Notes to the Financial Statements
Federation of Migros Cooperatives

Accounting standard


The annual financial statement of the Federation of Migros Cooperatives, Zurich, has been prepared in accordance with the regulations currently applicable under company law.
In 2011 the imparity principle was no longer applied for foreign currency transactions concluded by FMC for its partners (companies and foundations of the Migros Community).


Balance sheet information


CHF thousand
Fire insurance values:> Moveable property281'672267'744
 > Real estate31'57431'397
Undisclosed reserves released5'63422'236
Sureties, guarantee commitments, charges in favour of third parties75'19643'830
Liabilities in respect of staff pension schemes199'983221'710


Appropriation of net profit for the year


CHF thousand
Profit brought forward from previous year726 
Profit for the current year74'989 
Allocation of the Culture Percentage provisions1- 200 
Net profit for the year for approval by the Assembly of Delegates75'515 
Interest at 4% on FMC Cooperative capital600 
Allocation to other reserves74'000 
Carried forward to new account915 

1 The statutes state that at least 1/3% of the 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. 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 of the company.

Based on a systematic risk analysis, the Board of Directors and the Chief Executives identify the main risks for the Federation of Migros Cooperatives and assess 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 taken into consideration in the Board’s annual review of business strategy.

The last risk assessment was carried out by the Board of Directors on 8 March 2012 and established that risks were well covered by strategies, processes and systems.


Expenditure for cultural, social and economic policy purposes


CHF thousand
Administrative / infrastructure costs861914
Extraordinary expenditure (donation Haiti)1'000


Asset transfers in 2011

A shareholding of FMC was transferred to Migros Beteiligungen AG. No payment was made for this transfer.

Transfer from FMC to the following group companies

RecipientAssets%DateTransfer value in CHF thousand
of which without
Migros Beteiligungen AG, RüschlikonDenner AG01.04.2011899'747899'747
Liegenschaften-Betrieb AG, ZürichInnenausbau Liegenschaft25.8.2011178178

The value of Migros Beteiligungen AG in the FMC balance sheet was increased by the transfer value of Denner AG.
FMC acquired from Migros Beteiligungen AG its shareholding in Interio AG (CHF 74.0 million) against payment.


List of main equity Interests


CompanyDomicileEquity capital
Equity interest
in %
AMS Sourcing BVNL-Schiphol67EUR3
Atlante S.r.l.IT-Casalecchio di Reno (BO)80EUR20
Cremesso AGZürich200CHF100
Dolphin France SASFR-Saint-Etienne115.2EUR51
EG Dritte Kraft AGWollerau600CHF100
Ferrovia Monte Generoso SAMendrisio3'500CHF100
Gries Deco Holding GmbHDE-Niedernberg63EUR48.9
Interio AGDietikon1'000CHF100
Le Shop SAEcublens4'072.5CHF90.5
Migrolino AGBern6'000CHF100
Migros Beteiligungen AGRüschlikon1'000CHF100
Angehrn Holding AGGossau SG150CHF30
Aproz Sources Minérales SANendaz829CHF97.5
Bischofszell Nahrungsmittel AGBischofszell6'000CHF100
Chocolat Frey AGBuchs4'000CHF100
Delica AGBirsfelden1'000CHF100
Denner AGZürich15'000CHF100
Estavayer Lait SAEstavayer-le-Lac3'500CHF100
Ex Libris AGDietikon3'000CHF100
Hotelplan Holding AGOpfikon10'000CHF100
Jowa AGVolketswil10'000CHF100
Liegenschaften-Betrieb AGZürich18'000CHF100
Magazine zum Globus AGSpreitenbach33'000CHF100
Mibelle AGBuchs2'000CHF100
Micarna SACourtepin10'000CHF100
Midor AGMeilen2'000CHF100
Mifa AG FrenkendorfFrenkendorf2'000CHF100
Mifroma SAUrsy3'000CHF100
Migrol AGZürich50'700CHF97.5
Migros BankZürich700'000CHF100
OWiba AGBolligen100CHF100
Riseria Taverne SATorricella-Taverne100CHF100
Scana Lebensmittel AGRegensdorf9'000CHF100
Migros Deutschland GmbHDE-Lörrach4'880EUR48.8
Migros (Hong Kong) Ltd.HK-Kowloon100HKD100
Migros-Verteilbetrieb Neuendorf AGNeuendorf4'500CHF100
Migros Verteilzentrum Suhr AGSuhr35'000CHF100
Migros Liegenschaften GmbHDE-Lörrach4'812.8EUR94
M Industry Canada Inc.CA-Saint John NB300CAD100
M Industry USA Inc.Delaware700USD100
m-way AGGlattbrugg1'000CHF100
Ryffel Running AGUster36CHF60
Ryffel Running Versand AGUster100CHF100
Sportxx AGZürich100CHF100
SSP Informatik AGZürich100CHF100
Swiss Industries GmbHDE-Weil am Rhein125EUR100
TKL Tiefkühllager AGNeuendorf2'500CHF100