Vetropack Group

EBIT 2019-2023

CHF millions

2019

2020

2021

2022

2023

0

10

20

30

40

50

60

70

80

90

100

91.3

Change compared to the previous year

+2.5%

Consolidated profit 2019-2023

CHF millions

2019

2020

2021

2022

2023

0

10

20

30

40

50

60

70

80

90

63.3

Change compared to the previous year

+55.5%

Cash flow 2019-2023

CHF millions

200

100

0

2019

2020

2021

2022

2023

130.1

Change compared to the previous year

-8.5%

Total assets 31.12.2023

CHF millions

Liabilities Shareholders' equity Long-term assets Short-term assets

1 263.8

Change compared to the previous year

+2.4%

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140

Consolidated net sales 2019-2023

Consolidated net sales by segment 2023

CHF millions

CHF millions

898.8

Switzerland/Austria

Czech Republic/Slovakia

Croatia

Change compared to the previous year

-0.1%

Ukraine/Republic of Moldova

Italy

Speciality glass (Switzerland)

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Financial report Vetropack Group

Consolidated balance sheet

CHF millions

Note

31.12.2023

31.12.2022

ASSETS

Short-term assets

Liquid funds

82.2

180.3

Accounts receivable

1

141.3

179.0

Other short-term receivables

2

36.0

31.3

Inventories

3

197.9

155.5

Prepaid expenses and accrued income

4

4.1

6.2

Subtotal short-term assets

461.5

552.3

Long-term assets

Tangible assets

5

778.0

661.6

Financial assets

6

20.3

17.3

Intangible assets

7

4.0

3.3

Subtotal long-term assets

802.3

682.2

Total assets

1 263.8

1 234.5

LIABILITIES

Liabilities

Short-term liabilities

- Accounts payable

160.5

209.0

- Short-term financial debts

8

3.3

10.2

- Other short-term liabilities

9

26.9

25.9

- Accrued expenses and deferred income

10

34.1

31.8

- Short-term provisions

11

4.8

6.7

Subtotal short-term liabilities

229.6

283.6

Long-term liabilities

- Long-term financial debts

8

252.4

168.6

- Other long-term liabilities

0.5

0.7

- Long-term provisions

11

30.6

32.3

Subtotal long-term liabilities

283.5

201.6

Total liabilities

513.1

485.2

Shareholders' equity

Share capital

12

19.8

19.8

Capital reserves

0.3

0.3

Retained earnings

667.3

688.5

Consolidated profit

63.3

40.7

Subtotal shareholders' equity

750.7

749.3

Total liabilities

1 263.8

1 234.5

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142

Financial report Vetropack Group

Consolidated income statement

CHF millions

Note

2023

2022

Net sales from goods and services

13

898.8

899.4

Other operating income

14

24.1

25.7

Changes in inventories

40.1

21.4

Material expenses

15

- 147.3

- 135.6

Energy expenses

- 241.7

- 252.2

Personnel expenses

16

- 190.9

- 177.6

Depreciation

5

- 72.4

- 70.4

Impairments of tangible assets

5

- 0.8

- 2.2

Amortisation

7

- 1.6

- 1.8

Other operating expenses

17

- 217.0

- 217.6

Operating result (EBIT)

91.3

89.1

Financial result

18

- 10.9

- 7.7

Ordinary result

80.4

81.4

Non-operating result1

19

- 0.8

0.1

Extraordinary result

20

- 0.5

- 31.4

Consolidated profit before income taxes

79.1

50.1

Income taxes

21

- 15.8

- 9.4

Consolidated profit

63.3

40.7

Earnings per share

22

Undiluted earnings per registered share A in CHF

3.19

2.05

Undiluted earnings per registered share B in CHF

0.64

0.41

Diluted earnings per registered share A in CHF

3.19

2.05

Diluted earnings per registered share B in CHF

0.64

0.41

1 This includes depreciation of CHF 0.9 million on non-operating real estate and buildings (2022: CHF 0.9 million).

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Financial report Vetropack Group

Consolidated cash flow statement

CHF millions

Note

2023

2022

Consolidated profit

63.3

40.7

Depreciation and amortisation

74.9

73.1

Impairments

- 1.1

25.7

Change in provisions

- 6.3

3.0

Result from disposals of fixed assets

- 0.2

0.5

Other non-cash items

- 0.5

- 0.8

Operating cash flow before change of net working capital

130.1

142.2

Change in accounts receivable

32.1

- 46.4

Change in inventories

- 53.0

- 27.4

Change in other receivables, prepaid expenses and accrued income

- 4.8

- 19.8

Change in accounts payable

- 38.0

80.0

Change in other short-term liabilities, accrued expenses and deferred income

6.0

1.9

Cash flow from operating activities

72.4

130.5

Investments in tangible assets

23

- 235.6

- 194.1

Disposals of tangible assets

1.5

2.9

Investments in financial assets

- 0.1

-

Investments in intangible assets

- 2.3

- 0.5

Cash flow from investment activities

- 236.5

- 191.7

Dividend to shareholders

- 19.8

- 25.8

Change in short-term financial debts

- 4.0

- 2.7

Change in long-term financial debts

94.1

147.8

Cash Flow from financing activities

70.3

119.3

Foreign exchange differences

- 4.3

- 4.0

Change in liquid funds

- 98.1

54.1

Liquid funds as per 1.1.

180.3

126.2

Liquid funds as per 31.12.

