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06.10.2008

Unique News Flash No. 35 / Sigma impacts the Airport Zurich Noise Fund

Diese News ist nur in Englisch verfügbar.
Sigma impacts the Airport Zurich Noise Fund
The worldwide crisis of the financial markets has also an impact on an investment contained in the Airport Zurich Noise Fund (AZNF) of Unique (Flughafen Zürich AG). The already initiated financial handling of payments for formal expropriations is not negatively influenced by the loss of the bond contained in the AZNF.
As in the whole financial sector the worldwide financial market crisis left its marks in the Airport Zurich Noise Fund (AZNF). An investment in a bond of "Sigma Finance Corp.", a company which was rated "AAA" by Standard & Poors’s until a year ago and "AA-" till 12th of September 2008, needs to be written off. "Sigma Finance Corp." expects the appointment of a liquidator in due course.
The respective bond kept within the noise fund of Unique (Flughafen Zürich AG) had a nominal value of 11 mio Swiss Francs and will immediately be written off and thus negatively impact the 2008 noise segment results of the company by this amount. The ultimate loss from that bond will only be known after liquidations proceeds are communicated. We expect a loss of a single-digit million amount.
The conservative investment strategy of the noise fund is comparable to an investment policy of a Swiss pension fund. Neither shares nor structured products or derivatives but exclusively bonds and bond like investments as well as cash are held by the noise fund.
This loss will have no impact on the handling of formal expropriations due to aircraft noise. The estimated total costs regarding aircraft noise of about 760 mio Swiss Francs will be handled with the balance of the noise fund of Unique (Flughafen Zürich AG) and the Canton of Zurich as well as with the current noise charges, as communicated at the analyst's conference on August 20th, 2008.
Press Release (german version)

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