General Meeting of Emmi AG approves all proposals
On today's Annual General Meeting the shareholders of the Emmi AG approved all the proposals put forward by the Board of Directors. The two new members of the Board of Directors, Dominik Bürgy and Thomas Grüter, were also elected. Due to the Federal government measures to combat coronavirus, voting rights could only be exercised in writing, via the independent proxy.
In view of the epidemiological situation and the still limited possibilities for meetings, Emmi’s Board of Directors decided that, on the basis of Ordinance 3 on measures to combat coronavirus (COVID-19), shareholders would be able to exercise their voting rights at this year’s Annual General Meeting exclusively via the independent proxy.
4,297 shareholders representing 4,345,244 shares (81.2 % of the share capital) exercised their voting rights.
Closure of the last financial year
All proposals put forward by the Board of Directors were approved by the General Meeting of Emmi AG. The Management Report, the Consolidated Financial Statements and the 2020 Financial Statements were approved, and discharge was granted to the members of the Board of Directors for their services during financial year 2020 (agenda items 1 and 2).
Dividend distribution
Shareholders approved the distribution of a dividend of CHF 13.00 per registered share (previous year: CHF 12.00) (agenda item 3). The dividend will be distributed on 21 April 2021.
Approval of the total amount of remuneration
The total amount of remuneration was also approved (agenda item 4). The shareholders thus approved the maximum fixed remuneration (framework amount) of the Board of Directors (CHF 1,100,000) and the Agricultural Council (CHF 40,000) for financial year 2021, the maximum fixed remuneration (framework amount) of Group Management for financial year 2022 (CHF 5,500,000) and the definitive variable remuneration of Group Management for financial year 2020 (CHF 1,081,000).
For detailed information please see the Invitation to the General Meeting 2021 and the Compensation Report 2020.
Elections
The shareholders approved the proposals of the Board of Directors regarding all items concerning election to the Board of Directors (agenda item 5). All members of the Board of Directors were individually re-elected. As already announced in December 2020 (media release), Dominik Bürgy, a lawyer and qualified tax expert, and Thomas Grüter, a master farmer, will replace Christian Arnold and Niklaus Meier, who are not standing for re-election to the Board of Directors. The General Meeting also confirmed Konrad Graber as Chairman of the Board of Directors and the composition of the Personnel and Compensation Committee.
The statutory auditor for financial year 2021 (as previously: KPMG AG, Lucerne) and the independent proxy (as previously: Pascal Engelberger, attorney-at-law, Burger & Müller, Lucerne) were appointed under agenda items 6 and 7 respectively – also in accordance with the proposal of the Board of Directors.
Outlook for 2021
The uncertainties relating to coronavirus, concerns about economic developments in Emmi’s key markets and continuing pressure on prices for dairy products in the domestic market are shaping the outlook for the current year. The forecasts for Emmi’s business performance in the current year are based on the assumption that the situation in the markets relevant to Emmi will stabilise from the second quarter of 2021. However, Emmi does not expect a return to normality until 2022.
2021 forecasts:
- Sales Group: 1 % to 2 %
- Sales business division Switzerland: -2 % bis -1 %
- Sales business division Americas: 4 % to 6 %
- Sales business division Europe: 1 % to 3 %
- EBIT: CHF 275 million to CHF 290 million
- Net profit margin: 5.2 % to 5.7 %
Emmi is able to confirm its medium-term targets despite the uncertainties caused by coronavirus.
Contacts
For media representatives:
Emmi Group Communications | Sibylle Umiker | media@emmi.com | +41 (0)58 227 50 66
For shareholders:
ir@emmi.com
About Emmi
Emmi is a major Swiss milk processor. The company dates back to 1907, when it was founded by 62 dairy farming cooperatives around Lucerne. Over the past 20 years, Emmi has grown into an international, listed group (ticker symbol EMMN). It has pursued a successful, long-term strategy based on three pillars: strengthening its Swiss domestic market, international growth and cost management. Throughout its corporate history, Emmi’s keen awareness of its responsibility to society, animal welfare and the environment has been fundamental to its mission.
In Switzerland, Emmi manufactures a comprehensive range of dairy products for its own brands and private label products for customers, including leading exports such as Emmi Caffè Latte and Kaltbach. In other countries, its products – mainly speciality products – are manufactured locally. Alongside cow’s milk, it also processes goat’s and sheep’s milk.
In Switzerland, the Emmi Group has 25 production sites. Abroad, Emmi and its subsidiaries have a presence in 14 countries, 8 of which have production facilities. Emmi exports products from Switzerland to around 60 countries. Its business activities focus on the Swiss domestic market as well as western Europe and the American continent. Roughly half of its CHF 3.7 billion in sales – about 10 % of which stems from organic products – is generated in Switzerland, the other half abroad. Over two-thirds of its almost 8,700 employees are now currently based outside of Switzerland.