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 1.6 billion to CHF 62.1 billion, much of which can be attributed to the increase in mortgage and other customer receivables as well as customer deposits and liabilities. Customer deposits as at 31 December 2015 amounted to 51.0 % of the balance sheet total (previous year 51.6 %).

Mgru-S01-T08

Assets and Liabilities

Migros Group Retail and industry sector 1 Financial services sector 1
In CHF million 2015 2014 2015 2014 2015 2014
Assets
Cash and cash equivalents 5'929.3 4'349.1 1'935.2 1'263.8 4'518.7 3'166.0
Receivables due from banks 686.8 1'670.6 209.3 378.8 478.9 1'292.7
Mortgages and other customer receivables 36'047.9 35'216.5 - - 36'107.3 35'219.1
Other receivables 862.0 868.0 865.9 872.3 - -
Inventories 2'519.0 2'482.2 2'519.0 2'482.2 - -
Financial assets 1'354.4 1'417.3 543.4 632.0 811.0 785.3
Investments in associated companies and joint ventures 88.2 142.2 825.7 879.7 0.0 0.0
Investment property 362.6 379.6 337.1 354.3 25.4 25.4
Tangible assets 12'410.4 12'300.0 12'279.4 12'164.7 131.0 135.3
Intangible assets 957.4 876.6 913.7 823.8 41.6 50.8
Other assets 920.1 883.0 894.1 857.7 26.0 25.2
Balance sheet total 62'138.1 60'585.1 21'322.9 20'709.3 42'139.7 40'699.8
Liabilities
Payables due to banks 252.2 282.5 255.2 225.6 56.3 59.5
Customer deposits and liabilities 31'689.5 31'236.6 - - 32'215.2 31'318.0
Other financial liabilities 1'854.8 1'831.7 1'853.1 1'830.5 1.7 1.3
Other liabilities 2'869.9 2'878.4 2'768.8 2'752.9 105.4 130.4
Provisions 111.0 124.1 110.5 104.6 0.5 19.5
Issued debt instruments 6'169.8 5'832.1 150.0 200.0 6'019.8 5'632.1
Liabilities from employee benefits 831.2 852.5 812.0 833.4 19.2 19.0
Current income tax payables 155.2 140.8 107.2 97.4 48.0 43.4
Deferred income tax liabilities 1'402.2 1'436.3 1'084.7 1'116.8 317.5 319.5
Total liabilities 45'335.8 44'615.0 7'141.6 7'161.2 38'784.0 37'542.7
Total equity including minority interests 16'802.3 15'970.1 14'181.3 13'548.1 3'356.2 3'157.0
Balance sheet total 62'138.1 60'585.1 21'322.9 20'709.3 42'139.9 40'699.7

1 Unaudited; before consolidation of transactions between the two sectors.

Balance sheet of the Retail and Industry sector

The balance sheet total for the Retail and Industry sector increased by 3.0 % to CHF 21.3 billion as at 31 December 2015.

The carrying amount of fixed assets increased by CHF 114.7 million on the previous year to CHF 12'279.4 million as a result of extensive investment activities by Migros Group. During the past financial year, companies in the Retail and Industry sector invested a total of CHF 1'339.4 million (previous year CHF 1'625.3 million), mainly in renewing the branch network and plants in Switzerland. Investments totalling CHF 87.5 million (previous year CHF 122.4 million) were made outside of Switzerland.

Intangible assets amounted to CHF 913.7 million as at 31 December 2015 (previous year CHF 823.8 million). The change can be largely attributed to company acquisitions in the reporting year.

The balance sheet structure of the Retail and Industry sector remains very healthy. Based on the current EBITDA of CHF 1'999.9 million (previous year CHF 2'075.8 million), net finance debts of CHF 219.1 million (previous year CHF 858.6 million) can be paid off within two months. Equity increased by CHF 633.2 million to CHF 14'181.3 million and corresponds to 66.5 % (previous year 65.4 %) of the balance sheet total.

Balance sheet of the Financial Services sector

During the reporting year, mortgages and other customer receivables increased by CHF 0.9 billion on the previous year to CHF 36.1 billion (+ 2.5 %).

On the liabilities and equity side, customer deposits and liabilities increased by CHF 0.9 billion or 2.9 %. Customer deposits totalled CHF 32.2 billion, corresponding to 89.2 % of customer lending at the end of 2015. Migros Bank thus continues to benefit from a comfortable refinancing structure.

Due to the positive result for the year, the bank once again managed to significantly strengthen its equity base. As at 31 December 2015, the bank's equity amounted to CHF 3'356.2 million, significantly above the coverage required under Swiss banking law.

Financial Report Migros Group (pdf, 940.37 KB)