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

Notes to the consolidated financial statements

in CHF 000s

Segment reporting 1

Net sales by product groups and divisions

2020

Switzerland 2019

2020

Americas 2019

2020

Europe 2019

2020

Global Trade 2019

2020

Group 2019

Natural cheese

381,363

377,281

495,197

470,143

112,121

105,007

43,064

44,688

1,031,745

997,119

Processed cheese

52,850

49,862

31,924

23,588

16,985

16,034

5,788

6,277

107,547

95,761

Cheese

434,213

427,143

527,121

493,731

129,106

121,041

48,852

50,965

1,139,292

1,092,880

As % of net sales

25.8

25.5

41.1

44.3

20.5

20.4

45.5

45.7

30.8

31.3

 

 

 

 

 

 

 

 

 

 

 

Milk

269,798

272,902

291,678

240,517

66,285

60,575

2,558

2,864

630,319

576,858

Butter and margarine

243,456

243,205

21,472

12,251

29,263

28,782

303

294,191

284,541

Cream

169,608

170,523

40,286

30,522

3,471

3,497

7

211

213,372

204,753

Dairy products

682,862

686,630

353,436

283,290

99,019

92,854

2,565

3,378

1,137,882

1,066,152

As % of net sales

40.5

41.0

27.6

25.4

15.7

15.7

2.4

2.9

30.7

30.5

 

 

 

 

 

 

 

 

 

 

 

Fresh products

341,322

335,931

226,115

202,862

289,570

271,473

35,888

38,424

892,895

848,690

As % of net sales

20.2

20.1

17.6

18.2

45.9

45.8

33.4

34.5

24.1

24.3

 

 

 

 

 

 

 

 

 

 

 

Fresh cheese

106,278

102,504

62,245

25,941

40,832

53,426

64

209,355

181,935

As % of net sales

6.3

6.1

4.9

2.3

6.5

9.0

0.1

5.6

5.2

 

 

 

 

 

 

 

 

 

 

 

Powder/concentrates

63,235

60,030

21,076

7,747

44,414

42,880

18,474

16,622

147,199

127,279

As % of net sales

3.7

3.6

1.6

0.7

7.0

7.2

17.2

14.9

4.0

3.6

 

 

 

 

 

 

 

 

 

 

 

Other products

35,954

40,562

87,084

95,437

26,542

10,352

1,215

1,596

150,795

147,947

Sales of services

22,328

22,176

4,744

5,639

1,187

795

384

470

28,643

29,080

Other products and services

58,282

62,738

91,828

101,076

27,729

11,147

1,599

2,066

179,438

177,027

As % of net sales

3.5

3.7

7.2

9.1

4.4

1.9

1.5

1.9

4.8

5.1

 

 

 

 

 

 

 

 

 

 

 

Net sales

1,686,192

1,674,976

1,281,821

1,114,647

630,670

592,821

107,378

111,519

3,706,061

3,493,963

As % of Group

45.5

47.9

34.6

31.9

17.0

17.0

2.9

3.2

100.0

100.0

Net sales by country group

2020

in %

2019

in %

 

 

 

 

 

 

Switzerland

1,686,192

45.5

1,674,976

47.9

 

 

 

 

 

 

Europe excl. Switzerland

899,869

24.3

872,956

25.0

 

 

 

 

 

 

North and South America

899,787

24.3

740,807

21.2

 

 

 

 

 

 

Africa

150,917

4.0

140,783

4.0

 

 

 

 

 

 

Asia/Pacific

69,296

1.9

64,441

1.9

 

 

 

 

 

 

Total

3,706,061

100.0

3,493,963

100.0

 

 

 

 

 

 

Emmi does not publish segment results since this would cause significant competitive disadvantages towards customers as well as 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, Spain (excl. Lácteos Caprinos S.A.), Chile, Brazil, Tunisia, France, Mexico and Canada. The business division Europe incorporates those in Germany, Italy, the Netherlands, the UK, Austria, Belgium and Lácteos Caprinos S.A. in Spain (sold on 18 December 2020). 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 income 2

 

2020

2019

Company-produced additions

460

605

Gain on disposal of fixed assets

524

2,479

Miscellaneous operating income

3,542

3,850

Total

4,526

6,934

Other operating expenses 3

 

2020

2019

Marketing and sales related expenses

126,998

129,855

Occupancy expense, maintenance and repair, leasing

76,827

68,234

Insurance, fees and HGV road tax

18,156

17,483

Energy, operating material and supplies

75,430

71,867

Administrative expenses

39,595

39,670

Logistic expenses

115,493

112,819

Other operating expenses

31,542

18,340

Total

484,041

458,268

The inrease in the position Other operating expenses is primarily due to the loss on the sale of the majority stake in Lácteos Caprinos S.A. in the reporting period.

Depreciation and amortisation 4

 

2020

2019 (restated)

Depreciation of property, plant and equipment

98,373

95,372

Impairment of property, plant and equipment

10,329

1,226

Amortisation of intangible assets

10,464

13,403

Impairment of intangible assets

566

Total

119,732

110,001

Financial result 5

 

2020

2019

Interest income

1,890

3,904

Other financial income

176

1,052

Total financial income

2,066

4,956

Interest expense

-9,373

-8,702

Bank charges and fees

-1,628

-791

Total financial expenses

-11,001

-9,493

Total excl. currency result

-8,935

-4,537

Currency result

-4,449

-2,217

Financial result

-13,384

-6,754

Income taxes 6

 

2020

2019 (restated)

Current income taxes

36,681

42,348

Deferred income taxes

3,956

-7,564

Total

40,637

34,784

Average tax rate

16.8 %

14.6 %

Net accruals for current income taxes increased from CHF 23.4 million in 2019 to CHF 29.3 million in 2020. Deferred income taxes are calculated for every company using the effective applicable tax rate. As at 31 December 2020, the resulting weighted average tax rate was 16.8 % (adjusted and unadjusted, previous year: 17.8 %). Deferred income taxes include recognised tax claims from tax loss carryforwards amounting to CHF 3.5 million (previous year: CHF 7.1 million).

