Zurich Airport News Flash No. 18 / Zurich Airport: Termination of pre-financing of noise liabilities by the Canton of Zurich Donnerstag, 04. Dezember 2014 - 07:12

 In 2006 a supplementary agreement to the merger agreement (“Zusatzvertrag zum Fusionsvertrag zwischen dem Kanton Zürich und der Flughafen Zürich AG”) stated that the Canton of Zurich would assume the pre-financing of so called „old“ noise liabilities that arose prior to 1 June 2001. Until this date the Canton of Zurich held the airport’s operating license. The purpose of this agreement was to limit the financial risks for Flughafen Zürich AG arising from compensation payments. The pre-financing entered into effect on 1 July 2008. 

According to the supplementary agreement this arrangement should stay in place until all the liabilities arising from assumed noise costs (compensation payments, costs for sound insulation and resident protection plus all related operating costs) are covered by equity of Flughafen Zürich AG even in the worst case scenario. This condition is met today. Therefore, the pre-financing of noise liabilities by the Canton of Zürich is obsolete since 30 November 2014. 

As of this date, Flughafen Zürich AG assumes the unpaid “old” noise liabilities and in return gets back the proportional balance of the noise fund from the Canton of Zurich in the amount of approximately 225 million Swiss francs. However, the Canton of Zurich will continue to be represented in the committee of the Airport of Zurich Noise Fund. 

This transaction will have no influence on the annual result 2014. 

Since 1 December 2014 Flughafen Zürich AG is entitled to the total amount of noise charges for future payments related to aircraft noise. After the suspension of the passenger noise charge (“Lärmfünfliber”) as per 1 February 2014, the noise fund continues to collect a low double-digit million amount from noise-related landing charges. 

Flughafen Zürich AG assumes that all noise-related payments will be settled until the end of 2020. 

For further information please see attached document "Noise Guidance".