MIRA INFORM REPORT
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Report Date : |
4th May 2006 |
IDENTIFICATION DETAILS
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Name : |
FEDERATION OF MIGROS CO-OPERATIVES |
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Registered Office : |
Postfach 1766 8031 Zuerich/ZH Switzerland |
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Date of Incorporation : |
05-11-1941 |
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Legal Form : |
Cooperative society |
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Line of Business : |
Engaged in the sectors of food, non food, cosmetics, travel,
transportation and shipping, property, hotels, restaurants, printers,
petroleum and combustible fuels, data processing services, banking etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Detail assessment: |
Payments: |
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The business conduct is considered very good and the
current liabilities are fulfilled on time. |
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Individual credit
limit*: |
EUR 2.500.000.-- |
NAME & ADDRES
Federation of Migros Co-Operatives
PO Box 266
8031 Zuerich
Name
Migros-Genossenschafts-Bund
Line of Business
Detailhandel
Legal domicile
Limmatstrasse 152
8005 Zuerich/ZH
Business address
Postfach 1766
8031
Zuerich/ZH
Switzerland
Telephone: 044
2772111
Fax:
044 2772525
Homepage:
www.migros.ch
CREDIT ADVICE
Credit opinion: On the basis of the financial strength
of this company, credit can be extended to high levels.
This credit advice is based on information available
at the time of conducting the research, being the above indicated date.
All amounts in this report are given in Swiss Francs
(CHF) unless otherwise stated.
GENERAL COMPANY DATA
OFFICIAL DATA:
Legal form:
Cooperative society
First Publication:
05-11-1941
Last Publication:
05-04-2006
Members:
2001 2002 2003 2004
2005
1.877.875 1.890.739 1.913.531 1.957.804 1.982.033
Company Management:
Gisele Girgis-Musy
Jakob
Knuesel
Joerg
Zulauf
Registered translations of the Company name:
English
Federation of Migros
Co-operatives
French
Federation des cooperatives
Migros
Italian
Federazione delle cooperative
Migros
ACTIVITY:
Line of business:
Cooperative society
Sector:
Business services/General
services
Activity:
The Federation of Migros Co-operatives is the merger
of 10 regional Migros co-operative societies. It manages the common interests
of these co-operatives through the purchasing of products, including imports
from various countries, and production of products. It promotes and supports
the business, social and cultural principals of the cooperative group. The
Federation of Migros Co-operatives controls many companies engaged in the
sectors of food, non food, cosmetics, travel, transportation and shipping,
property, hotels, restaurants, printers, petroleum and combustible fuels, data
processing services, banking etc. The subject is also active in the promotion
of cultural and social activities.
The administration of the MGB is split into the
following departments:
Department 1:
HR, Cultural and Social Affairs, Leisure
Department 2:
Marketing
Department 3:
Logistics and Information Technology (IT)
Department 4:
Industry
Department 5:
Finance
Sales distributions:
587 branches throughout Switzerland.
Sales in Switzerland are conducted via a dense network
of Migros shops of the regional cooperatives, comprising sales outlets called
"M-Laeden" (M-shops), "MM-Maerkte" (M-markets), "MMM
Migros-Zentren" (supermarkets), as well as specialist markets and M-parcs
(stand-alone sites like SM sites, M-Parcs, OBI), specialist market sales areas
(integrated into M-Parcs, MMM, MM and SMs such as do it + garden, Micasa,
M-Electronic; OBI-Baumarkt, etc.), specialty stores (florist shops, 'treasure
troves', etc.) as well as catering services (Mirgos Restaurants, separate,
Migros Restaruants, in-store).
In addition, there exist numerous other sales outlets
via the subsidiaries, for instance, in petrol trade (Migrol petrol station
network), tourism (Hotelplan etc.), etc.
Total sales outlets (branches):
2005: 590
2004: 587
2003: 592
2002: 581
2001: 581
Sales area of Migros branches in square metres:
2005:
1'211'923 m2
2004:
1'167'315 m2
2003:
1'143'132 m2
2002:
1'104'285 m2
2001:
1'075'697 m2
Trading area:
Switzerland,
Foreign/Abroad
Import/Export:
The company is active in
Import and Export.
Significance:
The company is of national significance. It is one of
the leading companies in its business sector.
EMPLOYEES:
Number of employees:
1.985
Employees of the Federation of Migros Co-operatives as
at 31.12.:
Total number Full-time
------------ ---------
2005:
1'985 1'848
2004:
2'095 1'951
2003:
1'860 1'730
2002:
1'774 1'609
2001: 1'644 1'473
Personnel of the Migros Group as at 31.12.:
Average FTE
------- ---
2005: 81'049 59'934
2004: 82'272 61'158
PAYMENT AND FINANCIAL DATA
PAYMENT EXPERIENCES:
Legal actions:
Information only available against proof of interest.
The business conduct is considered very good and the
current liabilities are fulfilled on time.
FINANCIAL DATA:
Financial position:
The financial position of the company is considered excellent.
