Emmi divests the Gläserne Molkerei

Emmi Management AG / Key word(s): Strategic Company Decision Emmi divests the Gläserne Molkerei 06-Jul-2023 / 06:50 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, 6 July 2023 – The Emmi Group divests the Gläserne Molkerei, a German-based company specialising in the production of regional organic dairy products, to Mutares. The transaction is consistent with the Group's ongoing portfolio transformation and focus on profitable strategic markets and niches. The Emmi Group is divesting the Gläserne Molkerei, a northeast German-based company specialising in the production of regional organic dairy products, to Mutares with headquarters in Munich. The transaction is consistent with the Group’s ongoing portfolio transformation and focus on profitable strategic markets and niches such as ready-to-drink coffee, speciality cheeses, premium chilled desserts and plant-based dairy alternatives. The Gläserne Molkerei generated sales of around EUR 100 million with over 120 employees in 2022. “The new ownership structure creates sustainable future prospects for the Gläserne Molkerei with its high-quality range of organic dairy products and enables Emmi to continue to implement its strategy of focus”, said Ricarda Demarmels, CEO of the Emmi Group. After a thorough review of various options and intensive discussions with a range of interested parties, Emmi has decided to divest the Gläserne Molkerei to Mutares, a company specialising in turnaround situations. Mutares has a track record of putting companies back on the road to success, both operationally and strategically, thus creating attractive prospects for employees, trading partners, consumers and suppliers alike. Completion of the sale is subject to approval by the responsible competition authorities. The parties have agreed not to disclose the purchase price. The sale will result in a one-off loss for Emmi in the financial year of 2023 of around CHF 38 million at EBIT level and around CHF 30 million at net profit level. A significant part of this loss is due to the ‘goodwill recycling’ principle required by Swiss GAAP FER, by which the goodwill offset against equity at the time of acquisition must be taken into account when determining the profit from the sale. The negative cash impact of the transaction amounts to around CHF 10 million. Adjusted for the one-time special effect resulting from this transaction, Emmi confirms its forecast for the full year 2023 published on 1 March 2023 and will provide information on the current course of business as planned on 18 August 2023 following publication of its half-year results.   Download material and further information Media release as PDF Photos of Gläserne Molkerei Website of Gläserne Molkerei Emmi Media Corner Contacts Media Simone Burgener, Media spokesperson | [e-mail] Investors and Analysts Ricarda Demarmels, CEO | [e-mail] 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 over 50 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 2022. About Gläserne Molkerei Gläserne Molkerei is an organic dairy with two locations in Germany. One production facility is located in Münchehofe in Brandenburg, the other is in Dechow in Mecklenburg. In 2022, it generated sales of around EUR 100 million with its high-quality, regionally produced organic dairy products. Emmi Group became involved in the Gläserne Molkerei in 2012 and took over the company completely in 2016. About Mutares Mutares SE & Co. KGaA, Munich (www.mutares.com), as a listed private equity holding company with offices in Munich (HQ), Amsterdam, Frankfurt, Helsinki, London, Madrid, Milan, Paris, Stockholm, Vienna and Warsaw, acquires medium-sized companies in special situations, based in Europe, which show significant operational improvement potential and are sold again after undergoing a repositioning and stabilization process. For the financial year 2023, consolidated revenues of EUR 4.8 billion to EUR 5.4 billion are expected. Based on this, consolidated revenues are to be expanded to approx. EUR 7 billion by 2025. As the portfolio grows, so do consulting revenues, which together with portfolio dividends and exit proceeds accrue to the Mutares Holding. Accordingly, a net income in the holding company in the range of EUR 125 million to EUR 150 million is expected for the financial year 2025. The Management Board and Supervisory Board together hold more than one third of all Mutares shares with voting rights. The shares of Mutares SE & Co. KGaA are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol "MUX" (ISIN: DE000A2NB650). End of Inside Information

Language:	English
Company:	Emmi Management AG
	Landenbergstrasse 1
	6005 Luzern
	Switzerland
E-mail:	[e-mail]
Internet:	www.emmi.com
ISIN:	CH0012829898
Valor:	1282989
Listed:	SIX Swiss Exchange
EQS News ID:	1673693

End of Announcement	EQS News Service

1673693  06-Jul-2023 CET/CEST