▶ Risoletto – 10 features ranging from the procurement of raw materials through to Migros Culture Percentage
01 ––
From West Africa to Buchs – the sustainable journey of cocoa beans to Chocolat Frey
▶ Play video
02 ––
100% UTZ-certified cocoa at Chocolat Frey – just one example of how Migros leads the way
▶ Play video
03 ––
Riseria Taverne and Risoletto's rice – careful selection of suppliers and meticulous production
▶ Play video
04 ––
Risoletto comes from
the chocolate heart of
Migros Industry
▶ Play video
05 ––
Quality assurance for
food and consumer
goods – Migros' Swiss Quality Testing Services
▶ Play video
06 ––
94 276 employees from
152 countries – dedicated
to Risoletto and much more
▶ Play video
07 ––
Risoletto passes through many female fingers –
the backbone of Migros
▶ Play video
08 ––
Taking the bitter with
the sweet – one of
3500 trainees at Migros
▶ Play video
09 ––
Just like magic – why Risoletto never runs out
in more than 700 Migros stores and branches
▶ Play video
10 ––
Blind tasting session
with insiders – Risoletto
at the FMC's Assembly
of Delegates
▶ Play video
Das will ich sehen
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Report on the Financial Situation of Migros Group
Balance Sheet

The Financial Services sector has had a considerable impact on the balance sheet of Migros Group. Compared to the previous year, the balance sheet total rose by CHF 1.3 billion to CHF 58.8 billion, much of which can be attributed to the increase in mortgage and other customer receivables and customer deposits and liabilities. Customer deposits as at 31 December 2013 amounted to 50.1% of the balance sheet total (previous year 48.3%).
 

Balance sheet of the Retail and Industry sector


Standing at CHF 21.0 billion as at 31 December 2013, the balance sheet total for the Retail and Industry sector remained at the same level as in the previous year.

The carrying amount of tangible assets increased by CHF 225.1 million on the previous year to CHF 11'910.4 million as a result of extensive investment activities by Migros Group. During the past financial year, companies in the Retail and Industry sector invested CHF 1'307.3 million (previous year CHF 1'211.5 million) mainly in renewing the branch network and plants in Switzerland. Migros' network of sales locations comprised a total of 639 sites (+8) at the end of 2013. 17 new Migros stores were opened, 9 replacement buildings were set up and 4 major redevelopments/expansions of stores were carried out. During the reporting year, Migros opened new stores in a number of municipalities and towns and cities, providing consumer staples (e.g. Mellingen in Aargau, Sempach in Lucerne, Ecublens in Vaud and Taverne in Ticino). These were supplemented by two Alnatura organic supermarkets, in Regensdorf and Zug, which enabled Migros to further develop its expertise in the organic sector. 5 new branches were added to the existing 16 small-scale branches managed under the VOI name.

Outside of Switzerland, investments totalling CHF 101.1 million were made.

Intangible assets amounted to CHF1'351.4 million as at 31 December 2013 (previous year CHF 1'257.6 million). Goodwill (intangible assets with an unlimited period of use) stands at CHF 858.7 million (previous year CHF 807.6 million). An important item in this figure is the goodwill acquired in 2007 with the acquisition of Denner.

The balance sheet structure of the Retail and Industry sector remains very healthy. Based on the current EBITDA of CHF 1'985.6 million (previous year CHF 1'901.5 million), net finance debts of CHF 918.9 million (previous year CHF 706.2 million) can be paid off within six months. Shareholder equity increased by CHF 563.6 million to CHF 13'663.4 million and corresponds to 65.1% (previous year 62.5%) of the balance sheet total.
 

Balance sheet of the Financial Services sector


During the reporting year, mortgages and other customer receivables rose by 4.0% on the previous year to CHF 33.9 billion.

In order to ensure refinancing of loans to customers at any time, and under changed market conditions, Migros Bank holds significant cash reserves in the form of securities. Securities shown under the balance sheet item other financial assets amount to CHF 0.8 billion in total and mainly consist of debt securities and widely diversified investment funds. During the reporting year, these cash reserves were reduced by a total of CHF 269.3 million as a result of risk considerations.

This marked credit growth was mainly financed with new customer deposits. Customer deposits and liabilities increased by CHF 1.5 billion or 5.5%. Customer deposits totalled CHF 29.8 billion, corresponding to 85.2% of customer lending at the end of 2013. Migros Bank consequently continues to benefit from a comfortable refinancing structure.

Due to the positive result for the year, the bank once again managed to strengthen its equity base. As at 31 December 2013, the bank's equity amounted to CHF 3'038.7 million, significantly above the coverage required under Swiss banking law.

On 23 January 2014, the Federal Council decided to increase the countercyclical capital buffer, as provided for under the Capital Adequacy Ordinance, from 1% to 2%. This measure was carried out upon the submission of a proposal by the Swiss National Bank and aims to have a dampening effect on the real estate market. For Migros Bank, this measure means that it will require additional regulatory capital of some CHF 100 million, which will be taken into account in the bank's multi-year equity capital planning.