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29.02.2024 06:58:07 - dpa-AFX: EQS-Adhoc: Emmi on track with good annual result (english)
Emmi on track with good annual result
Emmi Management AG / Key word(s): Annual Results
Emmi on track with good annual result
29-Feb-2024 / 06:57 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Lucerne, 29 February 2024 - The Emmi Group performed well in a continuously
challenging market environment and achieved broad-based organic growth of
3.5% in 2023. Adjusted for negative currency and acquisition effects, sales
rose by 0.3% to CHF 4,242.4 million. The consistent focus on strategic
markets and attractive niches contributed to the positive organic
development. The Emmi Group was able to significantly improve its annual
result thanks to considerable progress - particularly in the strategic niche
of chilled premium desserts in the US and Italy as well as in important
growth markets such as Chile and Mexico -, the ongoing portfolio
transformation and the consistent implementation of efficiency programmes.
The adjusted EBIT of CHF 295.4 million and the adjusted net profit margin of
5.0% were at the upper end of the target range. For the 2024 financial year,
the Emmi Group anticipates subdued organic sales growth of 1% to 2% in the
near term, but further improved EBIT results (CHF 295 million to CHF 315
million) and net profit margin (5.0% to 5.5%). Emmi also confirms its
medium-term objectives.
'With our robust business model, clear strategy and significant operational
improvements in our foreign markets, we were able to assert ourselves in a
challenging inflation-driven market environment and achieve a positive
annual result for 2023. With far-sightedness, responsible action and
innovative strength, we made important progress in line with our growth
priorities in strategic markets and niches,' says Ricarda Demarmels, CEO of
the Emmi Group.
Key figures Emmi Group
* Adjusted for non-recurring effects of CHF 37.2 million at EBIT level and
CHF 26.1 million at net profit level. In the year under review, these
resulted from the divestment of Gläserne Molkerei and the sale of the
minority interest in Ambrosi S.p.A.
** The adjustment effect in the previous year relates to an impairment of
non-current assets at Gläserne Molkerei. This amounts to CHF 13.1 million at
EBIT level and CHF 11.8 million at net profit level.
Good annual result in a challenging market environment
In a market environment that remained challenging and in some cases highly
inflationary, the Emmi Group increased its annual sales to CHF 4,242.4
million in 2023 (previous year: CHF 4,230.0 million). The sales growth of
0.3% is comprised of an organic increase of 3.5%, a negative currency effect
of 2.2% and a negative acquisition effect of 1.0%. This broad-based,
price-driven organic growth is thus in the middle of the Group's own
guidance range for the financial year. The Emmi Group was able to make
further progress thanks to the focused implementation of the strategy, the
differentiated market positions, innovative brands and the diversified
product and country portfolio. More information on the sales development can
be found in the media release dated 25 January 2024.
The positive annual result for 2023 is due in particular to the strategy
geared towards long-term profitable growth, attractive brand and niche
businesses and the highly agile, regionally anchored organisation, which
enabled significant operational improvements at various companies. The Emmi
Group was thus able to achieve a sound result at the upper end of its own
guidance range. Gross profit increased to CHF 1,555.2 million (previous
year: CHF 1,483.1 million) despite negative currency effects and the
negative acquisition effect resulting from the divestment of Gläserne
Molkerei. The gross profit margin increased to 36.7% (previous year: 35.1%).
In addition to organic growth, the increase primarily reflects the ongoing
portfolio transformation and the operational progress made by several
foreign companies such as Quillayes Surlat in Chile, Emmi Dessert US and
Emmi Dessert Italy. Consistently implemented efficiency programmes, strict
cost discipline and responsible price increases, which took effect after a
delay, also supported this.
Personnel expenses rose due to inflation-driven increases in salary costs to
CHF 566.1 million (previous year: CHF 556.5 million). The significant
increase in other operating expenses to the adjusted figure - in order to
take account of the loss resulting from the divestment of Gläserne Molkerei
- of CHF 582.8 million (previous year: CHF 556.3 million) is primarily
attributable to significantly higher energy costs driven by the market. On
the other hand, higher expenses for marketing and sales as well as
maintenance and repairs were offset by significantly lower logistics costs.
Adjusted earnings before interest, taxes, depreciation and amortisation
(EBITDA) thus amounted to CHF 413.0 million (previous year: CHF 379.3
million). The EBITDA margin therefore rose from the previous year's 9.0% to
the adjusted figure of 9.7% in the period under review.
