2019 | Semi-Annual Report Vetropack GroupAt a Glance
Key Figures

Net Sales
EBIT
Consolidated Profit
Cash Flow*
Investments
Production
Unit Sales
Exports (in unit terms)
Employees
Total Assets
Gearing Ratio
Share price Bearer share highShare price Bearer share low

CHF millions
CHF millions
CHF millions
CHF millions
CHF millions
1000 metric tons
billions%
number
CHF millions
in %
CHF
CHF

31.12.2018

30.06.2018+/–

30.06.2019

690.7
78.4
58.1
135.7
117.9
1 445
5.16
42.5
3 291
947.4
75.1
2 490
1 740

350.0
40.6
30.0
71.6
49.0
710
2.61
42.6
3 304
939.6
74.5
2 100
1 740

3.2%
19.2%
27.3%
13.8%
– 3.5%
2.8%– 0.8%–
1.3%– 1.4%
–
–
–

361.2
48.4
38.2
81.5
47.3
730
2.59
42.6
3 346
926.8
78.1
2 300
1 900

* operating cash flow before change of net working capital

Agenda2019 Annual Report
17 March 2020
Press Conference (Bülach)
17 March 2020, 10.15 a.m.
Annual General Assembly (Bülach) 22 April 2020, 11.15 a.m.

Integrated reporting
Vetropack will be switching to integrated reporting in 2020, meaning that its Annual and Sustainability Reports will become
part of a new, integrated Annual Report. Financial, environmental and social events and targets all exert an influence on
one another and thus on the long-term success of a company. And, rather than being printed, the integrated Annual Reportwill now only be published online, on a dedicated website complete with download options.

22019 | Semi-annual Report Vetropack Group

Business development within the first half of 2019
Dear Shareholders,
Vetropack Group grew net sales to CHF 361.2 million in the first half of the year under review. The increaseamounted to a substantial 5.8% after adjusting for currency effects or 3.2% in nominal terms. The operating
result (EBIT) improved to CHF 48.4 million, up 19.2% on the same period last year. Consolidated profit roseby an impressive 27.3 % to CHF 38.2 million.

Johann Reiter, CEO (left), Claude R. Cornaz, Chairman of the Board of Directors (right)

Demand remaining high. The trend for using glass asa packaging material for food and drink is here to stay
because consumers are increasingly health-conscious andenvironmentally aware when they shop. This is continuing
to boost demand. Vetropack had already responded tothis development last year and begun expanding capacity.
Output thus rose by 2.8% in the first half of 2019 to730,000 tonnes (2018: 710,000 tonnes).

Net sales up further. Consolidated net sales from goods
and services increased to CHF 361.2 million (2018:
CHF 350.0 million), up by 3.2% or 5.8% after adjusting for
currency effects.
Consistently improved performance. The supply deficit
and a sales mix that offered higher margins have enabled
Vetropack to significantly improve its performance. In thisSemi-annual Report Vetropack Group | 20193

environment, consolidated EBIT rose by 19.2% to CHF
48.4 million (2018: CHF 40.6 million). The EBIT margin
stood at 13.4% (2018: 11.6%).
The consolidated semi-annual profit of CHF 38.2 million(2018: CHF 30.0 million) was up 27.3% on the previous
year’s figure. The profit margin amounted to a pleasing
10.6% (2018: 8.6%).
Cash flow was high at CHF 81.5 million (2018: CHF
71.6 million), while the cash flow margin increased to22.6% of net sales (2018: 20.5%).
Vetropack Group employed a workforce of 3,346 people
during the period under review (2018: 3,304).
Streamlining the balance sheet by reducing debt levels.
Total assets as at 30 June 2019 amounted to CHF
926.8 million (31 December 2018: CHF 947.4 million).
Liquid funds were used to repay loans, which pushedshort-term assets down to CHF 373.1 million (31 December
2018: CHF 399.6 million). Brisk investing activities led to
an increase in long-term assets to CHF 553.7 million(31 December 2018: CHF 547.8 million), while repaymentsof bank loans reduced liabilities to CHF 202.9 million(31 December 2018: CHF 235.8 million). Shareholders’equity amounted to CHF 723.9 million (31 December 2018:
CHF 711.6 million), 78.1% of total assets.
Investing in the future. Investments in the first half of theyear focused on putting into operation the new colouredglass furnace at the Slovakian glassworks in Nemšová together with its production systems, which had likewise been
overhauled. Work was also done to prepare for the new
furnace in Ukraine planned for the second half of the year.
Vetropack Group invested a total of CHF 47.3 million in thefirst six months of the year (2018: CHF 49.0 million).

