MIRA
INFORM REPORT
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Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIGROS- GENOSSENSCHAFTS - BUND |
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Registered Office : |
Limmatstrasse
152 Postfach 1766 8031 Zuerich/ZH |
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Country : |
Switzerland |
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Financials (as on) : |
31.12.2006 |
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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 : |
Detailhandel |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
EUR
2.000.000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Overall assessment:
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Business
connections are permissible |
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Detail assessment: |
Payments: |
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Regular
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Individual credit
limit*: |
EUR 2.000.000,-- |
Name
Migros-Genossenschafts-Bund
Line of Business
Detailhandel
Legal domicile
Limmatstrasse
152
8005
Zuerich/ZH
Business address
Limmatstrasse
152
Postfach 1766
8031
Zuerich/ZH
Switzerland
Telephone: 044 2772111
Fax: 044 2772525
Homepage: www.migros.ch
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: 20-12-2007
Members: 2006 2005 2004
2003 2002
1.993.543 1.982.033 1.957.804 1.913.531 1.890.739
Company Management
Herbert
Bolliger
Joerg Zulauf
Gisele Girgis,
Jakob Knuesel
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
590 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)
2006: 590
2005: 590
2004: 587
2003: 592
2002: 581
Sales area of Migros
branches in square metres
2006: 1'227'728 m2
2005: 1'202'013 m2
Acquired in
2007, the Denner Group has a total 470 locations with a sales area of 127
million m2 throughout Switzerland (status: end of 2007).
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: 1.927
Employees of
the Federation of Migros Co-operatives as at 31.12.:
Total number Full-time
------------ ---------
2006: 1'927 1'799
2005: 1'985 1'848
2004: 2'095 1'951
2003: 1'860 1'730
2002: 1'774 1'609
Personnel of the
Migros Group as at 31.12.
Average FTE
------- ---
2006: 79'194 59'004
2005: 81'049 59'934
2004: 82'272 61'158
Based on the
information available to us the newly acquired Denner Group employs more than
3'000 people.
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 ecellent.
Substantial
financial support is provided by the Group.
Key figures (in CHF
1.000)
Migros-Genossenschafts-Bund
31.12.2006 31.12.2005 31.12.2004 31.12.2003
12 Months 12 Months 12 Months 12 Months
Sales 5'492'081.0 5'727'262.0 5'882'516.0 5'369'518.0
Cost of employees 226'067.0 232'304.0 242'528.0 214'233.0
Depreciation 33'170.0 49'903.0 45'225.0 68'359.0
Profit/Loss 132'884.0 126'011.0 127'180.0 68'020.0
Cash-Flow 214'450.0 136'087.0 292'662.0 -11128.0
Investments 26'562.0 39'893.0 39'217.0 256'237.0
Shareholder funds 1'741'399.0 1'609'115.0 1'483'704.0 1'357'124.0
Balance sheet total 6'344'024.0 6'429'794.0 6'776'458.0 6'408'943.0
Inssured value of 840'359.0 857'866.0 812'908.0 797'644.0
assets
Consolidated key figures (in CHF 1.000.000):
Migros Konzern
31.12.2006 31.12.2005 31.12.2004 31.12.2003
12 Months 12 Months 12 Months 12 Months
Sales 20'644.0 20'385.0 20'203.0 20'013.0
Operating Profit/Loss 632.0 607.0 543.0 484.0
Cost of employees 4'481.0 4'517.0 4'488.0 4'499.0
Depreciation 882.0 823.0 847.0 806.0
Profit/Loss 754.0 699.0 545.0 372.0
Cash-Flow 1'396.0 1'378.0 1'187.0 1'005.0
Investments 989.0 1'127.0 996.0 1'319.0
Shareholder funds 10'688.0 9'634.0 8'928.0 8'394.0
Balance sheet total 17'624.0 16'782.0 16'839.0 16'588.0
Inssured value of 20'589.0 19'910.0 19'753.0 19'101.0
assets
Retail sales of the
Migros cooperative societies in CHF million (net sales)
2006: 14,668
2005: 14,621
2004: 14,651
2003: 14,379
2002: 14,316
Key figures
for fiscal 2007 are still pending.
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
246.707.000.
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
------------- --------- ---------------
2006 8.739.000.000.-- 5.261.000.000.-- 11.802.000.000.--
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.--
COMPANY AND PERSON
RELATIONS
COMPANY CONNECTIONS:
The Federation
of Migros Cooperatives is owned by the 10 regional Migros cooperative societies
in Switzerland.
With 17,7
percent of the market share (status 2006) 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 131 companies, of which 88 are in Switzerland and 43 abroad.
Direct Investments:
Betriebsgesellschaft
Zentrum Glatt,
Wallisellen/ZH.
Bischofszell
Nahrungsmittel AG, Bischofszell/TG
(100.0%).
Cash + Carry
Angehrn AG, Gossau/SG.
Chocolat Frey
AG, Buchs/AG (100.0%).
Delica AG,
Birsfelden/BL (100.0%).
Migros-Genossenschafts-Bund,
Zuerich
Denner AG,
Zuerich/ZH (70.0%).
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%).
Gurtenbahn
Bern AG, Bern/BE (6.0%).
Hotelplan
Holding AG, Opfikon/ZH (100.0%).
Jowa AG,
Volketswil/ZH.
Le Shop S.A.,
Ecublens/VD.
Limmatdruck
AG, Spreitenbach/AG (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
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 (99.9%).
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.
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, Allschwil, in
Versoix/GE/Switzerland,
President,
collective signature.
Dr. Doris
Aebi, from Aetingen, in
Schoeftland/AG/Switzerland,
Vice
President, collective signature.
Ernst Weber,
from Basel, in Horw/LU/Switzerland,
Vice
President, collective signature.
Christian
Biland, from Birmenstorf AG, in
Wettingen/AG/Switzerland,
Member.
Herbert
Bolliger, from Schmiedrued, in
Oberrohrdorf/AG/Switzerland,
Member, President
of the board, collective signature.
Dr. Andrea
Broggini, from Losone, in
Savosa/TI/Switzerland,
Member.
Werner
Kraettli, from Untervaz, in
Maisprach/BL/Switzerland,
Member.
ing. agr. HTL
Josef Leu, from Hohenrain, in
Hohenrain/LU/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.
Prof. Dr.
Thomas Rudolph, from Germany, in St.
Gallen/SG/Switzerland,
Member.
Harold Sacher,
from Zuzgen, in
Holziken/AG/Switzerland,
Member.
Ursula
Schoepfer, from Winterthur, Travers,
Lauenen, in
Hofstetten-Flueh/SO/Switzerland,
Member.
Daniela Suter,
from Affoltern am Albis, in St.
Gallen/SG/Switzerland,
Member.
Guy Vibourel, from
France, in Annemasse/France,
Member.
Gabriela F.
Winkler, from Winterthur, Kappel SO,
Bleienbach, in
Oberglatt/ZH/Switzerland,
Member.
Heinz C.
Winzeler, from Barzheim, in
Wallisellen/ZH/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
- Migros
Beteiligungen AG, Spreitenbach
COMMENTS
According to a media release from 4 September 2007
the Federal Competition Commission has given green light to Migros to complete its
acquisition of discount chain Denner. Migros will thus purchase 70 per cent of
Denner's shares with the remainder being retained by the family of the discount
chain's CEO, Philippe Gaydoul. The acquisition is however tied to strict
anti-competition conditions, including, inter alia, a seven-year compliance
period. In addition, Denner must operate independently for seven years.
The further
evolution regarding the Denner acquisition remains to be observed.
RATING EXPLANATIONS
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RATING |
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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)