The average tax rate adjusted for the tax effect on the sale of the majority stake in Lácteos Caprinos S.A. amounted to 16.0 % in the reporting year.

Details on change of tax claims from tax loss carryforwards

2020

2019

Recognised tax claims from tax loss carryforwards

3,474

7,098

Unrecognised tax claims from tax loss carryforwards

8,297

8,552

Total tax claims from tax loss carryforwards

11,771

15,650

 

 

 

Recognised tax claims from tax loss carryforwards at 1.1.

7,098

8,518

Change in scope of consolidation

-584

Additions

271

Utilisation

-2,439

-2,141

Reassessment

-1,093

1,341

Other adjustments

-92

-307

Recognised tax claims from tax loss carryforwards at 31.12.

3,474

7,098

The net change of recognised tax claims from tax loss carryforwards increased the income tax expenses of the reporting period by CHF 3.6 million.

Earnings per share 7

 

2020

2019 (restated)

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

188,392

194,995

Earnings per share (in CHF)

35.21

36.45

Earnings per share is calculated by dividing the net profit attributable to the shareholders of Emmi AG by the average number of shares outstanding. There are no treasury shares that need to be considered in the calculation of the average number of shares outstanding.

Earnings per share of CHF 35.21 include the loss on the sale of the majority stake in Lácteos Caprinos S.A. By excluding this non-recurring effect, earnings per share amounted to CHF 37.86.

Trade receivables 8

 

2020

2019

Third parties

467,027

449,641

Associates

7,024

6,185

Shareholders

413

331

Allowance for doubtful accounts

-9,670

-8,218

Total

464,794

447,939

Other receivables 9

 

2020

2019

Value-added tax

29,926

18,903

Income taxes

3,313

1,836

Other – third parties

21,171

11,578

Other – associates

2,766

5,117

Total

57,176

37,434

Inventories 10

 

2020

2019

Finished products

111,197

108,411

Merchandise

27,917

27,980

Raw materials, semi-finished products and packaging material

266,592

252,138

Other inventories

4,039

3,475

Allowances for inventories

-19,619

-20,125

Total

390,126

371,879

Prepayments and accrued income 11

 

2020

2019

Value-added tax

16,366

17,877

Income taxes

4,620

9,405

Social insurance

1,243

1,606

Other – third parties

23,394

30,883

Other – associates

91

64

Other – shareholders

22

9

Total

45,736

59,844

Thereof current prepayments and accrued income

40,718

53,131

Thereof non-current prepayments and accrued income

5,018

6,713

Other prepayments and accrued income of the year under review and the previous year consist mainly of prepayments, various refunds, as well as accrued income for advertising costs and milk.

Loans and other receivables 12

 

2020

2019

Third parties

8,403

7,703

Associates

3,788

3,829

Total

12,191

11,532

The carrying amount of loans and other receivables from third parties includes impaired loans in the amount of CHF 1.6 million (unchanged on the previous year).

Property, plant and equipment 13

2020

Undeveloped land

Properties/ buildings

Machinery/ equipment

Tangible fixed assets under construction

Other tangible assets

Total

Purchase value at 1.1.2020

8,869

750,187

1,584,481

86,804

75,659

2,506,000

Change in scope of consolidation

1,452

20,137

22,532

3,271

3,894

51,286

Additions

3,001

15,900

105,422

2,429

126,752

Disposals

-3,511

-11,093

-3,624

-18,228

Reclassification

520

23,323

60,398

-90,417

5,496

-680

Currency translation differences

13

-15,411

-24,078

-9,624

-3,936

-53,036

As at 31 December 2020

10,854

777,726

1,648,140

95,456

79,918

2,612,094

 

 

 

 

 

 

 

Accumulated depreciation at 1.1.2020

1,058

354,326

1,127,010

47,109

1,529,503

Change in scope of consolidation

5,689

14,349

1,911

21,949

Depreciation

17,865

73,263

7,245

98,373

Impairment charges

1,162

9,154

13

10,329

Disposals

-3,153

-10,787

-3,398

-17,338

Reclassification

-553

-127

-680

Currency translation differences

-2,718

-10,940

-2,047

-15,705

As at 31 December 2020

1,058

373,171

1,201,496

50,706

1,626,431

Net book value at 31 December 2020

9,796

404,555

446,644

95,456

29,212

985,663

Thereof finance leases

665

2,281

2,946

2019

Undeveloped land

Properties/ buildings

Machinery/ equipment

Tangible fixed assets under construction

Other tangible assets

Total

Purchase value at 1.1.2019

10,910

712,061

1,505,012

39,730

70,260

2,337,973

Change in scope of consolidation

43,893

42,592

26,110

4,566

117,161

Additions

3,719

1,086

5,856

90,494

1,499

102,654

Disposals

-5,916

-4,072

-12,934

-6,404

-29,326

Government grants

-3,974

-4,822

-8,796

Reclassification

6,077

57,541

-69,038

5,937

517

Currency translation differences

156

-4,884

-8,764

-492

-199

-14,183

As at 31 December 2019

8,869

750,187

1,584,481

86,804

75,659

2,506,000

 