42019 | Semi-annual Report Vetropack Group

Outlook for the second half of 2019. Vetropack Group
expects the market environment to remain consistently
favourable over the coming six months and we therefore
anticipate a year-on-year increase in net sales for the 2019fiscal year. Although increased depreciation will have an
adverse impact on the result in the second half of the year,
we are anticipating a marked improvement in the operating
result for 2019 as a whole.
Yours sincerely,

Claude R. Cornaz
Chairman of the Board of Directors
Bülach, 27 August 2019

Johann ReiterCEOVetropack Group
Vetropack is one of Europe's leading manufacturers of glass packaging for the food and beverage industry. It runs state-of-the-art
production facilities, as well as sales and distribution centres in Switzerland, Austria, the Czech Republic, Slovakia, Croatia,
Ukraine and Italy.
As a customer-oriented company, Vetropack guarantees innovative packaging solutions, reliable product quality and on-time
deliveries. Tailor-made glass from Vetropack gives a basis for a successful market performance of our customers' products.

Sales by Group Company / Half Year 2018
(Total 2.61 billion units)
09% Vetropack (CH)
30% Vetropack Austria (AT)
12% Vetropack Moravia Glass (CZ)
06% Vetropack Nemšová (SK)21% Vetropack Straža (HR)
12% Vetropack Gostomel (UA)10% Vetropack Italia (IT)
0

5

10

15

20

25

30

35

0

5

10

15

20

25

Sales by Group Company / Half Year 2019
(Total 2.59 billion units)
08% Vetropack (CH)
31% Vetropack Austria (AT)
12% Vetropack Moravia Glass (CZ)
08% Vetropack Nemšová (SK)
20% Vetropack Straža (HR)
11% Vetropack Gostomel (UA)10% Vetropack Italia (IT)
0

5

10

15

20

25

30

35

Financial Reporting – Vetropack Group
Results as per 30.06.2019
The non-audited interim closing of Vetropack Group as at 30 June 2019 was prepared in accordance with Swiss GAAP FER 31 on
the basis of acquisition values and, in contrast to the annual financial statements, permits abridged reporting and disclosures.
The consolidation and valuation principles are identical to those used in the 2018 interim and annual financial statements.

Semi-annual Report Vetropack Group | 20195

Consolidated Balance Sheet
CHF millions

Note

30.06.2018

31.12.2018

30.06.2019

ASSETS
Short-Term Assets
Liquid funds
Marketable securities
Accounts receivables
Other short-term receivables
Inventories
Accruals
Subtotal Short-term Assets

112.3
6.4
151.7
9.1
123.4
5.2
408.1

131.5
0.7
126.2
9.1
126.1
6.0
399.6

67.5
14.9
147.9
9.7
130.0
3.1
373.1

Long-Term Assets
Tangible assets
Financial assets
Intangible assets
Subtotal Long-term Assets
Total Assets

507.4
17.4
6.7
531.5
939.6

523.3
18.5
6.0
547.8
947.4

529.8
17.7
6.2
553.7
926.8

71.3
0.2
23.0
34.4
5.9
134.8

87.3
53.9
20.3
23.1
2.6
187.2

79.7
9.1
24.3
32.6
5.0
150.7

63.3
1.6
40.1
105.0
239.8

8.4
1.5
38.7
48.6
235.8

13.2
1.4
37.6
52.2
202.9

19.8
0.3
647.9
30.0
698.0
1.8
699.8
939.6

19.8
0.3
631.0
58.1
709.2
2.4
711.6
947.4

19.8
0.3
665.6
38.2
723.9
0.0
723.9
926.8

LIABILITIES
Liabilities
Short-term liabilities– Accounts payables– Short-term financial debts– Other short-term liabilities– Deferrals– Short-term provisions
Total Short-term Liabilities
Long-term liabilities– Long-term financial debts– Other long-term liabilities– Long-term provisions
Total Long-term Liabilities
Subtotal Liabilities
Shareholders' Equity
Share capital
Capital reserves
Retained earnings
Consolidated profit
Subtotal Shareholders‘ Equity excl. Minorities
Minority interests
Subtotal Shareholders’ Equity
Total Liabilities

62019 | Semi-annual Report Vetropack Group1

Consolidated Income Statement
CHF millions

Note

Half Year 2018

2

350.0
4.7
– 7.6

3.2%
10.6%
– 126.3%

361.2
5.2
2.0

Material costs
Energy costs
Personnel expenses
Depreciation/Impairments of tangible assets
Depreciation/Impairments of intangible assets
Other operating expenses– 54.8– 46.2– 80.7– 34.6– 1.5– 88.7

6.4%
4.3%
4.6%
5.2%
– 40.0%3.5%– 58.3– 48.2– 84.4– 36.4– 0.9– 91.8Operating Result (EBIT)
Financial result

