Vetropack moves on from the pandemic

15 March 2022 11:40

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Zurich CCGreater ZurichJoint Chamber of Commerce

Related partners

Zurich CCGreater ZurichJoint Chamber of Commerce

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Bülach - At 817 million Swiss francs in financial year 2021, the consolidated net sales of Vetropack from the canton of Zurich have risen back above the level recorded in 2019. The newly acquired subsidiary in the Republic of Moldova also contributed to this double-digit percentage growth.

According to a press release issued by Vetropack, the manufacturer of glass packaging in the food and drink sector based in the canton of Zurich generated consolidated net sales in financial year 2021 amounting to 816.5 million Swiss francs overall. In comparison with the prior year, this corresponds to growth of 23.2 percent. Moreover, the company has also significantly exceeded the value of 714.9 million Swiss francs recorded in 2019. The subsidiary based in the Republic of Moldova, which was acquired in December 2020, contributed 6.9 percent to the growth in consolidated net sales at Vetropack in 2021, the press release states.

Consolidated EBIT amounted to 81.6 million Swiss francs in 2021, reflecting growth of 7.2 percent versus the prior year. However, this result is still 7.8 million Swiss francs below the result recorded here prior to the onset of the COVID-19 pandemic. The EBIT margin fell by 1.5 percentage points in comparison with 2020 to stand at 10.0 percent for financial year 2021. Vetropack puts this development down to sharply rising production costs in the second half of 2021, which could only be passed on to customers in the form of increased prices “in part”.

In the reporting year, the Vetropack Group posted consolidated annual profit of 63.8 million Swiss francs. In the previous year, this balance sheet item totaled 81.2 million Swiss francs, having been boosted by the sale of real estate assets in the amount of 9.1 million Swiss francs. Moreover, the very strong Swiss franc at the end of 2021 led to a net foreign exchange loss of 5.8 million Swiss francs in the reporting year, Vetropack explains in the press release.

In the current year, Vetropack expects the war in Ukraine to have an adverse impact on its operations. The Group suspended production activities at its glass factory located near to Kyiv on February 24 until at least the end of this year, the press release states. For this reason, Vetropack expects both the operating result and net profit to fall in 2022.

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Swiss Pavilion Digital