Breakdown of the half-year results


Emmi generated sales of CHF 2,103.4 million in the first half of financial year 2023, compared with CHF 2,016.5 million in the prior-year period. This corresponds to total growth of 4.3%. Adjusted for net negative currency effects of 2.2%, the result was broad-based, price-driven organic growth of 6.5%. As expected, this is above our own forecast for the year as a whole (3% to 4%).

Both the division Switzerland with 6.0% as well as the international business in the divisions Americas and Europe performed well, with organic sales growth of 9.6% and 2.0% respectively. In the Swiss home market, key brands such as Emmi Caffè Latte, Emmi Energy Milk, Jogurtpur and Aktifit made their mark in the fresh products segment, as did Luzerner Rahmkäse and Gerber in the cheese segment. The main drivers of sales growth were the continued recovery of the food service business and growth in strategic retail channels. In the division Americas, besides the USA and Spain other important growth markets such as Chile, Mexico and Brazil also contributed to organic growth. The dessert business in the USA and the market in Chile performed particularly well after a decline in sales in the previous year due to operational delivery difficulties. Organic growth in the division Europe, however, was modest owing to the challenging economic environment. Positive factors included sales of Emmi Caffè Latte and fresh goat’s cheese at Bettinehoeve, while sales performance was hampered by the export business with cheese from Switzerland and the goat’s milk powder business in the Netherlands.

Sales performance in the divisions Switzerland, Americas, Europe and Global Trade are explained below.

Sales development Switzerland

in CHF million

Sales 1HY 2023

Sales 1HY 2022

Organic growth

Dairy products




Fresh products








Fresh cheese








Other products/services




Total Switzerland




The division Switzerland generated net sales of CHF 856.8 million compared with CHF 808.1 million during the same period of the previous year. The resulting organic growth of 6.0% exceeded our own forecast for the year as a whole (1% to 2%). This growth is due in particular to the positive sales performance of brand concepts such as Emmi Caffè Latte, Emmi Energy Milk and Jogurtpur in the fresh products segment as well as Luzerner Rahmkäse and Gerber in the cheese segment. The ongoing recovery of the food service business and price effects also had a positive impact. The division Switzerland accounted for 40.7% of Group sales (previous year: 40.1%).

Sales of dairy products (milk, cream and butter) rose from CHF 323.0 million to CHF 337.7 million in the first half of 2023. This organic growth of 4.5% reflects price effects as well as the strong momentum in the food service business and with strategic retail channels. Emmi also impressed with innovations such as organic milk in reusable glasses and milk packaging featuring Disney characters.

Fresh products saw organic growth of 7.9%, up from CHF 177.0 million to CHF 190.9 million. The main growth drivers here were the proven brand concepts Emmi Caffè Latte, Emmi Energy Milk, Jogurtpur and Aktifit, which we also supported with innovations.

The cheese segment grew by 4.5% to CHF 190.4 million, compared with CHF 182.2 million during the same period in the previous year. In addition to successful brand concepts such as Luzerner Rahmkäse or Gerber, this increase is attributable to increased sales in the food service business.

Sales in the fresh cheese segment increased to CHF 59.1 million from CHF 52.1 million. This encouraging growth of 13.5% is largely due to higher sales of mozzarella and quark in the retail trade and in food service.

The powder/concentrates segment posted sales of CHF 41.1 million compared with CHF 38.3 million in the prior-year period. The organic growth of 7.2% reflects higher sales of milk powder to industrial customers.

Other products/services saw organic sales growth of 5.9%, up from CHF 35.5 million to CHF 37.6 million. This primarily relates to the increased turnover from services.

Sales development Americas

in CHF million

Sales 1HY 2023

Sales 1HY 2022

Difference 2023/2022

Currency effect

Organic growth







Dairy products






Fresh products






Fresh cheese












Other products/services






Total Americas






The division Americas includes the Emmi Group companies in the USA, Brazil, Chile, Spain, Tunisia, Mexico and Canada.

Sales in the division Americas improved in the first half of 2023 from CHF 798.6 million to CHF 848.5 million. This resulted in organic growth of 9.6% after taking net negative currency effects into account, which are largely attributable to the US dollar. As expected, this exceeded our own forecast for the year as a whole (6% to 8%) in the first half of the year. The primary growth driver was the fresh products segment, where Emmi Dessert USA and Kaiku in Spain recorded significant growth, including with Caffè Latte. Key growth markets such as Chile, Mexico and Brazil also contributed to the overall organic growth of the division. The division Americas accounted for 40.3% of Group sales (previous year: 39.6%), which is almost as high as the figure for the division Switzerland (40.7%).

