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Finance

Acquisitions, disposals and newly established companies

During the last two years, Migros Group has acquired and sold various companies.

Transactions carried out in the 2020 financial year included the following:

Acquisitions

Hotelplan Group takes over Vtours

On 12 November 2019, Hotelplan Group acquired all of the shares of Vtours (inclusion in the scope of consolidation of Migros Group on 1 January 2020).

Hotelplan Group takes over Vtours

On 12 November 2019, Hotelplan Group acquired all of the shares of Vtours (inclusion in the scope of consolidation of Migros Group on 1 January 2020). The online travel company, which is primarily active in German-speaking countries, will remain independent and continue to operate as Vtours GmbH in Germany and as vtours international AG in Switzerland. Hotelplan also acquired a 100 % stake in Rotstab Reisen AG and increased its shareholding in Adventure Travel Experience Inc. by 52% to 100%.

Strong expansion in the health section

The Medbase Group made a number of acquisitions during the course of the past financial year. The shareholding in Santémed Health Centres Ltd. was increased by 30% to 100% on 22 June 2020.

Strong expansion in the health section

The Medbase Group made a number of acquisitions during the course of the past financial year. The shareholding in Santémed Health Centres Ltd. was increased by 30% to 100% on 22 June 2020. The merger of Santémed with Medbase AG took place on 1 July. Medbase also acquired a 60% shareholding in zahnarztzentrum.ch on 29 June 2020 and purchased further pharmacies. On 15 January 2020, the Medbase Group announced a cooperation arrangement with the Hirslanden Group with the aim of pooling their expertise in outpatient and inpatient medicine in future and of investing jointly in integrated healthcare close to home. A number of Hirslanden clinics, in Schaffhausen, Berne and Düdingen, were acquired in the past financial year and integrated into Medbase AG. On 10 June 2020, Medbase AG also acquired 100% of the shares in Doktor Zentrum Baden AG and subsequently merged with the company (inclusion in the scope of consolidation of Migros Group on 1 July 2020). At the end of September 2020, Medbase AG acquired all of the shares in Centre d'Imagerie Médicale de Cornavin SA (inclusion on 1 October 2020) and entered into a strategic partnership with Unilabs in the area of laboratory medicine, pathology and genetics. In this context, Medbase AG acquired a 51% stake in Unilabs St. Gallen AG on 16 December 2020. Because of the way in which the contract is structured, Medbase AG does not exercise any control (associate).

Migros-Industry acquires further minority interests

On 1 April 2020, Mibelle AG increased its stake in Gowoonsesang Cosmetics Co., Ltd. in South Korea by 24% to 75%.

Migros-Industry acquires further minority interests

On 1 April 2020, Mibelle AG increased its stake in Gowoonsesang Cosmetics Co., Ltd. in South Korea by 24% to 75%. Micarna SA acquired the remaining minority interests of KM Seafood GmbH, totalling 25.1%, on 30 June 2020. Furthermore, Delica AG purchased a 100% shareholding in Swiss Coffee Innovation AG on 1 October 2020.

The Migros Cooperative Geneva increased its shareholding in Société Immobilière du Marché de gros de l'Alimentation (SIMGA) from 42.8% to 100% (previously entered in the balance sheet as an equity investment) on 20 December 2019. Once all the documentation had been submitted, the transaction was able to be completed in the past financial year (full consolidation with effect from 1 January 2020).

Disposals

Magazine zum Globus AG

In June 2019, the Federation of Migros Cooperatives announced that it was seeking new owners for Magazine zum Globus AG. The group of buyers, a joint venture between SIGNA and Central Group, was revealed in a press release on 4 February 2020.

Magazine zum Globus AG

In June 2019, the Federation of Migros Cooperatives announced that it was seeking new owners for Magazine zum Globus AG. The group of buyers, a joint venture between SIGNA and Central Group, was revealed in a press release on 4 February 2020. The transaction consists of 100 % of the share capital of Magazine zum Globus AG as well as eight properties in attractive commercial locations in Swiss cities. Until the end of 2019, ownership of the properties was held by Liegenschaften-Betrieb AG, which transferred its business (including real estate) to the Federation of Migros Cooperatives on 1 January 2020. Liegenschaften-Betrieb AG was subsequently absorbed by its parent company, Migros Beteiligungen AG. Since these properties accounted for a significant proportion of the sale transaction, which was able to be completed at the end of May 2020 following approval by the European competition authorities, the profit received from the sale of Magazine zum Globus AG was reported in the segment Cooperative Retailing.

