Federation of Migros Cooperatives
Total operating income of CHF 5'570.1 million exceeded the previous year's figure by CHF 130.3 million, corresponding to an increase of 2.4%.
The value of invoiced services rose by CHF 32.9 million compared to the previous year. Marketing of wholesale activities generated additional sales of CHF 28.9 million, while sales by the specialist markets of online shops were up by CHF 9.2 million on the previous year's figure. The Education/Culture segment posted an increase in revenue of CHF 1.6 million as a result of passing on charges related to "Engagement Migros". Other income rose by CHF 57.6 million in total, due primarily to the passing on of energy costs to the M-Community in connection with the strategic initiative for the joint procurement of electricity.
Operating expenditure was up by CHF 136.9 million, representing an increase of 2.5%. The greater net revenue resulted in higher costs for goods and purchased services amounting to CHF 46.8 million. Other drivers included the higher energy costs in relation to the joint procurement of electricity, increased advertising costs and higher administration expenses. The increase in the number of full-time employees and trainees (+ 3.6%) is also reflected in both higher personnel costs and rents.
At CHF 56.4 million, the operating result (EBIT) was therefore CHF 6.6 million lower than the previous year's result. Thanks to better financial income and expenses, and despite higher taxes, net profit stood at CHF 69.6 million (CHF + 19.0 million compared to the previous year).
Figures
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Figures
| In 1000 CHF | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|
| Net sales revenue | 5'258'813 | 5'186'082 | 5'147'474 | 5'168'004 | 5'364'414 |
| Change in % from previous year | 1.4 | 0.8 | –0.4 | –3.7 | –0.9 |
| Earnings before interest and taxes (EBIT) | 56'433 | 63'029 | 94'785 | 70'579 | 92'119 |
| as % of net sales revenue | 1.1 | 1.2 | 1.8 | 1.4 | 1.7 |
| Net profit | 69'610 | 50'565 | 79'084 | 74'989 | 14'381 |
| as % of net sales revenue | 1.3 | 1.0 | 1.5 | 1.5 | 0.3 |
| Cash flow from operating activity 1 | 92'121 | 107'524 | 641'757 | 97'324 | 209'420 |
| as % of net sales revenue | 1.8 | 2.1 | 12.5 | 1.9 | 3.9 |
| Investments | 44'025 | 59'522 | 27'560 | 24'087 | 24'353 |
| Current assets 1 | 4'641'841 | 4'049'032 | 3'869'020 | 3'296'226 | 3'166'758 |
| as % of total assets | 51.6 | 45.9 | 44.0 | 40.4 | 40.5 |
| Fixed assets | 4'352'081 | 4'767'100 | 4'919'155 | 4'864'526 | 4'661'672 |
| as % of total assets | 48.4 | 54.1 | 56.0 | 59.6 | 59.5 |
| Current debt capital 1 | 4'675'282 | 4'580'273 | 4'636'826 | 3'783'165 | 3'397'048 |
| as % of total capital | 52.0 | 52.0 | 52.8 | 46.4 | 43.4 |
| Non-current debt capital 1 | 1'952'828 | 1'939'057 | 1'904'512 | 2'209'234 | 2'337'418 |
| as % of total capital | 21.7 | 22.0 | 21.7 | 27.1 | 29.9 |
| Equity | 2'365'813 | 2'296'802 | 2'246'837 | 2'168'353 | 2'093'964 |
| as % of total capital | 26.3 | 26.1 | 25.7 | 26.7 | 26.8 |
| Balance sheet total 1 | 8'993'922 | 8'816'131 | 8'788'175 | 8'160'752 | 7'828'430 |
| Expenditure for cultural, social and economic policy purposes | 49'414 | 48'646 | 53'598 | 46'104 | 44'851 |
| Average workforce 2 | |||||
| Number of persons | 2'410 | 2'320 | 2'239 | 2'035 | 1'915 |
| converted to full-time positions | 2'215 | 2'138 | 2'075 | 1'886 | 1'776 |
1 Figures 2013/2014 calculated/shown in accordance with accounting as per the Code of Obligations
2 Hourly wage excluding part-time positions
Income Statement
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Income Statement