Depreciation and amortisation decreased from CHF 126.4 million to CHF 117.6
million in the period under review. However, excluding the non-recurring
effect from the impairment of Gläserne Molkerei in the previous year, there
was a slight increase of CHF 4.3 million. As a result, adjusted earnings
before interest and taxes (EBIT) amounted to CHF 295.4 million. Compared to
the adjusted previous year (CHF 266.1 million), this represents an increase
of 11.0%. The resulting adjusted EBIT margin of 7.0% was also significantly
above the prior-year adjusted margin of 6.3%.
Adjusted for the loss on the divestment of Gläserne Molkerei and the profit
on the sale of the minority interest in Ambrosi, net profit came to CHF
212.4 million, exceeding the adjusted prior-year figure of CHF 194.3 million
by 9.3%. On the basis of the adjusted figures, the net profit margin also
improved significantly from 4.6% in the previous year to 5.0% in the period
under review.
In line with a consistent dividend policy and on the basis of the positive
result and solid balance sheet, the Board of Directors proposes an increase
in the dividend of 6.9% to CHF 15.50 per share (previous year: CHF 14.50).
Continuous portfolio transformation
As part of its ongoing and consistent portfolio transformation and its focus
on profitable, strategic markets and niches, Emmi announced the divestment
of Germany-based Gläserne Molkerei GmbH on 6 July 2023 and completed the
sale on 14 August 2023. This non-recurring effect impacted 2023 EBITDA and
EBIT by CHF 37.2 million and net profit by CHF 28.9 million. Excluding the
positive tax effect, the transaction resulted in a net outflow of cash and
cash equivalents of CHF 11.5 million. On 3 July 2023, the sale of the
non-strategic minority interest in Ambrosi S.p.A., which had already been
announced in 2022, was also completed. This non-recurring effect had a
positive impact on net profit of CHF 2.8 million and also led to a net
inflow of cash and cash equivalents of CHF 27.1 million.
Responsible business model
Responsible action has been firmly anchored in the business model of the
Emmi Group for generations. Together with its partners, Emmi developed a
science-based catalogue of criteria for sustainable milk outside Switzerland
in 2023. In Switzerland, the first year of the 'KlimaStaR Milch' industry
initiative saw the identification of climate protection levers for a more
sustainable Swiss dairy industry. On its path to net zero by 2050, the Emmi
Group has also pushed ahead with the use of renewable energies and, as a
founding member of RecyPac, is committed to the circular economy of plastic
packaging and beverage cartons throughout Switzerland. Ultimately, 57% of
all Emmi Group employees have an individual development plan. More
information on the long-standing commitment to sustainability can be found
in the seventh Sustainability Report of the Emmi Group.
Continuity in governance and management
The Annual General Meeting elected Urs Riedener as the new Chairman of the
Board of Directors on 1 April 2023. Emmi would like to thank the Chairman
Konrad Graber who stepped down, for his tireless efforts to secure a
strategically sound set-up for the Emmi Group as well as for the many years
of successful collaboration. In addition, Nadja Lang joined as a member of
the Board of Directors on 1 April 2023. In the year under review, the former
CFO Ricarda Demarmels took over from Urs Riedener as CEO of the Emmi Group
on 1 January 2023. The Group Management was completed with Sacha D. Gerber
as the new Chief Financial Officer on 1 June 2023 and Raffael Payer as the
new Chief Marketing Officer on 1 October 2023, making it ideally positioned
for the future.
Increasing result expected for 2024 despite clouded consumer sentiment
The Emmi Group expects the general economic conditions to remain challenging
in 2024. Economic uncertainties - characterised by persistently high
inflation rates and input costs, negative exchange-rate effects and
geopolitical tensions - have led to a downturn in consumer sentiment in many
markets relevant to Emmi. For 2024, most of these markets expect subdued
economic growth, some even with recessionary tendencies. This market
environment is also expected to influence Emmi's sales growth in the short
term. The Emmi Group will therefore continue to act with the usual
discipline and prudence in order to counter the ongoing pressure on margins.
In addition, the Group will continue to implement efficiency and cost-saving
programmes, as well as responsible sales price increases where necessary,
and maintain its ongoing portfolio transformation in line with strategic
priorities.
