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.
Since 2011 the imparity principle has no longer been applied for foreign currency transactions concluded by the FMC for its partners (companies and foundations of the Migros Community).


Balance sheet information


CHF thousand
Fire insurance values:> Moveable property245'140281'672
 > Real estate32'55531'574
Accumulation/release of undisclosed reserves (-)4'4005'634
Sureties, guarantee commitments, charges in favour of third parties158'05575'196
Liabilities in respect of staff pension schemes767'624199'983


Appropriation of net profit for the year


Proposal of the Board of Directors for the appropriation of net profit for the year:

CHF thousand
Profit brought forward from previous year915 
Profit for the current year79'084 
Allocation of the Migros Culture Percentage provisions17'831 
Net profit for the year for approval by the Assembly of Delegates87'830 
Interest at 4% on FMC Cooperative capital600 
Allocation to other reserves87'000 
Carried forward to new account230 

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 Migros 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 30 August 2012 and established that risks were well covered by strategies, processes and systems.


Migros Culture Percentage: Expenditure for cultural, social and economic policy purposes


CHF thousand
Administrative / infrastructure costs945861


Letters of comfort

The FMC has issued letters of comfort to Migros Bank for three subsidiaries, in which it states that the subsidiaries will have adequate capital to be able to meet their obligations towards Migros Bank. Should the equity capital no longer be fully covered as a result of losses, the FMC would provide the amount needed to restore the legally required condition.


List of main equity Interests


CompanyDomicileEquity capital
Equity interest
in %
AMS Sourcing BVNL-Schiphol67EUR3
Cash + Carry Angehrn AGGossau SG6'400CHF80
Atlante S.r.l.IT-Casalecchio di Reno (BO)80EUR20
Cremesso AGZurich200CHF100
Depot CH AGWinterthur1'000CHF100
Dolphin France SASFR-Saint-Etienne115.2EUR51
EG Dritte Kraft AGWollerau600CHF100
Ferrovia Monte Generoso SAMendrisio3'500CHF100
Galaxus AGZurich108CHF30
Gries Deco Holding GmbHDE-Niedernberg32EUR51.1
Interio AGDietikon1'000CHF100
Le Shop S.A.Ecublens4'158CHF92.4
Migrolino AGBern6'000CHF100
Migros Beteiligungen AGRüschlikon1'000CHF100
Aproz Sources Minérales SANendaz829CHF97.5
Bischofszell Nahrungsmittel AGBischofszell6'000CHF100
Chocolat Frey AGBuchs4'000CHF100
Delica AGBirsfelden1'000CHF100
Denner AGZurich15'000CHF100
Estavayer Lait SAEstavayer-le-Lac3'500CHF100
Ex Libris AGDietikon3'000CHF100
Hotelplan Holding AGOpfikon10'000CHF100
Jowa AGVolketswil10'000CHF100
Liegenschaften-Betrieb AGZurich18'000CHF100
Magazine zum Globus AGSpreitenbach33'000CHF100
Mibelle AGBuchs2'000CHF100
Micarna SACourtepin10'000CHF100
Midor AGMeilen2'000CHF100
Mifa AG FrenkendorfFrenkendorf2'000CHF100
Mifroma SAUrsy3'000CHF100
Migrol AGZurich50'700CHF97.5
Migros BankZurich700'000CHF100
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 AGZurich100CHF100
SSP Informatik AGZurich100CHF100
Swiss Industries GmbHDE-Weil am Rhein125EUR100
TKL Tiefkühllager AGNeuendorf2'500CHF100