Integrated Annual Report and Remuneration Report 2022

Board of Directors’ Report

With no change to the high level of demand for glass packaging, the dominant features of the 2022 fiscal year were persistent delivery bottlenecks and rising prices. The loss of production capacity in Ukraine during the first quarter of 2022 made it even more difficult to cover the demand situation. In this challenging environment, the Vetropack Group succeeded in increasing its net sales from goods and services by 10.2 percent (16.9 percent after adjusting for currency effects) to reach CHF 899.4 million in the 2022 reporting year (prior year: CHF 816.5 million). Consolidated EBIT rose to CHF 89.1 million (prior year: CHF 81.6 million). Contrary to initial estimates in the Semi-Annual Report, the anticipated value adjustment at the Ukraine plant proved to be less than we assumed, at CHF 31.4 million. This results in reported profit for the Group of CHF 40.7 million (prior year: CHF 63.8 million).

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