 

 

 

 

 

 

Accumulated depreciation at 1.1.2019

1,060

336,217

1,055,547

45,665

1,438,489

Change in scope of consolidation

5,932

15,400

1,055

22,387

Depreciation

16,380

72,715

6,277

95,372

Impairment charges

1,212

14

1,226

Disposals

-2,418

-12,664

-6,248

-21,330

Reclassification

16

501

517

Currency translation differences

-2

-1,785

-5,216

-155

-7,158

As at 31 December 2019

1,058

354,326

1,127,010

47,109

1,529,503

Net book value at 31 December 2019

7,811

395,861

457,471

86,804

28,550

976,497

Thereof finance leases

354

1,552

1,906

Intangible assets 14

2020

Trademarks

Software

Other intangible assets

Total

Purchase value at 1.1.2020

76,419

77,680

9,911

164,010

Change in scope of consolidation

946

242

2,246

3,434

Additions

4,509

122

4,631

Disposals

-53

-113

-166

Reclassification

208

41

899

1,148

Currency translation differences

-1,979

-928

-323

-3,230

As at 31 December 2020

75,541

81,431

12,855

169,827

 

 

 

 

 

Accumulated amortisation at 1.1.2020

31,068

64,061

8,098

103,227

Change in scope of consolidation

194

182

1,499

1,875

Amortisation

3,870

6,240

354

10,464

Impairment charges

566

566

Disposals

-50

-50

Reclassification

208

41

899

1,148

Currency translation differences

-770

-780

-204

-1,754

As at 31 December 2020

34,570

70,260

10,646

115,476

Net book value at 31 December 2020

40,971

11,171

2,209

54,351

2019

Trademarks

Software

Other intangible assets

Total

Purchase value at 1.1.2019 (restated)

78,025

74,026

10,309

162,360

Change in scope of consolidation (restated)

11

1,124

59

1,194

Additions

3,345

3,345

Disposals

-114

-43

-157

Reclassification

-165

-236

-396

-797

Currency translation differences (restated)

-1,452

-465

-18

-1,935

As at 31 December 2019 (restated)

76,419

77,680

9,911

164,010

 

 

 

 

 

Accumulated amortisation at 1.1.2019 (restated)

27,991

55,314

8,132

91,437

Change in scope of consolidation

9

548

58

615

Amortisation (restated)

4,065

8,922

416

13,403

Disposals

-114

-43

-157

Reclassification

-165

-236

-396

-797

Currency translation differences (restated)

-832

-373

-69

-1,274

As at 31 December 2019 (restated)

31,068

64,061

8,098

103,227

Net book value at 31 December 2019 (restated)

45,351

13,619

1,813

60,783

All intangible assets were acquired. 

Goodwill from acquisitions

The goodwill from the acquisition of companies and businesses or the purchase of interests in associates or joint ventures is offset against retained earnings at the date of acquisition. The theoretical capitalisation of goodwill and its amortisation over the expected useful life of usually 20 years would have the following effects on the consolidated interim financial statements as at 31 December 2020.

Theoretical movement schedule for goodwill

 

Goodwill group companies

Goodwill associated companies

Total

At cost 1.1.2020

672,351

19,305

691,656

Additions

190,508

190,508

Disposals

-9,017

-9,017

Currency translation differences

-62,211

-50

-62,261

At cost 31.12.2020

791,631

19,255

810,886

 

 

 

 

Theoretical accumulated amortisation 1.1.2020

194,523

14,080

208,603

Amortisation

32,083

686

32,769

Impairment

7,352

7,352

Disposals

-9,017

-9,017

Currency translation differences

-7,713

-25

-7,738

Theoretical accumulated amortisation 31.12.2020

217,228

14,741

231,969

Theoretical net book value 31.12.2020

574,403

4,514

578,917

The impairment charge in the reporting year relates to Lácteos Caprinos S.A., which was sold in December 2020.

 

Goodwill group companies

Goodwill associated companies

Total

At cost 1.1.2019

502,198

94,854

597,052

Additions

108,245

108,245

Reclassification

70,986

-70,986

Currency translation differences

-9,078

-4,563

-13,641

At cost 31.12.2019

672,351

19,305

691,656

 

 

 

 

Theoretical accumulated amortisation 1.1.2019

163,790

19,268

183,058

Amortisation

25,378

3,375

28,753

Reclassification

7,948

-7,948

Currency translation differences

-2,593

-615

-3,208

Theoretical accumulated amortisation 31.12.2019

194,523

14,080

208,603

Theoretical net book value 31.12.2019

477,828

5,225

483,053

Theoretical impact on shareholders’ equity incl. minority interests

 

31.12.2020

31.12.2019

Shareholders’ equity per balance sheet

1,233,066

1,300,674

Theoretical capitalisation of net book value of goodwill

633,440

493,486

Currency translation differences

-54,523

-10,433

Theoretical shareholders’ equity incl. net book value of goodwill

1,811,983

1,783,727

Theoretical shareholders’ equity ratio

62.1 %

62.3 %

Theoretical impact on earnings before interest and taxes (EBIT)

 

