VETROPACK HOLDING AG Financial report Vetropack Holding Ltd
Vetropack Holding Ltd
Total assets 31.12.2023 | Dividend 2019-2023 | ||
CHF millions | CHF millions | ||
Liabilities | |||
Shareholders' equity | 2019 | ||
Long-term assets | 2020 | ||
Short-term assets | 2021 | ||
2022 | |||
2023 | |||
0102030
601.3 | 19.8 |
Change compared to the previous year |
+11.1%
Change compared to the previous year
-23.3%
Distribution ratio 2019 - 2023 | Earnings per share | ||||||||||
in % | in CHF | ||||||||||
100 | 6 | ||||||||||
50 | 4 | ||||||||||
2 | |||||||||||
0 | 0 | ||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2019* | 2020 | 2021 | 2022 | 2023 | ||
31.3 | *) nach Aktiensplit 1:50 | ||||||||||
3.19
Change compared to the previous year
+55.4%
Vetropack integrated annual report 2023 - Financial report Vetropack Holding AG | 168 |
Financial report Vetropack Holding Ltd
Balance sheet
CHF millions | Note | 31.12.2023 | 31.12.2022 |
ASSETS | |||
Short-term assets | |||
Liquid funds | 27.3 | 101.2 | |
Accounts receivable from third parties | 0.3 | 0.2 | |
Accounts receivable from group companies | 14.3 | 11.0 | |
Other short-term receivables from third parties | 0.3 | 0.3 | |
Other short-term receivables from group companies | 17.3 | 2.7 | |
Prepaid expenses and accrued income | 3.2 | 2.1 | |
Subtotal short-term assets | 62.7 | 117.5 | |
Long-term assets | |||
Loans to group companies1 | 366.7 | 300.2 | |
Participations | 3 | 169.2 | 120.2 |
Tangible assets | 0.5 | 0.6 | |
Intangible assets | 2.2 | 2.7 | |
Subtotal long-term assets | 538.6 | 423.7 | |
Total assets | 601.3 | 541.2 | |
LIABILITIES | |||
Liabilities | |||
- Accounts payable to third | 2.4 | 2.0 | |
- Accounts payable to group companies | 3.0 | 2.5 | |
Accounts payable | 5.4 | 4.5 | |
Short-terminterest-bearing financial debts | 101.9 | 68.1 | |
Other short-term liabilities | 4 | - | 0.1 |
Accrued expenses, deferred income and short-term provisions | 3.4 | 3.0 | |
Subtotal short-term liabilities | 110.7 | 75.7 | |
- Long-term financial debts to group companies | 3.0 | 3.0 | |
- Long-term provisions | 0.7 | 0.7 | |
Subtotal long-term liabilities | 3.7 | 3.7 | |
Total liabilities | 114.4 | 79.4 | |
Shareholders' equity | |||
Share capital | 5 | 19.8 | 19.8 |
Legal capital reserves/reserves from capital investments | 0.3 | 0.3 | |
Legal profit reserves | 28.6 | 28.6 | |
Voluntary profit reserves | 374.4 | 364.4 | |
- Retained earnings brought forward from previous year | 18.9 | 17.2 | |
- Annual profit | 44.9 | 31.5 | |
Accumulated profits | 63.8 | 48.7 | |
Subtotal sharholders' equity | 486.9 | 461.8 | |
Total liabilities | 601.3 | 541.2 |
1 of which CHF 30.0 million are subordinated (2022: CHF 30.0 million)
Financial report Vetropack Holding Ltd
Vetropack integrated annual report 2023 - Financial report Vetropack Holding AG | 169 |
Income statement
CHF millions | Note | 2023 | 2022 |
Dividend income | 39.4 | 31.0 | |
Income generated from licenses | 13.9 | 12.8 | |
Management fees | 14.4 | 12.1 | |
Other income | 23.1 | 18.7 | |
Total income | 90.8 | 74.6 | |
Personnel expenses | - 16.4 | - 16.4 | |
- Administrative expenses | - 22.2 | - 17.3 | |
- Promotional expenses | - 1.9 | - 1.2 | |
- various operating expenses | - 2.8 | - 2.6 | |
Other operating expenses | - 26.9 | - 21.1 | |