82.2

180.3

Change in liquid funds

- 98.1

54.1

Inflow from interest

0.6

0.4

Outflow for interest

- 1.0

- 1.0

Outflow for income taxes

- 16.1

- 12.2

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Financial report Vetropack Group

Changes in consolidated shareholders' equity

CHF millions

Capital reserves

Retained

Share capital

(Agio)

earnings

Subtotal

Shareholders' equity as per 31.12.2021

19.8

0.3

754.4

774.5

Consolidated profit

-

-

40.7

40.7

Foreign exchange differences

-

-

- 40.1

- 40.1

Dividends

-

-

- 25.8

- 25.8

Shareholders' equity as per 31.12.2022

19.8

0.3

729.2

749.3

Consolidated profit

-

-

63.3

63.3

Foreign exchange differences

-

-

- 42.1

- 42.1

Dividends

-

-

- 19.8

- 19.8

Shareholders' equity as per 31.12.2023

19.8

0.3

730.6

750.7

The legally non-distributable reserves of Vetropack Holding Ltd amount to CHF 4.0 million (2022: CHF 4.0 million). Vetropack Holding Ltd did not hold own shares from 2021 to 2023.

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Financial report Vetropack Group

Consolidation principles

Basis for the consolidated financial statement

The consolidation of the Group's financial statements provides an actual picture of the Group's assets, financial and income situation, and considers the Vetropack Group as a single business entity for this purpose.

Consolidated Group statements are based on financial statements for the year and are prepared in accordance with applicable national laws of each of the companies concerned. They are then restated in accordance with the Group's internal valuation and formatting principles. Financial statements conform to the principles of Swiss GAAP FER in addition to accounting prescriptions set out in regulations for companies listed on the Swiss Stock Exchange.

Consolidation scope

Consolidated Group statements include Vetropack Holding Ltd as well as all domestic and for­ eign subsidiaries in which Vetropack Holding Ltd has a direct or indirect interest of more than 50%. In such cases, the 'Full consolidation method' is applied, i.e. assets, liabilities, expenses and incomes of consolidated companies are consolidated 100%, whereby all material intra-Group transactions are eliminated (accounts receivable and payable, income and expenses, and inter­ mediate gains).

Minority shareholders' interests are recognised separately in the balance sheet and income state­ ment.

Holdings of between 20% and 50% are included in Group accounts according to the 'Equity method'. The Group's percentage share of net assets is reported in the balance sheet under 'Fi­ nancial assets'. Percentage share of net income is stated in the Consolidated income statement.

Holdings below 20% are posted in the consolidated balance sheet at acquisition cost less any necessary value adjustments.

An overview of companies within Vetropack Group and methods used to consolidate them into

Group financial statements is available here.

Capital consolidation

Capital consolidation is carried out according to the 'Purchase method', whereby the acquisition cost of an acquired company is charged against its net assets revaluated according to Group principles at the time of purchase. Any goodwill paid at the time of acquisition is charged directly to the Group's retained earnings in the acquisition year.

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146

Foreign exchange (FX) differentials

Financial statements produced by foreign companies within the Group in their respective curren­ cies are converted into Swiss francs as follows:

  • Balance sheet figures: according to the exchange rate valid at year's end.
  • Income statement figures: according to the average annual exchange rate.
  • Cash flow statement figures: according to average and year-end rates respectively.

Exchange rate differentials resulting from such foreign currency conversions are charged to re­ tained earnings with no effect on net income. Exchange rate differentials caused by converting transactions and balance sheet items in foreign currencies are recorded in the books of the re­ spective Group company with effect on net income. Foreign exchange rate effects on long-termintra-Group loans with the nature of shareholders' equity are recorded in the consolidated share­ holders' equity, not affecting net income.

Average exchange rate

Year-end exchange rate

2023

2022

2023

2022

EUR

0.97191

1.00532

0.92600

0.98470

CZK

0.04051

0.04092

0.03745

0.04083

HRK

-

0.13341

-

0.13066

MDL

0.04958

0.05027

0.04792

0.04844

RON

0.19659

0.20326

0.18611

0.19923

UAH

0.02430

0.02902

0.02191

0.02491

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Financial report Vetropack Group

Valuation principles

Financial statements for individual companies are consolidated into the Group's financial state­ ments, and valued in accordance with uniform principles across the Group. The most important valuation methods for the individual balance sheet positions are as follows:

Liquid assets

Liquid assets include cash, current account balances at banks and other financial institutions, as well as fixed-term deposits with maturity of no more than 90 days from the balance-sheet date. Liquid assets are valued at their nominal rate.

Marketable securities

Short-term securities recognised on the balance sheet include marketable and easily realisable securities investments and term deposits with a maturity of three to twelve months. Securities are valued at market prices. Term deposits are valued at their nominal rate.

Receivables

Receivables are valued at their nominal rate. Value adjustments are carried out for identifiable in­ dividual risks. Country-specific general value adjustments (2% to 10%) are applied to other risks.

Inventories

Inventories are valued at either their acquisition or manufacturing costs. However, if the market price is lower, this figure is applied instead. Manufacturing costs include the cost of raw materi­ als, individual production costs and a portion of allocated general overhead costs. All identifi­ able risks of loss for goods or articles with insufficient inventory turnover are taken into account by appropriate value adjustments. Inventories from intercompany deliveries do not include interme­ diate profits. Discounts are recorded as reductions in the cost of goods.

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Vetropack Holding AG published this content on 18 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 March 2024 05:32:07 UTC.