Notes

Consolidation principles

The non-audited semi-annual report of Vetropack Group as at 30 June 2025 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 2024.

Valuation principles

The non-audited semi-annual report of Vetropack Group as at 30 June 2025 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 2024.

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

¹ see also Alternative performance measures (Sales development)

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. Costs related to plant closure

On 13 May 2024, the Board of Directors of Vetropack Holding Ltd decided to close the production site in St-Prex. For 2024, this position includes costs for personnel expenses (CHF 11.8 million), impairments of tangible assets (CHF 4.8 million) and of inventories (CHF 2.4 million), and other operating expenses (CHF 1.3 million), in connection with the closure of the production site in St-Prex.

For 2025, the position includes personnel expenses (CHF 0.5 million) and other operating expenses (CHF 1.6 million) in connection with the closure of the production site in St-Prex.

3. Extraordinary result

In the first half of 2025 costs of CHF 1.0 million (2024: CHF 0.2 million) for clean-up and repair work at the Gostomel glass factory are included. In addition, value adjustments on fixed assets of CHF 0.3 million (2024: CHF 0.6 million) could be released. In addition, this item contains income of CHF 0.2 million in connection with flat-rate tax credits (2024: CHF 0.0 million).

4. Income taxes

The impact of unrecognised loss carryforwards from the reporting period would amount to CHF 5.9 millions  (2024: CHF 6.9 million) if capitalized and would reduce income taxes accordingly.

In December 2021, the OECD published the Pillar Two Model Rules to introduce a global minimum tax of 15% for multinational companies with consolidated revenues of more than EUR 750 million. For 2024, Vetropack has recognized top-up tax provisions of CHF 1.3 million (2024: CHF 0.0 million) in its subsidiaries.

5. 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.

6. Correction previous yearʼs figures

As part of the preparation of the semi-annual report 2024, costs related to the closure of the plant in St-Prex were presented in the non-operating result. As these costs in the consolidated income statement do not meet the definition of non-operating expenses in accordance with Swiss GAAP FER, the previous yearʼs figures have been adjusted as follows:

The consolidated balance sheet is not affected by the correction.

7. Events after the balance sheet date

No events occurred between 30 June 2025 and 21 August 2025 (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.