The highest sales figures were in the cheese segment at CHF 310.5 million, compared with CHF 307.1 million in the prior-year period. After adjusting for negative currency effects, this resulted in organic growth of 3.9%. A positive contribution was made here by Chile with locally produced cheese, as well as by the trading business in Mexico and Canada with cheese imported from Switzerland. In another encouraging development, Athenos consolidated its leading position in the feta business in the key US market. However, the rest of the cheese business in the US, both with cheese imported from Switzerland and cheese produced locally in California and at Emmi Roth, hampered sales development in this segment.

Sales of dairy products rose by 5.3% overall, from CHF 212.3 million to CHF 223.6 million. This resulted in organic growth of 9.8% after adjusting for negative currency effects. Chile, which suffered a decline in sales in the previous year due to operational delivery problems, also stood out as a growth driver in this segment. While Brazil and Spain also reported significant growth, the milk shortage in Tunisia had a negative impact on sales performance.

Sales of fresh products saw a significant increase, up from CHF 159.0 million to CHF 187.0 million. The largest contribution to organic growth of 22.5% was made by the speciality desserts produced in the USA. Spain also recorded significant growth with Caffè Latte and yogurts, while Chile and Tunisia likewise made significant gains in this segment.

The remaining segments are of lesser importance for the division. The growth in the fresh cheese segment is primarily attributable to the trading business in Mexico, while the main driver of growth in the powder/concentrates segment was Brazil. In other products/services, the trading business in Mexico was once again the primary growth engine.

Sales development Europe

in CHF million

Sales 1HY 2023

Sales 1HY 2022

Difference 2023/2022

Currency effect

Organic growth

Fresh products












Dairy products






Fresh cheese












Other products/services






Total Europe






The division Europe incorporates the Emmi Group companies in Germany, Italy, the Netherlands, France, the UK and Austria.

Sales in the division Europe amounted to CHF 337.7 million in the first half of 2023. Compared to CHF 348.1 million during the same period in the previous year, this represents a decline in sales of 3.0%. Growth thus came out at 2.0% in organic terms excluding negative currency effects, which is below our expectations for the year as a whole (3% to 5%). It is pleasing to note that Emmi Caffè Latte was largely able to defy the challenging environment, while the export business with cheese from Switzerland and the goat’s milk powder business in the Netherlands hampered sales performance overall. The division Europe accounted for 16.1% of Group sales (previous year: 17.3%).

Sales of fresh products amounted to CHF 178.0 million, which corresponds to a decline in sales of 0.4%. Adjusted for negative currency effects, however, organic growth was 5.0%. A significant contribution was made by Emmi Caffè Latte, where the positive momentum continued unabated in all European markets even under difficult conditions. Growth was also achieved with Onken yogurts in the UK.

In the cheese segment, sales totalled CHF 54.2 million versus CHF 59.5 million during the same period in the previous year, representing a decline of 8.7%, or 4.2% in organic terms. The decrease mainly affected Germany and the Netherlands with cheese specialties imported from Switzerland, due in turn to the slowdown in demand fuelled by prices and exchange rates.

Sales in the dairy products segment fell by 6.5% year on year from CHF 50.5 million to CHF 47.2 million. This translates into an organic decline of 2.1%, attributable to lower sales volumes of organic milk at Gläserne Molkerei in Germany.

Sales in the fresh cheese segment were CHF 23.6 million, compared with CHF 21.3 million in the prior-year period. The growth of 10.5% – or 15.7% in organic terms – is due to the positive performance of fresh goat’s cheese sales at Bettinehoeve in the Netherlands.

Sales generated with powder/concentrates decreased by 17.1% to CHF 16.2 million, compared with CHF 19.6 million during the same period in the previous year. The organic decrease of 13.2% relates to the decline in sales of goat’s milk powder in the Netherlands. This negative development was exacerbated by economic uncertainties, high inventory levels at intermediaries worldwide and a lack of availability of raw materials.

In the other products/services segment, the division Europe generated sales of CHF 18.5 million, on a par with the same period in the previous year.

Sales development Global Trade

in CHF million

Sales 1HY 2023

Sales 1HY 2022

Organic growth





Fresh products








Dairy products




Other products/services




Total Global Trade




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 2.9% of Group sales (previous year: 3.0%).

Sales in the division Global Trade amounted to CHF 60.4 million in the first half of 2023. Compared to the CHF 61.7 million recorded in the same period of the previous year, this represents an organic decline of 2.1%.

