• Financial Report
  • /
  • Consolidated Financial Statements of Emmi Group
  • /
  • Notes to the consolidated financial statements

Notes to the consolidated financial statements

in CHF 000s

Segment reporting1

Net sales by product groups and divisions

2018

Switzerland 2017

2018

Americas 2017

2018

Europe 2017

2018

Global Trade 2017

2018

Group 2017

Milk

263,103

254,830

238,622

231,128

76,732

77,440

2,768

2,881

581,225

566,279

Butter and margarine

244,882

239,560

1,471

1,160

27,987

27,001

949

6,856

275,289

274,577

Cream

168,382

167,564

43,068

33,771

4,215

3,689

282

1,144

215,947

206,168

Dairy products

676,367

661,954

283,161

266,059

108,934

108,130

3,999

10,881

1,072,461

1,047,024

As % of net sales

39.5

38.2

27.1

28.0

18.4

19.2

3.7

9.1

31.0

31.1

 

 

 

 

 

 

 

 

 

 

 

Fresh products

341,736

343,883

206,126

196,776

264,509

227,513

39,169

42,768

851,540

810,940

As % of net sales

19.9

19.9

19.7

20.7

44.6

40.3

36.7

35.7

24.6

24.1

 

 

 

 

 

 

 

 

 

 

 

Natural cheese

397,531

421,954

424,986

384,896

109,971

107,524

43,901

41,761

976,389

956,135

Processed cheese

52,915

53,676

19,947

19,094

17,799

17,492

6,632

7,250

97,293

97,512

Cheese

450,446

475,630

444,933

403,990

127,770

125,016

50,533

49,011

1,073,682

1,053,647

As % of net sales

26.3

27.5

42.6

42.5

21.5

22.1

47.4

40.9

31.1

31.3

 

 

 

 

 

 

 

 

 

 

 

Fresh cheese

107,867

107,767

12,330

2,636

50,989

69,826

375

436

171,561

180,665

As % of net sales

6.3

6.2

1.2

0.3

8.6

12.4

0.4

0.4

5.0

5.4

 

 

 

 

 

 

 

 

 

 

 

Powder/concentrates

61,337

67,532

4,819

5,330

32,220

26,459

10,825

14,910

109,201

114,231

As % of net sales

3.6

3.9

0.5

0.6

5.4

4.7

10.2

12.5

3.1

3.4

 

 

 

 

 

 

 

 

 

 

 

Other products

56,008

53,575

89,053

71,695

7,907

5,516

1,326

1,268

154,294

132,054

Sales of services

19,450

20,378

3,913

3,269

925

1,651

385

405

24,673

25,703

Other products and services

75,458

73,953

92,966

74,964

8,832

7,167

1,711

1,673

178,967

157,757

As % of net sales

4.4

4.3

8.9

7.9

1.5

1.3

1.6

1.4

5.2

4.7

 

 

 

 

 

 

 

 

 

 

 

Net sales

1,713,211

1,730,719

1,044,335

949,755

593,254

564,111

106,612

119,679

3,457,412

3,364,264

As % of Group

49.6

51.4

30.2

28.2

17.1

16.8

3.1

3.6

100.0

100.0

Net sales by country group

2018

in %

2017

in %

 

 

 

 

 

 

Switzerland

1,713,211

49.6

1,730,719

51.4

 

 

 

 

 

 

Europe excl. Switzerland

897,904

26.0

887,049

26.4

 

 

 

 

 

 

North and South America

650,678

18.8

559,862

16.6

 

 

 

 

 

 

Africa

146,617

4.2

140,338

4.2

 

 

 

 

 

 

Asia/Pacific

49,002

1.4

46,296

1.4

 

 

 

 

 

 

Total

3,457,412

100.0

3,364,264

100.0

 

 

 

 

 

 

Emmi does not publish segment results since this would cause significant competitive disadvantages towards stakeholders, non-listed and larger listed competitors both in Switzerland and abroad.

The business divisions are not defined strictly according to geographical considerations. The business division Americas includes the Emmi Group companies in the US, Canada, Chile, Mexico, Spain (excl. Lácteos Caprinos S.A.), France and Tunisia. The business division Europe incorporates those in Italy, Germany, Austria, Belgium, the Netherlands, the UK and Lácteos Caprinos S.A. in Spain. The business division Global Trade primarily comprises direct sales from Switzerland to customers in countries in which Emmi has no subsidiaries. These include the Asian and eastern European markets, most South American countries and the Arabian Peninsula.

Other operating income2

 

2018

2017

Gain on disposal of fixed assets

1,446

1,097

Miscellaneous operating income

3,892

4,595

Total

5,338

5,692

Other operating expenses3

 

2018

2017

Marketing and sales related expenses

127,874

126,005

Occupancy expense, maintenance and repair, leasing

69,525

65,413

Insurance, fees and HGV road tax

17,256

16,715

Energy, operating material and supplies

66,168

65,117

Administrative expenses

37,357

39,210

Logistic expenses

108,001

96,045

Other operating expenses

20,708

14,126

Total

446,889

422,631

Depreciation and amortisation4

 

2018

2017

Depreciation of property, plant and equipment

96,025

95,196

Impairment of property, plant and equipment

948

1,944

Amortisation of goodwill

23,369

22,508

Impairment of goodwill

610

Amortisation of other intangible assets

15,477

15,519

Total

136,429

135,167

Amortisation of goodwill related to investments which are accounted for using the equity method is included in the position “Income from associates and joint ventures” of the income statement.

Income from associates and joint ventures5

Income from associates and joint ventures totalling CHF 78.3 million mainly includes the (pre-tax) gain made on the sale of the minority stake in “siggi’s” of CHF 79.4 million. Adjusted for this effect, income from associates and joint ventures amounted to CHF -1.1 million (previous year: CHF 3.6 million). A major reason for this development is the loss of the profit share in “siggi’s” due to the sale of our minority stake. Please refer to note 7 for the tax effect of the “siggi’s” transaction.

Financial result6

 

2018

2017

Interest income

2,899

1,740

Other financial income

786

262

Total financial income

3,685

2,002

Interest expense

-7,723

-9,802

Bank charges and fees

-791

-831

Total financial expenses

-8,514

-10,633

Total excl. currency result

-4,829

-8,631

Currency result

-1,668

-1,756

Financial result

-6,497

-10,387

Income taxes7

 

2018

2017

Current income taxes

46,456

39,681

Deferred income taxes

3,765

-9,376

Total

50,221

30,305

Average tax rate

17.4 %

15.2 %

The average tax rate adjusted for the tax effect on the sale of the minority stake in “siggi’s” amounted to 13.7% in the reporting year.

