22. Disposal of companies
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.