Financial report Vetropack Group
140 Financial report Vetropack Group
- Consolidated balance sheet
- Consolidated income statement
- Consolidated cash flow statement
- Changes in consolidated shareholders' equity
- Consolidation principles
- Valuation principles
- Notes
- Ownership structure
- Company participations
- Five-yearoverview
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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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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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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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.