Net accruals for current income taxes decreased from CHF 23.7 million in 2017 to CHF 22.6 million in 2018. Deferred income taxes are calculated for every company using the effective applicable tax rate. As at 31 December 2018, the resulting weighted average tax rate was 19.9 %. Adjusted for the above-mentioned non-recurring effect, the weighted average tax rate was 18.0 % (previous year: 18.1 %). Deferred income taxes include recognised tax claims from tax loss carryforwards amounting to CHF 8.5 million (previous year: CHF 13.0 million).

Details on change of tax claims from tax loss carryforwards

2018

2017

Recognised tax claims from tax loss carryforwards

8,518

12,969

Unrecognised tax claims from tax loss carryforwards

9,178

11,573

Total tax claims from tax loss carryforwards

17,696

24,542

 

 

 

Recognised tax claims from tax loss carryforwards at 1.1.

12,969

6,010

Additions

331

442

Utilisation

-7,375

-1,001

Reassessment

2,868

6,893

Other adjustments

-275

625

Recognised tax claims from tax loss carryforwards at 31.12.

8,518

12,969

The net change of recognised tax claims from tax loss carryforwards increased the income taxes of the current period by CHF 4.5 million.

Earnings per share8

 

2018

2017

Number of shares at 1.1.

5,349,810

5,349,810

Number of shares at 31.12.

5,349,810

5,349,810

Average number of shares

5,349,810

5,349,810

Net profit in CHF 000s

233,276

161,574

Earnings per share (in CHF)

43.60

30.20

Earnings per share is calculated by dividing the net profit attributable to the shareholders of Emmi AG by the average number of shares outstanding. Treasury shares (if any) are not included in the average number of shares outstanding.

Earnings per share of CHF 43.60 include the gain on the sale of the minority stake in Icelandic Milk and Skyr Corporation (“siggi’s”). By excluding this non-recurring effect, earnings per share amount to CHF 32.80.

Trade receivables9

 

2018

2017

Third parties

421,790

426,424

Associates

7,461

10,569

Shareholders

384

344

Allowance for doubtful accounts

-5,523

-4,608

Total

424,112

432,729

Other receivables10

 

2018

2017

Third parties

31,187

27,838

Associates

6,488

3,228

Total

37,675

31,066

Inventories11

 

2018

2017

Finished products

99,245

89,695

Merchandise

30,777

30,518

Raw materials, semi-finished products and packaging material

245,946

250,406

Other inventories

2,093

2,013

Allowances for inventories

-21,055

-10,523

Total

357,006

362,109

Prepayments and accrued income12

 

2018

2017

Income taxes

2,604

4,421

Other – third parties

29,497

30,952

Other – associates

168

156

Other – shareholders

18

21

Other – related parties

234

Total

32,287

35,784

Thereof current prepayments and accrued income

26,062

29,915

Thereof non-current prepayments and accrued income

6,225

5,869

Other prepayments and accrued income consist mainly of various refunds, accrued promotion costs and prepayments for milk and insurance premiums.

Loans and other receivables13

 

2018

2017

Third parties

43,240

45,121

Associates

9,126

13,897

Total

52,366

59,018

The carrying amount of loans and other receivables from third parties includes impaired loans in the amount of CHF 1.7 million (previous year: CHF 3.6 million). Due to payments received for loans which were already impaired and reclassifications to currents assets, the total impairment on loans has been reduced by CHF 1.9 million in comparision with the previous year’s reduction of CHF 0.6 million.

Property, plant and equipment14

2018

Undeveloped land

Properties/ buildings

Machinery/ equipment

Tangible fixed assets under construction

Other tangible assets

Total

Purchase value at 1.1.2018

5,018

704,798

1,510,985

49,099

67,406

2,337,306

Additions

4,094

8,847

12,976

55,078

2,595

83,590

Disposals

-1,423

-53,386

-2,802

-57,611

Reclassification

1,921

5,883

52,249

-63,535

4,652

1,170

Currency translation differences

-123

-6,044

-17,812

-912

-1,591

-26,482

As at 31 December 2018

10,910

712,061

1,505,012

39,730

70,260

2,337,973

 

 

 

 

 

 

 

Accumulated depreciation at 1.1.2018

1,062

323,275

1,039,951

42,579

1,406,867

Depreciation

 

16,129

73,450

6,446

96,025

Impairment charges

 

389

544

15

948

Disposals

 

-1,051

-48,825

-2,570

-52,446

Reclassification

 

-238

1,190

218

1,170

Currency translation differences

-2

-2,287

-10,763

-1,023

-14,075

As at 31 December 2018

1,060

336,217

1,055,547

45,665

1,438,489

Net book value at 31 December 2018

9,850

375,844

449,465

39,730

24,595

899,484

Thereof finance leases

604

1,800

2,404

2017

Undeveloped land

Properties/ buildings

Machinery/ equipment

Tangible fixed assets under construction

Other tangible assets

Total

Purchase value at 1.1.2017

4,505

701,702

1,411,830

51,164

61,068

2,230,269

Change in scope of consolidation

363

6,147

6,931

6

2,465

15,912

Additions

6,106

15,325

68,456

6,373

96,260

Disposals

-11,139

-13,293

-7,289

-31,721

Reclassification

121

-4,329

82,330

-70,799

4,858

12,181

Currency translation differences

29

6,311

7,862

272

-69

14,405

As at 31 December 2017

5,018

704,798

1,510,985

49,099

67,406

2,337,306

 

 

 

 

 

 

 

Accumulated depreciation at 1.1.2017

1,058

316,278

949,901

43,014

1,310,251

Change in scope of consolidation

598

2,774

1,513

4,885

Depreciation

16,496

72,423

6,277

95,196

Impairment charges

39

1,696

209

1,944

Disposals

-6,777

-12,897

-7,003

-26,677

Reclassification

-6,164

19,904

-1,559

12,181

Currency translation differences

4

2,805

6,150

128

9,087

As at 31 December 2017

1,062

323,275

1,039,951

42,579

1,406,867

Net book value at 31 December 2017

3,956

381,523

471,034

49,099

24,827

930,439

Thereof finance leases

2,772

2,772

Intangible assets15

2018

Trademarks

Software

Goodwill fully consolidated

Goodwill equity consolidated

Total goodwill

Other intangible assets

Total

Purchase value at 1.1.2018

83,145

72,365

507,194

111,002

618,196

17,035

790,741

Change in scope of consolidation

6,233

-3,753

2,480

2,480

Additions

4,380

28

4,408

Disposals

-1,654

-6,290

-7,944

Reclassification

-65

-404

-68

-537

Currency translation differences

-5,055

-661

-11,229

-12,395

-23,624

-396

-29,736

As at 31 December 2018

78,025

74,026

502,198

94,854

597,052

10,309

759,412

 

