The Emmi Group achieved good, completely volume-driven organic growth of 2.4% in the 2024 financial year, exceeding the Group’s own forecast of 1% to 2% thanks to a significant acceleration in growth in the second half of 2024. The broad-based organic growth reflects the consistent strategy implementation and strong market positioning, with innovative brands and concepts in attractive niches. The balanced geographical presence and attractive product and customer portfolio also contributed to the result. In total, net sales increased 2.5% from CHF 4,242.4 million in the previous year to CHF 4,348.8 million. The overall growth is made up of organic growth of 2.4%, an overall positive acquisition effect of 2.5% and a negative currency effect of 2.4%.
Organic growth in the Swiss domestic market amounted to 0.3%, which was in line with the Group’s own expectations (0% to 1%). This pleasing volume-driven growth is attributable in particular to innovative brand concepts such as Emmi Caffè Latte, Emmi Energy Milk, Aktifit, I’m your meal and Luzerner Rahmkäse, as well as higher sales of milk powder and concentrates. The division Americas achieved organic growth of 3.7%, ahead of the Group’s own expectations (1% to 3%), driven in particular by the important markets of Brazil, Chile and Mexico, and the well-diversified business and strong brands in the USA. At 5.5%, organic growth in the division Europe was also above our own expectations (2% to 3%). Sales of Emmi Caffè Latte overall and particularly in the UK, the dessert business in Italy, the export business with speciality cheese such as Kaltbach from Switzerland and the goat’s milk powder business in the Netherlands deserve positive mention.
Thanks to leading market positions plus differentiated brands and innovations, strong and again completely volume-driven growth was achieved in the strategic ready-to-drink coffee niche. The sales performance of Emmi Caffè Latte in the UK and Spain was particularly pleasing. Sales of speciality cheeses also increased disproportionately from the Group’s perspective. Pleasing sales performance abroad, on the one hand with speciality cheeses exported from Switzerland such as Kaltbach, and on the other hand with local businesses such as feta cheese from the leading US brand Athenos, more than offset the challenging development in the Swiss domestic market. Among premium desserts, innovative specialities from Italy made strong gains, and positive growth momentum was also generated in the USA following the expected decline in sales in the first half of the year. The acquisition effect from Mademoiselle Desserts made a significant contribution to sales too, and will contribute to organic growth from the fourth quarter of 2025. On the other hand, sales of plant-based milk alternatives declined overall in the face of challenging market conditions.
Acquisition effects are attributable to the following factors:
Positive impact:
Negative impact:
Internal shifts in the distribution channels of certain customers also resulted in acquisition or divestment effects in the divisions Global Trade and Europe. However, these shifts between individual divisions had no impact on the Group.
Sales developments in the divisions Switzerland, Americas, Europe and Global Trade are explained below.
|
in CHF million |
Sales 2024 |
Sales 2023 |
Difference 2024/2023 |
Acquisition effect |
Currency effect |
Organic growth |
|
Dairy products |
686.7 |
687.9 |
-0.2% |
– |
– |
-0.2% |
|
Cheese |
413.5 |
418.2 |
-1.1% |
– |
– |
-1.1% |
|
Fresh products |
387.8 |
382.1 |
1.5% |
– |
– |
1.5% |
|
Fresh cheese |
112.5 |
115.2 |
-2.4% |
– |
– |
-2.4% |
|
Powder/concentrates |
89.3 |
82.0 |
8.9% |
– |
– |
8.9% |
|
Other products/services |
81.6 |
76.6 |
6.5% |
5.9% |
– |
0.6% |
|
Total Switzerland |
1,771.4 |
1,762.0 |
0.5% |
0.2% |
– |
0.3% |
The division Switzerland generated sales of CHF 1,771.4 million in the 2024 financial year (previous year: CHF 1,762.0 million), equivalent to growth of 0.5% in total. Taking into account the acquisition effect of Hochstrasser, this resulted in pleasing volume-driven organic growth of 0.3%, in line with the Group’s own expectations (0% to 1%). Innovative brand concepts such as Emmi Caffè Latte, Emmi Energy Milk, I’m your meal and Aktifit in the fresh products segment and Luzerner Rahmkäse and Scharfer Maxx in the cheese segment are in particular responsible for this growth. Higher sales to industrial customers in the powder/concentrates segment also had a positive effect. By contrast, the milk price set by the industry organisation Milch (BO Milch), which was slightly lower over the full year, held back overall sales performance in the domestic market. The division Switzerland accounted for 40.7% of Group sales (previous year: 41.5%).
