Airport Zurich Noise Fund
343.5
348.5
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)
2024
Deferred tax assets and liabilities, net as at 1 January
–55.0
Deferred taxes on remeasurement of net defined benefit obligations, recognised in OCI
–9.4
Change according to income statement
–3.6
Deferred tax assets and liabilities, net as at 30 June
–68.0
of which deferred tax assets
4.5
of which deferred tax liabilities
–72.5
13 Employee benefit obligations
Employee benefit obligations broke down as follows at the reporting date:
(CHF million)
30.06.2024
31.12.2023
Net defined benefit obligations
–4.4
–54.9
Other long-term employee benefits
–10.4
–10.1
Employee benefit obligations
–14.8
–65.0
Net defined benefit obligations changed as follows in the first half of 2024:
(CHF million)
2024
Net defined benefit obligations as at 1 January
–54.9
Total charge recognised in the income statement
–9.7
Total remeasurements recognised in other comprehensive income
49.9
Employer contributions
10.2
Net defined benefit obligations as at 30 June
–4.4
The changes in measurement of CHF 49.9 million recognised in other comprehensive income are particularly due to the positive performance of the plan assets.
14 Fair value disclosures
Fair value of financial instruments
(CHF million)
30.06.2024
31.12.2023
Carrying amount
Fair value
Carrying amount
Fair value
Bonds of Airport Zurich Noise Fund (Level 1)
308.6
310.0
296.5
293.8
Total financial assets
308.6
310.0
296.5
293.8
Debentures (Level 1)
–914.6
–854.1
–1,214.5
–1,137.9
Total financial liabilities
–914.6
–854.1
–1,214.5
–1,137.9
15 Other disclosures
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 court 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 be capitalised, 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 2024 interim consolidated financial statements and authorised them for issue on 23 August 2024.