 

 

 

 

 

 

 

Accumulated amortisation at 1.1.2018

25,519

47,032

142,737

16,320

159,057

14,202

245,810

Change in scope of consolidation

-918

-918

-918

Amortisation

4,242

10,756

23,369

4,692

28,061

479

43,538

Impairment charges

610

610

610

Disposals

-1,654

-6,290

-7,944

Reclassification

-65

-404

-68

-537

Currency translation differences

-1,705

-416

-2,926

-826

-3,752

-191

-6,064

As at 31 December 2018

27,991

55,314

163,790

19,268

183,058

8,132

274,495

Net book value at 31 December 2018

50,034

18,712

338,408

75,586

413,994

2,177

484,917

All intangible assets were acquired. Amortisation of goodwill related to investments which are accounted for using the equity method is included in the position “Income from associates and joint ventures” of the income statement.

2017

Trademarks

Software

Goodwill fully consolidated

Goodwill equity consolidated

Total goodwill

Other intangible assets

Total

Purchase value at 1.1.2017

89,019

68,438

350,894

28,086

378,980

10,015

546,452

Change in scope of consolidation

93

143,059

88,739

231,798

352

232,243

Additions

5

2,703

164

2,872

Reclassification

-9,932

660

3,126

-3,126

6,646

-2,626

Currency translation differences

3,960

564

10,115

-2,697

7,418

-142

11,800

As at 31 December 2017

83,145

72,365

507,194

111,002

618,196

17,035

790,741

 

 

 

 

 

 

 

 

Accumulated amortisation at 1.1.2017

30,033

35,268

116,125

13,633

129,758

7,034

202,093

Change in scope of consolidation

53

125

178

Amortisation

4,153

10,810

22,508

3,340

25,848

556

41,367

Reclassification

-9,932

660

586

-586

6,646

-2,626

Currency translation differences

1,212

294

3,518

-67

3,451

-159

4,798

As at 31 December 2017

25,519

47,032

142,737

16,320

159,057

14,202

245,810

Net book value at 31 December 2017

57,626

25,333

364,457

94,682

459,139

2,833

544,931

Trade payables16

 

2018

2017

Third parties

271,703

267,309

Associates

5,265

4,012

Shareholders

17,077

17,170

Other related parties

168

Total

294,045

288,659

Other payables17

 

2018

2017

Third parties

20,278

20,391

Associates

36

Other related parties

3,098

2,874

Total

23,376

23,301

Accrued liabilities and deferred income18

 

2018

2017

Interest

2,726

2,931

Income taxes

25,163

28,083

Liabilities to employees and social security accruals

33,855

32,627

Contractual discounts

48,724

55,434

Other – third parties

38,930

48,333

Other – associates

1,224

1,113

Total

150,622

168,521

Thereof current accrued liabilities and deferred income

149,293

165,423

Thereof non-current accrued liabilities and deferred income

1,329

3,098

Other accrued liabilities and deferred income of the current and previous period comprise in particular contributions to cheese brand organisations, energy, advertising costs, HGV road tax and various services.

Financial liabilities19

19.1 Bonds

 

 

Bond type

Bond with reopening option

Nominal amount

CHF 100 million

Securities number

36869774 / ISIN CH0368697741

Interest rate

Variable (CHF 3-month LIBOR plus 0.5 %, with floor at 0.00 % and cap at 0.05 %)

Term

21 June 2017 to 21 June 2019

Maturity

21 June 2019 at par value

The CHF 0.2 million expenses incurred in connection with the issuance of the bond were capitalised under prepayments and accrued income on 21 June 2017. This accrual will be released over the term of the bond. The issue price at 100.8 % led to an agio-revenue of CHF 0.8 million. The realisation of the capitalised agio resulted in an effective interest rate of -0.29 % on the bond.

 

 

Bond type

Bond with reopening option

Nominal amount

CHF 200 million

Securities number

21492608 / ISIN CH021492608

Interest rate

1.625 %

Term

12 July 2013 to 12 July 2023

Maturity

12 July 2023 at par value

The CHF 2.1 million expenses incurred in connection with the issuance of the bond were capitalised under prepayments and accrued income on 12 July 2013. This accrual will be released over the term of the bond. The actual interest rate on the bond is thereby increased from 1.625 % to 1.72 % per year.

 

 

Bond type

Bond with reopening option

Nominal amount

CHF 100 million

Securities number

36869775 / ISIN CH0368697758

Interest rate

0.5 %

Term

21 June 2017 to 21 June 2029

Maturity

21 June 2029 at par value

The CHF 0.4 million expenses incurred in connection with the issuance of the bond were capitalised under prepayments and accrued income on 21 June 2017. This accrual will be released over the term of the bond. The issue price at 100.4 % led to an agio-revenue of CHF 0.4 million. The actual interest rate on the bond is thereby increased from 0.50 % to 0.51 % per year.

19.2 Maturing structure of financial liabilities

2018

Residual terms up to 1 year

Residual terms 1 to 5 years

Residual terms over 5 years

Total

Thereof secured by real property liens

Interest rate in %

Bank overdrafts

21,526

93,453

36,495

151,474

7,339

0.5 – 9.4

Finance lease liabilities

966

1,092

2,058

2.5 – 8.7

Loans from third parties

1,909

15,978

35,751

53,638

47,312

0.0 – 2.0

Loans from associates

881

881

2.0

Bonds

100,000

200,000

100,000

400,000

0.0 – 1.6

Total

125,282

310,523

172,246

608,051

54,651

Bank loans with residual terms of up to one year are usually set at variable interest rates. Bonds and the major part of the long-term financial debts are set at fixed terms. The bank loans linked to financial covenants such as net equity ratio and net-debt-to-EBITDA ratio were repayed in the year under review. 