Sales in the dairy products segment (milk, cream, butter) fell by 0.2%, primarily reflecting the lower milk price over the year as a whole. While milk sales overall increased thanks to innovative concepts such as Good Day lactose-free milk, lower butter sales weighed on the performance in this segment.
The cheese segment posted an organic decline of 1.1%. This reflects the challenging situation in the domestic market, with cheese imports once again significantly higher than in the previous year. Despite these difficult conditions, established brand concepts such as Luzerner Rahmkäse and Scharfer Maxx enjoyed pleasing growth in sales.
The fresh products segment was up an encouraging 1.5% in organic terms, making it a major growth driver for the division. Proven brand concepts such as Emmi Caffè Latte, Emmi Energy Milk and Aktifit once again proved to be very robust and saw significantly higher volumes. Innovative new products such as the meal drink I’m your meal and Emmi Caffè Latte in more environmentally friendly PET bottles also contributed to this.
Sales in the fresh cheese segment fell by 2.4% organically, a decline that is primarily attributable to lower sales of mozzarella in retail and food service in the first half of the year. Strong organic sales growth of 8.9% in the powder/concentrates segment reflects higher sales of milk powder and concentrates to industrial customers. The other products/services segment saw slight organic growth of 0.6%, mainly relating to higher revenues from services.
|
in CHF million |
Sales 2024 |
Sales 2023 |
Difference 2024/2023 |
Acquisition effect |
Currency effect |
Organic growth |
|
Cheese |
660.2 |
635.2 |
3.9% |
1.5% |
-4.0% |
6.4% |
|
Dairy products |
416.4 |
427.1 |
-2.5% |
0.9% |
-7.0% |
3.6% |
|
Fresh products |
374.1 |
367.2 |
1.9% |
3.9% |
-3.6% |
1.6% |
|
Fresh cheese |
93.8 |
98.7 |
-4.8% |
4.1% |
-7.9% |
-1.0% |
|
Powder/concentrates |
44.1 |
48.5 |
-9.1% |
– |
-8.1% |
-1.0% |
|
Other products/services |
119.1 |
122.1 |
-2.5% |
0.0% |
-4.2% |
1.7% |
|
Total Americas |
1,707.7 |
1,698.8 |
0.5% |
1.9% |
-5.1% |
3.7% |
The division Americas includes the Emmi Group companies in the USA, Brazil, Spain, Chile, Tunisia, Mexico and Canada.
The division Americas achieved organic sales growth of 3.7% and sales of CHF 1,707.7 million in the 2024 financial year (previous year: CHF 1,698.8 million). Strongly negative currency effects, particularly due to the appreciation of the Swiss franc against the Chilean peso and the Brazilian real, had a negative impact on sales growth of 5.1%. By contrast the acquisition effect of Verde Campo in Brazil, acquired during the year, contributed to the division’s growth. The companies in Brazil, Chile, Mexico and the USA were key growth drivers for the division Americas. The share of Group sales accounted for by the division Americas was 39.3% (previous year: 40.1%).
In terms of sales, the largest segment, cheese, generated strong organic growth of 6.4%. The business in the USA in particular performed well, with both locally produced cheeses such as the leading feta brand Athenos and speciality cheeses imported from Switzerland making significant gains. The cheese trading business in Canada and Mexico also did well, as did sales of locally produced cheese in Brazil.
The dairy products segment recorded organic growth of 3.6%. The main drivers of this positive development were the companies in Chile, with milk of the Surlat brand, and Brazil, through higher sales of milk and cream. The Emmi Group also enjoyed growth in the USA with the only nationally branded goat’s milk, Meyenberg. However, the decline in sales in Tunisia due to milk shortages hampered growth in this segment.
Organic growth of 1.6% was achieved in the fresh products segment. The biggest positive contributions came from locally produced yogurts and yogurt drinks in Brazil and Tunisia. Spain also made gains in this segment, particularly with Emmi Caffè Latte. Sales of goat’s milk yogurts from Darey Brands in California also performed well. Emmi Dessert USA’s speciality desserts increased again in the second half of the year following the expected decline in the first half, but held back the division’s sales performance in this segment for the year as a whole.