Depreciation | - 0.1 | - 0.1 | |
Amortisation | - 1.4 | - 1.7 | |
Operating result (EBIT) | 46.0 | 35.3 | |
Interest expenses | - 0.1 | - | |
Currency exchange losses | - 10.6 | - 15.4 | |
Total financial expenses | - 10.7 | - 15.4 | |
Interest income | 6.0 | 1.8 | |
Currency exchange gains | 4.1 | 10.3 | |
Total financial income | 10.1 | 12.1 | |
Ordinary result | 45.4 | 32.0 | |
Extraordinary result | 6 | - | - 0.3 |
Earnings relating to other periods | 7 | 0.4 | - |
Annual profit before taxes | 45.8 | 31.7 | |
Income taxes | - 0.9 | - 0.2 | |
Annual profit | 44.9 | 31.5 |
Vetropack integrated annual report 2023 - Financial report Vetropack Holding AG | 170 |
Financial report Vetropack Holding Ltd
Notes
1. Information on the principles applied in the annual fi nancial statement
The annual financial statement has been prepared in accordance with the provisions of Swiss law, in particular the articles govern ing commercial accounting and financial reporting in the Swiss Code of Obligations (Art. 957 ff).
2. Range of full-time positions averaged across the year
As in the previous year, the company employed between 50 and 250 people in the year under review.
3. Participations
The overview here provides a breakdown of the participations held directly or indirectly by Vetropack Holding Ltd. In 2023, contri butions were made to the reserves at Vetropack Austria Holding AG in the amount of EUR 37.5 million (CHF 36.8 million) and at Vetropack Italia S.r.l. in the amount of EUR 12.5 million (CHF 12.2 million). Value adjustments to participations were neither formed nor released in the reporting year (2022: CHF 0.0 million).
4. Other short-term liabilities
Liabilities to pension funds amounted to CHF 0.0 million on the reporting date (2022: CHF 0.1 million).
5. Share capital
The detailed information on share capital can be found here.
6. Extraordinary result
In the previous year, the extraordinary costs were related to the events in Ukraine.
7. Earnings relating to other periods
This item contains income of CHF 0.4 million in connection with flat-rate tax credits (2022: CHF 0.0 million).
Vetropack integrated annual report 2023 - Financial report Vetropack Holding AG | 171 |
8. Derivative financial instruments
As at 31 December 2023, Vetropack Holding Ltd has open currency swaps in the amount of EUR 61.1 million (CHF 56.6 million) (2022: EUR 64.0 million, CHF 63.0 million) with a negative market value of CHF 1.1 million (2022: CHF 0.1 million).
9. Total amount of securities provided for third-party lia bilities
There are guarantees in favor of Vetropack AG, St-Prex, of CHF 2.7 million (2022: CHF 2.7 million), in favor of Vetropack Italia S.r.l., Trezzano, of EUR 5.7 million (CHF 5.3 million) (EUR 5.7 million, CHF 5.6 million) and Vetropack Austria Holding AG, Pöch larn, for EUR 290.0 million (CHF 268.5 million) (2022: EUR 290.0 million, CHF 285.6 million), of which as of 31 December 2023 EUR 40.0 million (CHF 37.0 million) (31 December 2022: EUR 140.0 million, CHF 137.9 million) was not claimed as a loan by Vetropack Austria Holding AG.
10. Joint liability
In the framework of VAT group taxation, all affiliated Swiss companies within the Vetropack Group are jointly and severally liable for total debt owed to the federal tax authorities.