2020

2019

Earnings before interest and taxes (EBIT) per income statement

256,607

243,221

Theoretically not necessary goodwill recycling

8,979

Theoretical amortisation of goodwill

-32,083

-25,378

Theoretical impairment of goodwill

-7,352

Theoretical earnings before interest and taxes (EBIT) after goodwill amortisation and impairment

226,151

217,843

Theoretical impact on net profit

 

2020

2019

Net profit

188,392

194,995

Theoretically not necessary goodwill recycling

8,979

Theoretical amortisation and impairment of goodwill

-40,121

-28,753

Theoretical net profit after goodwill amortisation and impairment

157,250

166,242

Trade payables 15

 

2020

2019

Third parties

288,009

279,211

Associates

7,699

5,192

Shareholders

17,238

17,046

Total

312,946

301,449

Other payables 16

 

2020

2019

Value-added tax

9,651

5,708

Social insurance

7,064

6,936

Other – third parties

14,601

9,057

Other – related parties

1,924

3,039

Total

33,240

24,740

Accrued liabilities and deferred income 17

 

2020

2019

Contractual discounts

47,033

48,576

Vacancy, overtime, bonuses

36,880

34,624

Income taxes

33,900

32,763

Interest

2,698

2,330

Social insurance

1,778

1,448

Other – third parties

76,158

61,322

Other – associates

1,046

1,067

Total

199,493

182,130

Thereof current accrued liabilities and deferred income

189,065

173,963

Thereof non-current accrued liabilities and deferred income

10,428

8,167

Other accrued liabilities and deferred income of the year under review and the previous year comprise in particular contributions to brand organisations, expected earn-out payments for acquisitions, energy costs, advertising costs, HGV road tax and various services.

Financial liabilities 18

18.1 Bonds

 

 

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.

In the reporting year, securities with a nominal value of CHF 0.5 million were repurchased from the stock exchange for investment purposes.

18.2 Maturing structure of financial liabilities

2020

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

34,761

130,360

940

166,061

14,397

0.5 – 10.6

Finance lease liabilities

1,431

916

2,347

4.0 – 12.5

Loans from third parties

1,303

2,098

18

3,419

0.0 – 8.0

Bonds

200,000

99,520

299,520

0.5 – 1.6

Total

37,495

333,374

100,478

471,347

14,397

Bank loans are usually set at variable interest rates, whereas bonds are set at fixed terms. There are no financing arrangements in place linked to financial covenants. 

In the year under review, financial liabilities decreased by CHF 12.1 million. The most significant contribution came from an early amortisation of bank loans in Brazil through intra-Group financing. This effect was partially offset by new bank financing in connection with the acquisition in Chile. 64.4 % (previous year: 63.0 %) of the financing is denominated in Swiss francs, mainly through two bonds. 25.7 % (previous year: 24.5 %) of the financial liabilities are denominated in euro. CHF 46.7 million or 9.9 % (previous year: 12.5 %) of the financing is denominated locally in emerging market currencies such as the Chilean and Mexican peso, Brazilian real and Tunisian dinar.

2019

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

44,614

130,722

1,912

177,248

13,208

0.5 – 10.6

Finance lease liabilities

796

751

1,547

2.5 – 11.5

Loans from third parties

1,540

2,990

109

4,639

0.0 – 2.0

Bonds

200,000

100,000

300,000

0.0 – 1.6

Total

46,950

334,463

102,021

483,434

13,208

Provisions 19

 

Ongoing restructuring

Other provisions

Deferred income taxes

Total provisions

As at 1 January 2020

3,000

31,425

55,437

89,862

Change in scope of consolidation

829

829

Additions

15,935

528

16,463

Utilisation

-1,000

-13,569

-14,569

Release

-763

-2,248

-3,011

Currency translation differences

-1,557

-984

-2,541

As at 31 December 2020

2,000

31,471

53,562

87,033

Thereof current provisions

1,000

15,399

16,399

Thereof non-current provisions

1,000

16,072

53,562

70,634

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 (2020: CHF 6.3 million, 2019: CHF 6.6 million) and provisions for pending legal matters and business disputes (2020: CHF 2.6 million, 2019: CHF 7.7 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 2019

2,537

310

21,525

63,443

87,815

Change in scope of consolidation

6,252

240

6,492

Additions

1,500

12,439

676

14,615

Utilisation

-1,016

-8,154

-9,170

Release

-21

-310

-508

-8,718

-9,557

Currency translation differences

-129

-204

-333

As at 31 December 2019

3,000

31,425

55,437

89,862

Thereof current provisions

1,500

11,546

13,046

Thereof non-current provisions

1,500

19,879

55,437

76,816

Employee benefit schemes 20

 

Nominal value ECR

Waiver of usage

Other value adjustments

Balance sheet

Balance sheet

Result from ECR in personnel expenses

Employer contribution reserve (ECR)

31.12.2020

31.12.2020

31.12.2020

31.12.2020

31.12.2019

2020

2019

Pension schemes without excess/ insufficient cover (domestic)

1,489

1,489

1,489

Pension schemes with excess cover (domestic)

559

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

31.12.2020

31.12.2020

31.12.2019

 

 

2020

2019

Welfare funds

30,000

Pension schemes without excess/insufficient cover (domestic)

20,269

20,269

20,219

Pension schemes without excess/insufficient cover (abroad)

3,454

3,454

2,980

Pension schemes with excess cover (domestic)

46

95

95

87

Total

30,046

23,818

23,818

23,286

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

Breakdown of pension expenses 2020

Domestic

Abroad

Total

Contributions to pension plans at cost to the companies

20,364

3,454

23,818

Contributions to pension plans from employer contribution reserves

Total contributions

20,364

3,454

23,818

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

Contributions and change to employer contribution reserves

20,364

3,454

23,818

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

20,364

3,454

23,818

Breakdown of pension expenses 2019

Domestic

Abroad

Total

Contributions to pension plans at cost to the companies

20,306

2,980

23,286

Contributions to pension plans from employer contribution reserves

Total contributions

20,306

2,980

23,286

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

Contributions and change to employer contribution reserves

20,306

2,980

23,286

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

20,306

2,980

23,286

Acquisitions 21

The companies acquired in 2020 and 2019 reported the following main balance sheet items at the date of acquisition and are fully consolidated:

 

2020

2019

 

Quillayes Group

Chäs Hütte Zollikon GmbH

Indulge Desserts Group

Immobiliare Ro.Se S.p.A.

