Notes

Consolidation principles

The non-audited semi-annual report of Vetropack Group as at 30 June 2024 was prepared in accordance with Swiss GAAP FER 31 on the basis of acquisition- and manufacturing costs and, in contrast to the annual financial statements, allows abridged reporting and disclosures. The consolidation principles are unchanged to those of the semi-annual and annual report 2023.

The revised standard FER 30 consolidated financial statements is to be applied from 1 January 2024. The effects on the half-year financial statements relate only to the presentation in the consolidated statement of changes in equity, in which the foreign currency translation differences are now shown separately. In the first half of 2024, there was no loss of control of subsidiaries, which is why no foreign currency translation differences were recognized in profit or loss. There is no retrospective implementation of the new regulations with regard to the offsetting of goodwill against equity.

Valuation principles

The non-audited semi-annual report of Vetropack Group as at 30 June 2024 was prepared in accordance with Swiss GAAP FER 31 on the basis of acquisition- and manufacturing costs and, in contrast to the annual financial statements, allows abridged reporting and disclosures. The valuation principles are unchanged to those of the semi-annual and annual report 2023.

1. Segment reporting

The segment reporting used at the top management level for corporate management has just one significant segment (‘Glass packaging’). The secondary segment ‘Speciality glass’ comprises only trade revenue in Switzerland (Müller + Krempel Ltd). Until the end of 2022, the net sales was shown broken down by country. The change in the presentation of segment reporting for 2023 was made to correspond to the segments reporting at corporate management level.

Net sales by supplying country

Vetropack Group does not publish details on its segment results, as there is a significant risk that this could cause competitive disadvantages. The markets in which the Business Units of Vetropack operate are narrow niche sectors with few, primarily private suppliers, who could draw conclusions about the margins and prices from the segment results.

2. Non-operating result

On 13 May 2024, the Board of Directors of Vetropack Holding Ltd. decided to close the production site in St-Prex. The non-operating result for 2024 includes costs for the social plan, write-downs on fixed assets and inventories and other miscellaneous costs in connection with the closure of the production site in St-Prex. These expenses amount to CHF 20.3 million (2023: CHF 0.0 million).

Furthermore, this position includes the result from the non-operating real estate business in the amount of CHF 0.7 million (2023: CHF 0.4 million). In the previous year, moreover, non-operating costs of CHF 0.9 million incurred due to the closure of the Italian plant in Trezzano sul Naviglio.

3. Extraordinary result

In the first half of 2024 costs of CHF 0.2 million (2023: CHF 0.9 million) for clean-up and repair work at the Gostomel glass factory are included. In addition, value adjustments on fixed assets of CHF 0.6 million (2023: CHF 0.3 million) and on receivables of CHF 0.0 milllion (2023: CHF 0.2 million) could be released.

4. Results per participation right

The undiluted result per share is calculated by dividing the consolidated profit for the applicable reporting period that is to be allocated to the shareholders of Vetropack Group by the weighted average number of outstanding shares.

5. Events after the balance sheet date

No events occurred between 30 June 2024 and 22 August 2024 (approval of the consolidated semi-annual report by the Board of Directors) that would result in an adjustment to the carrying amounts of assets and liabilities or would need to be disclosed here.