In the year under review, financial liabilities decreased by CHF 3.7 million. Additional financing was raised in Mexico, Spain and Tunisia. Emmi AG could repay the last Schuldscheine (promissory notes) of the 2011 issue in the amount of EUR 10 million. 67.0 % (previous year: 65.7 %) of the financing is denominated in Swiss francs, mainly through the three bonds in the amount of CHF 400.0 million. 20.1 % (previous year: 22.8 %) of the financial liabilities is denominated in Euro, 7.8 % (previous year: 7.8 %) in US dollars and 5.1 % (previous year: 3.7 %) in other currencies such as Chilean and Mexican peso or Tunisian dinar.

2017

Residual terms up to 1 year

Residual terms 1 to 5 years

Residual terms over 5 years

Total

Thereof secured by real property liens

Interest rate in %

Bank overdrafts

33,403

83,586

36,720

153,709

6,190

0.0 – 10.0

Finance lease liabilities

1,331

1,407

2,738

2.5 – 9.0

Loans from third parties

876

11,269

38,378

50,523

47,526

0.0 – 5.4

Loans from associates

4,733

4,733

2.0

Bonds

100,000

300,000

400,000

0.0 – 1.6

Total

40,343

196,262

375,098

611,703

53,716

Provisions20

 

Ongoing restructuring

Negative goodwill

Other provisions

Deferred income taxes

Total provisions

As at 1 January 2018

3,940

621

18,285

60,792

83,638

Additions

12,122

9,996

22,118

Utilisation

-1,403

-4,856

-6,259

Release

-311

-3,365

-7,042

-10,718

Currency translation differences

-661

-303

-964

As at 31 December 2018

2,537

310

21,525

63,443

87,815

Thereof current provisions

1,523

310

8,412

10,245

Thereof non-current provisions

1,014

13,113

63,443

77,570

The restructuring provisions relate in particular to anticipated costs in connection with the decision to reorganise business activities.

Other provisions include amongst other things liabilities for staff expenses in foreign countries as required by law (2018: CHF 6.8 million, 2017: CHF 5.1 million) and provisions for pending legal matters and business disputes (2018: CHF 2.9 million, 2017: CHF 4.4 million). In all cases, the likelihood of such events occurring has been assessed at above 50 %.

 

Ongoing restructuring

Negative goodwill

Other provisions

Deferred income taxes

Total provisions

As at 1 January 2017

2,901

931

21,001

65,890

90,723

Change in scope of consolidation

233

1,015

1,248

Additions

3,067

3,977

2,217

9,261

Utilisation

-2,028

-5,726

-7,754

Release

-310

-1,419

-8,556

-10,285

Currency translation differences

219

226

445

As at 31 December 2017

3,940

621

18,285

60,792

83,638

Thereof current provisions

404

310

6,036

6,750

Thereof non-current provisions

3,536

311

12,249

60,792

76,888

Employee benefit schemes21

 

Nominal value ECR

Waiver of usage

Other value adjustments

Balance sheet

Balance sheet

Result from ECR in personnel expenses

Employer contribution reserve (ECR)

31.12.2018

31.12.2018

31.12.2018

31.12.2018

31.12.2017

2018

2017

Pension schemes without excess/ insufficient cover (domestic)

1,489

1,489

2,048

Pension schemes with excess cover (domestic)

559

559

Total

2,048

2,048

2,048

 

Excess/ insufficient cover as per Swiss GAAP FER 26

Economic benefit/obligation for the company

Change vs. previous year or taken to the income statement in the FY

Contributions limited to the period 1)

Pension expenses in personnel expenses

Economic benefit/economic obligation and pension expenses

31.12.2018

31.12.2018

31.12.2017

 

 

2018

2017

Welfare funds

32,500

Pension schemes without excess/insufficient cover (domestic)

19,784

19,784

19,370

Pension schemes without excess/insufficient cover (abroad)

2,586

2,586

1,788

Pension schemes with excess cover (domestic)

90

94

94

Total

32,590

22,464

22,464

21,158

1) Including result from employer contribution reserves or comparable items in connection with pension schemes abroad.

Breakdown of pension expenses 2018

Domestic

Abroad

Total

Contributions to pension plans at cost to the companies

19,878

2,586

22,464

Contributions to pension plans from employer contribution reserves

Total contributions

19,878

2,586

22,464

Change in ECR due to asset performance, value adjustments, etc.

Contributions and change to employer contribution reserves

19,878

2,586

22,464

Increase in economic benefit to the company due to excess cover

Reduction in economic obligations of the company due to insufficient cover

Total change in economic impact arising from excess/insufficient cover

Pension expenses in personnel expenses for the period

19,878

2,586

22,464

Breakdown of pension expenses 2017

Domestic

Abroad

Total

Contributions to pension plans at cost to the companies

19,370

1,788

21,158

Contributions to pension plans from employer contribution reserves

Total contributions

19,370

1,788

21,158

Change in ECR due to asset performance, value adjustments, etc.

Contributions and change to employer contribution reserves

19,370

1,788

21,158

Increase in economic benefit to the company due to excess cover

Reduction in economic obligations of the company due to insufficient cover

Total change in economic impact arising from excess/insufficient cover

Pension expenses in personnel expenses for the period

19,370

1,788

21,158

Acquisitions22

In the year under review, Emmi did not aquire new companies. In 2017, the acquired companies reported the following main balance sheet items at the date of acquisition:

 

2017

 

Jackson-Mitchell, Inc.

Lácteos Caprinos S.A.

Italian Fresh Foods S.p.A.

Mexideli

Cash and securities

3,912

2,265

1,202

4,197

Trade receivables

2,713

452

3,729

6,108

Inventories

2,590

837

1,898

8,103

Other current assets

62

267

717

694

Non-current assets

2,594

2,598

5,077

1,025

Trade payables

566

579

1,975

5,948

Other current liabilities

1,182

607

1,688

980

Non-current liabilities

807

648

2,290

Shareholders’ equity

9,316

4,585

6,670

13,199

Balance sheet total

11,871

6,419

12,623

20,127

On 4 January 2017, Emmi fully acquired the American family company Jackson-Mitchell, Inc., based in Turlock (US). This firm is a leading supplier of goat’s milk and evaporated and powdered goat’s milk in the US.

On 12 January 2017, Emmi acquired a stake of 80 % in Lácteos Caprinos S.A., based in Campillo de Arenas (Spain). This firm is specialised in the manufacture of semi-finished products (curd) for goat’s cheese manufacturers. 