| In 1000 CHF | 30.12.2014 | 30.12.2013 |
|---|---|---|
| Net sales revenue | ||
| Retail | 40'942 | 31'698 |
| Wholesale | 4'812'484 | 4'783'578 |
| Gastronomy/Hotel | 187 | 181 |
| Leisure/Fitness | - | - |
| Education/Culture | 7'395 | 5'748 |
| Services | 397'805 | 364'877 |
| Net sales revenue from goods and services sold | 5'258'813 | 5'186'082 |
| Other income | ||
| Other operating income | 311'237 | 253'641 |
| Total operating income | 5'570'050 | 5'439'723 |
| Operating costs | ||
| Cost of goods and services | 4'601'742 | 4'554'987 |
| Personnel costs | 309'877 | 306'510 |
| Rental costs | 38'465 | 36'078 |
| Maintenance of fixed assets | 44'119 | 36'400 |
| Energy and consumables | 46'365 | 6'133 |
| Advertising costs | 230'456 | 213'084 |
| Administration costs | 131'221 | 119'842 |
| Other operating costs | 78'491 | 81'495 |
| Depreciation and impairment on fixed assets | 32'882 | 22'165 |
| Total operating expenses | 5'513'617 | 5'376'694 |
| EBIT (earnings before interest and taxes) | 56'433 | 63'029 |
| Financial income and expenses | 38'575 | 1'779 |
| Other income and expenses | 103 | 657 |
| Extraordinary, non-recurring income and expenses or income and expenses relating to other periods | - | - |
| Profit before taxes | 95'111 | 65'465 |
| Direct taxes | 25'501 | 14'900 |
| Net profit | 69'610 | 50'565 |
Balance Sheet
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Balance sheet before appropriation of profits, Assets
| Assets (in 1000 CHF) |
30.12.2014 | 30.12.2013 |
|---|---|---|
| Current assets | ||
| Liquid assets and listed assets held on a short-term basis | 2'049'149 | 2'282'634 |
| Trade receivables | ||
| due from group companies | 9'992 | 9'643 |
| due from third parties | 36'540 | 32'204 |
| Other current receivables | ||
| due from group companies | 2'203'977 | 1'398'638 |
| due from third parties | 27'531 | 32'257 |
| Inventories and unbilled services | 207'716 | 195'264 |
| Prepayments and accrued income | 106'936 | 98'391 |
| Total current assets | 4'641'841 | 4'049'032 |
| Fixed assets | ||
| Financial assets | ||
| due from group companies | 1'876'375 | 2'186'855 |
| due from third parties | 30'882 | 129'073 |
| Equity interests | ||
| in group companies | 2'244'852 | 2'235'323 |
| in third parties | 58'553 | 85'305 |
| Tangible assets | ||
| Land and buildings | 1'336 | 1'556 |
| Plant, machinery and equipment | 56'825 | 43'182 |
| Other tangible assets | 10'431 | 9'987 |
| Assets under construction | 183 | 88 |
| Intangible assets | ||
| Purchased software | 3'501 | 2'985 |
| Internally generated software | 24'896 | 17'936 |
| Trademarks, licences & patents | 25'297 | 21'360 |
| Intangible assets in development | 18'950 | 33'451 |
| Goodwill | - | - |
| Total fixed assets | 4'352'081 | 4'767'100 |
| Total assets | 8'993'922 | 8'816'131 |
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Balance sheet before appropriation of profits, Liabilities
| Liabilities (in 1000 CHF) |
30.12.2014 | 30.12.2013 |
|---|---|---|
| Current debt capital | ||
| Trade payables from deliveries and services | ||
| due from group companies | 269 | 1'798 |
| due from third parties | 213'552 | 249'150 |
| Current interest-bearing liabilities | ||
| due from group companies | 3'562'334 | 3'462'227 |
| due from third parties | 441'677 | 457'632 |
| M-Participation accounts | 17'042 | 16'634 |
| Other current liabilities | ||
| due from group companies | - | - |
| due from third parties | 91'858 | 90'380 |
| Accrued liabilities and deferred income | 120'428 | 114'904 |
| Current provisions | 228'122 | 187'548 |