Leeb Group

Laticínios Porto Alegre Group

Pasticceria Quadrifoglio Group

Cash and securities

1,926

6

6,175

139

715

12,143

7,850

Trade receivables

8,821

2

10,571

2,052

22,302

8,019

Inventories

8,048

41

7,371

1,815

14,171

1,701

Other current assets

762

15

287

35

735

20,108

851

Non-current assets

15,140

16

10,487

7,974

4,583

80,721

9,274

Trade payables

7,185

36

3,377

1,051

12,928

2,461

Other current liabilities

23,732

24

1,935

199

4,439

20,719

6,472

Non-current liabilities

2,477

6,197

53

14,036

2,253

Net assets

1,303

20

23,382

7,949

4,357

101,762

16,509

The business combination of the Chilean Emmi group Surlat with its competitor Quillayes announced in 2019 was closed on 15 January 2020. As part of the transaction, both parties contributed their existing Chilean companies into Quillayes Surlat S.p.A., in which Emmi subsidiary Kaiku holds a 51.5 % stake. Quillayes produces cheese, yogurt, butter and cream and has also established itself in the distribution of imported branded products.

Emmi acquired 100 % of the shares of Chäs Hütte Zollikon GmbH on 29 July 2020. The company is active in trading and selling dairy products and other food items.

Emmi acquired 87.71 % of US-based Indulge Desserts Group on 6 October 2020. This acquisition enables Emmi to participate in the American dessert market, which is the largest and fastest-growing in the world, extends Emmi’s footprint to the United States and opens up new distribution opportunities for its Italian speciality desserts.

Emmi acquired 100 % of the shares of Immobiliare Ro.Se S.p.A. based in Pero (Italy) on 3 November 2020. Along with the company, a property in Pero that had been rented to that date was also acquired.

On 8 October 2019, Emmi acquired a stake of 66 % in the Leeb Group, based in Wartberg (Austria). The companies are specialised in the production of dairy and fresh products based on organic goat’s and sheep’s milk, and organic vegan products.

On 24 October 2019, Emmi increased its stake in the Laticínios Porto Alegre Group, based in Ponte Nova (Brazil), from 40 % to 70 % and therefore now controls this group. The group ranks amongst the five largest dairies in its main market of Minas Gerais, with strong positions in the product categories of cheese, fresh cheese, UHT milk, butter and whey powder.

On 31 October 2019, Emmi fully acquired the Pasticceria Quadrifoglio Group, based in Piumazzo (Italy). With the acquisition of the Quadrifoglio Group, Emmi has further strengthened its existing dessert network in Italy.

Disposal of companies 22

The companies sold in 2020 or 2019 reported the following main balance sheet items at the date of disposal:

 

2020

2019

 

Lácteos Caprinos S.A.

Emmi Frisch-Service AG

Cash and securities

268

4,649

Trade receivables

1,667

13,117

Inventories

1,207

1,882

Other current assets

1,103

409

Non-current assets

2,313

4,077

Trade payables

778

9,441

Other current liabilities

179

4,401

Non-current liabilities

522

193

Net assets

5,079

10,099

On 18 December 2020, Emmi disposed of its majority stake in the Spanish goat’s cheese producer Lácteos Caprinos S.A. The company generates annual revenues of EUR 10 million with about 40 full-time equivalents. The loss on this transaction amounted to CHF 14.6 million (pre-tax) or CHF 14.2 million (post-tax) respecitvely, and is included in other operating expenses and income tax expenses in the income statement.

On 3 April 2019, Emmi sold its Swiss trading and supply company Emmi Frisch-Service AG to the Transgourmet Group. The negative net sales effect of this transaction amounted to around CHF 40 million in 2019. In addition, around 160 employees joined the Transgourmet Group. This transaction did not have a significant impact on consolidated results.

Unsettled derivative financial instruments 23

 

 

31.12.2020

 

 

31.12.2019

 

 

Positive value

Negative value

Purpose

Positive value

Negative value

Purpose

Forward currency transactions

1,916

3,649

Hedging

4,649

792

Hedging

Other forward transactions

228

Hedging

29

Hedging

Total forward transactions

2,144

3,649

4,678

792

Thereof to hedge future cash flows

1,234

452

1,381

792

Total recognised in the balance sheet

910

3,197

3,297

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 a number of Group companies with minority interests. At the same time, put options have been granted in general to the counterparties. These options are not recognised in the balance sheet as they represent derivatives on equity instruments of the own organisation, which are explicitly excluded from the scope of Swiss GAAP FER 27. The strike price of these options is generally based on the corresponding enterprise value at the exercise date and cannot currently be reliably measured. The exercise date varies depending on the agreement. The maturities range from short-term to unlimited options.

