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
| 31.12.2009 CHF thousand |
31.12.2008 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
| 2009 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
| 2009 CHF thousand |
2008 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 thousand |
|
| 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 |