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26.03.2002
Strong earnings power thanks to positive sales trend and full capacity utilisation
Last year the Vetropack Group achieved consolidated sales of CHF 431.6 million (previous year: CHF 414.0 million). Thanks to positive sales trends earnings before tax rose by 34.4% to CHF 34.7 million. After provisions and value adjustments of CHF 14.5 million, resulting from the closure of the Bülach production facilities, the Group generated a consolidated net profit of CHF 11.6 million (previous year: CHF 15.6 million) and cash flow of CHF 56.6 million (previous year: CHF 60.7 million).
The Swiss Vetropack Group is one of Europe's leading manufacturers of glass packaging. Through its subsidiaries Vetropack is the market leader in Switzerland, Austria, the Czech Republic and Croatia. In the last financial year the company generated consolidated sales of CHF 431.6 million, representing a 4.3% increase over the previous year (5.2% after adjustment for foreign exchange effects). In unit terms the Vetropack Group increased sales by 5.0% to 3.0 billion units of glass packaging.
The positive trend in the sales markets meant that all of Vetropack's production facilities were working at full capacity. This in turn had a positive impact on the bottom line: the EBIT rose by 34.4% to CHF 34.7 million, while the EBIT margin is 8.0% (previous year: 6.2%). With regard to the closure of the Bülach production facilities at the end of February 2002, provisions and value adjustments amounting to CHF 14.5 million have been made in the 2001 financial year. Taking these items into account, consolidated net profit for the year under review is CHF 11.6 million (previous year: CHF 15.6 million). The cash flow of CHF 56.6 million (previous year: CHF 60.7 million) exceeds investments made in the 2001 financial year (CHF 43.6 million) by CHF 13.0 million. At the end of 2001 Vetropack had 2,358 employees.
Growth in Eastern Europe
All of Vetropack's subsidiaries reported increased domestic sales and strengthened their position in the domestic market. In Switzerland, however, a proportion of the increased sales can be attributed to advance purchases on the part of the beverages industry following the introduction of recycling duty on 1.1.2002. In Croatia and neighbouring countries Vetropack benefited from the recovery in regional markets and was able to increase sales remarkable as already in the year before.
Exports share was 33% of the Vetropack Group's sales. Thanks to the geographical location of its production facilities Vetropack is an important supplier for multinational corporations from the food and beverages sector, which are expanding more and more strongly into Eastern Europe and for which Vetropack now provides glass packaging in 16 countries. This collaboration makes it possible for the Vetropack Group to participate in the growth of the Eastern European markets and to shape their development to some extent. Now that Swiss production has been concentrated in St Prex, Vetropack has been able to eliminate a significant loss-making unit at Bülach. The resources freed up by clothing the glasswork Bülach are available to the Group for further expansion into the markets of Eastern Europe.
The strategic direction of the Group in the market and the financial management of the Vetropack Group will continue to be concentrated at the Group's head office in Bülach. Vetropack AG, which is responsible for the Swiss market, also has its marketing, sales and logistics organization in Bülach.
Vetropack Holding Ltd
Vetropack Holding AG, which holds direct or indirect participations in the subsidiary companies, generated a net profit of CHF 7.0 million, in line with last year's figure. The Board of Directors proposes to the Annual General Meeting of shareholders that the same dividend as last year, namely 20%, should be distributed.
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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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