The Vetropack Group generated consolidated gross turnover of CHF 308.6M during the first half of 2012 (CHF 306.7M same period last year). Consolidated EBIT totalled CHF 32.5M (42.8M). The sale of an area not required for operations boosted consolidated semi-annual profit by 126.1% to CHF 58,1M (25.7M). The cash flow margin amounted to 19.0% (21.0%) of gross turnover. All plants were at full capacity. In a difficult economic environment, the Vetropack Group displayed slight growth and generated consolidated gross turnover of CHF 308.6M (306.7M) during the first half of the current financial year, a 0.6% increase year-on-year. After currency adjustments, however, the increase was 4.5%. Since 2011, the demand for glass packaging has risen slightly in all countries in which the Vetropack Group operates, with the exception of Switzerland. The EU currency crisis is continuing to dominate the macroeconomic environment. During the first 6m, the Group expanded its domestic market sales volume without neglecting its strategically important export markets. First half 2012 sales were 62.4% to domestic markets (58.6% last year). Overall, the Group sales volume was 2.21BN/units of glass packaging for the 1H (2.16BN). High energy and maintenance costs cut consolidated EBIT by 24.1% to CHF 32.5M for the 1H. The EBIT margin, therefore, decreased from 14.0% in 2011 to 10.5% of gross turnover. Capacity at the Group remains fully utilised. The planned refurbishment at the Pochlarn plant in Austria will prevent an increase in output capacity. The high energy and maintenance costs mentioned mean that the EBIT margin should remain at around the same level at the end of 2012.
