Customer deposits as at 31 December 2017 amounted to 51.4% (previous year: 51.4%).
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.