On 1 March 2017, Emmi fully acquired Italian dessert specialist Italian Fresh Foods S.p.A., based in Lasnigo/Como (Italy).

On 8 October 2017, Emmi increased its stake in Mexideli 2000 Holding S.A. de C.V., based in Mexico City (Mexico), from 50 % to 51 % and consequently obtained control over it. Mexideli is Mexico’s leading importer of premium food products – e.g. speciality cheese.

Unsettled derivative financial instruments23

 

 

31.12.2018

 

 

31.12.2017

 

 

Positive value

Negative value

Purpose

Positive value

Negative value

Purpose

Forward currency transactions

1,878

31

Hedging

757

2,016

Hedging

Other forward transactions

36

Hedging

189

Hedging

Total forward transactions

1,878

67

757

2,205

Thereof to hedge future cash flows

758

67

130

992

Total recognised in the balance sheet

1,120

627

1,213

Similar to the underlying transactions, currency forwards used to hedge future cash flows are not recognised in the balance sheet. The result of these derivative instruments is recognised in the income statement upon occurrence of the transaction hedged. Derivative financial instruments used to hedge balance sheet positions in foreign currencies are recognised as securities in the current assets or other payables in the current liabilities respectively. Corresponding changes in value are recognised in the financial result.

Emmi also has options to acquire additional shares in associates and joint ventures. At the same time, rights to sell their shares were granted to some counterparties. For these purchase and selling rights, the prices agreed are generally based on fair market value at the time of exercise. Currently, these options cannot be reliably measured and are therefore not recognised in the balance sheet.

Contingent assets and liabilities24

Emmi is involved in legal disputes in connection with ordinary operating activities. Although the outcome of the lawsuits currently cannot be predicted with certainty, Emmi assumes that none of the disputes will have any significant negative impact on the operating activities or on the Group’s financial situation. Expected outgoing payments are provided for accordingly. Emmi is committed, in relation to the application for a government grant, to indemnify a third-party investor for damages up to a maximum of CHF 18.4 million (previous year: CHF 18.3 million) in case Emmi does not comply with the conditions attached to the grant. As at the date of the financial statements, the Group had no major contingent assets.

Pledged assets and off-balance sheet leasing/rental obligations25

Pledged assets

31.12.2018

31.12.2017

Pledges on property, nominal values

286,426

281,287

Thereof used as security for own liabilities

54,651

53,634

 

 

 

Off-balance sheet leasing/rental obligations

 

 

1 to 2 years

18,657

19,830

3 to 5 years

19,195

19,028

over 5 years

24,407

28,191

Total

62,259

67,049

Investment obligations and other off-balance sheet liabilities26

 

31.12.2018

31.12.2017

Investment obligations in connection with previously concluded agreements

18,523

5,916

Long-term commodity contracts

1,117

515

Cooperation agreements with suppliers/customers

p.m.

p.m.

Furthermore, there are milk purchase agreements which are not quantifiable.

The long-term commodity contracts are purchase agreements for coffee which will be settled at the market price valid in the period of delivery.

Shareholders28

Nominal capital

31.12.2018

%

31.12.2017

%

ZMP Invest AG , Lucerne 1)

28,488

53.2

28,476

53.2

Zentralschweizer Milchkäuferverband, Willisau 1)

2,250

4.2

2,250

4.2

MIBA Milchverband der Nordwestschweiz, Aesch (BL) 1)

1,810

3.4

1,811

3.4

Other

20,950

39.2

20,961

39.2

Total

53,498

100.0

53,498

100.0

1) ZMP Invest AG , Lucerne, the Zentralschweizer Milchkäuferverband, Willisau, and the MIBA Milchverband der Nordwestschweiz, Aesch (BL), form a group in the sense of Article 121 of the FMIA. The Group owns 60.8 % (previous year: 60.8 %) of the total voting rights.

As at 7 June 2016, Capital Group Companies Inc. informed us that it owned 268,500 shares of Emmi AG (5.019 %). No further disclosure notifications have been made since. 

As at 31 December 2018, Emmi Wohlfahrtsfonds (welfare fund) owned a total of 6,000 shares of Emmi AG (unchanged to previous year).

Transactions with related parties27

Business transactions with related parties are based on arm’s length conditions. All transactions are reported in the consolidated financial statements for 2018 and 2017, and consist of deliveries of products and raw materials, loans, and services to and from related parties. The corresponding receivable and payable balances are reported separately in these financial statements (see notes 9, 10, 12, 13, 16, 17, 18 and 19).

Transactions with associates

2018

2017

Net sales

23,051

25,321

Cost of materials and services

35,111

61,703

Other expenses

2,483

2,655

Financial income

259

474

Financial expense

86

Transactions with shareholders

2018

2017

Net sales

4,613

4,187

Cost of materials and services

190,583

187,397

Other expenses

30

17

Transactions with other related parties

2018

2017

Net sales

1,048

3,850

Cost of materials and services

1,288

3,035

Other expenses

293

162

Milk purchases from the main shareholder are included in cost of materials under transactions with shareholders. These are made at arm’s length conditions. Emmi Group is jointly and severally liable within the scope of VAT Group taxation for the associated liabilities of the Genossenschaft Zentralschweizer Milchproduzenten ZMP and ZMP Invest AG.

Part of the purchase price for the minority interest in Mittelland Molkerei AG acquired in the previous year was paid to the seller, AZM Verwaltungs AG, in the form of shares in Emmi AG. For this purpose, Emmi purchased 61,132 shares at market value from its main shareholder, ZMP Invest AG.

Other transactions

The compensation paid to members of the Board of Directors and Group Management is disclosed in the compensation report of Emmi AG.

Risk management and internal controls29

The Board of Directors of Emmi AG has the ultimate responsibility for risk management, while implementation is delegated to Group Management. Irrespective of the type of risk, there is a generally applicable risk management process. As part of a formal process, significant business risks are assessed in workshops and individual interviews according to the extent of the potential damage and their likelihood of occurrence. This process is divided into two sub-processes: risk analysis and definition of measures. The first sub-process includes risk identification, assessment and classification. Risks are classified according to whether they are strategic, operational, financial or compliance-related. The second sub-process, definition of measures, covers how to deal with risks and the creation of a catalogue of measures per risk, as well as risk reporting.

