These consolidated interim financial statements comprise the unaudited half-year results of Emmi AG and its subsidiaries for the period ending 30 June 2022. The consolidated interim financial statements for 2022 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 2021 consolidated financial statements.
Income taxes are calculated based on an estimate of the expected income tax rate for the full-year 2022. The consolidated half-year results should be read in conjunction with the consolidated financial statements compiled for the financial year ended 31 December 2021, 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 2022.
Emmi Equator RTD Coffee LLC, based in Delaware, USA, in which Emmi holds a 70% stake, was established on 23 March 2022.
Emmi increased its stake in AVH dairy trade B.V. from 90% to 100% on 11 April 2022.
Emmi increased its stake in Bettinehoeve B.V. from 90% to 100% on 11 April 2022.
Emmi increased its stake in Goat Milk Powder B.V. from 81% to 100% on 11 April 2022.
Emmi increased both of its stakes in Hale GmbH and Leeb Biomilch GmbH from 66% to 83% on 26 April 2022.
Emmi Javelin B.V. was merged with Goat Milk Powder B.V. on 29 June 2022.
We refer to the consolidated financial statements 2021 for the changes to the scope of consolidation in financial year 2021.
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.
On 25 July 2022, Emmi announced the sale of its minority stake of 25% in Italian Ambrosi S.p.A. to French milk processor Lactalis. Completion of the transaction is subject to approval by the responsible competition authorities. The transaction has no significant effect on Emmi’s consolidated financial statements.
From the balance sheet date until the consolidated financial statements were approved by the Board of Directors of Emmi AG on 17 August 2022, no other major events occurred which could adversely affect the validity of the interim financial statements for 2022.
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First 6 months average rates |
End rates |
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2022 |
2021 |
30.6.2022 |
31.12.2021 |
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1 BRL |
0.19 |
0.17 |
0.18 |
0.16 |
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1 CAD |
0.74 |
0.73 |
0.74 |
0.72 |
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100 CLP |
0.11 |
0.13 |
0.10 |
0.11 |
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1 EUR |
1.03 |
1.09 |
1.00 |
1.04 |
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1 GBP |
1.23 |
1.26 |
1.16 |
1.23 |
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1 MXN |
0.05 |
0.05 |
0.05 |
0.04 |
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1 TND |
0.32 |
0.33 |
0.31 |
0.32 |
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1 USD |
0.94 |
0.91 |
0.96 |
0.91 |