For the 2024 financial year, Emmi expects organic sales growth of 1% to 2%,
which is below the medium-term expectations of 2% to 3% due to the
uncertainties surrounding volume development. In Switzerland, organic growth
is expected to be between 0% and 1% in line with medium-term expectations.
In international business, organic sales growth of 2% to 4% is expected in
the division Americas and 0% to 1% in the division Europe. In many foreign
markets, the loss of purchasing power caused by the high inflation rates of
the past two years temporarily led to a downturn in consumer sentiment. In
addition, the strong Swiss franc is hampering business with Swiss export
products. Emmi therefore expects organic sales growth in the divisions
Americas and Europe in the short term in 2024 to fall short of medium-term
expectations. At the EBIT level, Emmi expects rising earnings in the range
from CHF 295 million to CHF 315 million and the net profit margin increasing
between 5.0% and 5.5% thanks to further operational improvements and its
ongoing portfolio transformation. Emmi also confirms the medium-term goals
for organic growth, net profit margin, ROIC and the payout ratio.
2024 guidance
* Organic sales growth for the Group: 1% to 2%
* Organic sales growth division Switzerland: 0% to 1%
* Organic sales growth division Americas: 2% to 4%
* Organic sales growth division Europe: 0% to 1%
* EBIT: CHF 295 to CHF 315 million
* Net profit margin: 5.0% to 5.5%
Medium-term guidance
* Organic sales growth for the Group: 2% to 3%
* Organic sales growth division Switzerland: 0% to 1%
* Organic sales growth division Americas: 4% to 6%
* Organic sales growth division Europe: 1% to 3%
* Net profit margin: 5.5% to 6.0%
* Return on invested capital (ROIC): Trend towards improvement
* Payout ratio: 35% to 45%
Emmi will publish its half-year results for 2024 at 7.00 a.m. on 14 August
2024.
Download material and further information
* Media release as PDF
* Online Annual Report and Summary Report for 2023
* Presentation of annual results 2023
* Media release on annual sales 2023 (25 January 2024)
* Alternative performance indicators
* Emmi Media Corner
Contacts
Media
Simone Burgener, Media Spokesperson & Senior Communications Manager |
media@emmi.com
Investors and Analysts
Oliver Wasem, Head of Group Controlling & Investor Relations | ir@emmi.com
About Emmi
Emmi is the leading manufacturer of high-quality dairy products in
Switzerland. Its roots date back to 1907, when it was founded by dairy
farmer cooperatives in the Lucerne region. With its focussed strategy,
innovative products and brand concepts established beyond Switzerland, such
as Emmi Caffè Latte and Kaltbach cheese, Emmi has grown into an
internationally active, listed group (EMMN) with a strong local presence in
14 countries.
Emmi's business model is traditionally based on a careful approach to
nature, animals and people. In this way, Emmi creates the best dairy
moments, today and for generations to come, while also contributing to value
creation in rural regions. The company distributes its quality products in
around 60 countries and manufactures these at 57 of its own production sites
in eleven countries. With more than 9,000 employees, around 70% of whom work
outside Switzerland, the Emmi Group generated sales of CHF 4.2 billion in
2023.
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End of Inside Information
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End of Announcement EQS News Service
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1847883 29-Feb-2024 CET/CEST
Emmi Management AG / Key word(s): Annual Results
Emmi on track with good annual result
29-Feb-2024 / 06:57 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Lucerne, 29 February 2024 - The Emmi Group performed well in a continuously
challenging market environment and achieved broad-based organic growth of
3.5% in 2023. Adjusted for negative currency and acquisition effects, sales
rose by 0.3% to CHF 4,242.4 million. The consistent focus on strategic
markets and attractive niches contributed to the positive organic
development. The Emmi Group was able to significantly improve its annual
result thanks to considerable progress - particularly in the strategic niche
of chilled premium desserts in the US and Italy as well as in important
growth markets such as Chile and Mexico -, the ongoing portfolio
transformation and the consistent implementation of efficiency programmes.
The adjusted EBIT of CHF 295.4 million and the adjusted net profit margin of
5.0% were at the upper end of the target range. For the 2024 financial year,
the Emmi Group anticipates subdued organic sales growth of 1% to 2% in the
near term, but further improved EBIT results (CHF 295 million to CHF 315
million) and net profit margin (5.0% to 5.5%). Emmi also confirms its
medium-term objectives.