The Board of Directors of Emmi AG approved the risk assessment in the year under review and monitors implementation of the measures defined by Group Management. No exceptional risks that went beyond normal limits were identified during the assessment. The process is repeated annually. The following risks, among others, were identified as significant risks to the Emmi Group:

  • Milk price difference internationally: The milk price difference between Switzerland and other countries continues to have a negative impact on the sales of domestically produced products both in Switzerland, as the volume of imported milk products increases, and abroad. Although full liberalization of the Swiss milk market remains a long-term risk, this is absorbed through targeted and sustainable growth abroad. Any risks related to the international growth of the Emmi Group are minimized by strictly focusing on the strategy and its implementation.
  • Currency risk: Although currency movements are currently less volatile than in previous years, in particular uncertainties related to Brexit and the corresponding impact on the British pound continue to be a risk for the Group. We aim to achieve natural hedges with purchases in foreign currencies. Furthermore, in-line with the Emmi strategy, expenditure and production in foreign currency zones are being increased through capital expenditures and acquisitions.
  • Price pressure: National and international product tenders, as well as a potentially successful market launch of milk alternatives, threaten to result in price erosion, which could lead to a loss of margin mainly for generic products. If the prices of Emmi products remain stable in foreign currency, this may lead to a margin loss. If prices increase, market shares might be lost. However, the successfully established Emmi brands offer long-term value creation potential.
  • Trade agreements: The drafting of trade agreements in countries in which Emmi operates presents both opportunities and risks for the company. Switzerland is currently engaged in various talks aimed at negotiating new trade agreements or renegotiating existing ones, but progress is slow. As a result, the Swiss dairy industry is increasingly lagging behind its competitors – especially those from the European Union – on the international market in terms of market access conditions. Negotiations that are unfavourable for Emmi could potentially also lead to heavy import pressure in Switzerland. A suspension of the bilateral agreements with the European Union would make it harder for Swiss export products to gain access to the market (e.g. due to the reintroduction of customs duties on cheese), posing a considerable risk. Meanwhile, the future structure of trade agreements between the European Union and the UK could also have significant ramifications for Emmi. 

The Emmi Group is exposed to various financial risks through its business activities, including credit, liquidity and other market risks. Credit risks are managed by means of continual monitoring of day-to-day business and appropriate risk assessment when closing a transaction. Liquidity risk is managed by means of central cash management, which ensures that the planned liquidity requirement is covered by corresponding financing agreements. Other market risks, such as currency and interest rate risks, are partially hedged using derivative instruments. The non-hedged part is consciously borne as a risk. The currencies which are of particular relevance to the Emmi Group are the Euro, the US dollar and the British pound.

To ensure that the consolidated financial statements comply with the applicable accounting standards and are reported accurately, the Emmi Group has set up effective internal control and management systems, which are reviewed regularly. The accounting and valuation include estimates and assumptions regarding the future. These are based on the knowledge possessed by the respective employees and are regularly examined with a critical eye. Where a financial position includes a major valuation uncertainty that could lead to a significant change in the carrying amount, this uncertainty is disclosed accordingly in the Notes. However, no risks that could lead to a significant correction to the company’s assets, financial position or results of operations as reported in the annual accounts were identified as at the balance sheet date.

Subsequent events30

Acquisition of a blue cheese production site in the US

On 4 January 2019, Emmi announced the purchase of a blue cheese production site from the Great Lakes Cheese Company in the US. Emmi is thus gaining capacity and know-how for the production of blue cheese in the US and at the same time extending its value chain. The transaction includes the factory, the related land and the production facilities in Seymour, Wisconsin. The 50 employees at the production site currently produce almost 3.5 million kilograms of cheese. The transaction is expected to be completed in the first quarter of 2019.

Sale of Emmi Frisch-Service AG

On 31 January 2019, Emmi announced that it will sell its Swiss trading and supply company Emmi Frisch-Service AG to the Transgourmet Group. The sales of this company amount to approximately CHF 110 million on a full-year basis. In addition, around 160 employees will join the Transgourmet Group. Emmi does not expect this transaction to have a significant impact on the Group’s results in the following year. The completion of the transaction is subject to the approval of the Swiss Competition Commission.

From the balance sheet date until the consolidated financial statements were approved by the Board of Directors on 27 February 2019, no other major events occurred which could have adversely affected the validity of the financial statements for 2018 or which would have to be disclosed.

Summary of consolidated companies, associates and joint ventures31

Consolidated companies

Head office

Function

Currency

Capital in 000s 31.12.2018

Capital share 31.12.2018

Capital share 31.12.2017

Switzerland

 

 

 

 

 

 

Emmi AG

Lucerne

Holding

CHF

53,498

100 %

100 %

Baumann Käse AG

Zollikofen

Trade

CHF

100

100 %

100 %

Emmi Finanz AG

Lucerne

Service

CHF

100

100 %

100 %

Emmi Fondue AG

Langnau i.E.

Production

CHF

15,000

100 %

100 %

Emmi Frisch-Service AG

Schlieren

Trade

CHF

1,000

100 %

100 %

Emmi International AG

Lucerne

Service

CHF

5,000

100 %

100 %

Emmi Management AG

Lucerne

Service

CHF

500

100 %

100 %

Emmi Schweiz AG

Lucerne

Prod. and trade

CHF

5,700

100 %

100 %

FDS Fromagerie de Saignelégier SA

Saignelégier

Production

CHF

1,050

86 %

86 %

Fromco S.A. Moudon

Moudon

Production

CHF

2,100

60 %

60 %

Holding der Schweizerischen Milchproduzenten AG

Münchenbuchsee

Service

CHF

100

100 %

100 %

Käserei Studer AG 1)

Hefenhofen

Prod. and trade

CHF

720

100 %

100 %

Lesa Lataria Engiadinaisa SA

Bever

Prod. and trade

CHF

1,500

80 %

80 %

Mittelland Molkerei AG

Suhr

Production

CHF

20,000

100 %

100 %

Molkerei Biedermann AG

Bischofszell

Prod. and trade

CHF

1,010

100 %

100 %

MOPRO Luzern AG

Lucerne

Service

CHF

120

100 %

100 %

Regio Molkerei beider Basel AG

Frenkendorf

Production

CHF

3,000

80 %

80 %

Studer Holding AG 1)

Hefenhofen

Service

CHF

100 %

Studer Käsemarketing AG 1)

Hefenhofen

Service

CHF

100 %

Sweet Port Services SA

Lugano

Trade

CHF

250

100 %

100 %

Swissexport, Aktiengesellschaft Schweizerischer Käseexporteure

Berne

Service

CHF

100

79 %

79 %

Spain

 

 

 

 

 

 

Admilac Servicios Profesionales, S.L.

