Cash flow statement
The cash and cash equivalents of Migros Group stood at CHF 10.774 billion as at 31 December 2020 and increased by CHF 3.160 billion (31 December 2019: CHF 7.614 billion).
Cash flow from business activities stood at CHF 2.934 billion (previous year: CHF 1.820 billion). In 2020, total investments in fixed and intangible assets were slightly down on the previous year, at CHF 1.469 billion compared with CHF 1.516 billion in 2019. A total of CHF 214 million (previous year: CHF 131 million) was spent on the acquisition of subsidiaries / business operations and other associated companies. Adjustment to the portfolio resulted in a cash inflow from the sale of subsidiaries and other associated companies of CHF 2.101 billion (previous year: cash outflow of CHF 68 million).
The cash inflow from the issuance/repayment of long-term and medium-term bonds/mortgage-backed loans amounted to CHF 70 million (previous year: CHF 393 million). A cash outflow of CHF 70 million (previous year: CHF 6 million) resulted from the acquisition of minority interests. The cash outflow from financing activity totalled CHF 392 million (CHF 19 million in the previous year).
Cash flow statement of the Retail and Industry sector
At the end of 2020, cash and cash equivalents of the Retail and Industry sector came in at CHF 4.074 billion, representing an increase of CHF 1.717 billion (31 December 2019: CHF 2.357 billion).
In 2020, cash inflows from activity stood at CHF 1.598 billion (previous year: CHF 1.382 billion). The increase in operating cash flow compared with the previous year is primarily the result of higher year-on-year profit.
The cash inflow from investing activity came to CHF 602 million in the reporting period (previous year: cash outflow of CHF 1.233 billion) and can be attributed primarily to the divestment of Globus (including properties) and the Glatt shopping centre. The highest investment volumes (excluding finance leases) were in the Cooperative Retailing (CHF 1.082 billion), Commerce (CHF 130 million) and Migros-Industry (CHF 220 million) segments.
Financing activity resulted in a cash outflow of CHF 476 million in the reporting year (previous year: CHF 400 million). The increase is also due to the acquisition of minority interests, most notably in Gowoonsesang Cosmetics Co. Ltd.
Cash flow statement of the Financial Services sector
At the end of 2020, cash and cash equivalents of the Financial Services sector amounted to CHF 7.507 billion, which represents an increase of CHF 2.173 billion on the previous year (CHF 5.334 billion).
The cash inflow from operating activity stood at CHF 2.151 billion (previous year: CHF 507 million). This is due mainly to the growth in customer deposits and liabilities as well as payables due to banks.
CHF 38 million was invested in extending the bank's infrastructure (previous year: CHF 17 million). The proceeds from the sale of fixed asset securities increased by CHF 51 million compared with the previous year. Overall, a cash inflow of CHF 23 million resulted from the investment activities in the reporting year (previous year: CHF 9 million).
Cash inflow and outflow from financing activity were evenly balanced in 2020 (previous year: cash inflow of CHF 323 million). Proceeds from the issuance of medium-term bonds and mortgage-backed loans and the repayment of these bonds and loans resulted in a cash inflow of CHF 70 million (previous year: CHF 193 million), which is counterbalanced by the cash outflow of CHF 70 million resulting from the payment of a dividend. Long-term bonds of CHF 200 million were issued in the previous year.