Contingent assets and liabilities 24

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. As at the date of the financial statements, the Group had no major contingent assets.

Pledged assets and off-balance sheet leasing/rental obligations 25

Pledged assets

31.12.2020

31.12.2019

Pledges on property, nominal values

242,608

247,720

Pledges on other assets

1,470

31,172

Thereof used as security for own liabilities

15,739

44,380

 

 

 

Off-balance sheet leasing/rental obligations

 

 

up to 2 years

17,401

17,648

3 to 5 years

16,835

16,890

over 5 years

23,335

20,028

Total

57,571

54,566

Investment obligations and other off-balance sheet liabilities 26

 

31.12.2020

31.12.2019

Investment obligations in connection with previously concluded agreements

33,002

14,087

Long-term commodity contracts

2,030

658

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.

Transactions with related parties 27

Business transactions with related parties are based on arm’s length conditions. All transactions are reported in the consolidated financial statements for 2020 and 2019, 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 8, 9, 11, 12, 15, 16 and 17).

Transactions with associates

2020

2019

Net sales

23,050

25,713

Cost of materials and services

71,708

70,126

Other expenses

2,465

2,515

Financial income

274

305

Transactions with shareholders

2020

2019

Net sales

6,358

6,493

Cost of materials and services

201,449

195,232

Other expenses

7

55

Transactions with other related parties

2020

2019

Net sales

33

28

Other expenses

74

155

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 Central Switzerland Milk Producers Cooperative (ZMP) and 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.

Shareholders 28

Nominal capital

31.12.2020

%

31.12.2019

%

ZMP Invest AG, Lucerne 1)

28,488

53.2

28,488

53.2

Zentralschweizer Käsermeister Genossenschaft, Sursee 1)

2,200

4.1

2,200

4.1

MIBA Genossenschaft, Aesch (BL) 1)

1,770

3.3

1,790

3.3

Other

21,040

39.4

21,020

39.4

Total

53,498

100.0

53,498

100.0

1) ZMP Invest AG, Lucerne, the Zentralschweizer Käsermeister Genossenschaft, Sursee and the MIBA Genossenschaft, Aesch (BL), form a group in the sense of Article 121 FinMIA. The Group owns 60.6 % (previous year: 60.6 %) of the total voting rights.

As at 7 June 2016, Capital Group Companies Inc., Los Angeles, US, 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 2020, Emmi Wohlfahrtsfonds (welfare fund) owned a total of 6,000 shares of Emmi AG (unchanged versus previous year).

Risk management and internal controls 29

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 liberalisation 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 minimised by strictly focusing on the strategy and its implementation.
  • Currency risk: Currency movements represent a significant risk for the Emmi Group, which has a tendency to increase based on the continuing internationalisation of business activities. 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 products made from 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 with 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.

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. 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 events 30

From the balance sheet date until the consolidated financial statements were approved by the Board of Directors on 1 March 2021, no other major events occurred which could have adversely affected the validity of the consolidated financial statements for 2020 or which would have to be disclosed.

Summary of consolidated companies, associates and joint ventures 31

Consolidated companies

Head office

Currency

Capital in 000s 31.12.2020

Capital share 31.12.2020

Capital share 31.12.2019

Switzerland

 

 

 

 

 

Emmi AG

Lucerne

CHF

53,498

100 %

100 %

Baumann Käse AG

Münchenbuchsee

CHF

100

100 %

100 %

Chäs Hütte Zollikon GmbH 1)

Zollikon

CHF

Emmi Dessert International SA

Lugano

CHF

250

100 %

100 %

Emmi Finanz AG

Lucerne

CHF

100

100 %

100 %

Emmi Fondue AG

Langnau i.E.

CHF

3,000

100 %

100 %

Emmi International AG

Lucerne

CHF

5,000

100 %

100 %

Emmi Management AG

Lucerne

CHF

500

100 %

100 %

Emmi Schweiz AG

Lucerne

CHF

5,700

100 %

100 %

FDS Fromagerie de Saignelégier SA

Saignelégier

CHF

1,050

86 %

86 %

Fromco S.A. Moudon

Moudon

CHF

2,100

60 %

60 %

Holding der Schweizerischen Milchproduzenten AG in liquidation

Münchenbuchsee

CHF

100

100 %

100 %

Käserei Studer AG

Hefenhofen

CHF

720

100 %

100 %

Lesa Lataria Engiadinaisa SA

Bever

CHF

2,000

80 %

80 %

Mittelland Molkerei AG

Suhr

CHF

20,000

100 %

100 %

Molkerei Biedermann AG

Bischofszell

CHF

1,010

100 %

100 %

MOPRO Luzern AG

Lucerne

CHF

120

100 %

100 %

Regio Molkerei beider Basel AG

Frenkendorf

CHF

3,000

80 %

80 %

Swissexport, Aktiengesellschaft Schweizerischer Käseexporteure

Berne

CHF

100

79 %

79 %

Spain

 

 

 

 

 

Admilac Servicios Profesionales, S.L.

San Sebastian

EUR

3

73 %

73 %

Altamira Alimentaria, S.L.

Renedo

EUR

3

73 %

73 %

Kaiku Corporación Alimentaria, S.L.

San Sebastian

EUR

82,110

73 %

73 %

Kaiku Internacional, S.L.

San Sebastian

EUR

77,877

73 %

73 %

Kaiku Km0, S.L.