| Total current debt capital | 4'675'282 | 4'580'273 |
| Non-current debt capital | ||
| Non-current interest-bearing liabilities | ||
| due from group companies | 20'000 | 20'000 |
| due from third parties | 1'836'107 | 1'821'354 |
| Other non-current liabilities | ||
| due from group companies | - | - |
| due from third parties | - | - |
| Non-current provisions | 96'721 | 97'703 |
| Total non-current debt capital | 1'952'828 | 1'939'057 |
| Total liabilities | 6'628'109 | 6'519'329 |
| Equity | ||
| Cooperative capital | 15'000 | 15'000 |
| Statutory reserves | ||
| Statutory capital reserves | - | - |
| Statutory retained earnings | 20'000 | 20'000 |
| Voluntary retained earnings | 2'261'007 | 2'211'007 |
| Unappropriated profit | 69'806 | 50'795 |
| Total equity | 2'365'813 | 2'296'802 |
| Total liabilities and equity | 8'993'922 | 8'816'131 |
Cash Flow Statement
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Cash Flow Statement
| In 1000 CHF | 2014 | 2013 |
|---|---|---|
| Profit before taxes | 95'112 | 65'465 |
| Depreciation and impairment on fixed assets | 32'882 | 22'165 |
| Impairment on loans / equity interests and waivers of receivables | 2'783 | 34'000 |
| (+Loss / -profit) from the sale of fixed assets | –133 | –661 |
| (+Increase / -decrease) in provisions | 65'094 | 34'175 |
| (+Increase / -decrease) in tax provision | 5'821 | –6'169 |
| Paid income tax expense | –31'322 | –8'731 |
| (+Decrease / -increase) in trade receivables (due from group companies and third parties) | –4'741 | –6'788 |
| (+Decrease / -increase) in other current receivables due from third parties | 4'726 | 5'318 |
| (+Decrease / -increase) in inventories and unbilled services | –12'452 | –13'031 |
| (+Decrease / -increase) in prepayments and accrued income | –8'545 | 5'848 |
| (+Increase / -decrease) in trade payables (due to group companies and third parties) | –62'627 | –13'809 |
| (+Increase / -decrease) in accrued liabilities and deferred income | 5'524 | –10'258 |
| Cash flow from operating activity | 92'121 | 107'524 |
| Cash flow from investing activity | ||
| Investments in | ||
| Financial assets due to group companies | –806'898 | –395'992 |
| Investments in associated companies | –9'529 | –55'999 |
| Financial assets due to third parties | - | –20'077 |
| Tangible assets | –34'226 | –24'797 |
| Intangible assets | –9'799 | –34'725 |
| Proceeds from the sale of | ||
| Financial assets due to group companies | 310'480 | 197'040 |
| Financial assets due to third parties | 98'191 | - |
| Equity interests | 26'753 | 64'799 |
| Tangible assets | 324 | 3'339 |
| Intangible assets | - | - |
| Cash flow from investing activity | –424'704 | –266'413 |
| Cash flow from investing activity | ||
| (+Incurral / -repayment) of liabilities due to group companies | 110'515 | 579'260 |
| (+Incurral / -repayment) of liabilities due to banks | –45'000 | –180'000 |
| (+Incurral / -repayment) of other financial liabilities | 59'183 | –244'854 |
| (+Incurral / -repayment) of debenture loans and private placements | –25'000 | –225'000 |
| Interest on the Cooperative capital to the Cooperatives | –600 | –600 |
| Cash flow from investing activity | 99'098 | –71'193 |
| Change in liquid assets and listed assets held on a short-term basis | –233'485 | –230'082 |
| Liquidity statement: | ||
| Liquid assets and listed assets held on a short-term basis 1.1 | 2'282'634 | 2'512'716 |
| Liquid assets and listed assets held on a short-term basis 31.12 | 2'049'149 | 2'282'634 |
| Change in liquid assets and listed assets held on a short-term basis | –233'485 | –230'082 |