Zurich Airport News Flash No. 21 / Adjustments to the employee benefit plan
The measures decided by the pension fund BVK for the long-term assurance of pensions as of January 1, 2017 affect Flughafen Zürich AG’s results 2015 positively.
Since January 1, 2000 the employees of Flughafen Zürich AG have been affiliated to the BVK. To guarantee the long-term financial assurance of pensions, the board of trustees of BVK has decided to adopt the pension plan as of January 1, 2017 in order to reflect the demographic development and the level of interest rates properly.
The related amendments result in a reduction of post-employment benefit obligations according to IAS 19 and thus in an exceptional non-cash income in the amount of about CHF 18 million before tax.
Accordingly, profits 2015 (incl. and excl. noise impacts) are expected to be higher than guided earlier.