Finance

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 1.0 billion to CHF 64.6 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 2017 amounted to 51.4% (previous year: 51.4%).

Balance sheet total CHF 64.6 billion

Balance sheet in detail

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Migros Group Retail and industry sector 1 Financial services sector 1
in CHF million 2017 2016 2017 2016 2017 2016
Assets
Cash and cash equivalents 6'327 6'490 2'100 1'708 4'333 4'894
Receivables due from banks 318 660 3 303 317 358
Mortgages and other customer receivables 37'456 36'484 - - 37'478 36'516
Other receivables 1'106 933 1'112 937 - -
Inventories 2'734 2'563 2'734 2'563 - -
Financial assets 1'586 1'312 613 552 972 760
Investments in associated companies and joint ventures 87 92 824 830 0 0
Investment property 362 371 339 347 24 24
Fixed assets 12'776 12'828 12'674 12'720 103 108
Intangible assets 773 811 745 775 26 34
Other assets 1'056 994 1'031 969 25 25
Balance sheet total 64'581 63'537 22'176 21'703 43'277 42'718
Liabilities
Payables due to banks 521 378 493 334 51 77
Customer deposits and liabilities 33'210 32'646 - - 33'317 32'759
Other financial liabilities 1'964 1'862 1'964 1'861 0 0
Other liabilities 2'814 2'662 2'745 2'588 75 78
Provisions 163 116 156 116 7 0
Issued debt instruments 5'740 6'032 - 150 5'740 5'882
Liabilities from employee benefits 792 819 772 799 20 20
Current income tax payables 70 128 36 86 34 42
Deferred income tax liabilities 1'395 1'440 1'078 1'124 317 316
Total liabilities 46'668 46'082 7'245 7'057 39'560 39'174
Total equity including minority interests 17'913 17'455 14'931 14'646 3'717 3'545
Balance sheet total 64'581 63'537 22'176 21'703 43'277 42'718

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 2.2% to CHF 22.2 billion as at 31 December 2017.

The carrying amount of fixed assets decreased by CHF 46 million on the previous year to CHF 12'674 million, due among other things to a lower level of investment as well as the sale of companies. During the past financial year, companies in the Retail and Industry sector invested a total of CHF 1'460 million (previous year: CHF 1'640 million), mainly in renewing the branch network and plants in Switzerland. Investments totalling CHF 98 million (previous year: CHF 85 million) were made outside of Switzerland.

Intangible assets amounted to CHF 745 million as at 31 December 2017 (previous year: CHF 775 million). The change can largely be attributed to company disposals and currency translation differences.

The balance sheet structure of the Retail and Industry sector remains very healthy. Net financial assets stood at CHF 30 million on 31 December 2017 (previous year: net financial debt of CHF 289 million). EBITDA was CHF 1'795 million (previous year: CHF 1'981 million). Equity increased by CHF 285 million to CHF 14'931 million and corresponds to 67.3% (previous year: 67.5%) of the balance sheet total.

Balance sheet of the Financial Services sector

During the reporting year, mortgages and other customer receivables increased by CHF 1.0 billion on the previous year to CHF 37.5 billion (+ 2.6 %).

On the liabilities and equity side, customer deposits and liabilities increased by CHF 0.6 billion or 1.7 %. Customer deposits totalled CHF 33.3 billion at the end of 2017. 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 2017, the bank's equity amounted to CHF 3.7 billion, significantly above the coverage required under Swiss banking law.

Financial Report Migros Group (pdf, 772.98 KB)