* Organic sales growth at Group level 3.5% (previous year: 7.0%), negative
currency effect 2.2%, negative acquisition effect 1.0%
* Organic growth in divisions Switzerland (3.8%) and Americas (5.7%),
slight organic decline in division Europe (0.4%)
* EBIT adjusted for the one-time loss from the divestment of Gläserne
Molkerei at CHF 295.4 million at the upper end of the target range (CHF
275 million to CHF 295 million) and 11.0% higher than in the previous
year (CHF 266.1 million), adjusted EBIT margin 7.0% (previous year:
6.3%)
* Adjusted net profit of CHF 212.4 million, up 9.3% on the previous year
(CHF 194.3 million), adjusted for the one-time loss on the divestment of
Gläserne Molkerei and the profit from the sale of the minority interest
in Ambrosi, adjusted net profit margin of 5.0% (previous year: 4.6%),
also at the upper end of the target range (4.5% to 5.0%)
* Progress in ongoing portfolio transformation and focus on profitable
growth: the divestment of Gläserne Molkerei and the sale of the minority
interest in Ambrosi resulted in a one-time loss of CHF 37.2 million at
EBIT level and CHF 26.1 million at net profit level
* 7th Sustainability Report published; progress in employee development,
sustainable dairy farming and reduction of own greenhouse gas emissions
* Proposal for a dividend increase of 6.9% to CHF 15.50 per share
(previous year: CHF 14.50) with an adjusted payout ratio of 39%
(previous year: 40%)
* Outlook for 2024: organic sales growth of 1% to 2%, EBIT of CHF 295
million to CHF 315 million, net profit margin of 5.0% to 5.5%
'With our robust business model, clear strategy and significant operational
improvements in our foreign markets, we were able to assert ourselves in a
challenging inflation-driven market environment and achieve a positive
annual result for 2023. With far-sightedness, responsible action and
innovative strength, we made important progress in line with our growth
priorities in strategic markets and niches,' says Ricarda Demarmels, CEO of
the Emmi Group.
Key figures Emmi Group
in CHF million 2023 2023 2022 2022
adjusted* adjusted**
Net sales 4,242 4,230
Sales growth in % 0.3 8.1
Net sales increase in organic 3.5 7.0
terms in %
Acquisition effect in % -1.0 2.1
Currency effect in % -2.2 -1.0
Earnings before interest and 258.2 295.4 253.0 266.1
taxes (EBIT)
as % of net sales 6.1 7.0 6.0 6.3
Net profit 186.3 212.4 182.5 194.3
as % of net sales 4.4 5.0 4.3 4.6
Investments in fixed assets 145.1 206.2
(excl. acquisitions)
as % of net sales 3.4 4.9
Headcount (full-time 9,346 9,368
equivalents) as at 31.12.
* Adjusted for non-recurring effects of CHF 37.2 million at EBIT level and
CHF 26.1 million at net profit level. In the year under review, these
resulted from the divestment of Gläserne Molkerei and the sale of the
minority interest in Ambrosi S.p.A.
** The adjustment effect in the previous year relates to an impairment of
non-current assets at Gläserne Molkerei. This amounts to CHF 13.1 million at
EBIT level and CHF 11.8 million at net profit level.
Good annual result in a challenging market environment
In a market environment that remained challenging and in some cases highly
inflationary, the Emmi Group increased its annual sales to CHF 4,242.4
million in 2023 (previous year: CHF 4,230.0 million). The sales growth of
0.3% is comprised of an organic increase of 3.5%, a negative currency effect
of 2.2% and a negative acquisition effect of 1.0%. This broad-based,
price-driven organic growth is thus in the middle of the Group's own
guidance range for the financial year. The Emmi Group was able to make
further progress thanks to the focused implementation of the strategy, the
differentiated market positions, innovative brands and the diversified
product and country portfolio. More information on the sales development can
be found in the media release dated 25 January 2024.
The positive annual result for 2023 is due in particular to the strategy
geared towards long-term profitable growth, attractive brand and niche
businesses and the highly agile, regionally anchored organisation, which
enabled significant operational improvements at various companies. The Emmi
Group was thus able to achieve a sound result at the upper end of its own
guidance range. Gross profit increased to CHF 1,555.2 million (previous
year: CHF 1,483.1 million) despite negative currency effects and the
negative acquisition effect resulting from the divestment of Gläserne
Molkerei. The gross profit margin increased to 36.7% (previous year: 35.1%).