The organic decline in sales of 1.0% in the fresh cheese segment mainly came from the trading business of Mexideli, which was partially offset by growth from mozzarella in Brazil. In the powder/concentrates segment, price-related declines in whey powder sales in Brazil more than offset growth from goat’s milk powder under the Meyenberg brand in California. The organic growth of 1.7% in the other products/services segment is primarily attributable to the performance of the Mexideli trading business.
|
in CHF million |
Sales 2024 |
Sales 2023 |
Difference 2024/2023 |
Acquisition effect |
Currency effect |
Organic growth |
|
Fresh products |
483.4 |
362.9 |
33.2% |
31.9% |
-2.0% |
3.3% |
|
Cheese |
126.3 |
124.4 |
1.5% |
-0.7% |
-1.9% |
4.1% |
|
Fresh cheese |
50.0 |
46.3 |
7.9% |
-0.8% |
-2.2% |
10.9% |
|
Powder/concentrates |
43.6 |
35.3 |
23.6% |
-0.2% |
-2.5% |
26.3% |
|
Dairy products |
9.6 |
55.8 |
-82.7% |
-87.9% |
-0.3% |
5.5% |
|
Other products/services |
34.8 |
36.7 |
-5.2% |
-8.9% |
-1.9% |
5.6% |
|
Total Europe |
747.7 |
661.4 |
13.1% |
9.4% |
-1.8% |
5.5% |
The division Europe comprises the Emmi Group companies in Italy, France, the Netherlands, Germany, the United Kingdom, Austria and Belgium.
The division Europe generated sales of CHF 747.7 million in the period under review, equivalent to total year-on-year growth of 13.1% (CHF 661.4 million). The acquisition effect of Mademoiselle Desserts more than offset the divestment effect of Gläserne Molkerei, which was divested in August 2023, resulting in a net positive acquisition effect of 9.4%. Negative currency effects of 1.8% hurt sales. With the resulting organic growth of 5.5%, the division Europe was well ahead of the Group’s own forecast for the full year (2% to 3%). The division’s growth was driven by sales of Emmi Caffè Latte, the dessert business in Italy, the export business with speciality cheeses such as Kaltbach from Switzerland and the goat’s milk powder business in the Netherlands. The division Europe accounted for 17.2% of Group sales (previous year: 15.6%).
The largest segment in terms of sales, fresh products, posted good organic growth of 3.3%. The innovative speciality desserts from Italy and the Emmi Caffè Latte range proved to be growth drivers, with growth in all key markets. Growth of Emmi Caffè Latte was particularly pleasing in the UK, where sales of Onken yogurts also made a significant positive contribution to sales growth in this segment.
The cheese segment achieved organic growth of 4.1%. The increase primarily relates to pleasing sales in Germany of speciality cheese imported from Switzerland, such as Kaltbach and Scharfer Maxx. Cave-aged Kaltbach cheese specialities also enjoyed growing popularity in the Netherlands and the UK.
In the fresh cheese segment, the fresh goat’s cheese business from the Netherlands in particular continued to perform very well, resulting in significant organic growth of 10.9% in this segment.
Sales of powder/concentrates increased organically by a significant 26.3%, mainly thanks to the increased sales of goat’s milk powder in the Netherlands. The dairy products segment recorded organic growth of 5.5%, but is less significant in terms of sales following the divestment of Gläserne Molkerei in 2023. Organic growth of 5.6% in the other products/services segment came despite a fiercely competitive market, and was primarily driven by plant-based products in Italy and the Netherlands.
|
in CHF million |
Sales 2024 |
Sales 2023 |
Difference 2024/2023 |
Acquisition effect |
Currency effect |
Organic growth |
|
Cheese |
61.9 |
64.0 |
-3.3% |
– |
– |
-3.3% |
|
Fresh products |
40.3 |
34.9 |
15.1% |
6.1% |
– |
9.0% |
|
Powder/concentrates |
15.8 |
19.1 |
-17.0% |
– |
– |
-17.0% |
|
Dairy products |
0.9 |
1.0 |
-13.1% |
12.4% |
– |
-25.5% |
|
Fresh cheese |
0.7 |
– |
– |
– |
– |
– |
|
Other products/services |
2.4 |
1.2 |
92.4% |
233.5% |
– |
-141.1% |
|
Total Global Trade |
122.0 |
120.2 |
1.5% |
4.7% |
– |
-3.2% |
The division Global Trade primarily comprises direct sales from Switzerland to customers in countries where Emmi has no subsidiaries. These include the Asian and Eastern European markets, most South American countries and the Arabian Peninsula. The division Global Trade accounted for 2.8% of Group sales (previous year: 2.8%).