Glatt shopping centre in Wallisellen (ZH)

In a press release at the end of January 2020, the Federation of Migros Cooperatives announced the start of the sale process for the Glatt shopping centre in Wallisellen (ZH).

Glatt shopping centre in Wallisellen (ZH)

In a press release at the end of January 2020, the Federation of Migros Cooperatives announced the start of the sale process for the Glatt shopping centre in Wallisellen (ZH). The search for a new owner as part of the publicised strategic alignment and profiling of Migros in the core business and focus on digital business models was completed successfully on 10 July. Swiss Life acquired the Glatt shopping centre in the context of its third-party asset management and wants to develop the shopping centre over the long term in cooperation with the successful centre management. The new owner will retain the majority of the Glatt centre's operational employees and take on all of its leases. Transfer of ownership was completed on 1 October 2020.

Saviva AG

As announced in June 2020, Migros Group is selling Saviva AG, which operates throughout Switzerland in the catering delivery wholesale trade with its two business segments of Food Services and Logistic Services.

Saviva AG

As announced in June 2020, Migros Group is selling Saviva AG, which operates throughout Switzerland in the catering delivery wholesale trade with its two business segments of Food Services and Logistic Services. The sale is part of Migros Group's measures to continue focusing its strategic business units on customer-oriented products and services. The food manufacturer Heba Food Holding AG, a family-owned Swiss company with a strong market position, will take over the running of Saviva and will retain all of its employees. The share purchase agreement was signed on 27 November 2020. Prior to this, Saviva AG sold its 100 % shareholding in Labeye SA on 30 June 2020.

Micarna SA also sold its shares in Oberschwäbische Geflügel GmbH on 11 May 2020 and Migrol AG disposed of its holding in Swisstherm AG on 29 December 2020.

Migros Eastern Switzerland had already announced its plans to focus increasingly in future on the core business with supermarkets, specialist markets, Migros Gastronomy and Club Schools and to search for a new owner for the fast food chain Chickeria back in the summer of 2019. The BKTL Group, a Swiss company and franchisee of Burger King, took over 12 out of a total of 15 Chickeria branches on 1 April 2020, retaining all of the staff. The new owner will continue to operate the restaurants under the Chickeria name for the time being, before gradually converting them to branches of Burger King and Popeyes®. A solution for the future of the branches in Winterthur Obertor and Zurich Langstrasse which were not sold has now been found, while the restaurant in St. Gallen train station was closed.

Newly established companies

On 21 January 2020, Migros Fachmarkt AG was established with headquarters in Zurich, with the aim of optimising product and value flow along the value chain for the various specialist markets, such as melectronics, SportXX, Do it & Garden and Micasa, and to focus rigorously on customer needs (including multi-channel distribution or no-line commerce). The new operator model entered into force on 1 January 2021.

On 25 June 2020, Medbase AG founded Radiologie Win AG, based in Winterthur. The purpose of the company is to operate radiology institutes and units and to provide radiology services in the area of x-ray imaging in the Winterthur region.

On 1 July 2020, the Federation of Migros Cooperatives established MiSENSO AG, based in Zurich. Specialising in optics and hearing acoustics, MiSENSO offers a wide range of contact lenses, designer frames, sunglasses and modern hearing aids at fair prices, and is located directly in selected Migros stores. The online shop misenso.ch will be expanded gradually over the coming months, provided this business model is successful.

For further details please see Note 39 and chapter C in the report on the financial situation as part of the complete financial reporting of the Migros Group.

Further topics

Operating results

The operating result (EBIT) of Migros Group was CHF 1.866 billion, CHF 1.665 billion (+827.7%) more than the previous year's figure.

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 4.380 billion to CHF 72.781 billion, much of which can be attributed to the increase in cash and cash equivalents, mortgage and other customer receivables, liabilities due to banks, customer deposits and liabilities.

Subsidiaries & Participatory Interests

The Migros Group includes the Migros-Industry companies, various retail and travel companies, Migros Bank and several foundations. On an organisational level, these are assigned to the CEO and the heads of the six departments of the FMC.

Financial reporting of the Migros Group (pdf, 814.29 KB)