Bilbao

EUR

625

73 %

73 %

Lácteos Caprinos S.A. 2)

Campillo de Arenas

EUR

80 %

Lácteos de Navarra, S.L.

Pamplona

EUR

9,647

73 %

73 %

Llet Nostra Alimentaria, S.L.

Barcelona

EUR

2,764

33 %

33 %

SDA Bilbao, S.L.

Bilbao

EUR

3

73 %

73 %

SDA Catalunya

Barcelona

EUR

3

53 %

53 %

SDA Guipuzcoa, S.L.

Bilbao

EUR

3

73 %

73 %

Servicios Logisticos Jundiz, S.L.

Vitoria

EUR

102

73 %

73 %

Soc. Servicios Logísticos SDA Central, S.L.

Bilbao

EUR

3

73 %

73 %

Tecnología y Calidad Láctea, S.L.

San Sebastian

EUR

3

73 %

73 %

1) Chäs Hütte Zollikon GmbH was acquired on 29 July 2020 and thereafter merged into Baumann Käse AG on 15 December 2020.

2) Lácteos Caprinos S.A. was sold on 18 December 2020.

Consolidated companies

Head office

Currency

Capital in 000s 31.12.2020

Capital share 31.12.2020

Capital share 31.12.2019

Italy

 

 

 

 

 

A-27 S.p.A. 3)

Rancio Valcuvia

EUR

100 %

Emmi Dessert Italia S.p.A.

Milan

EUR

1,000

100 %

100 %

Emmi Holding Italia S.r.l.

Milan

EUR

1,714

100 %

100 %

Emmi Italia S.p.A.

Milan

EUR

500

100 %

100 %

Gelostar S.r.l.

Campogalliano

EUR

70

100 %

100 %

Immobiliare 5 S.r.l.

Modena

EUR

10

100 %

100 %

Immobiliare Ro.Se S.p.A. 4)

Pero

EUR

120

100 %

Italian Fresh Foods S.p.A. 3)

Lasnigo

EUR

100 %

Pasticceria Quadrifoglio S.r.l.

Piumazzo

EUR

104

100 %

100 %

Rachelli Italia S.r.l. 3)

Pero

EUR

100 %

Netherlands

 

 

 

 

 

AVH dairy trade B.V.

Bergen

EUR

18

90 %

90 %

Bettinehoeve B.V.

Etten-Leur

EUR

18

90 %

60 %

Emmi Benelux B.V.

Tiel

EUR

525

100 %

100 %

Emmi Finance Netherlands B.V.

Tiel

EUR

p.m.

100 %

100 %

Emmi Javelin B.V.

Tiel

EUR

1

100 %

100 %

Goat Milk Powder B.V.

Etten-Leur

EUR

1

81 %

54 %

Rachelli International B.V. 5)

Amsterdam

EUR

100 %

Germany

 

 

 

 

 

Emmi Deutschland GmbH

Essen

EUR

75

100 %

100 %

Gläserne Molkerei GmbH

Dechow

EUR

375

100 %

100 %

Gläserne Molkerei Münchehofe GmbH

Münchehofe

EUR

100

100 %

100 %

Hofmolkerei Münchehofe GmbH

Münchehofe

EUR

25

100 %

100 %

Molkerei Biedermann GmbH

Constance

EUR

25

100 %

100 %

Rutz Käse GmbH in liquidation

Constance

EUR

25

100 %

100 %

France

 

 

 

 

 

Distribution Frais Disfrais SAS

Avignon

EUR

192

85 %

85 %

EAF Immo 84 SCI

Nice

EUR

270

85 %

85 %

Ets Schoepfer SAS

Avignon

EUR

1,252

85 %

85 %

SAS Emmi Ambrosi France E.A.F.

Nice

EUR

3,927

85 %

85 %

Austria

 

 

 

 

 

Emmi Österreich GmbH

Nüziders

EUR

2,800

100 %

100 %

Hale GmbH

Wartberg

EUR

18

66 %

66 %

Leeb Biomilch GmbH

Wartberg

EUR

70

66 %

66 %

Belgium

 

 

 

 

 

Emmi Belux SA 6)

Brussels

EUR

100 %

United Kingdom

 

 

 

 

 

Emmi UK Limited

London

GBP

4,717

100 %

100 %

Tunisia

 

 

 

 

 

Centrale Laitière de Mahdia, S.A.

Mahdia

TND

36,000

40 %

40 %

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

Mahdia

TND

140

36 %

36 %

3) A-27 S.p.A., Italian Fresh Foods S.p.A. and Rachelli Italia S.r.l. were merged into Emmi Dessert Italia S.p.A. on 31 December 2020.

4) Immobiliare Ro.Se S.p.A. was acquired on 3 November 2020.

5) Rachelli International B.V. was liquidated on 28 February 2020.

6) Emmi Belux SA was liquidated on 2 December 2020.

Consolidated companies

Head office

Currency

Capital in 000s 31.12.2020

Capital share 31.12.2020

Capital share 31.12.2019

United States

 

 

 

 

 

Bello LLC 7)

Delaware

USD

6,948

88 %

Classe Foods LLC 7)

Delaware

USD

p.m.

88 %

Cypress Grove Chèvre, Inc.

Arcata

USD

202

100 %

100 %

Emmental Cheese Corp.

Orangeburg

USD

6

100 %

100 %

Emmi Dessert Intermediate Holdings (USA) LLC 7)

New York

USD

7,988

100 %

Emmi Dessert Participations (USA) Corp. 7)

Delaware

USD

18,195

100 %

Emmi Dessert USA LLC 7)

Delaware

USD

75,521

88 %

Emmi Holding (USA), Inc.

