- Challenges and market environment
- Business model
- Strategy
- Our focus: Clearly Sustainable
- Material topics and Sustainable Development Goals (SDGs)
- Governance structure
- Organisation
- Performance review
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- Introduction to the performance review
- Customers and suppliers
- Finances
- Innovation and intellectual property
- Production and products
- Employees
- Environment
- Financial report
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- At a glance
- Financial Report of the Vetropack Group
- Consolidated balance sheet
- Consolidated income statement
- Consolidated cash flow statement
- Changes in consolidated shareholders’ equity
- Consolidation principles
- Valuation principles
- Notes
- Ownership structure
- Company participations
- Report of the statutory auditor on the consolidated financial statements
- Five-year overview
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- Financial Report of Vetropack Holding Ltd
- Balance sheet
- Income statement
- Notes
- Board of Directors’ (BoD) proposal for the corporate profit appropriation
- Report of the statutory auditor on the financial statements
- Five-year overview
- Corporate Governance
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- Introduction
- Board of Directors
- Management Board
- Remuneration and additional information
- Shareholders’ participation rights
- Auditors
- Information policy
- Blocking period
- Contact address
- Remuneration report
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- Introduction to the remuneration report
- Principles of the remuneration scheme and its components
- Organisation and authorities for determining remuneration
- Description of the remuneration components
- Board of Directors’ (BoD) remuneration
- Management Board’s remuneration
- Comparison of remuneration disbursed with remuneration approved by the Annual General Assembly
- Shareholdings
- Report of the statutory auditor on the remuneration report
- Sustainability report
Audited information
Financial Report
Vetropack GroupValuation Principles
Financial statements for individual companies are consolidated into the Group’s financial statements, and valued in accordance with uniform principles across the Group. The most important valuation methods for the individual balance sheet positions are as follows:
Liquid Assets
Liquid assets include cash, current account balances at banks and other financial institutions, as well as fixed term deposits with maturity of no more than 90 days. Liquid assets are valued at their nominal rate.
Marketable Securities
Short-term securities include marketable and easily realisable securities investments and term deposits with a maturity of three to twelve months. Securities are valued at market prices. Term deposits are valued at their nominal rate.
Receivables
Receivables are valued at their nominal rate. Value adjustments are carried out for identifiable individual risks. Experienced based country-specific value adjustments (2% to 10%) are applied to other risks.
Inventories
Inventories are valued at either their acquisition or manufacturing costs. However, if the market price is lower, this figure is applied instead. Manufacturing costs include the cost of raw materials, individual production costs and a portion of allocated general overhead costs. The values used for items whose marketability is limited, are partially or entirely corrected according to their recognisable risks of loss. Inventories of intra-Group distribution are not assigned an intermediate profit. Discounts are recorded as reductions in the cost of goods.
Tangible Assets
Tangible assets are valued at their acquisition or manufacturing cost less any applicable depreciation. Depreciation is linear over the expected useful life of the asset, taking residual values into account. The relevant depreciation periods are as follows:
– Buildings
15 – 50 years
– Production facilities
10 – 20 years
– Machinery and furnaces
5 – 24 years
– Modules
1 – 2 years
– Vehicles
5 – 7 years
– Office and other equipment
5 – 10 years
Assets of insubstantial value are directly expensed in the income statement upon acquisition. Intermediate profits arising from intra-Group asset transfers are eliminated.
Leasing
Leased assets (financial leases) are reported as assets in the balance sheet. At the beginning of the contract, leasing payments are established by applying either the leased goods’ purchase value or market value respectively. Alternatively cash value is applied if lower. The corresponding liability toward the leasing grantor is carried as liabilities from financial leasing. Cost from rental agreements and operational leasing are recorded in the income statement.
Financial Assets
Non-consolidated participations are recorded in the balance sheet at their proportionate equity or purchase values. Loans and marketable securities are recorded at their nominal values or purchase prices respectively less any applicable value adjustments.
Intangible Assets
Intangible assets include brands, patents, licences, software and other intangibles. Acquired intangible assets are reported in the balance sheet at acquisition cost and are subject to linear amortisation over their estimated useful life. If it is impossible to determine the useful life of an intangible asset, it is generally amortised over a period of five years.
– Licences, patents, brands
5 years
– Software
3 – 5 years
– Other intangible assets
5 years
Assets of insubstantial value are directly expensed in the income statement upon acquisition.
Asset Impairment
If there is evidence that the value of an asset may be impaired, an impairment test is conducted. If the impairment test suggests an impairment, the book value is reduced to the recoverable amount (higher value of fair value less cost to sale and value in use).
Liabilities
Short-term a.k.a. current liabilities are debts that are repayable within one year. When the due dates are beyond one year they are posted in the balance sheet under long-term liabilities. Liabilities (incl. financial debts) are recorded in the balance sheet at nominal value.
Provisions
Provisions are formed when a legal or de facto obligation from past events has arisen. The outflow of funds to meet this obligation is likely, and provisionally it is possible to estimate its’ amount reliably. The future outflow of funds is reported in the balance sheet at nominal value. If material, it is discounted as per the balance sheet date.
Taxes
All tax obligations, irrespective of their due dates, are set aside. Ongoing income taxes are calculated on the basis of taxable income and reported in the balance sheet under Liabilities. Deferred taxes are calculated based on all temporary differences between the values from the tax statement and the operating values. Tax relevant losses carried forward are only taken into account if it seems possible to offset them against income. The country specific tax rates are applied when calculating deferred taxes. Deferred tax assets are recorded in the balance sheet as financial assets and deferred tax liabilities as long-term provisions.
Derivative Financial Instruments
Derivative financial instruments are valued for trading and hedging purposes at their current value. Balance sheet relevant derivatives are reported under Other short-term receivables or Other short-term liabilities. Valuation changes are reported in the income statement.
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- Financial Report of Vetropack Holding Ltd
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