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.
Customer deposits as at 31 December 2020 amounted to 51.1% (previous year 51.8%).
Balance sheet of the Retail and Industry sector
The balance sheet total for the Retail and Industry sector increased by 6.3 % to CHF 23.727 billion as at 31 December 2020.
Cash and cash equivalents rose by CHF 1.717 billion to CHF 4.074 billion.
The carrying amount of fixed assets decreased by CHF 724 million on the previous year to CHF 11.739 billion. During the past financial year, companies in the Retail and Industry sector invested a total of CHF 1.141 billion (previous year: CHF 1.557 billion), mainly in renewing the branch network and plants in Switzerland. Investments totalling CHF 83 million (previous year: CHF 58 million) were made outside of Switzerland.
Intangible assets amounted to CHF 853 million as at 31 December 2020 (previous year: CHF 680 million). This increase 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 2.415 billion on 31 December 2020 (previous year: CHF 389 million). EBITDA was CHF 3.096 billion (previous year: CHF 1.390 billion). Equity increased by CHF 1.566 billion to CHF 17.004 billion and corresponds to 71.7 % (previous year 69.1 %) of the balance sheet total.
Balance sheet of the Financial Services sector
During the reporting year, cash and cash equivalents and receivables due from banks increased by CHF 2.002 billion in total to CHF 7.516 billion. Mortgages and other customer receivables were increased by CHF 1.836 billion on the previous year to CHF 42.249 billion (+ 4.5%).
On the liabilities and equity side, liabilities due to banks and the post office increased by CHF 962 million to CHF 1.352 billion. Customer deposits and liabilities rose by CHF 2.538 billion (+7.2%). Customer deposits totalled CHF 38.019 billion at the end of 2020. 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 2020, the bank's equity amounted to CHF 4.222 billion, significantly above the coverage required under Swiss banking law.