In addition to organic growth, the increase primarily reflects the ongoing
portfolio transformation and the operational progress made by several
foreign companies such as Quillayes Surlat in Chile, Emmi Dessert US and
Emmi Dessert Italy. Consistently implemented efficiency programmes, strict
cost discipline and responsible price increases, which took effect after a
delay, also supported this.
Personnel expenses rose due to inflation-driven increases in salary costs to
CHF 566.1 million (previous year: CHF 556.5 million). The significant
increase in other operating expenses to the adjusted figure - in order to
take account of the loss resulting from the divestment of Gläserne Molkerei
- of CHF 582.8 million (previous year: CHF 556.3 million) is primarily
attributable to significantly higher energy costs driven by the market. On
the other hand, higher expenses for marketing and sales as well as
maintenance and repairs were offset by significantly lower logistics costs.
Adjusted earnings before interest, taxes, depreciation and amortisation
(EBITDA) thus amounted to CHF 413.0 million (previous year: CHF 379.3
million). The EBITDA margin therefore rose from the previous year's 9.0% to
the adjusted figure of 9.7% in the period under review.
Depreciation and amortisation decreased from CHF 126.4 million to CHF 117.6
million in the period under review. However, excluding the non-recurring
effect from the impairment of Gläserne Molkerei in the previous year, there
was a slight increase of CHF 4.3 million. As a result, adjusted earnings
before interest and taxes (EBIT) amounted to CHF 295.4 million. Compared to
the adjusted previous year (CHF 266.1 million), this represents an increase
of 11.0%. The resulting adjusted EBIT margin of 7.0% was also significantly
above the prior-year adjusted margin of 6.3%.
Adjusted for the loss on the divestment of Gläserne Molkerei and the profit
on the sale of the minority interest in Ambrosi, net profit came to CHF
212.4 million, exceeding the adjusted prior-year figure of CHF 194.3 million
by 9.3%. On the basis of the adjusted figures, the net profit margin also
improved significantly from 4.6% in the previous year to 5.0% in the period
under review.
In line with a consistent dividend policy and on the basis of the positive
result and solid balance sheet, the Board of Directors proposes an increase
in the dividend of 6.9% to CHF 15.50 per share (previous year: CHF 14.50).
Continuous portfolio transformation
As part of its ongoing and consistent portfolio transformation and its focus
on profitable, strategic markets and niches, Emmi announced the divestment
of Germany-based Gläserne Molkerei GmbH on 6 July 2023 and completed the
sale on 14 August 2023. This non-recurring effect impacted 2023 EBITDA and
EBIT by CHF 37.2 million and net profit by CHF 28.9 million. Excluding the
positive tax effect, the transaction resulted in a net outflow of cash and
cash equivalents of CHF 11.5 million. On 3 July 2023, the sale of the
non-strategic minority interest in Ambrosi S.p.A., which had already been
announced in 2022, was also completed. This non-recurring effect had a
positive impact on net profit of CHF 2.8 million and also led to a net
inflow of cash and cash equivalents of CHF 27.1 million.
Responsible business model
Responsible action has been firmly anchored in the business model of the
Emmi Group for generations. Together with its partners, Emmi developed a
science-based catalogue of criteria for sustainable milk outside Switzerland
in 2023. In Switzerland, the first year of the 'KlimaStaR Milch' industry
initiative saw the identification of climate protection levers for a more
sustainable Swiss dairy industry. On its path to net zero by 2050, the Emmi
Group has also pushed ahead with the use of renewable energies and, as a
founding member of RecyPac, is committed to the circular economy of plastic
packaging and beverage cartons throughout Switzerland. Ultimately, 57% of
all Emmi Group employees have an individual development plan. More
information on the long-standing commitment to sustainability can be found
in the seventh Sustainability Report of the Emmi Group.
Continuity in governance and management
The Annual General Meeting elected Urs Riedener as the new Chairman of the
Board of Directors on 1 April 2023. Emmi would like to thank the Chairman
Konrad Graber who stepped down, for his tireless efforts to secure a
strategically sound set-up for the Emmi Group as well as for the many years
of successful collaboration. In addition, Nadja Lang joined as a member of
the Board of Directors on 1 April 2023. In the year under review, the former
CFO Ricarda Demarmels took over from Urs Riedener as CEO of the Emmi Group
on 1 January 2023. The Group Management was completed with Sacha D. Gerber
as the new Chief Financial Officer on 1 June 2023 and Raffael Payer as the
new Chief Marketing Officer on 1 October 2023, making it ideally positioned
for the future.
