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 2.0 billion to CHF 66.6 billion, much of which can be attributed to the increase in mortgage and other customer receivables, customer deposits and liabilities as well as issued debt instruments.
Customer deposits as at 31 December 2018 amounted to 50.8% (previous year: 51.4%).
Balance sheet of the Retail and Industry sector
The balance sheet total for the Retail and Industry sector increased by 2.8 % to CHF 22.8 billion as at 31 December 2018.
The carrying amount of fixed assets increased by CHF 19 million on the previous year to CHF 12'692 million. During the past financial year, companies in the Retail and Industry sector invested a total of CHF 1'499 million (previous year: CHF 1'460 million), mainly in renewing the branch network and plants in Switzerland. Investments totalling CHF 62 million (previous year: CHF 98 million) were made outside of Switzerland.
Intangible assets amounted to CHF 719 million as at 31 December 2018 (previous year: CHF 745 million). The change can largely be attributed to acquisitions.
The balance sheet structure of the Retail and Industry sector remains very healthy. Net financial assets stood at CHF 309 million on 31 December 2018 (previous year: CHF 30 million). EBITDA was CHF 1'796 million (previous year: CHF 1'795 million). Equity increased by CHF 351 million to CHF 15'282 million and corresponds to 67.1% (previous year: 67.3%) of the balance sheet total.
Balance sheet of the Financial Services sector
During the reporting year, mortgages and other customer receivables increased by CHF 1.5 billion on the previous year to CHF 39.0 billion (+4.1%).
On the liabilities and equity side, customer deposits and liabilities increased by CHF 0.6 billion or 1.8%. Customer deposits totalled CHF 33.9 billion at the end of 2018. 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 strengthen its equity base. As at 31 December 2018, the bank's equity amounted to CHF 3.9 billion, significantly above the coverage required under Swiss banking law.
