The half-year earnings show that 2018 has rightly been referred to as a transition year. In accordance with the strategy, Bimbosan AG was acquired in order to further strengthen the forward integration in the Baby Care Division, and the loss-making HOCHDORF Baltic Milk UAB was sold.

Despite the delayed brand registration in China, the Baby Care Division increased the volume sold by almost 5 %. The Dairy Ingredients Division successfully sold its first milk powder specialities on the market, and the marketing preparations for instant milk powder for end consumers carried on. Cereals & Ingredients generated turnover growth of almost 40 %.

HOCHDORF processed 365.3 million kg of milk, whey, cream etc. (PY: 377.6 million kg) and sold 83,374 t of products (PY: 111,948 t; −25.5 %). The Group generated net sales revenue of CHF 281.6 million (PY: CHF 302.4 million; −6.9 %). Various temporary or non-recurring effects depressed the half-year result. These included, above all, the high start-up costs and delays affecting the new spray tower line and the lack of sales in China, which also had a considerable negative impact on the result of Pharmalys Laboratories SA; in addition, the sale of HOCHDORF Baltic Milk UAB had a negative impact. This resulted in EBIT of CHF 2.9 million (−81.4%). We anticipate a very strong second half of the year but will not be able to fully offset the negative effects of the first half and are therefore slightly lowering our forecast.