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Vetropack 2010: All facilities operating at full capacity thanks to expansion of

Post Time:Apr 07,2011Classify:Industry NewsView:89

In a stabilising business environment, Vetropack Group in 2010 succeeded in continuously expanding its domestic markets as well as its export business. Approximately 10% more units of glass packaging were sold than in the previous year (2010: 4.36 billon units, 2009: 3.97 billion units). All facilities were operating at full capacity. However, a strong Swiss franc and lower margins resulted in decreased added value: EBIT fell to CHF 84.2 million during the fiscal year (2009: CHF 100.9 million).Key Financial Figures for 2010: Gross revenues: CHF 642.6 million (2009: CHF 671.5 million) EBIT: CHF 84,2 million (2009: CHF 100.9 million) EBIT margin: 13.1% (2009: 15.0%) Annual profit: CHF 38.7 million (2009: CHF 78.4 million) Net liquidity: CHF 40.8 million (2009: Net debt CHF 5.0 million) Cash flow: CHF 122.6 million (2009: CHF 137.9 million) Cash flow margin: 19.1% (2009: 20.5%) Equity ratio: 76.9% (2009: 72.4%)Vetropack Group’s Consolidated gross revenue was 4.3% below the previous year’s figure of CHF 642.6 million (2009: CHF 671.5 million). However, in real terms, gross revenue was actually 1.8% higher than the previous year with negative foreign exchange differentials amounting to 6.1%.Vetropack Group sold a total of 4.36 billion glass packaging units during the year under review, 9.8% more than in the previous year (2009: 3.97 billion). The increase in sales was achieved by continuous expansion of both the domestic and foreign markets. The export rate was 40.2% (2009: 36.7%).The economic upturn which began in 2010 had a positive effect on demand. Increases in earnings were curbed by the strong Swiss franc and, in particular, by prices, which were lower than those of the previous year. An environment that had been competitive grew even more so on the back of the 2009 financial crisis, with pricing heavily influenced accordingly. The resulting pressure on margins could not be absorbed by reductions in the costs of raw materials and energy, nor by rigorous cost management. The increase in lighter glass packaging in the product mix was also an influencing factor.Consolidated EBIT stood at CHF 84.2 million (2009: CHF 100.9 million), and the EBIT margin reached 13.1% of gross revenues (2009: 15.0%). Consolidated annual profit amounted to CHF 38.7 million (2009: CHF 78.4 million).Vetropack Group invested a total of CHF 47.2 million in 2010 (2009: CHF 39.8 million). The investment programme centred on the complete modernisation of a coloured glass furnace in the Czech Vetropack facility, Moravia Glass a.s., which also involved the installation of an electrostatic precipitator and renovation of production lines. An electrostatic precipitator was also installed in the Swiss Vetropack facility in St-Prex, with start-up in January 2011.The share buyback programme launched by Vetropack Holding Ltd on 21 January 2009, with the aim of capital reduction, comes to an end at the Annual General Assembly on 11 May 2011, at which a decision will also be made regarding the cancellation of the repurchased shares. The entire programme encompasses a maximum of 7.0% of issued share capital of bearer shares listed in the Local Caps segment of the SIX Swiss Exchange (a maximum of 17,601 bearer shares). As of 31.12.2010, 74.4% of the planned volume were repurchased (13,097 bearer shares), of which 3,295 bearer shares with a nominal value of CHF 164,750 were already cancelled in 2009.Vetropack Holding Ltd: Dividend ProposalThe Board of Directors proposes the following dividend distribution to the Annual General Assembly: gross dividend of CHF 30.00 per bearer share (2009: CHF 35.00), and CHF 6.00 per registered share (2009: CHF 7.00). This Annual General Assembly will also vote on the distribution of a one-off anniversary dividend to shareholders amounting to CHF 15.00 per bearer share and CHF 3.00 per registered share. The anniversary dividend is deemed as a capital repayment and is thus exempt from withholding tax.The Annual General Assembly of Vetropack Holding Ltd will be held on Wednesday, 11 May 2011, at 11:15 am, in St-Prex, VD, Switzerland. 07.04.2011, Vetropack/vetropack.com

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