Notes to the half-year results

Principles of consolidation

Accounting principles

These consolidated interim financial statements comprise the unaudited half-year results of Emmi AG and its subsidiaries for the period ending 30 June 2021. The consolidated interim financial statements for 2021 have been prepared in compliance with Swiss GAAP FER 31 “Additional accounting and reporting recommendations for listed companies” and the consolidation and accounting principles described in the 2020 consolidated financial statements.

Income taxes are calculated based on an estimate of the expected income tax rate for full-year 2021. The consolidated half-year results should be read in conjunction with the consolidated financial statements compiled for the financial year ended 31 December 2020, as they represent an update of the last complete financial statements and therefore do not contain all information and disclosures required in the year-end consolidated financial statements. The consolidated half-year results are presented in Swiss francs (CHF). Except where stated otherwise, all amounts are presented in thousands of Swiss francs.

The consolidated interim financial statements were approved by the Board of Directors of Emmi AG on 17 August 2021.

Changes to the scope of consolidation

Holding der Schweizerischen Milchproduzenten AG in Liquidation

On 26 January 2021, the Holding der Schweizerischen Milchproduzenten AG in Liquidation was liquidated.

Changes in the 2020 financial year

We refer to the consolidated financial statements 2020 for the changes to the scope of consolidation in the 2020 financial year.

Contingent liabilities

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 believes that none of the disputes will have any significant negative impact on the operating activities or on the Group’s financial situation. Suitable provisions for expected outgoing payments have therefore been made.

Subsequent events

From the balance sheet date until the consolidated interim financial statements were approved by the Board of Directors of Emmi AG on 17 August 2021, no other major events occurred which could adversely affect the validity of the half-year statements for 2021.

Currency exchange rates in CHF