40.6
– 1.7

19.2%
11.8%

48.4
– 1.9

Ordinary Result
Non-operating result*

38.9
0.4

19.5%
100.0%

46.5
0.8

Consolidated Profit before Income Taxes
Income taxes

39.3
– 8.0

20.4%
5.0%

47.3
– 8.4

Consolidated Profit before Minority Interests
Minority interest in profit/loss of Group companies
Consolidated profit

31.3
– 1.3
30.0

24.3%
– 46.2%
27.3%

38.9
– 0.7
38.2

Net Sales from Goods and Services
Other operating income
Changes in inventories

Earnings per Share
Undiluted earnings per bearer share in CHF
Undiluted earnings per registered share in CHF
Diluted earnings per bearer share in CHF
Diluted earnings per registered share in CHF+/– Half Year 2019

3
75.6
15.1
75.6
15.1

96.5
19.3
96.5
19.3

* This includes depreciation of CHF 0.5 million on non-operating real estate and buildings (2018: CHF 0.5 million).

Semi-annual Report Vetropack Group | 20197

Consolidated Cash Flow Statement
CHF millions

31.12.2018

30.06.2019

31.3
36.6
0.0
3.0
0.5
0.2
71.6

60.1
73.4
0.2
0.2
3.1
– 1.3
135.7

38.9
37.8
0.0
3.3
0.3
1.2
81.5

+
+/–
+/–
+/–
+/–
=

Consolidated profit incl. minorities
Asset depreciation
Loss/gain from applying/removing impairments
Increase/decrease in provisions
Loss/gain from disposals of tangible assets
Other changes in non-cash items
Operating Cash Flow before Change of Net Working Capital

+/–
+/–
+/–
+/–
+/–
=

Decrease/increase in inventories
Decrease/increase in marketable securities
Decrease/increase in other receivables and accruals
Increase/decrease in accounts payable
Increase/decrease in other short-term liabilities and deferrals
Cash Inflow/Drain from Operating Activities– 35.2
6.9
1.2
– 6.9
15.0
52.6

– 14.1
0.8
– 0.1
11.6
1.7
135.6

– 23.1
– 4.0
2.2
– 7.5
13.8
62.9

–
+
–
–
–
+/–
=

Outflows for investments in tangible assets
Inflows for sales of tangible assets
Outflows for investments in financial assets
Cash-out for acqusitions of consolidated companies
Outflows for investments in intangible assets
Changes in marketable securities
Cash Inflow/Drain from Investment Activities– 47.7
0.1
– 0.9
0.0
– 0.4
4.6
– 44.3– 114.2
0.6
– 2.3
0.0
– 1.4
10.3
– 107.0– 46.2
0.2
0.0
– 5.9
– 1.1
– 14.3– 67.3

–
–
+/–
+/–
=

Dividend distribution to shareholders
Dividend distribution to minorities
Formation/repayment of short-term financial debts
Formation/repayment of long-term financial debts
Cash Inflow/Drain from Financing Activities– 17.80.0– 12.20.0– 30.0– 17.8– 0.1– 12.10.0– 30.0– 19.80.0– 45.04.8– 60.0

0.4

– 0.7

0.4

Changes in Liquid Funds– 21.3– 2.1– 64.0Liquid funds at the beginning of the year
Liquid funds at the end of the period under review
Changes in Liquid Funds

133.6
112.3
– 21.3

133.6
131.5
– 2.1

131.5
67.5
– 64.0Foreign Exchange Differentials

830.06.20182019 | Semi-annual Report Vetropack GroupChanges in Consolidated Shareholders' Equity
CHF millions

Shareholders' Equity as per 1.1.2018
Consolidated profit
Foreign exchange differentials
Dividends
Shareholders' Equity as per 30.06.2018
Semi-annual profit
Foreign exchange differentials
Shareholders' Equity as per 31.12.2018
Acquisition of minority interests
Consolidated profit
Foreign exchange differentials
Dividends
Shareholders' Equity as per 30.06.2019

Share
CapitalCapitalReserves(Agio)

19.8

0.3

19.8

0.3

19.8

0.3

19.8

0.3

Retained
Subtotal
Earnings excl. Minoritiy
Share Interests

667.7
30.0
– 2.0
– 17.8677.9
28.1– 16.9
689.1
– 2.8
38.2
– 0.9
– 19.8
703.8

687.8
30.0
– 2.0
– 17.8698.0
28.1– 16.9
709.2
– 2.8
38.2
– 0.9
– 19.8723.9

Subtotal
Minority
Share incl. MinoritiyInterests Share Interests

0.5
1.3
0.1
– 0.1
1.8
0.7
– 0.1
2.4
– 3.1
0.7

0.0

688.3
31.3
– 1.9
– 17.9699.8
28.8– 17.0
711.6
– 5.9
38.9
– 0.9
– 19.8723.9

Notes
1. Minority Interests
Since 27 March 2019, Vetropack Austria Holding AG has held 100% of the shares in PrJSC Vetropack Gostomel(31 December 2018: 85.3%).
2. Segment Reporting
The segment reporting used at the top management level for corporate management has just one significant segment ("Glass
packaging"). The secondary segment "Speciality glass" comprises only trade revenue in Switzerland (Müller + Krempel Ltd).
Net Sales per Country
CHF millions