San Sebastian

Service

EUR

3

73 %

73 %

Altamira Alimentaria, S.L.

Renedo

Trade

EUR

3

73 %

73 %

Kaiku Corporación Alimentaria, S.L.

San Sebastian

Service and trade

EUR

82,110

73 %

73 %

Kaiku Internacional, S.L.

San Sebastian

Service and trade

EUR

61,632

73 %

73 %

Lácteos Caprinos S.A.

Campillo de Arenas

Prod. and trade

EUR

600

80 %

80 %

Lácteos de Navarra, S.L.

Pamplona

Production

EUR

9,647

73 %

73 %

Llet Nostra Alimentaria, S.L.

Barcelona

Trade

EUR

2,764

33 %

36 %

SDA Bilbao, S.L.

Bilbao

Service

EUR

3

73 %

73 %

SDA Catalunya

Barcelona

Trade

EUR

3

53 %

55 %

SDA Guipuzcoa, S.L.

Bilbao

Service

EUR

3

73 %

73 %

Servicios Logisticos Jundiz, S.L. 2)

Vitoria

Service

EUR

102

73 %

Kaiku Km0, S.L.

Bilbao

Service and trade

EUR

625

73 %

73 %

Soc. Servicios Logísticos SDA Central, S.L.

Bilbao

Service

EUR

3

73 %

73 %

Tecnología y Calidad Láctea, S.L.

San Sebastian

Service

EUR

3

73 %

73 %

1) Käserei Studer AG and Studer Käsemarketing AG were merged into Studer Holding AG on 20 June 2018, retroactive to 1 January 2018. Afterwards, Studer Holding AG was renamed to Käserei Studer AG.

2) Servicios Logisticos Jundiz, S.L. was founded on 24 January 2018.

Consolidated companies

Head office

Function

Currency

Capital in 000s 31.12.2018

Capital share 31.12.2018

Capital share 31.12.2017

Netherlands

 

 

 

 

 

 

AVH dairy trade B.V.

Bergen

Prod. and trade

EUR

18

90 %

75 %

Bettinehoeve B.V.

Etten-Leur

Prod. and trade

EUR

18

60 %

60 %

Emmi Benelux B.V.

Tiel

Trade

EUR

523

100 %

100 %

Emmi Finance Netherlands B.V.

Tiel

Service

EUR

p.m.

100 %

100 %

Goat Milk Powder B.V.

Etten-Leur

Production

EUR

1

54 %

45 %

Rachelli International B.V.

Amsterdam

Trade

EUR

18

100 %

100 %

Germany

 

 

 

 

 

 

Emmi Deutschland GmbH

Essen

Trade

EUR

75

100 %

100 %

Gläserne Molkerei GmbH 3)

Dechow

Prod. and trade

EUR

375

100 %

100 %

Gläserne Molkerei Münchehofe GmbH 3)

Münchehofe

Prod. and trade

EUR

100

100 %

100 %

Hofmolkerei Münchehofe GmbH

Münchehofe

Trade

EUR

25

100 %

100 %

Meierei Mecklenburg GmbH 3)

Dechow

Trade

EUR

100 %

Molkerei Biedermann GmbH

Constance

Trade

EUR

25

100 %

100 %

Rutz Käse GmbH

Constance

Trade

EUR

25

100 %

100 %

Italy

 

 

 

 

 

 

A-27 S.p.A.

Rancio Valcuvia

Prod. and trade

EUR

1,000

100 %

100 %

Emmi Dessert Italia S.p.A. 4)

Milan

Trade

EUR

1,000

100 %

100 %

Emmi Holding Italia S.r.l.

Milan

Service

EUR

1,714

100 %

100 %

Emmi Italia S.p.A.

Milan

Trade

EUR

500

100 %

100 %

Italian Fresh Foods S.p.A.

Lasnigo

Prod. and trade

EUR

202

100 %

100 %

Rachelli Italia S.r.l.

Pero

Production

EUR

52

100 %

100 %

France

 

 

 

 

 

 

Distribution Frais Disfrais SAS 5)

Avignon

Trade

EUR

192

85 %

51 %

EAF Immo 84 SCI 5)

Nice

Service

EUR

270

85 %

51 %

Emmi France SAS

Rungis

Trade

EUR

40

100 %

100 %

Ets Schoepfer SAS 5)

Avignon

Trade

EUR

1,252

85 %

51 %

SAS Emmi Ambrosi France E.A.F. 5)

Nice

Service

EUR

3,927

85 %

51 %

Belgium

 

 

 

 

 

 

Emmi Belux SA

Brussels

Trade

EUR

62

100 %

100 %

United Kingdom

 

 

 

 

 

 

Emmi UK Limited

London

Trade

GBP

4,717

100 %

100 %

Austria

 

 

 

 

 

 

Emmi Österreich GmbH

Nüziders

Trade

EUR

2,800

100 %

100 %

Tunisia

 

 

 

 

 

 

Centrale Laitière de Mahdia, S.A.

Mahdia

Production

TND

33,000

40 %

33 %

Société tunisienne d'engraissement des veaux S.A.R.L.

Mahdia

Production

TND

140

36 %

30 %

3) Meierei Mecklenburg GmbH was merged into Gläserne Molkerei GmbH on 7 August 2018, retroactive to 1 January 2018. Afterwards, Gläserne Meierei GmbH and Gläserne Molkerei GmbH were renamed to Gläserne Molkerei Gmbh, respectively Gläserne Molkerei Münchehofe GmbH.

4) Eurogel S.r.l. was renamed to Emmi Dessert Italia S.p.A. on 1 November 2018.

5) On 31 July 2018, Emmi increased its stake in SAS Emmi Ambrosi France E.A.F. and EAF Immo 84 SCI from 51 % to 85 % in each case. As a consequence, Emmi’s share in Ets Schoepfer SAS and Distribution Disfrais SAS, which are directly held by SAS Emmi Ambrosi France E.A.F., increased from 51 % to 85 % in each case. As the share that is held indirectly by associates is no longer considered, the total share in the prior year has been adjusted.

Consolidated companies

Head office

Function

Currency

Capital in 000s 31.12.2018

Capital share 31.12.2018

Capital share 31.12.2017

United States

 

 

 

 

 

 

Cowgirl Creamery Corporation 6)

Petaluma

Prod. and trade

USD

100 %

Cypress Grove Chèvre, Inc.

