Report on the Financial Situation of Migros Group
Acquisitions and Disposals

During the last two years, Migros Group has acquired and sold various companies. Transactions carried out in the 2012 financial year included the following:

After having entered into a strategic cooperation with Cash + Carry Angehrn (CCA) in autumn 2006 and acquiring a 30% share in the family-owned company, the Federation of Migros Cooperatives (FMC) increased its shareholding to 80% as at 1 July 2012. The Angehrn family retains the remaining 20% of the cash-and-carry wholesaler CCA and continues to be actively involved on an operating level and represented on the company's board of directors.

In August 2012, the Federation of Migros Cooperatives acquired a minority interest of 30% in Galaxus AG with its online shops and With this new innovative partner, Migros will further strengthen its position as the leader in online business., the largest online retailer for information technology, consumer electronics and telecommunications goods, and the online store, will benefit from Migros' expertise in traditional in-store business as well as from improved procurement conditions.

A number of other acquisitions of minor value were made in the areas of office automation, health care, fitness and travel.

The Hotelplan Group sold its 51% shareholding in the Russian tour operator Ascent Travel as planned on 29 February 2012.

At the end of September 2012, Medbase AG also sold its majority stake in Quevita AG.

The effects (from the date of inclusion in the scope of consolidation) of the extension of the scope of consolidation for Migros Group and the individual segments are shown below:

CHF million
Cooperative Retailing2.53.2–0.7
Industry & Wholesaling155.7158.4–2.7
Total effect of acquisitions160.4163.8–3.4


The following companies were acquired or sold during the financial year 2011:

In 2009, the Federation of Migros Cooperatives acquired a 49% stake in the German retailer Gries Deco Holding GmbH, Niedernberg (Germany), with the aim of expanding this investment in the medium term. Under the leadership of the Federation of Migros Cooperatives, a growth strategy was devised together with Gries Deco at the end of 2010. With financing from the Federation of Migros Cooperatives, work on implementing this strategy has been ongoing since 2011. Since this means that Migros Group in effect controls Gries Deco, since 1 January 2011 the company has been reported as a fully consolidated subsidiary with a shareholding of 51.1%.

On 11 August 2011, the Hotelplan Group announced the acquisition of a 26% share in Germany's Inter Chalet Ferienhaus-Gesellschaft mbH, Freiburg im Breisgau (Germany). The investment in Inter Chalet, which is to be increased in the medium term, will enable the Hotelplan Group to exploit synergies with Interhome, one of its subsidiaries.

As of 1 July 2011, rlc packaging group based in Hanover (Germany) acquired Limmatdruck AG, Spreitenbach, as well as its subsidiary, Zeiler AG, Köniz. As the previous owner, the Federation of Migros Cooperatives thus sold its interest in the packaging business as this was no longer part of Migros' key duties. Thanks to the takeover by the long-established German family-owned enterprise, an ideal solution was found for both of the sold companies and their employees.