Substantial financial support is provided by the
Group.
Key figures (in CHF 1.000):
Migros-Genossenschafts-Bund
31.12.2005
31.12.2004 31.12.2003 31.12.2002
12 Months 12 Months 12 Months
12 Months
Sales 5'727'262.0 5'882'516.0
5'369'518.0 4'302'977.0
Cost of
employees 232'304.0 242'528.0
214'233.0 191'520.0
Depreciation 49'903.0 45'225.0 68'359.0 52'768.0
Profit/Loss 126'011.0 127'180.0 68'020.0 -48713.0
Cash-Flow 136'087.0 292'662.0 -11128.0 245'160.0
Investments 39'893.0 39'217.0
256'237.0 110'584.0
Shareholder
funds 1'609'115.0 1'483'704.0
1'357'124.0 1'289'104.0
Balance
sheet total 6'429'794.0 6'776'458.0
6'408'943.0 6'572'888.0
Inssured
value of 857'866.0 812'908.0
797'644.0 777'581.0
assets
Consolidated
key figures (in CHF 1.000.000):
Migros
Konzern
31.12.2005 31.12.2004
31.12.2003 31.12.2002
12 Months 12 Months
12 Months 12 Months
Sales 20'385.0 20'203.0 20'013.0 20'187.0
Operating
Profit/Loss 607.0 543.0 484.0 451.0
Cost of
employees 4'517.0 4'488.0 4'499.0 4'396.0
Depreciation 851.0 847.0 806.0 817.0
Profit/Loss 699.0 545.0 372.0 178.0
Cash-Flow 1'387.0 1'187.0 1'005.0 1'103.0
Investments 1'127.0 996.0 1'319.0 1'208.0
Shareholder
funds 9'634.0 8'928.0 8'394.0 8'020.0
Balance
sheet total 16'782.0 16'839.0 16'588.0 16'424.0
Inssured
value of 19'910.0 19'753.0 19'101.0 18'599.0
assets
Retail sales of the Migros cooperative societies in
CHF million (net sales):
2005: 14,621
2004: 14,651
2003: 14,379
2002: 14,316
Takeover from:
M-Informatic AG
8953 Dietikon/ZH
Type:
Take over as a result
of merger
Registered on:
12-06-1996
Contract date:
20-03-1996
Balance Sheet per:
31-12-1995
Assets:
2.247.059
Liabilities:
5.842.301
Banker(-s):
Migros Bank, 8000 Zuerich
Auditors:
PricewaterhouseCoopers AG, Zuerich
Real estate property: The company owns an extensive
number of
properties. The balance sheet value amounts to CHF
262.074.000.
The Group owns numerous properties in Switzerland and
abroad. The cost value and the net value of the land and buildings and the
insurance
value of the real estate amount to (in CHF, as of 31.12.):
Value at cost Net value Insurance value
------------- --------- ---------------
2005 8.596.000.000.-- 5.276.000.000.-- 11.450.000.000.--
2004 8.456.000.000.-- 5.291.000.000.-- 11.587.000.000.--
2003 8.279.000.000.-- 5.254.000.000.-- 11.207.000.000.--
2002 7.981.000.000.-- 5.113.000.000.-- 10.849.000.000.--
2001 7.713.000.000.-- 4.982.000.000.-- 10.651.000.000.--
COMPANY AND PERSON RELATIONS
COMPANY CONNECTIONS:
The Federation of Migros Cooperatives is owned by the
10 regional Migros cooperative societies in Switzerland.
With 17,9 percent of the market share (status 2005)
Migros is one of Switzerland's leading retail companies. Migros is devoted to
food and semi-luxury articles as well as the nonfood sector.
Investments:
In the group are approximately 130 companies, of which 67 are in
Switzerland and 63 abroad.
Direct
Investments:
AG
Einkaufszentrum Glatt-Zuerich, Wallisellen/ZH
(66.7%).
Betriebsgesellschaft
Zentrum Glatt, Wallisellen/ZH
(75.0%).
Bischofszell
Nahrungsmittel AG, Bischofszell/TG
(100.0%).
Chocolat
Frey AG, Buchs/AG (100.0%).
Estavayer Lait SA, Estavayer-le-Lac/FR (100.0%).
Ex
Libris AG, Dietikon/ZH (100.0%).
Ferrovia Monte Generoso SA, Capolago/TI (100.0%).
GZM
Extraktionswerk AG, Lyss/BE (20.0%).
Generali
(Schweiz) Holding, Adliswil/ZH (10.2%).
Gurtenbahn
Bern AG, Bern/BE (6.0%).
Hotelplan
AG, Opfikon/ZH (100.0%).
Immobilien-Gesellschaft
Pereyvia AG, Zuerich/ZH
(100.0%).
Jowa
AG, Volketswil/ZH.
Jowa
AG, Volketswil/ZH (100.0%).
Kornhof
GmbH, Zuerich/ZH (100.0%).
Limmatdruck
AG, Spreitenbach/AG (100.0%).