Increasing result expected for 2024 despite clouded consumer sentiment
The Emmi Group expects the general economic conditions to remain challenging
in 2024. Economic uncertainties - characterised by persistently high
inflation rates and input costs, negative exchange-rate effects and
geopolitical tensions - have led to a downturn in consumer sentiment in many
markets relevant to Emmi. For 2024, most of these markets expect subdued
economic growth, some even with recessionary tendencies. This market
environment is also expected to influence Emmi's sales growth in the short
term. The Emmi Group will therefore continue to act with the usual
discipline and prudence in order to counter the ongoing pressure on margins.
In addition, the Group will continue to implement efficiency and cost-saving
programmes, as well as responsible sales price increases where necessary,
and maintain its ongoing portfolio transformation in line with strategic
priorities.
For the 2024 financial year, Emmi expects organic sales growth of 1% to 2%,
which is below the medium-term expectations of 2% to 3% due to the
uncertainties surrounding volume development. In Switzerland, organic growth
is expected to be between 0% and 1% in line with medium-term expectations.
In international business, organic sales growth of 2% to 4% is expected in
the division Americas and 0% to 1% in the division Europe. In many foreign
markets, the loss of purchasing power caused by the high inflation rates of
the past two years temporarily led to a downturn in consumer sentiment. In
addition, the strong Swiss franc is hampering business with Swiss export
products. Emmi therefore expects organic sales growth in the divisions
Americas and Europe in the short term in 2024 to fall short of medium-term
expectations. At the EBIT level, Emmi expects rising earnings in the range
from CHF 295 million to CHF 315 million and the net profit margin increasing
between 5.0% and 5.5% thanks to further operational improvements and its
ongoing portfolio transformation. Emmi also confirms the medium-term goals
for organic growth, net profit margin, ROIC and the payout ratio.
2024 guidance
* Organic sales growth for the Group: 1% to 2%
* Organic sales growth division Switzerland: 0% to 1%
* Organic sales growth division Americas: 2% to 4%
* Organic sales growth division Europe: 0% to 1%
* EBIT: CHF 295 to CHF 315 million
* Net profit margin: 5.0% to 5.5%
Medium-term guidance
* Organic sales growth for the Group: 2% to 3%
* Organic sales growth division Switzerland: 0% to 1%
* Organic sales growth division Americas: 4% to 6%
* Organic sales growth division Europe: 1% to 3%
* Net profit margin: 5.5% to 6.0%
* Return on invested capital (ROIC): Trend towards improvement
* Payout ratio: 35% to 45%
Emmi will publish its half-year results for 2024 at 7.00 a.m. on 14 August
2024.
Download material and further information
* Media release as PDF
* Online Annual Report and Summary Report for 2023
* Presentation of annual results 2023
* Media release on annual sales 2023 (25 January 2024)
* Alternative performance indicators
* Emmi Media Corner
Contacts
Media
Simone Burgener, Media Spokesperson & Senior Communications Manager |
media@emmi.com
Investors and Analysts
Oliver Wasem, Head of Group Controlling & Investor Relations | ir@emmi.com
About Emmi
Emmi is the leading manufacturer of high-quality dairy products in
Switzerland. Its roots date back to 1907, when it was founded by dairy
farmer cooperatives in the Lucerne region. With its focussed strategy,
innovative products and brand concepts established beyond Switzerland, such
as Emmi Caffè Latte and Kaltbach cheese, Emmi has grown into an
internationally active, listed group (EMMN) with a strong local presence in
14 countries.
Emmi's business model is traditionally based on a careful approach to
nature, animals and people. In this way, Emmi creates the best dairy
moments, today and for generations to come, while also contributing to value
creation in rural regions. The company distributes its quality products in
around 60 countries and manufactures these at 57 of its own production sites
in eleven countries. With more than 9,000 employees, around 70% of whom work
outside Switzerland, the Emmi Group generated sales of CHF 4.2 billion in
2023.
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End of Inside Information
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Language: English
Company: Emmi Management AG
Landenbergstrasse 1
6005 Luzern
Switzerland
E-mail: info@emmi.com
Internet: www.emmi.com
ISIN: CH0012829898
Valor: 1282989
Listed: SIX Swiss Exchange
EQS News ID: 1847883
End of Announcement EQS News Service
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1847883 29-Feb-2024 CET/CEST