Sales of the division Global Trade amounted to CHF 122.0 million. Compared to CHF 120.2 million in the previous year, this equates to sales growth of 1.5%. Adjusted for the acquisition effect from the shift of distribution channels from the division Europe, the result was an organic decline in sales of 3.2%. However, this primarily concerns exports of surpluses of skimmed milk powder and cheese from Switzerland.
The organic decline in sales of 3.3% in the cheese segment was primarily attributable to lower exports of Emmentaler AOP to Europe. Organic growth of 9.0% was achieved in the fresh products segment, largely thanks to the positive performance of yogurts in Northern Europe. The 17.0% decline in the powder/concentrates segment reflects lower exports of surpluses of skimmed milk powder from Switzerland.
Gross profit increased CHF 109.7 million to CHF 1,664.9 million in the year under review (previous year: CHF 1,555.2 million). Negative currency effects largely offset the net positive acquisition effects, meaning that in addition to organic sales growth, the increase is primarily attributable to the higher gross profit margin. At 38.3%, this was well above the previous year’s figure of 36.7%, although one-off effects from the purchase price allocation of Mademoiselle Desserts had a negative impact of CHF 15.2 million on gross profit. This one-off and non-cash effect relates to the revaluation of inventories required at the time of acquisition, which led to correspondingly lower margins on sales in the fourth quarter. The overall pleasing improvement in the gross profit margin reflects the ongoing portfolio transformation and operational improvements at many foreign companies. Measures to increase productivity and efficiency, and in procurement, also contributed positively.
There were no significant non-recurring effects in the reporting period.
The divestments of Gläserne Molkerei and the minority interest in Ambrosi S.p.A. had a significant impact on the income statement in the previous year. At that time, the divestment of Gläserne Molkerei resulted in a pre-tax loss of CHF 37.2 million, which was included in “Other operating expenses” and reduced EBITDA, EBIT and EBT by this amount. After taking account of the positive tax effect of CHF 8.3 million at the Swiss selling company, the transaction had a net impact of CHF 28.9 million on profit including minority interests and on net profit. The divestment of the minority interest in Ambrosi S.p.A. resulted in a pre-tax profit of CHF 3.0 million, which is recorded under “Income from associates and joint ventures”, and had a corresponding impact on EBT. After accounting for the tax effect, this left a gain of CHF 2.8 million at the levels of profit including minority interests and on net profit.
Operating expenses amounted to CHF 1,241.9 million in the year under review, an increase of CHF 55.8 million from CHF 1,186.1 million. Excluding the loss from the disposal of Gläserne Molkerei in the previous year, the increase adjusted for this non-recurring effect amounted to CHF 93.0 million. The absolute increase is largely attributable to the acquisitions made in the year under review. Nevertheless, as expected, the increase of 8.1% compared to adjusted operating expenses in the previous year was disproportionately high compared to sales growth, which dampened the pleasing margin growth accordingly at the gross profit level.
Personnel expenses increased from CHF 566.1 million in the previous year to CHF 625.6 million in the year under review. First, the increase of CHF 59.5 million is a secondary effect of the high inflation rates seen in recent years, which in many places have translated into higher wage costs as real wages have adjusted. Second, a significant part of the increase is attributable to acquisition effects. These not only increase personnel expenses in absolute terms, but also make up an above-average portion of sales from a Group perspective. Accordingly, personnel expenses as a percentage of sales rose from 13.3% in the previous year to 14.4% in the year under review.
