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 2023. The interim consolidated financial statements for 2023 have been prepared in compliance with Swiss GAAP FER 31 “Complementary recommendation for listed companies” and the consolidation and accounting principles described in the 2022 consolidated financial statements.

Income taxes are calculated based on an estimate of the expected income tax rate for the full-year 2023. The consolidated half-year results should be read in conjunction with the consolidated financial statements compiled for the financial year ended 31 December 2022, 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 2023.

Changes to the scope of consolidation or capital share

SDA Gipuzkoa, S.L., Spain

SDA Gipuzkoa, S.L. was liquidated on 24 March 2023.

Big Red Cheese Company LLC, USA 

Big Red Cheese Company LLC was liquidated on 14 April 2023.

Molkerei Biedermann AG, Switzerland

Molkerei Biedermann AG was merged with Emmi Schweiz AG on 2 June 2023.

Comalca 2000, S.A. de C.V. und Comalca Gourmet, S.A. de C.V., Mexico

On 7 June 2023, Mexideli 2000 Holding S.A. de C.V., in which Emmi holds a 51% stake, increased its holdings in Comalca 2000, S.A. de C.V. and Comalca Gourmet, S.A. de C.V. from 80% to 90%, respectively. This also increased Emmi’s share of Alimentos Finos del Sureste, S.A. de C.V., which is wholly owned by Comalca Gourmet, S.A. de C.V.

Changes in financial year 2022

We refer to the consolidated financial statements for 2022 for changes to the scope of consolidation in financial year 2022.

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

On 3 July 2023, Emmi completed the sale of its minority stake of 25% in the Italian company Ambrosi S.p.A. to the French milk processor Lactalis. The transaction will result in a gain of approximately CHF 3 million in the result of associates and joint ventures in the second half of the year.

On 6 July 2023, Emmi announced the divestment of Gläserne Molkerei (consisting of the companies Gläserne Molkerei GmbH, Gläserne Molkerei Münchehofe GmbH and Hofmolkerei Münchehofe GmbH) to Munich-based Mutares, which specialises in turnaround situations. The transaction was completed on 14 August 2023. In financial year 2022, Gläserne Molkerei employed more than 120 employees and generated sales of around EUR 100 million. The sale will result in a one-off loss for Emmi in financial year 2023 of around CHF 38 million at EBIT level and around CHF 30 million at net profit level. This transaction had no effect on the 2023 half-year 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 2023, no other major events occurred which could adversely affect the validity of the interim financial statements for 2023.

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