Change Half Year 2018 Half Year 2019

Glass Packaging– Switzerland– Austria– Czech Republic– Croatia– Slovakia– Ukraine– Italy
Speciality Glass (Switzerland)
Total– 0.2%
1.7%– 1.1%– 3.4%
23.4%
22.0%– 0.2%
2.0%
3.2%

40.3
100.7
37.0
65.5
21.8
32.3
47.4
5.0
350.0

40.2
102.4
36.6
63.3
26.9
39.4
47.3
5.1
361.2

Vetropack Group does not publish details on its segment results, as there is a significant risk that this could cause competitive
disadvantages. The markets in which our business units operate are narrow niche sectors with few, primarily private suppliers,
who could draw conclusions about our margins and prices from the segment results.

Semi-annual Report Vetropack Group | 20199

3. Results per Participation Right
The undiluted result per share is calculated by dividing the consolidated profit for the applicable reporting period that is to beallocated to the shareholders of Vetropack Group by the weighted average number of outstanding shares.

Half Year 2018 Half Year 2019
Consolidated profit allocated to the shareholders of the Vetropack Group in million CHF
Weighted number of outstanding bearer shares for undiluted result per share
Weighted number of outstanding registered shares for undiluted result per share
Undiluted result per bearer share in CHF
Undiluted result per registered share in CHF

30.0

38.2

396 480
1 982 400

396 480
1 982 400

75.6
15.1

96.5
19.3

The diluted result per share is calculated in the same way as the undiluted result for both share types, as no dilution potential
exists for either.
4. Events after the Balance Sheet Date
No significant events occurred between the balance sheet date and the Board of Directors approving the consolidated
interim financial statements on 21 August 2019 that could negatively affect the declarations made in these interim financial
statements as at 30 June 2019.

102019 | Semi-annual Report Vetropack GroupPublished by
Overall responsibility and concept: Vetropack Holding Ltd, Bülach
Design: Arnold & Braun Grafik Design, Lucerne
Printing: Kalt Medien AG, Zug
Languages: This publication is available in the original legallybinding German version, as well as in the translated English version.
Copyright reproduction, either partial or in full, is permitted only
if the source is cited. A specimen copy is requested.
PERFO RMANC E

neutralPrinted Matter
No. 01-19-326652 – www.myclimate.org© myclimate – The Climate Protection Partnership

Additional copies of this report are available at the postal address
mentioned on the reverse side or may be downloaded from theInternet site www.vetropack.com
This report is printed on climate-neutral, FSC-certified paper.

Vetropack Holding Ltd
CH-8180 Bülach
Phone +41 44 863 31 31
Fax +41 44 863 31 21
www.vetropack.com

Vetropack Nemšová s.r.o.
SK-914 41 Nemšová
Phone +421 32 6557 111

Group Companies

Vetropack Straža d.d.
HR-49231 Hum na Sutli
Phone +385 49 326 326
Fax +385 49 341 041

Vetropack Ltd
CH-8180 Bülach
Phone +41 44 863 34 34
Fax +41 44 863 31 23

PrJSC Vetropack Gostomel
UA-08290 Gostomel
Phone +380 4439 24 100
Fax +380 4597 31 135

CH-1162 St-Prex
Phone +41 21 823 13 13
Fax +41 21 823 13 10

Vetropack Italia S.r.l.
IT-20090 Trezzano sul Naviglio
Phone +39 02 458771
Fax +39 02 45877714

Vetropack Austria Holding AG
AT-3380 Pöchlarn
Phone +43 2757 7541
Fax +43 2757 7541 202
Vetropack Austria GmbH
AT-3380 Pöchlarn
Phone +43 2757 7541
Fax +43 2757 7541 202
AT-4550 Kremsmünster
Phone +43 7583 5361
Fax +43 7583 5361 112
Vetropack Moravia Glass, a.s.
CZ-697 01 Kyjov
Phone +420 518 733 111

Müller+Krempel Ltd
CH-8180 Bülach
Phone +41 44 863 35 35
Fax +41 44 863 31 24
Vetroconsult Ltd
CH-8180 Bülach
Phone +41 44 863 32 32
Fax +41 44 863 31 22
Vetroreal Ltd
CH-8180 Bülach
Phone +41 44 863 33 33
Fax +41 44 863 31 30