Other operating expenses amounted to CHF 616.3 million (previous year: CHF 620.0 million). Compared to the previous year’s figure adjusted for the loss from the disposal of Gläserne Molkerei (CHF 582.8 million), this is an increase of CHF 33.5 million, again largely due to acquisitions. As a percentage of sales, other operating expenses came to 14.2%, compared with an adjusted 13.7% in the previous year. Most of the increase was attributable to marketing and sales expenses, which in total amounted to CHF 149.7 million compared to CHF 140.7 million in the previous year, and were driven by deliberate investments to strengthen established brand concepts. There was also an increase in the costs of maintenance and repairs, and the costs of energy and operating materials rose slightly again from their already high level. In both cases, however, acquisition effects once more made a significant contribution to the absolute increase.
Other operating income amounted to CHF 7.6 million in the year under review, up slightly from CHF 6.7 million in the previous year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to CHF 430.6 million in the period under review. Compared to the previous year (CHF 375.8 million; adjusted CHF 413.0 million), this represents an increase of CHF 54.8 million, or adjusted CHF 17.6 million. As a result, the EBITDA margin rose from an adjusted 9.7% in the previous year to 9.9% in the reporting period.
The significant increase in depreciation and amortisation from CHF 117.6 million in the previous year to CHF 127.9 million was driven by the acquisitions made during the year under review. This relates in particular to depreciation on revalued property, plant and equipment and amortisation of customer relationships from the acquisition of Mademoiselle Desserts in the fourth quarter of the year.
Earnings before interest and taxes (EBIT) amounted to CHF 302.7 million in the year under review, exceeding CHF 300 million for the first time. This represents an increase of CHF 7.3 million from the previous year’s figure of CHF 295.4 million, adjusted for the loss from the disposal of Gläserne Molkerei. As expected, the negative effects from the purchase price allocation of Mademoiselle Desserts, in particular the negative impact on gross profit of CHF 15.2 million, more than offset the pleasing operating results of the Mademoiselle Desserts Group. Excluding Mademoiselle Desserts entirely, EBIT would have been CHF 308.8 million, and the increase from the adjusted previous year would have been CHF 13.4 million. The Emmi Group therefore achieved the upper part of the EBIT forecast of CHF 295 to CHF 315 million, which did not include Mademoiselle Desserts. The resulting EBIT margin of 7.0% matches the previous year’s adjusted EBIT margin. Excluding Mademoiselle Desserts, the EBIT margin for the year under review would have been 7.3%.
Income from associates and joint ventures was a loss of CHF 0.6 million, compared with a profit of CHF 3.9 million in the previous year. Excluding the gain on the disposal of Ambrosi S.p.A., adjusted profit in the previous year amounted to CHF 0.9 million.
The financial result (net financial expenses) was CHF 21.4 million, compared to CHF 24.0 million in the previous year. The CHF 3.0 million increase in interest expenses was mainly due to the financing of the acquisition of Mademoiselle Desserts. However, higher interest income almost made up for these additional expenses, so net interest expense in the year rose just CHF 0.2 million to CHF 16.7 million (previous year: CHF 16.5 million). With expenses of CHF 2.2 million, the foreign currency result was a significant CHF 4.3 million better than the previous year (CHF 6.5 million).
Income taxes amounted to CHF 42.6 million in the period under review, compared with CHF 32.6 million (adjusted: CHF 40.7 million) in the previous year. The tax rate of 15.2% was therefore slightly higher than the adjusted rate of 14.9% in the previous year.
Profit including minority interests was CHF 238.1 million. Compared to CHF 205.5 million in the previous year, this represents an increase of CHF 32.6 million. The increase based on adjusted figures was CHF 6.3 million.
The amount of profit attributable to non-controlling interests was down slightly from CHF 19.2 million in the previous year to CHF 17.8 million in the year under review.
The resulting net profit of CHF 220.3 million was a significant CHF 34.0 million up on the previous year (CHF 186.3 million). Compared to the adjusted prior-year figure (CHF 212.4 million), net profit increased by CHF 7.9 million. The net profit margin amounted to 5.1%, compared with 4.4% (adjusted: 5.0%) in the previous year. Excluding Mademoiselle Desserts, net profit would have been CHF 227.6 million and the net profit margin 5.4%. The Emmi Group therefore achieved the upper end of the net profit margin forecast of 5.0% to 5.5%, which did not include Mademoiselle Desserts.