Cash Flow Statement
The cash and cash equivalents of Migros Group stood at CHF 4'349.1 million as at 31 December 2014 and therefore increased on a currency-adjusted basis by CHF 665.2 million on the previous year (31 December 2013: CHF 3'683.9 million).
With cash flow from business activities of CHF 2'290.2 million, it was possible to finance in full the investments in both tangible and intangible assets totalling CHF 1'640.9 million as well as the acquisition of subsidiaries and other associated companies totalling CHF 153.2 million. Cash inflows generated by financing activity amounted to CHF 142.8 million.
Cash Flow Statement
| Migros Group | Retail and industry sector 1 | Financial services sector 1 | ||||
|---|---|---|---|---|---|---|
| In CHF million | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 |
| Cash flow from operating activity | 2'290.2 | 1'224.9 | 1'620.4 | 687.7 | 504.2 | 398.8 |
| Cash flow from investing activity | –1'769.5 | –1'012.7 | –1'643.4 | –1'248.4 | –126.0 | 235.6 |
| Cash flow from investing activity | 142.8 | –878.9 | –23.0 | –263.7 | 139.3 | –642.1 |
| Changes in cash and cash equivalents | 663.5 | –666.7 | –46.0 | –824.4 | 517.5 | –7.7 |
| Cash and cash equivalents, at beginning of year | 3'683.9 | 4'350.9 | 1'308.1 | 2'132.8 | 2'648.5 | 2'656.2 |
| Foreign exchange differences | 1.7 | –0.3 | 1.7 | –0.3 | – | – |
| Cash and cash equivalents, at end of year | 4'349.1 | 3'683.9 | 1'263.8 | 1'308.1 | 3'166.0 | 2'648.5 |
1 Unaudited; before consolidation of transactions between the two sectors.
Retail & Industry Sector
At the end of 2014, cash and cash equivalents of the Retail and Industry sector came in at CHF 1'263.8 million, representing a decrease of CHF 44.3 million compared with CHF 1'308.1 million at the end of 2013.
Cash inflows from operating activity increased by CHF 932.7 in 2014 compared to the previous year (CHF 687.7 million). Besides the increase of CHF 74.5 million in pre-tax profit, the rise in operating cash flow can be attributed to lower levels of treasury operations.
The cash outflow from investing activity came to CHF 1'643.4 million in the reporting period (previous year CHF 1'248.4 million) and is characterised primarily by investments in both tangible and intangible assets of CHF 1'625.3 million. The highest investment volumes were in the Cooperative Retailing (CHF 1'202.8 million) as well as the Commerce (CHF 189.8 million) and Industry & Whole-saling (CHF 181.7 Mio.) segments.
Debt repayment meant that the outflow of funds generated by financing activity in the reporting period amounted to CHF 23.0 million. The higher cash outflow than in the previous year (CHF 263.7 million) can be explained essentially by the repayment of a long-term bond with a nominal value of CHF 200.0 million by the Federation of Migros Cooperatives.
Financial Services Sector
At the end of 2014, cash and cash equivalents of the Financial Services sector amounted to CHF 3'166.0 million. This represents an increase of CHF 517.5 million on the previous year.
Cash inflow of CHF 504.2 million resulted from operating activity in 2014. This was mainly the result of the higher cash inflow from the growth in customer deposits and liabilities of CHF 1'561.3 million, compared to the cash outflow from the growth in mortgage and other customer receivables of CHF 1'328.1 million.
CHF 15.6 million was invested in extending the bank’s infrastructure. Furthermore, non-current other financial assets were increased by CHF 110.6 million in the reporting year. Overall, a cash outflow of CHF 126.0 million resulted from the investment activities in the reporting year.
Financing activity generated a cash inflow of CHF 139.3 million during 2014. Of this, CHF 165.8 million is due to the net increase in medium-term bonds and mortgage-backed loans. CHF 27.0 million was paid out to shareholders as dividends during the reporting year.