Full utilisation, balanced mix/price structure, positive exchange effects: 2013 has been a good year for Vetropack Group. However, margins continued to be under pressure due to increased production costs and a tense market situation.
Key financial figures for 2013:
• Gross revenue: CHF 621.0 million (2012: CHF 604.4 million)
• EBIT: CHF 60.0 million (2012: CHF 61.5 million)
• EBIT margin: 9.7% (2012: 10.2%)
• Annual profit: CHF 56.4 million (2012: CHF 83.6 million)
• Net liquidity: CHF 23.8 million (2012: CHF 44.1 million)
• Cash flow: CHF 110.4 million (2012: CHF 98.0 million)
• Cash flow margin: 17.8% (2012: 16.2%)
• Equity ratio: 80.9% (2012: 82.7%)
Vetropack Group generated consolidated gross revenue of CHF 621.0 million, which was 2.7% higher than the CHF 604.4 million of the previous year. The currency-adjusted increase in revenue was 2.0%.
Overall, Vetropack Group sold 4.36 billion units of glass packaging (2012: 4.29 billion units), 1.5% more than in the previous year. The domestic markets accounted for 61.9% of unit sales (2012: 61.7%). The Group produced a total of 1,281,000 tons of saleable glass packaging. This equates to an increase of 3.1% compared to the previous year, in which two furnace refurbishments were carried out. All capacity was fully utilised.
Consolidated EBIT decreased to CHF 60.0 million (2012: CHF 61.5 million). The higher production and raw material costs could not be absorbed by the price adjustments and the rationalization measures realised. The EBIT margin decreased to 9.7% (2012: 10.2%) of gross revenue. Consolidated annual profit was CHF 56.4 million (2012: CHF 83.6 million). In addition to the sale of a property not needed for operations in St-Prex, Vaud, (the effect on profit before taxes totalled approximately CHF 2.8 million) and exchange effects, the purchase of the remaining shares and subsequent merger of a property company had a positive impact on annual profit. The previous year was also positively affected by a sale of land in the amount of CHF 35.0 million.
The cash flow remained high and could even be increased to CHF 110.4 million (2012: CHF 98.0 million) which was 12.7% higher than the previous year.
Vetropack Group invested a total of CHF 56.3 million in 2013 (2012: CHF 112.3 million). Because no furnaces were refurbished during the reporting year, the focus was on the modernisation and replacement of glass-blowing machines and the associated infrastructure, as well as on preparatory work for the new construction and retrofitting of furnaces in 2014.
Vetropack Group includes subsidiaries in Switzerland, Austria, the Czech Republic, Slovakia, Croatia and Ukraine. The Ukrainian plant near Kiev has so far remained virtually unaffected by the political crisis gripping the country. However, it is difficult to assess what will happen next. Precautionary measures have therefore been taken and the situation is being monitored on an ongoing basis.