11. Contingent liabilities
Vetropack Group operates a cash pooling system for which Vetropack Holding Ltd performs the function of pool master. As a result of the cash pooling agreements with the banks, the pool master has a liability for possible negative balances in the participating pool accounts.
12. Off balance sheet transactions
As of 31 December 2023 there were unrecognized leasing obligations in the amount of CHF 0.3 million (2022: CHF 0.3 million).
CHF 0.2 million (2022: CHF 0.2 million) are due within 1 to 2 years and CHF 0.1 million (2022: CHF 0.1 million) are due within 3 to 5 years.
Vetropack integrated annual report 2023 - Financial report Vetropack Holding AG | 172 |
Financial report Vetropack Holding Ltd
Board of Directors' (BoD) proposal for the corporate profit appropriation
The board of Directors proposes the following appropriation of profits to the Annual General As sembly of shareholders (AGA):
CHF millions | 2023 | 2022 |
At disposal of the AGA | ||
Retained earnings brought forward from previous year | 18.9 | 17.2 |
Annual profit | 44.9 | 31.5 |
Accumulated profits | 63.8 | 48.7 |
Total at the disposal of the AGA | 63.8 | 48.7 |
Board of directors' proposal | ||
Accumulated profits | 63.8 | 48.7 |
Allocation to the voluntary reserve | - 20.0 | - 10.0 |
Dividend payment | - 19.8 | - 19.8 |
Retained earnings brought forward | 24.0 | 18.9 |
Acceptance of this proposal results in the following dividend payments:
Gross divi | 35% with | ||
CHF | dend | holding tax | Net dividend |
Registered share A CHF 1.00 nominal value | 1.00 | 0.35 | 0.65 |
Registered share B CHF 0.20 nominal value | 0.20 | 0.07 | 0.13 |
The dividend payment to the shareholders will be made on 2 May 2024 to the paying agent known to us.
Vetropack integrated annual report 2023 - Financial report Vetropack Holding AG | 173 |
Financial reportVetropack Holding Ltd
Five-year overview
2023 | 2022 | 2021 | 2020 | 2019 | ||
Income statement and balance sheet (CHF millions) | ||||||
Total income | 90.8 | 74.6 | 84.1 | 77.5 | 61.8 | |
Annual profit | 44.9 | 31.5 | 35.0 | 44.4 | 33.4 | |
Total assets | 601.3 | 541.2 | 508.5 | 484.1 | 457.6 | |
Participations | 169.2 | 120.2 | 120.2 | 120.2 | 116.5 | |
Share capital | 19.8 | 19.8 | 19.8 | 19.8 | 19.8 | |
Shareholders' equity | 486.9 | 461.8 | 456.1 | 446.9 | 428.1 | |
Share details (CHF) | ||||||
Share prices | ||||||
- Registered share A high | 48.00 | 58.90 | 64.90 | 65.10 | 62.40 | |
- Registered share A low | 35.10 | 27.90 | 53.00 | 39.60 | 38.00 | |
Earnings per share | 3.19 | 2.05 | 3.22 | 4.10 | 182.61 | |
Dividends | ||||||
- Registered share A | 1 | 1.00 | 1.00 | 1.30 | 1.30 | 65.00 |
- Registered share B | 1 | 0.20 | 0.20 | 0.26 | 0.26 | 13.00 |
Distribution ratio in % | 31.3 | 48.6 | 40.4 | 31.8 | 35.3 | |
1 motion for the AGA on 25 April 2024 |
Consolidated result and dividend 2019 - 2023 in CHF millions
73
2019 20
81
2020 26
2021 64
26
2022 41
26
2023 63
20
0 | 10 | 20 | 30 | 40 | 50 | 60 | 70 | 80 | 90 |
Consolidated Annual Profit
Dividends Vetropack Holding Ltd
Vetropack integrated annual report 2023 - Financial report Vetropack Holding AG | 174 |
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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 05:32:06 UTC.