Orangeburg

USD

1

100 %

100 %

Emmi Platteville, Inc. 8)

Delaware

USD

100 %

Emmi Resume LLC

Delaware

USD

p.m.

100 %

100 %

Emmi Roth USA, Inc.

Monroe

USD

2

100 %

100 %

Emmi USA Inc.

Orangeburg

USD

800

100 %

100 %

Jackson-Mitchell, Inc.

Turlock

USD

27

100 %

100 %

Luce Foods LLC 7)

New Jersey

USD

22,214

88 %

Luna Foods LLC 7)

Delaware

USD

4,903

88 %

Redwood Hill Farm & Creamery, Inc.

Sebastopol

USD

835

100 %

100 %

Switzerland Cheese Marketing (USA) Inc.

Orangeburg

USD

1

79 %

79 %

Tomales Bay Foods, Inc.

Petaluma

USD

895

100 %

100 %

Vivi Foods LLC 7)

New York

USD

11,411

88 %

Zingg + Co. Inc.

Orangeburg

USD

1

100 %

100 %

Mexico

 

 

 

 

 

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

Cancun, Qroo

MXN

100

41 %

40 %

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

Cancun, Qroo

MXN

14,960

41 %

40 %

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

Cancun, Qroo

MXN

12,623

41 %

40 %

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

Mexico City

MXN

50

38 %

40 %

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

Mexico City

MXN

100

51 %

51 %

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

Mexico City

MXN

101,759

51 %

51 %

Mexideli, S.A. de C.V.

Mexico City

MXN

68,350

51 %

51 %

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

Mexico City

MXN

60

51 %

51 %

Chile

 

 

 

 

 

Chevrita S.p.A. 9)

Santiago

CLP

676,077

38 %

Distribuidora de Alimentos Chile, S.p.A.

Santiago

CLP

798,271

38 %

73 %

Eurolac Chile, S.p.A.

Santiago

CLP

42,503,206

73 %

73 %

Surlat Comercial, S.p.A.

Santiago

CLP

7,934,483

38 %

73 %

Surlat Corporación, S.A.

Santiago

CLP

41,467,422

73 %

73 %

Surlat Industrial, S.p.A.

Pitrufquen

CLP

20,310,389

38 %

73 %

Quillayes Peteroa S.p.A. 9)

Santiago

CLP

12,222,584

38 %

Quillayes Surlat S.A.

Santiago

CLP

43,392,884

38 %

37 %

Canada

 

 

 

 

 

Emmi Canada Inc.

Saint-Hubert

CAD

21,152

100 %

100 %

Switzerland Cheese Marketing Inc.

Saint-Hubert

CAD

1

79 %

79 %

9314 – 8591 Québec Inc.

Saint-Hubert

CAD

3,137

100 %

100 %

Brazil

 

 

 

 

 

Emmi do Brasil Holding Ltda.

Sao Paulo

BRL

825,000

100 %

100 %

Laticínios Porto Alegre Indústria e Comércio S.A.

Ponte Nova

BRL

463,312

70 %

70 %

7) Part of Indulge Desserts Group, which was acquired on 6 October 2020.

8) Emmi Platteville, Inc. was merged into Emmi Roth USA, Inc. on 31 May 2020.

9) Part of the Quillayes Group, which was acquired on 15 January 2020.

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

Currency

Capital in 000s 31.12.2020

Capital share 31.12.2020

Capital share 31.12.2019

Switzerland

 

 

 

 

 

BO Butter GmbH

Berne

CHF

500

33 %

33 %

Cetra Holding SA

Lugano

CHF

250

34 %

34 %

FDC Fromagerie de Courgenay SA

Courgenay

CHF

990

25 %

25 %

Sbrinz Käse GmbH

Sursee

CHF

180

24 %

24 %

Switzerland Cheese Marketing AG

Berne

CHF

290

23 %

23 %

Thurgauische Käse-Reifungs AG

Weinfelden

CHF

2,000

25 %

25 %

Vermo AG 1)

Lucerne

CHF

35 %

Spain

 

 

 

 

 

Batiovo I.A.E.

Madrid

EUR

12

37 %

37 %

NaturAll BBVV-2018, S.L.

Corella

EUR

2,617

18 %

18 %

Serkolat Bide, S.L.

San Sebastian

EUR

8

37 %

37 %

Italy

 

 

 

 

 

Ambrosi S.p.A.

Brescia

EUR

10,000

25 %

25 %

Sepa S.r.l.

Pieve Porto Morone

EUR

100

40 %

40 %

Germany

 

 

 

 

 

Carl Fr. Scheer GmbH + Co. KG

Willstätt

EUR

500

25 %

25 %

Scheer Verwaltungs u. Beteiligungs GmbH

Willstätt

EUR

26

25 %

25 %

United States

 

 

 

 

 

Big Red Cheese Company LLC

Monroe

USD

p.m.

50 %

50 %

EB Snacks LLC

Delaware

USD

2

50 %

50 %

Emmi Meister LLC

Fitchburg

USD

2

50 %

50 %

Kindred Creamery LLC

Fitchburg

USD

1

30 %

30 %

White Hill Cheese Company LLC 2)

Shullsburg

USD

50 %

1) The investment in Vermo AG (formerly Vermo Tiefkühl Pool AG) was sold on 19 August 2020.

2) The investment in White Hill Cheese Company LLC was sold on 3 August 2020.