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28. January 2021

Emmi sells its 80% majority stake in the Spanish Lácteos Caprinos S.A. to Lácteas García Baquero S.A.

The Board of Directors of Emmi AG is proposing Dominik Bürgy, a lawyer and qualified tax expert, and Thomas Grüter, a master farmer, to succeed Christian Arnold and Niklaus Meier, who are not standing for election. The Board of Directors firmly believes that the two candidates, with their proven expertise in the areas of finance and law as well as agriculture, will ideally complement Emmi’s nine-member Board, which includes four women.

Emmi now has two H2 lorries from Hyundai that run on “green” hydrogen on the road. This technology has the potential to lead freight transport by road to a sustainable future. Hydrogen-powered lorries can be refuelled normally, have a good range and offer sufficient transport capacity.

Emmi is strengthening its presence in Switzerland and investing CHF 50 million in its traditional location in Emmen. A new wing will replace the more than 40-year-old cheese dairy building, providing space for highly professional and resource-saving cheese production and creating additional capacities in line with the company's long-term growth plans. Construction work is scheduled to begin in the middle of November 2020, with commissioning planned for the end of 2022.

Italian dessert represent an important strategic pillar for Emmi. The Swiss milk processor has established a leading position in desserts in recent years and has proven that it can successfully bring together and develop solid networks. Emmi is further strengthening its position in desserts by acquiring the complementary US desserts maker Indulge Desserts Intermediate Holdings, LLC. Based in the New York metropolitan area, the company makes a wide range of high-quality desserts and generates annual sales between USD 80 million and 90 million. This acquisition will enable Emmi to participate even more strongly in the growing dessert segment as well as extending its footprint to the United States and opening up new distribution opportunities for its Italian desserts. The transaction is subject to customary merger control approval.

As part of its long-term succession planning, Emmi is appointing Jonas Leu to the top job at the business division Americas. The 37-year-old dairy technologist and food scientist (ETH) has worked for the leading Swiss milk processor in various functions since 1999 and has wide-ranging industry and management experience. As Managing Director, he is currently overseeing the merger of the Emmi subsidiaries in Chile. Leu will succeed Matthias Kunz (60) effective 2022, who will gradually be stepping down from Group Management at his own request.

Emmi, the leading Swiss milk processor, is increasing its stake in Dutch goat’s milk processor Bettinehoeve to 90 % and strengthening its commitment to this growth segment. The family business, in which Emmi has held a 60 % stake since 2016, has steadily strengthened its position in recent years thanks to its diverse range of goat’s cheese varieties. Emmi is therefore exercising the option to increase its stake in Bettinehoeve.

Lucerne, 26 August 2020 – Emmi increased sales by 6.6 % to CHF 1,773.5 million in the first six months of the financial year, which were characterised by the coronavirus crisis. The organic growth of 2.0 % achieved by the leading Swiss milk processor was driven in particular by a strong retail performance in the Swiss domestic market, key brand concepts such as Emmi Caffè Latte and sales in strategic niches. The slump in the food service sector triggered by the pandemic affected sales in the business division Americas in particular. EBIT improved by 6.4 % to CHF 112.0 million, while net profit was down by 6.5 % at CHF 81.3 million. Despite considerable uncertainty, Emmi remains cautiously optimistic for the full-year.

Against the backdrop of the difficult apprenticeship situation in Switzerland caused by coronavirus, Emmi is offering young people additional prospects. The milk processor is creating additional training places and also offering an apprenticeship to those young people facing the threat of job losses as a result of the corona crisis. In addition, apprenticeship graduates who perform well and exhibit good conduct will be offered at least a temporary position after completing their training at Emmi.

Protein-rich foods are all the rage. Emmi ENERGY MILK High Protein products are therefore experiencing a boom in popularity. Emmi is innovating on three fronts at once: a new drink containing high-quality whey proteins, a high-protein variant of Emmi Caffè Latte, and a protein drink developed in collaboration with the Swiss sports nutrition specialist Sponser Sport Food. Two needs are central to all products: physical health and great taste.

By the end of 2020 we want to reduce our global CO2emissions by 25 percent. We are well on the way to achieving this goal. We provide transparent information on the emissions we cause and the progress we are making in this area.

The shareholders of today's ordinary General Meeting of Emmi AG approved all the proposals put forward by the Board of Directors. Due to the current situation and the Federal Council’s ordinance, voting rights could only be exercised in writing or electronically.

The plant-based product line Beleaf with yogurt alternatives, drinks and shakes based on almonds or oats is Emmi’s answer to the growing demand for vegan foods. Emmi’s family of coffee drinks is also sprouting a vegan offshoot: Emmi Caffè Drink Almond Macchiato. The new products offer an alternative to imported milk substitutes.

Emmi increased its sales by 1.1 % to CHF 3,494 million in 2019 and achieved pleasing, broad-based organic growth of 2.2 %. Earnings before interest and taxes (EBIT) improved by 0.5 % to CHF 218 million. At CHF 166 million, net profit was 5.3 % below the adjusted figure for the previous year, primarily as a result of a higher tax rate and higher minority interests. Sales and earnings are thus in line with Emmi’s forecasts and reflect the robustness, quality and balance of the company and product portfolio. Emmi continued to implement its strategy with conviction and consistency in 2019, advancing the business with a specific focus on growth markets, brands and the expansion of the strategic niches of desserts, organic products and goat’s milk. A dividend of CHF 12.00, CHF 3.00 higher than in the previous year, will be proposed to the General Meeting. This is a result of the revised dividend policy, which provides for an increase in the distribution rate to between 40 % and 50 % (previously 25 % to 30 %). For 2020, Emmi expects organic growth in line with its medium-term forecast (2 % to 3 %) and a further improvement in EBIT.

Emmi generated net sales of CHF 3,494.0 million in 2019. This corresponds to a 1.1 % increase (2018: CHF 3,457.4 million). At 2.2 %, organic sales growth is in the upper third of the company’s own expectations of 1.5 % to 2.5 %. It is pleasing that all four business divisions were able to achieve growth organically, with Switzerland and Europe in particular showing a strong sales development in the second half of the year. Emmi Caffè Latte was a success factor here. Emmi still maintains its earnings targets announced in February 2019. The results will be communicated on 2 March 2020.

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