(AWP) Amy (EMMN 924.00 -1.07%) The Coronavirus pandemic has barely slowed in the past fiscal year 2020. A milk processor from central Switzerland ended sales numbers well above analysts’ expectations. Earnings expectations from last August have also been confirmed.
Group sales increased 6.1% to CHF 3.71 billion in the reporting year, and organically, that is, adjusted for currency and acquisitions, this corresponds to an increase of 1.9% (first half: + 2%). The acquisitions had a positive impact of 8.7% on sales, while the currency effect of -4.5% brought down sales.
Generally speaking, organic sales growth has been roughly the same in the first and second half of the year. Thus the organic growth forecast (0.5 to 1.5%) published in the first half of the year was exceeded, as was the analyst’s estimate (+ 1.1%).
While Swiss business in particular contributed to the growth in the first half of the year, foreign markets recorded a positive development in the second half of the year, according to a statement released on Thursday. Brand concepts for Emmi Caffè Latte and Kaltbach also grew during the crisis. But in Switzerland, an increase in imported dairy products has had a negative effect.
Switzerland in line with expectations
In Switzerland, which contributes 45% to total sales of 1.69 billion Swiss francs, organic growth of + 0.7% was in line with our expectations (1 to 2%). Amy writes that the cautiously optimistic forecast for the second half of the year, which was formulated despite the positive semi-annual results for 2020, proved realistic due to the sometimes extremely negative effects of anti-coronavirus measures. .
Organic growth in the Americas, the second largest division (share of 35%), which includes the United States, Canada, Mexico, Chile, Tunisia and Spain (excluding Lácteos Caprinos), France and Brazil, reached 1.6%. The Europe division (17% share) with the markets of Italy, Germany, Austria, Belgium, the Netherlands, Great Britain and Lactus Caprinus in Spain recorded organic growth of 4.4%.
Confirm the profit forecast
Winning numbers and future projections for 2021 will not be announced until March 2. Nevertheless, Emmi confirmed its 2020 earnings forecast released in August (EBIT of 255-265 million Swiss francs is at the lower end of the range, net profit margin of 4.8 to 5.3%).
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