Customer deposits as at 31 December 2019 amounted to 51.8% (previous year: 50.8%).
Balance sheet of the Retail and Industry sector
The balance sheet total for the Retail and Industry sector fell by 2.0 % to CHF 22.3 billion as at 31 December 2019 due to the disposal of Depot Group and m-way.
The carrying amount of fixed assets decreased by CHF 229 million on the previous year to CHF 12'463 million. During the past financial year, companies in the Retail and Industry sector invested a total of CHF 1'557 million (previous year: CHF 1'499 million), mainly in renewing the branch network and plants in Switzerland. Investments totalling CHF 58 million (previous year: CHF 62 million) were made outside of Switzerland.
Intangible assets amounted to CHF 680 million as at 31 December 2019 (previous year: CHF 719 million). This decrease is essentially due to the change in the scope of consolidation.
The balance sheet structure of the Retail and Industry sector remains very healthy. Net financial assets stood at CHF 389 million on 31 December 2019 (previous year: CHF 309 million). EBITDA was CHF 1'390 million (previous year: CHF 1'796 million). Equity increased by CHF 155 million to CHF 15'438 million and corresponds to 69.1% (previous year: 67.1%) of the balance sheet total.
Balance sheet of the Financial Services sector
During the reporting year, mortgages and other customer receivables increased by CHF 1.4 billion on the previous year to CHF 40.4 billion (+3.6%).
On the liabilities and equity side, customer deposits and liabilities increased by CHF 1.6 billion or 4.6%. Customer deposits totalled CHF 35.5 billion at the end of 2019. 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 2019, the bank's equity amounted to CHF 4.1 billion, significantly above the coverage required under Swiss banking law.