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 2013 financial year included amongst others the following:
The Migros Cooperative Zurich acquired the commercial business of the German company tegut… Gutberlet Stiftung & Co. KG, with around 290 stores and 5'000 employees, as at 1 January 2013. tegut…, the head office of which is based in Fulda, will continue to be an independent group. Migros Zurich views its long-term commitment as an opportunity to strengthen the profile of tegut… as a regional trading company for healthy food and to strengthen its business area. Synergies are also expected in terms of organic product ranges and in the sales of Migros Industry products.
After the Hotelplan Group acquired a 26% share in Germany's Inter Chalet Ferienhaus GmbH, based in Freiburg im Breisgau, on
1 November 2011, the remaining stake of 74% was purchased on 1 November 2013. Together with Interhome, the Hotelplan Group's business as a holiday home agent is therefore even stronger; in future, the companies Inter Chalet and Interhome will be managed in parallel in order to exploit synergies. With more than 500 employees, they market some 50'000 holiday homes.
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:
| 2013 | |||
| CHF million | Income | Expenses | Profit |
| Cooperative Retailing | 1'203.8 | 1'222.8 | –19.0 |
| Industry & Wholesaling | 14.5 | 13.9 | 0.6 |
| Travel | 0.1 | 0.2 | –0.1 |
| Total effect of acquisitions | 1'218.4 | 1'236.9 | –18.5 |
The following companies were acquired or sold during the 2012 financial year:
Having entered into a strategic cooperation with Cash + Carry Angehrn (CCA) in autumn 2006 and acquiring a 30% stake 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 at 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 digitec.ch and galaxus.ch. With this new innovative partner, Migros will further strengthen its position as the leader in online business. Digitec.ch, Switzerland's biggest IT, consumer electronics and telecommunications goods online retailer, and the online store galaxus.ch, 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.