Notes to the Financial Statements

Accounting standard

The financial statements of the Federation of Migros Cooperatives, Zurich, have been prepared in accordance with the regulations currently applicable under company law.

Balance sheet information

CHF thousand
CHF thousand
Fire insurance values - moveable property 252'424 248'600
  - real estate 66'060 62'284
Undisclosed reserves released 21'228 40'558
Sureties, guarantee commitments, charges in favour of third parties 52'000 243
Liabilities in respect of staff pension schemes 113'027 432'212

Appropriation of net profit for the year

CHF thousand
Proposal of the Board of Directors for the appropriation of net profit for the year:    
Profit brought forward from previous year 645  
Profit for the current year 242'073  
Allocation of the Culture Percentage provisions1 -3'536  
Net profit for the year for approval by the Assembly of Delegates 239'182  
Interest at 4% on FMC Cooperative capital 600  
Allocation to other reserves 238'000  
Carried forward to new account 582  

1 The statutes state that at least a third of a percent of retail sales must be allocated to cultural, social and economic purposes. Every year it is determined whether too much or too little money has been spent on the Culture Percentage scheme. Any unspent amounts must be spent within five years.

Risk management

The Federation of Migros Cooperatives Zurich operates a risk management system. The Board of Directors ensures that a risk assessment is carried out on time and in the appropriate manner. The Board is regularly informed by the Management about the risk situation in the company.

Based on a systematic risk analysis, the Board of Directors and the Executive Board have identified the main risks for the Federation of Migros Cooperatives and assessed the likelihood of occurrence and financial effects. Measures implemented by the Board of Directors ensure that these risks are avoided, reduced or passed on. Risks that have to be borne by the company are rigorously monitored. The results of the risk assessment are appropriately taken into consideration in the Board’s annual review of the business strategy.

The last risk assessment was carried out by the Board of Directors on 4 December 2009 and established that risks were well covered by strategies, processes and systems.

Expenditure for cultural, social and economic policy purposes

CHF thousand
CHF thousand
Culture 17'004 17'313
Education 13'535 13'302
Social 7'205 5'916
Leisure 2'640 5'410
Economy 1'860 1'765
Administrative / infrastructure costs 931 993
Total 43'175 44'699

Events after the balance sheet date

On 26 January 2010 FMC acquired the remaining 30% of the shares in Denner AG. As of this date, FMC holds 100% of the shares.

List of main equity interests

Company Domicile Equity interest
in %
Equity capital
Cremesso AG Zurich 100 CHF 200
Denner AG Zurich 70 CHF 15'000
EG Dritte Kraft AG Wollerau 100 CHF 600
Ferrovia Monte Generoso SA Mendrisio 100 CHF 3'500
Gries Deco Holding GmbH DE-Niedernberg 49.1 EUR 31
LeShop SA Ecublens 90.5 CHF 4'500
Migrol AG Zurich 97.5 CHF 52'000
Migrolino AG (formerly Cevanova AG) Bern 100 CHF 6'000
Migros Beteiligungen AG Rüschlikon 100 CHF 1'000
Interio AG Dietikon 100 CHF 1'000
Office World AG Zurich 100 CHF 1'000
Liegenschaften-Betrieb-AG Zurich 100 CHF 18'000
Magazine zum Globus AG Spreitenbach 100 CHF 33'000
Bischofszell Nahrungsmittel AG Bischofszell 100 CHF 6'000
Chocolat Frey AG Buchs 100 CHF 4'000
Estavayer Lait S.A. Estavayer-le-Lac 100 CHF 3'500
Jowa AG incl. production plants Volketswil 100 CHF 10'000
Mibelle AG Buchs 100 CHF 2'000
Micarna AG Courtepin 100 CHF 10'000
Midor AG Meilen 100 CHF 2'000
Aproz Sources Minérales SA Nendaz 97.6 CHF 850
Ex Libris AG Dietikon 100 CHF 3'000
Hotelplan Holding AG Opfikon 100 CHF 10'000
Limmatdruck AG Spreitenbach 100 CHF 6'000
Mifa AG Frenkendorf Frenkendorf 100 CHF 2'000
Mifroma SA Ursy 100 CHF 3'000
Delica AG Birsfelden 100 CHF 1'000
Riseria Taverne S.A. Taverne 100 CHF 100
Migros Bank (incl. branches) Zurich 100 CHF 700'000
Angehrn Holding AG Gossau SG 30 CHF 500
Migros Deutschland GmbH (remaining 51.2 % owned by Migros Cooperative Basel) DE-Lörrach 48.8 EUR 10'000
Migros (Hong Kong) Ltd. HK-Kowloon 100 HKD 100
Migros-Verteilbetrieb Neuendorf AG Neuendorf 100 CHF 4'500
Migros Verteilzentrum Suhr AG Suhr 100 CHF 35'000
Migros Liegenschaften GmbH DE-Lörrach 94 EUR 5'120
M Industry Canada Inc. CA-New Brunswick 100 CAD 300
M Industry USA Inc. US-Delaware 100 USD 700
SA Pedemonte Melano Melano 100 CHF 50
Scana Lebensmittel AG Regensdorf 100 CHF 9'000
Sportxx AG Zurich 100 CHF 100
SSP Informatik AG Zurich 100 CHF 100
Swiss Industries GmbH DE-Weil am Rhein 100 EUR 125
TKL Tiefkühllager AG Neuendorf 100 CHF 2'500