The organic decrease in sales of 6.9% in the cheese segment is mainly due to the discontinuation of deliveries to Russia during the first half of 2022 and lower sales in the Asian region. The fresh products segment saw an organic decline of 3.9%, primarily due to the negative performance of yogurt in the Asian region. The growth of 17.1% in the powder/concentrates segment reflects the rise in exports of surpluses of skimmed-milk powder from Switzerland.

Gross profit

Gross profit was CHF 775.4 million in the first half of 2023, compared to CHF 707.4 million in the same period last year. The increase of CHF 68.0 million is primarily the result of a significantly higher gross profit margin of 36.9% (compared to a low 35.1% in the previous year), which partially made up for the margin lost in the previous year. This recovery is mainly due to operational improvements at individual foreign companies such as Quillayes Surlat in Chile or Emmi Dessert USA. Measures to increase productivity and in procurement also had a positive impact, as did the compensatory effect of delayed sales price increases.

Operating result

Operating expenses rose by CHF 37.8 million or 6.9% year on year to CHF 583.6 million (previous year: CHF 545.8 million). In relation to sales, operating expenses therefore amounted to 27.7% (previous year: 27.1%). The main reason for the increase is the significant rise in energy costs, which could only be partially offset by lower logistics and personnel expenses in relation to sales.

Personnel expenses increased to CHF 289.7 million from CHF 281.6 million in the prior-year period. The increase of CHF 8.1 million was nevertheless slightly below average in relation to sales development. Consequently, personnel expenses as a percentage of sales fell from 14.0% during the same period in the previous year to 13.7% in the first half of 2023.

Other operating expenses amounted to CHF 293.9 million (previous year: CHF 264.3 million), an increase of CHF 29.6 million year on year. This uptick is largely due to significantly higher energy costs as well as normalising marketing and sales expenses. However, lower logistics costs compared to the previous year had a compensating effect. When compared with sales, other operating expenses rose from 13.1% to 14.0%.

Other operating income amounted to CHF 3.1 million in the first half-year, versus CHF 2.1 million in the prior-year period.

As a result of this development, earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed by CHF 31.2 million to CHF 194.9 million in the first half of 2023 (previous year: CHF 163.7 million). The EBITDA margin consequently amounted to 9.3%, compared with 8.1% in the same period last year. Thanks to the encouraging increase in the gross profit margin, the EBITDA margin also trended higher despite a disproportionate rise in operating expenses, partially compensating for the margin loss recorded in the previous year.

Depreciation on property, plant and equipment increased by CHF 1.3 million in the reporting period, from CHF 48.9 million to CHF 50.2 million. However, amortisation on intangible assets decreased slightly from CHF 6.2 million to CHF 6.1 million.

Earnings before interest and taxes (EBIT) were CHF 138.5 million in the period under review, up CHF 29.9 million or 27.5% on the previous year (CHF 108.6 million). As a result of the margin trend described above, the EBIT margin also rose, increasing to 6.6% in the first half of 2023 from 5.4% in the previous year.

Non-recurring effects in the half-year results 2023

No non-recurring effects were recorded in the period under review or in the prior-year period. For this reason, Emmi has opted not to disclose adjusted results. The sale of Gläserne Molkerei as well as the minority interest in Ambrosi S.p.A. represent non-recurring effects, but since both transactions took place after the balance sheet date, they are described as subsequent events in the half-year results 2023. See also page 30.

Income from associates, financial result and income taxes

Income from associates and joint ventures recorded a gain of CHF 0.9 million in the first half of 2023 compared with CHF 0.1 million during the same period in the previous year.

The financial result (net financial expenses) rose by CHF 1.5 million year on year to CHF 12.0 million (previous year: CHF 10.5 million). This increase mainly reflects the higher net interest expense, resulting from the refinancing of euro notes in the middle of last year and from the general increase in financing costs.

Income taxes amounted to CHF 21.0 million during the reporting period versus CHF 17.2 million in the prior-year period. The expected tax rate for the full-year 2023 is therefore 16.5%.

Net profit

Net profit including minority interests was CHF 106.4 million, compared with CHF 81.0 million in the prior-year period.

The share of minority interests in net profit was CHF 8.6 million, up from CHF 2.9 million in the same period last year. This increase of CHF 5.7 million is due to better results from companies with minority interests, especially in Chile and at Emmi Dessert USA.

