| Vetropack: Increased Sales, Stable Revenues, Solid Financing |
| 27.08.10 08:02 | ||||||
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Bülach, 27 August 2010 – Vetropack Group increased unit sales by 11.1% and continued expanding its export markets. Group consolidated gross revenues amounted to CHF 331.8 million during the first half of 2010 (Half Year 2009: CHF 334.0 million). Consolidated EBIT reached CHF 42.6 million (Half Year 2009: CHF 51.5 million), whilst consolidated net profit fell to CHF 19.6 million for the first half year (Half Year 2009: CHF 45.8 million). Cash flow margin remained sound at 19.3% (Half Year 2009: 20.6%). All facilities operated at full capacity. During the first half of 2010, Vetropack Group posted consolidated gross revenues of CHF 331.8 million (Half Year 2009: CHF 334.0 million). The decline in revenues is attributable to the strong Swiss franc’s effect on foreign exchange differentials, a sharp fall in sales prices, as well as an adjustment to the product mix. In real terms, gross revenues are up 2.6% on last year’s figure. The beginnings of a slight economic recovery are characterised by an East / West divide: in the West a marginal increase in demand, in the East stagnation at last year’s level. Ukraine constitutes an exception, with Vetropack selling more glass packaging during the first half year. Overall, there still exists a supply surplus, which in conjunction with lower energy costs, continues to put pressure on prices. Nevertheless, Vetropack Group succeeded in increasing sales volume by 11.1% to 2.20 billion units (Half Year 2009: 1.98 billion), due primarily to the targeted expansion of export markets. Exports accounted for 39.9% of sales (Half Year 2009: 37.0%). Consolidated EBIT reached CHF 42.6 million, 17.3% below the previous year’s figure of CHF 51.5 million. The EBIT margin was 12.8% (Half Year 2009: 15.4%). Consolidated half year profit decreased to CHF 19.6 million (Half Year 2009: CHF 45.8 million). It too was heavily influenced by foreign exchange differentials. At CHF 64.0 million, cash flow was 7.0% down on the previous year (Half Year 2009: CHF 68.8 million). Cash flow margin remained sound at 19.3% of gross revenues (Half Year 2009: 20.6%). Meanwhile Vetropack Group is without net debt and has CHF 6.1 million in net liquidity. No significant increase in market volume is expected for the second half year either. A recovery in consumerism in Eastern Europe is just as unlikely as a marked increase in demand in Western Europe. In addition, as the first half year clearly showed, foreign exchange developments have a major influence on results. Assuming that foreign exchange rates remain stable, Vetropack Group anticipates slightly lower revenues in 2010 than in the previous year. EBIT and net profit will develop within scope of the first half year. Vetropack Group’s 2010 Semi-Annual Report is available on line at: http://www.vetropack.com/htm/publ_list_3.htm
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