Archives
22.03.2006
Pronounced Increases in Income and Extended Market Position in Eastern Europe.
During the 2005 fiscal year the Vetropack Group reached consolidated revenues of CHF 519.8 Million. This surpasses last year’s revenues by 7.1%, however when taking currency translations into account the revenue increase equals 5.0% in real terms. Thanks to increased business volumes and rigorous cost cutting measures, EBIT rose by 11.4% to CHF 61.8 million. This improvement occurred despite intense increases in energy prices, as well as large and sustained pressure on margins. Annual consolidated profit rose by 22.1% to CHF 50.9 million (2004: CHF 41.7 million). Shortly after the fiscal year-end, Vetropack acquired a 75% majority shareholding in one of the leading glass manufacturing companies in Ukraine.
The Swiss based Vetropack Group is one Europe’s leading glass packaging manufacturers. With production facilities in Switzerland, Austria, the Czech Republic, Slovakia, Croatia, and as of this past February, Ukraine, Vetropack possesses an outstanding market position in the rapidly growing economies of Eastern Europe. During the previous fiscal year, the company reached consolidated revenues of CHF 519.8 million (2004: CHF 485.4 million). Unit sales of 3.6 billion were up 7.9% on the previous year’s total.
With the exception of Switzerland, all subsidiaries increased sales, most notably in Eastern Europe. In face of overcapacity within the German glass industry, Vetropack was exposed to increased pressure regarding price and competition in Switzerland.
Despite enormous price increases for energy and raw materials, Vetropack is successful at maintaining its earnings power. The EBIT margin of 11.8% surpassed last year’s level. Alongside the growth in sales volume, the main contributory factors include the precocious launching of a cost reduction program, as well as rendering specific investments within the manufacturing plants, which make sustained improvements in energy efficiency possible. Consolidated profits improved by 22.1% and totals CHF 50.9 million (2004: CHF 41.7 million). The cash flow of CHF 97.2 million is 14.8% above last year’s level, and represents 18.8% of Group consolidated revenues. As per 2005 fiscal year end, Vetropack employed a workforce of 2,405 individuals.
Due to its successful takeover of a 75% share in the Ukrainian glass manufacturer Gostomel Glass Factory, Vetropack expects to grow stronger this year than it did in 2005. This acquisition of a leading glass manufacturer in Ukraine enables Vetropack to raise its immediate production capacity by 20%. Furthermore, the new glassworks fulfils another strategic step towards extending Vetropack’s market position in the rapidly growing economies of Central and Eastern Europe. The Ukrainian domestic market currently has an annual market volume of 2.4 billion units of glass packaging.
Vetropack Holding Ltd
During the 2005 fiscal year, Vetropack Holding Ltd realised a net profit of CHF 11.6 million (2004: CHF 10.5).
The board of directors proposes a dividend distribution of 32% of nominal share value to the general assembly (2004: 28%). Accordingly, dividend payments are to be increased from CHF 14.00 to CHF 16.00 per bearer share, and from CHF 2.80 to CHF 3.20 per registered share. Moreover, the board of directors also proposes to nominate Mr. Jean-Philippe Rochat of Epalinges as successor to Mr. Jean-Claude Gisling, who will be leaving the board of directors due to reaching retirement age.
The general assembly for Vetropack Holding Ltd takes place in Bülach on Wednesday, 10th May 2006 at 11:15.
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27.08.2010
Vetropack: Increased Sales, Stable Revenues, Solid Financing
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29.06.2010
Vetropack Group: Johann Reiter assumes responsibility for Business Division Switzerland / Austria
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