OREANDA-NEWS. Vetropack Group significantly enhanced its revenue in the first half of 2016. Vetropack Italia, a member of the Group since early August 2015, making a major contribution of over 10%. Net sales from goods and services amounted to CHF 310.8 million (2015: CHF 271.1 million).

Acquiring Vetropack Italia gave Vetropack Group a new domestic market and a strong market presence. The other Vetropack companies successfully offset their stagnating domestic markets by growing their exports further. Exports made up 44.4% (2015: 45.8%) of total sales. Excluding Vetropack Italia, which primarily operates on its domestic market, this figure would have been 46.8%.

Consolidated net sales from goods and services rose by 14.6% to CHF 310.8 million (2015: CHF 271.1 million). Vetropack Italia played a key role in this increase, contributing CHF 38.4 million. Vetropack in Ukraine and Vetropack in Switzerland were exceptions. The political and economic crisis in Ukraine coupled with newly introduced alcohol taxes have sparked a further major fall in consumer spending since early 2016. Performance fell at the Swiss glassworks, where the furnace roof needed urgent repair. The strong Swiss franc also continued to have negative repercussions for the business overall.

Consolidated EBIT stood at CHF 30.7 million (2015: CHF 24.1 million), with lower energy costs in particular boosting performance. The EBIT margin amounted to 9.9% (2015: 8.9%).

The consolidated semi-annual profit of CHF 24.4 million (2015: CHF 14.2 million) was up 71.8% on the previous year’s figure, which had been badly hit by exchange rate losses.

Cash flow stood at CHF 57.3 million (2015: CHF 48.4 million). The cash flow margin therefore remained high, at 18.4% of net sales from goods and services (2015: 17.8%).