CONSOLIDATED FINANCIAL STATEMENTS OF EMMI GROUP

Notes to the consolidated financial statements

in CHF 000s

1. Segment reporting

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.