M-CUMULUS
Marketing Services AG, Zuerich/ZH
(100.0%).
Magazine
zum Globus, Spreitenbach/AG (100.0%).
Mibelle
AG, Buchs/AG (100.0%).
Micarna
SA, Courtepin/FR (100.0%).
Midor
AG, Meilen/ZH (100.0%).
Mifa
AG Frenkendorf, Frenkendorf/BL (100.0%).
Mifroma SA, Ursy/FR (100.0%).
Migrol
AG, Zuerich/ZH.
Migros
Bank, Zuerich/ZH (100.0%).
Migros
Betriebe Birsfelden AG, Birsfelden/BL
(100.0%).
Migros
Verteilzentrum Suhr AG, Suhr/AG (100.0%).
Migros-Verteilbetrieb
Neuendorf AG, Neuendorf/SO
(100.0%).
Riseria Taverne SA, Torricella-Taverne/TI
(100.0%).
SA Pedemonte Melano, Melano/TI (100.0%).
Scana
- Lebensmittel AG, Regensdorf/ZH (99.8%).
Scana
Lebensmittel AG, Regensdorf/ZH (99.9%).
Seba Aproz SA, Nendaz/VS (97.3%).
TKL
Tiefkuehllager AG, Neuendorf/SO (100.0%).
Theater
am Neumarkt AG, Zuerich/ZH (Influential shareholder).
cevanova AG, Bern/BE (33.3%).
sportXX
AG, Zuerich/ZH (100.0%).
Through the cooperatives and their direct subsidiary
companies and other companies in which they hold investments, the Federation of
Migros
Cooperative Societies participates in other firms
which are not comprised in the consolidated financial statement.
MANAGING BOARD:
Claude Hauser, from Geneve, in
Zuerich/ZH/Switzerland,
President, collective signature.
Dr. Andres Gut, from Obfelden, Zuerich, in
Altstaetten/SG/Switzerland,
Vice President, collective signature.
Gisele Girgis-Musy, from Ecublens VD, in
Horgen/ZH/Switzerland,
Managing Director, collective signature.
Jakob
Knuesel, from Risch, in Thal/SG/Switzerland,
Managing Director, collective signature.
Joerg
Zulauf, from Zuerich, in
Thalwil/ZH/Switzerland,
Managing Director, collective signature.
Dr.
Doris Aebi, from Aetingen, in
Zuerich/ZH/Switzerland,
Member.
Elie Amsellem, from Geneve, in
Geneve/GE/Switzerland,
Member.
Christian
Biland, from Birmenstorf AG, in
Wettingen/AG/Switzerland,
Member.
Dr.
Peter Birrer, from Luthern, Ebikon, in
Ebikon/LU/Switzerland,
Member.
Herbert
Bolliger, from Schmiedrued, in
Oberrohrdorf/AG/Switzerland,
Member, President of the board, collective
signature.
Rolf Frieden, from Rapperswil BE, in
Herisau/AR/Switzerland,
Member.
Jacqueline
Guggenbuehl, from Basel, Meilen, in
Allschwil/BL/Switzerland,
Member.
Hans-Peter
Guilbert, from Embrach, in
Ecublens/VD/Switzerland,
Member.
Ulrich
Karl Hochstrasser, from Winterthur, in
Lugano/TI/Switzerland,
Member.
Werner
Kraettli, from Untervaz, in
Maisprach/BL/Switzerland,
Member.
Gerald
Kummer, from Sion, in
Saviese/VS/Switzerland,
Member.
ing. agr. HTL Josef Leu, from Hohenrain, in
Hohenrain/LU/Switzerland,
Member.
Dr.
Max Meyer, from Bern, in Bern/BE/Switzerland,
Member.
Salome
Paravicini, from Basel, in
Geneve/GE/Switzerland,
Member.
lic.oec.
HSG, MBA Emil Rebmann, from Zuerich,
Gaiserwald,
in Zufikon/AG/Switzerland,
Member.
MANAGEMENT:
Roland von Moos, from Luzern, in St.
Moritz/GR/Switzerland,
Asst. Director, collective signature.
Robert
Merz, from Bern, in
Freienbach/SZ/Switzerland,
Vice Director, collective signature.
PERSONNEL INFORMATION:
Claude Hauser is married to a born Mottier and lives
at the
Hohenklingenstrasse
21 in 8049 Zurich.
The top-level members of the management of the society
enjoy a faultless reputation in business affairs.
FURTHER MANDATES:
Claude Hauser:
- GENERALE BEAULIEU HOLDING SA, Genf
- CLINIQUE GENERALE-BEAULIEU, Genf
- GENERALE-BEAULIEU IMMOBILIERE SA, Genf
COMMENTS:
According to a press release from 22.08.2005, Migros
and Coop intend to enter into the mobile phone market and are to offer handys
with prepaid SIM cards as from 2005. Thereby Coop co-operates with telecom
provider Orange and Migros with Swisscom.
RATING EXPLANATIONS
RATING
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STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |