Cash Flow Statement
The cash and cash equivalents of Migros Group stood at CHF 5'929.3 million as at 31 December 2015 and increased on a currency-adjusted basis by CHF 1'580.2 million on the previous year (31 December 2014: CHF 4'349.1 million).
With cash flow from business activities of CHF 2'696.2 million (previous year CHF 2'361.5 million), it was possible to finance in full the investments in both fixed and intangible assets totalling CHF 1'356.3 million as well as the acquisition of subsidiaries and other associated companies totalling CHF 161.8 million.
Cash inflows generated by financing activity amounted to CHF 281.5 million (previous year CHF 71.5 million).
Cash Flow Statement
| Migros Group | Retail and industry sector 1 | Financial services sector 1 | ||||
|---|---|---|---|---|---|---|
| In CHF million | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 |
| Cash flow from operating activity | 2'696.3 | 2'362.4 | 2'047.1 | 1'703.0 | 1'063.5 | 504.2 |
| Cash flow from investing activity | -1'389.7 | -1'769.5 | -1'318.7 | -1'643.4 | -71.5 | -126.0 |
| Cash flow from investing activity | 281.5 | 70.6 | -49.2 | -105.6 | 360.7 | 139.3 |
| Changes in cash and cash equivalents | 1'588.1 | 663.5 | 679.2 | -46.0 | 1'352.7 | 517.5 |
| Cash and cash equivalents, at beginning of year | 4'349.1 | 3'683.9 | 1'263.8 | 1'308.1 | 3'166.0 | 2'648.5 |
| Foreign exchange differences | -8.0 | 1.7 | -8.1 | 1.7 | - | - |
| Cash and cash equivalents, at end of year | 5'929.2 | 4'349.1 | 1'934.9 | 1'263.8 | 4'518.7 | 3'166.0 |
1 Unaudited; before consolidation of transactions between the two sectors.
Cash flow statement of the Retail and Industry sector
At the end of 2015, cash and cash equivalents of the Retail and Industry sector came in at CHF 1'935.2 million, representing an increase of CHF 671.4 million compared with CHF 1'263.8 million at the end of 2014.
In 2015, cash inflows from operating activity increased by CHF 344.1 million to CHF 2'047.1 million (previous year CHF 1'703.0 million). The increase in operating cash flow is due to the smaller commitment of cash and cash equivalents for advance payments, inventories and receivables as well as time deposits at banks.
The cash outflow from investing activity came to CHF 1'318.7 million in the reporting period (previous year CHF 1'643.4 million) and is characterised primarily by investments in both fixed and intangible assets of CHF 1'339.4 million. The highest investment volumes were in the Cooperative Retailing (CHF 896.6 million) as well as the Commerce (CHF 196.2 million) and Industry & Wholesaling (CHF 195.3 million) segments.
From the financing side, the cash outflow as a result of debt repayment amounted to CHF 49.2 million (previous year CHF 105.6 million).
Cash flow statement of the Financial Services sector
At the end of 2015, cash and cash equivalents of the Financial Services sector amounted to CHF 4'518.7 million. This represents an increase of CHF 1'352.7 million on the previous year (CHF 3'166.0 million).
Cash inflows from operating activity totalled CHF 1'063.5 million in 2015 (previous year CHF 504.2 million). This is due to the reduction in receivables due from banks and the increase in customer deposits, which is greater than the cash outflow for mortgage and other customer lending.
CHF 16.9 million was invested in extending the bank's infrastructure. Furthermore, the security holdings of non-current assets were increased by CHF 54.5 million in the reporting year. Overall, a cash outflow of CHF 71.5 million resulted from the investment activities in the reporting year (previous year CHF 126.0 million).
Financing activity generated a cash inflow of CHF 360.7 million during 2015 (previous year CHF 139.3 million). Of this figure, CHF 637.7 million is due to the net increase in medium-term bonds and mortgage-backed loans. A long-term bond of CH 250.0 million was also repaid and CHF 27.0 million was paid out to shareholders as dividends.