After deducting minority interests, net profit was therefore CHF 97.8 million (previous year: CHF 78.1 million). Accordingly, net profit rose by CHF 19.7 million or 25.2%. The net profit margin amounted to 4.6% (previous year: 3.9%), and earnings per share stood at CHF 18.28 for the first half of 2023 (previous year: CHF 14.61).

Assets, financing and cash flow

Total assets as at 30 June 2023 were up 3.1% or CHF 81.2 million compared with 31 December 2022 to CHF 2,716.6 million. Operating net working capital was CHF 723.5 million, an increase of CHF 36.6 million or 5.3% versus 31 December 2022. Non-current assets overall recorded a slight increase of CHF 14.8 million, mainly due to higher investments in property, plant and equipment compared with depreciation. On the financing side, short- and long-term bank debt recorded a slight increase. In combination with the higher level of cash and cash equivalents, this resulted in net debt of CHF 448.3 million as at 30 June 2023 versus CHF 473.2 million as at 31 December 2022. The equity ratio of 48.5% as at 30 June 2023 was slightly lower than the 48.7% recorded on 31 December 2022.

Cash inflow from operating activities amounted to CHF 167.8 million, significantly above the previous year’s low figure of CHF 53.4 million which was characterised by negative non-recurring effects. This positive development was driven by an increase in profitability at EBITDA level and by changes in net working capital. The change in net working capital had a positive effect, totalling CHF 4.1 million in the first half of 2023. During the same period in the previous year, however, this had a negative impact on cash flow from operating activities totalling CHF 71.9 million. The investment in operating net working capital was CHF 17.1 million lower than in the previous year. However, the largest contributor in terms of amount comes from the items contained in other net working capital, which had a positive effect of CHF 58.9 million year on year, and are largely related to cash flows concerning a margin call for the long-term hedging of interest rate and currency risks. Interest and taxes paid, on the other hand, were in line with the previous year. Cash outflow from investing activities was CHF 70.8 million, CHF 36.4 million lower than the prior-year figure of CHF 107.2 million. Investments in property, plant and equipment fell by CHF 15.1 million, driven by major strategic projects in the prior-year period, and amounted to CHF 64.3 million in the first half of 2023. Cash outflow from acquisition activities also decreased, falling to a low of CHF 3.3 million from CHF 23.5 million in the same period last year. Excluding cash flow from acquisition activities, this resulted in a free cash flow of CHF 100.3 million, compared to a negative free cash flow of CHF 30.3 million in the prior-year period. Cash outflow from financing activities amounted to CHF 65.6 million, stemming from dividend payments to shareholders and minority shareholders totalling CHF 79.4 million as well as the cash inflow from additional financial liabilities. In the previous year, cash outflow from financing activities amounted to CHF 28.6 million, with a higher net cash inflow resulting from the change in financial liabilities. Owing to the cash flows described above, cash and cash equivalents rose by CHF 30.7 million versus 31 December 2022, from CHF 202.2 million to CHF 232.9 million.

Outlook for full-year 2023

The challenging economic environment is expected to continue in the second half of 2023 and beyond. Although the rise in inflation appears largely to have peaked, higher levels of inflation will persist in the short and medium term. This means that input costs will remain high and will also climb further in certain areas due to inflation, which is easing slightly but continues to be an issue. The shortage of skilled workers and labour will continue to put pressure on personnel costs. At the same time, there are signs of an economic slowdown with recessionary trends evident in many of the markets of relevance to Emmi, which will further dampen consumer sentiment. This poses additional risks for the second half of the year, especially in terms of volume and price trends.

The Emmi Group is convinced that quality, strong brands and innovative concepts are more important than ever during times of restrained consumer sentiment.

Weaker consumer confidence and annual price effects are expected to undermine organic sales growth in the second half of the year. As a result, Emmi continues to expect organic sales growth at Group level of 3% to 4% for the year as a whole. The division Switzerland remains faced with a highly competitive market, with import and price pressure exacerbated by the strength of the Swiss franc, and Emmi is forecasting organic sales growth of between 2% and 3% (previously 1% to 2%). In its international business, Emmi expects organic growth of 6% to 8% (unchanged) in the division Americas and lower organic growth of 0% to 1% (previously 3% to 5%) in the division Europe.

Adjusted for the non-recurring effects from the divestment of Gläserne Molkerei and Ambrosi in the second half of 2023, Emmi confirms its forecasts for EBIT (CHF 275 million to 295 million) and for the net profit margin (4.5% to 5.0%). Emmi is also sticking to its medium-term forecast.