Vetropack - Integrated annual report 2023

1.Information on the principles applied in the annual financial statement

1. Information on the principles applied in the annual financial statement

The annual financial statement has been prepared in accordance with the provisions of Swiss law, in particular the articles governing commercial accounting and financial reporting in the Swiss Code of Obligations (Art. 957 ff).

2.Range of full-time positions averaged across the year

2. Range of full-time positions averaged across the year

As in the previous year, the company employed between 50 and 250 people in the year under review.

3.Participations

3. Participations

The overview here provides a breakdown of the participations held directly or indirectly by Vetropack Holding Ltd. In 2023, contributions were made to the reserves at Vetropack Austria Holding AG in the amount of EUR 37.5 million (CHF 36.8 million) and at Vetropack Italia S.r.l. in the amount of EUR 12.5 million (CHF 12.2 million). Value adjustments to participations were neither formed nor released in the reporting year (2022: CHF 0.0 million).

4.Other short-term liabilities

4. Other short-term liabilities

Liabilities to pension funds amounted to CHF 0.0 million on the reporting date (2022: CHF 0.1 million).

5.Share capital

5. Share capital

The detailed information on share capital can be found here.

6.Extraordinary result

6. Extraordinary result

In the previous year, the extraordinary costs were related to the events in Ukraine.

7.Earnings relating to other periods

7. Earnings relating to other periods

This item contains income of CHF 0.4 million in connection with flat-rate tax credits (2022: CHF 0.0 million).

8.Derivative financial instruments

8. Derivative financial instruments

As at 31 December 2023, Vetropack Holding Ltd has open currency swaps in the amount of EUR 61.1 million (CHF 56.6 million) (2022: EUR 64.0 million, CHF 63.0 million) with a negative market value of CHF 1.1 million (2022: CHF 0.1 million).

9.Total amount of securities provided for third-party liabilities

9. Total amount of securities provided for third-party liabilities

There are guarantees in favor of Vetropack AG, St-Prex, of CHF 2.7 million (2022: CHF 2.7 million), in favor of Vetropack Italia S.r.l., Trezzano, of EUR 5.7 million (CHF 5.3 million) (EUR 5.7 million, CHF 5.6 million) and Vetropack Austria Holding AG, Pöchlarn, for EUR 290.0 million (CHF 268.5 million) (2022: EUR 290.0 million, CHF 285.6 million), of which as of 31 December 2023 EUR 40.0 million (CHF 37.0 million) (31 December 2022: EUR 140.0 million, CHF 137.9 million) was not claimed as a loan by Vetropack Austria Holding AG.

10.Joint liability

10. Joint liability

In the framework of VAT group taxation, all affiliated Swiss companies within the Vetropack Group are jointly and severally liable for total debt owed to the federal tax authorities.

11.Contingent liabilities

11. Contingent liabilities

Vetropack Group operates a cash pooling system for which Vetropack Holding Ltd performs the function of pool master. As a result of the cash pooling agreements with the banks, the pool master has a liability for possible negative balances in the participating pool accounts.

12.Off balance sheet transactions

12. Off balance sheet transactions

As of 31 December 2023 there were unrecognized leasing obligations in the amount of CHF 0.3 million (2022: CHF 0.3 million). CHF 0.2 million (2022: CHF 0.2 million) are due within 1 to 2 years and CHF 0.1 million (2022: CHF 0.1 million) are due within 3 to 5 years.

Notes