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

Financial Report Migros Group (pdf, 549.49 KB)

Financial Report Federation of Migros Cooperatives (pdf, 110.63 KB)