Arcata

Prod. and trade

USD

202

100 %

100 %

Emmental Cheese Corp.

Orangeburg

Trade

USD

6

100 %

100 %

Emmi Holding (USA), Inc.

Orangeburg

Service

USD

1

100 %

100 %

Emmi Penn Yan LLC

Penn Yan

Production

USD

2,390

100 %

100 %

Emmi Platteville, Inc.

Delaware

Service

USD

p.m.

100 %

100 %

Emmi Resume LLC 7)

Delaware

Service

USD

p.m.

100 %

Emmi Roth USA, Inc.

Monroe

Prod. and trade

USD

2

100 %

100 %

Emmi USA Inc.

Orangeburg

Trade

USD

800

100 %

100 %

Jackson-Mitchell, Inc.

Turlock

Prod. and trade

USD

50

100 %

100 %

Redwood Hill Farm & Creamery, Inc.

Sebastopol

Prod. and trade

USD

p.m.

100 %

100 %

Switzerland Cheese Marketing (USA) Inc.

Orangeburg

Trade

USD

1

79 %

79 %

Tomales Bay Foods, Inc.

Petaluma

Prod. and trade

USD

p.m.

100 %

100 %

Zingg + Co. Inc.

Orangeburg

Trade

USD

1

100 %

100 %

Mexico

 

 

 

 

 

 

Alimentos Finos del Sureste, S.A. de C.V.

Cancun, Qroo

Trade

MXN

100

38 %

38 %

Comalca 2000, S.A. de C.V.

Cancun, Qroo

Trade

MXN

14,960

38 %

38 %

Comalca Gourmet, S.A. de C.V.

Cancun, Qroo

Trade

MXN

12,623

38 %

38 %

Distribuidora Internacional de Lacteos, S.A. de C.V.

Mexico City

Trade

MXN

50

38 %

38 %

Distribuidora Mexideli, S.A. de C.V.

Mexico City

Service

MXN

100

51 %

51 %

Mexideli 2000 Holding S.A. de C.V.

Mexico City

Trade

MXN

101,759

51 %

51 %

Mexideli, S.A. de C.V.

Mexico City

Trade

MXN

68,350

51 %

51 %

Tecnologias Narcisco, S.A. de C.V.

Mexico City

Trade

MXN

60

51 %

51 %

Chile

 

 

 

 

 

 

Eurolac Chile, S.A.

Santiago

Service

CLP

29,020,654

73 %

73 %

Kaiku Internacional, S.L. Agencia en Chile 8)

Santiago

Service

CLP

73 %

SDA Chile, S.A.

Santiago

Trade

CLP

798,271

72 %

72 %

Surlat Comercial, S.A.

Santiago

Trade

CLP

7,934,483

72 %

72 %

Surlat Corporación, S.A.

Santiago

Service

CLP

28,624,995

72 %

72 %

Surlat Industrial, S.A.

Pitrufquen

Production

CLP

20,310,389

72 %

72 %

Canada

 

 

 

 

 

 

Emmi Canada Inc.

Saint-Laurent

Trade

CAD

27,152

100 %

100 %

Switzerland Cheese Marketing Inc.

Saint-Laurent

Trade

CAD

1

79 %

79 %

9314 — 8591 Québec Inc.

Boucherville

Trade

CAD

3,137

100 %

100 %

Brazil

 

 

 

 

 

 

Emmi do Brasil Holding Ltda.

Sao Paulo

Service

BRL

481,000

100 %

100 %

6) Cowgirl Creamery Corporation was merged into Tomales Bay Foods, Inc. on 1 January 2018.

7) Emmi Resume LLC was founded on 21 December 2018.

8) Kaiku Internacional, S.L. Agencia en Chile was liquidated on 28 June 2018.

The percentage of voting rights controlled by the Emmi Group in the subsidiaries of Kaiku Corporación Alimentaria, S.L. and the subsidiaries of Mexideli 2000 Holding S.A. de C.V. differs from the capital share since Emmi controls these subsidiaries through its control of the parent companies.

Associates and joint ventures

Head office

Function

Currency

Capital in 000s 31.12.2018

Capital share 31.12.2018

Capital share 31.12.2017

Switzerland

 

 

 

 

 

 

BO Butter GmbH

Berne

Service

CHF

500

33 %

33 %

Cetra Holding SA

Lugano

Trade

CHF

250

34 %

34 %

FDC Fromagerie de Courgenay SA

Courgenay

Service

CHF

990

25 %

25 %

Sbrinz Käse GmbH

Sursee

Service

CHF

180

24 %

24 %

Switzerland Cheese Marketing AG

Berne

Service

CHF

290

23 %

23 %

Thurgauische Käse-Reifungs AG

Weinfelden

Service

CHF

2,000

25 %

25 %

Vermo Tiefkühl Pool AG

Lucerne

Trade

CHF

2,500

35 %

35 %

Italy

 

 

 

 

 

 

Ambrosi S.p.A.

Brescia

Prod. and trade

EUR

10,000

25 %

25 %

Sepa S.r.l.

Pieve Porto Morone

Prod. and trade

EUR

100

40 %

40 %

Germany

 

 

 

 

 

 

Carl Fr. Scheer GmbH + Co. KG

Willstätt

Trade

EUR

500

25 %

25 %

Scheer Verwaltungs u. Beteiligungs GmbH

Willstätt

Service

EUR

26

25 %

25 %

Spain

 

 

 

 

 

 

Batiovo I.A.E.

Madrid

Trade

EUR

12

37 %

37 %

Serkolat Bide, S.L.

San Sebastian

Service

EUR

8

37 %

37 %

United States

 

 

 

 

 

 

Big Red Cheese Company LLC

Monroe

Trade

USD

p.m.

50 %

50 %

EB Snacks LLC

Delaware

Production

USD

2

50 %

50 %

Emmi Meister LLC

Fitchburg

Production

USD

2

50 %

50 %

Kindred Creamery LLC

Fitchburg

Trade

USD

1

30 %

30 %

The Icelandic Milk and Skyr Corporation 1)

New York

Production

USD

22 %

White Hill Cheese Company LLC

Shullsburg

Production

USD

7,000

50 %

50 %

Brazil

 

 

 

 

 

 

Laticínios Porto Alegre Indústria e Comércio S.A.

Ponte Nova

Prod. and trade

BRL

344,637

40 %

40 %

1) The minority stake in The Icelandic Milk and Skyr Corporation was sold on 1 February 2018.