Regulations for Airport of Zurich Noise Fund (AZNF)
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1 Regulations for Airport of Zurich Noise Fund (AZNF) Version 01/2016 Zurich-Airport, March 04, 2016 Flughafen Zürich AG P.O. Box, CH-8058 Zurich-Airport
2 1. Concept of the AZNF 3 2. Operation of the fund Definition of noise-related costs Specification of noise-related costs Presentation of the AZNF in the accounts of Flughafen Zürich AG Use of surplus funds Covering any financing gap that may arise Dissolution of the AZNF 5 3. The AZNF committee 5 4. Purpose and status of these regulations 6 2
3 1. Concept of the AZNF Costs relating to aircraft noise (noise-related costs, cf. section 2.1) are classified as operating costs of Flughafen Zürich AG. Noise-related charges form an integral part of aviation revenues and therefore of the company's overall revenue. Noise-related charges are intended to cover all costs that arise in association with aircraft noise. For the purpose of specifying these charges, the following has to be taken into account: Sharp fluctuations at the level of any necessary charges should be avoided. The competitiveness of Zurich Airport is preserved. Any financing gap that may arise may not be greater than the company s financing capacity. Flughafen Zürich AG discloses the use of noise-related charges in a transparent manner. Information towards the general public is provided via the annual and interim report of Flughafen Zürich AG, in which the topic of aircraft noise is reported in a separate (sub-)section of the segment reporting as well as in a separate presentation of the financial statement of the AZNF (cf. section 2.3.). Additional details that go beyond the information provided in the interim and the annual report (cf. section 3) are disclosed to the AZNF committee. 2. Operation of the fund 2.1. Definition of noise-related costs The term noise-related costs refers to all costs arising for the company in association with aircraft noise, in particular as listed below: Costs for the sound insulation programme. Costs for formal expropriations. Other external expenses in connection with noise (e.g. costs for school outings due to closed school grounds, as incurred in 2000). Internal expenses relating to aircraft noise, including associated personnel costs, technical equipment, noise measurement, office space, costs for legal advice. Any external expenses relating to aircraft noise (legal advice, consulting, studies and experts reports, costs for information and PR activities, noise costs possibly charged by authorities). Expenses in connection with wake turbulence and flyover altitudes, special expenses for vortex protection. Costs related to the use of fixed assets: A variety of fixed assets are used in connection with noise protection and noise measurement (e.g. noise measurement systems, vehicles, IT equipment), which are owned by Flughafen Zürich AG and lent to the AZNF. The costs of these fixed assets are calculated on the basis of required depreciation and applying a rate of 7% for the capital employed. Investment cost for noise protection infrastructure for engine run-up tests. Flughafen Zürich AG reserves to cover any necessary additional environmental costs (with related revenue) through this fund, if appropriate. However, if Flughafen Zürich AG intends to add cost items to the above list, it is required to consult the AZNF committee in advance. 3
4 2.2. Specification of noise-related costs The following noise-related charges are currently applied: daytime noise charge as an addition to the landing charge night-time noise charge (for take-offs and landings between 09:00 p.m. and 07:00 a.m.) If any further elements of charges are needed or existing elements are changed to cover noise-related costs or to guarantee legal guidelines, then the procedure according to the provisions of the ordinance on airport charges will be applied Presentation of the AZNF in the accounts of Flughafen Zürich AG The AZNF is a liquidity-based fund that does not take the form of any type of legal entity. The statement for the fund presents the accumulated surplus or shortfall as of balance sheet date arising from noise charges, less expenses for formal expropriations, sound insulation measures and operating costs. Its presentation is independent of the formal accounting of the company. The key data of the fund statement is disclosed to the general public as note to the interim and the annual report of Flughafen Zürich AG as follows (example of the annual report 2014): Furthermore, the figures disclosed to AZNF committee include details for specific cost categories and cost components in the form of: an annual budget a detailed annual statement interim (six-monthly) reports The AZNF statement is examined by the external auditors of Flughafen Zürich AG. The report follows the regulation of the Swiss Auditing Standard 920 Engagements to perform agreed-upon procedures regarding financial information. The auditors report is submitted to the members of the AZNF committee. 4
5 2.4. Use of surplus funds As long as the fund statement shows a substantial accumulated surplus, the corresponding amount in accordance with the concept of pre-financing is kept on a separate account and invested by professional investment advisers on the basis of a conservative strategy with an orientation on the money market Covering any financing gap that may arise In case of any financing gap that may arise, other funds have to be drawn from the company or third-parties, for instance through a credit line, and used for financing purposes. Any future costs arising in association with the bridging of a financing gap will be charged to the fund statement Dissolution of the AZNF The AZNF will be dissolved after all measures to be financed (cf. section 2.1) have been concluded. The level of noise cost-related charges is to be calculated so that the balance of the AZNF at the time of its dissolution is zero, i.e. the accumulated revenue from noise-related charges covers the accumulated noiserelated costs. In the event that the balance of the fund should still be positive (i.e. more accumulated revenue, including interest, than accumulated costs), the amount concerned may not be used to increase the profit of the company, but must be used in appropriate ways for the benefit of the payers of the noise-related charges who have contributed to the positive balance. The payers of the noise-related charges may not make any direct claims on such a balance. 3. The AZNF committee The AZNF committee is an advisory and information body only. It should convene at least twice a year. It acts as an advisory and information body for Zurich Airport in all areas relating to noise. It is entitled to consult all records of the AZNF, and thus to inspect in detail the related information in its accounts. It participates in consultations concerning any adjustments of noise-related charges and the addition of noise-related items to be covered by the fund. It receives information on a periodical basis from the accounting division of Flughafen Zürich AG relating to the budget and annual financial statements. Minutes must be taken of all meetings of the committee. The committee comprises the following members: a representative of the home carrier (Swiss International Air Lines Ltd.) a representative of Board of Airline Representatives (BAR) the Head Regulatory Affairs & Noise of Flughafen Zürich AG the Head Noise Compensation of Flughafen Zürich AG the Chief Financial Officer of Flughafen Zürich AG The committee also comprises the following members as observers: 5
6 a representative of the economic affairs section of the Swiss Federal Office for Civil Aviation (FOCA) a representative of the Canton of Zurich of the ministry of economics The Chief Financial Officer of Flughafen Zürich AG is the chairman of the committee. The AZNF committee does not have any rights or obligations other than those cited above. All decisions concerning noise-related revenue and costs are taken by Flughafen Zürich AG on the basis of applicable regulations and in accordance with the content of these regulations. 4. Purpose and status of these regulations This set of regulations is a document of Flughafen Zürich AG. Its purpose is as follows: to regulate the handling of noise-related revenue and costs to regulate the activities of the AZNF committee This document was approved by Flughafen Zürich AG following consultation with the AZNF committee. It comes into effect as per March 04, 2016 and replaces the previous regulations dated as of March 13,
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