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 1.4 billion to CHF 63.5 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 2016 amounted to 51.4% of the balance sheet (previous year: 51.0%).

Mgru-S01-T06
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Migros Group Retail and industry sector 1 Financial services sector 1
In CHF million 2016 2015 2016 2015 2016 2015
Assets
Cash and cash equivalents 6'490 5'929 1'708 1'935 4'894 4'519
Receivables due from banks 660 687 303 209 358 479
Mortgages and other customer receivables 36'484 36'048 - - 36'516 36'107
Other receivables 933 862 937 866 - -
Inventories 2'563 2'519 2'563 2'519 - -
Financial assets 1'312 1'354 552 543 760 811
Investments in associated companies and joint ventures 92 88 830 826 0 0
Investment property 371 363 347 337 24 25
Fixed assets 12'828 12'410 12'720 12'279 108 131
Intangible assets 811 957 775 914 34 42
Other assets 994 920 969 894 25 26
Balance sheet total 63'537 62'138 21'703 21'323 42'718 42'140
Liabilities
Payables due to banks 378 252 334 255 77 56
Customer deposits and liabilities 32'646 31'690 - - 32'759 32'215
Other financial liabilities 1'862 1'855 1'861 1'853 0 2
Other liabilities 2'662 2'870 2'588 2'769 78 105
Provisions 116 111 116 110 0 0
Issued debt instruments 6'032 6'170 150 150 5'882 6'020
Liabilities from employee benefits 819 831 799 812 20 19
Current income tax payables 128 155 86 107 42 48
Deferred income tax liabilities 1'440 1'402 1'124 1'085 316 317
Total liabilities 46'082 45'336 7'057 7'142 39'174 38'784
Total equity including minority interests 17'455 16'802 14'646 14'181 3'545 3'356
Balance sheet total 63'537 62'138 21'703 21'323 42'718 42'140

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 1.8% to CHF 21.7 billion as at 31 December 2016.

The carrying amount of fixed assets increased by CHF 441 million on the previous year to CHF 12'720 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 1'640 million (previous year: CHF 1'339 million), mainly in renewing the branch network and plants in Switzerland. Investments totalling CHF 85 million (previous year: CHF 87 million) were made outside of Switzerland.

Intangible assets amounted to CHF 775 million as at 31 December 2016 (previous year: CHF 914 million). The change can be largely attributed to company acquisitions in the reporting year as well as to current depreciation and amortisation and impairments.

The balance sheet structure of the Retail and Industry sector remains very healthy. Based on the current EBITDA of CHF 1'981 million (previous year: CHF 2'000 million), net finance debts of CHF 289 million (previous year: CHF 219 million) can be paid off within two months. Equity increased by CHF 465 million to CHF 14'646 million and corresponds to 67.5% (previous year: 66.5%) of the balance sheet total.

Balance sheet of the Financial Services sector

During the reporting year, mortgages and other customer receivables increased by CHF 0.4 billion on the previous year to CHF 36.5 billion (+1.1%).

On the liabilities and equity side, customer deposits and liabilities increased by CHF 0.5 billion or 1.7%. Customer deposits totalled CHF 32.8 billion at the end of 2016. 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 2016, the bank's equity amounted to CHF 3.5 billion, significantly above the coverage required under Swiss banking law.

Financial Report Migros Group (pdf, 459.75 KB)