Negative currency effects will reduce the 2008 consolidated income statement

Date: 18 December 2008
Source: Vetropack Group

Date: 18 December 2008

As a result of the extreme devaluation of the Ukrainian hryvnia (UAH) against the US dollar, the Vetropack Group has adjusted downwards its expectations for the current 2008 financial year.

From today’s perspective, the negative currency effects will reduce consolidated net profits for 2008 in the range of CHF 30 million.



The Ukrainian subsidiary OJSC Vetropack Gostomel obtained its loans in US dollars. The collapse in the exchange rate of the Ukrainian hryvnia (UAH) against the US dollar represented a fall of over 50% in the past two months. The resulting exchange losses have to be posted at fair value and thus fully influence the 2008 consolidated income statement.

In spite of a slowdown in market growth, the operating performance of the whole Vetropack Group is meeting expectations. From an operational point of view, Vetropack Gostomel, too, is profitable.

For further information, please contact: 

Vetropack Holding Ltd.

David Zak, CFO

CH-8180 Bülach

Tel: +41 (0)44 863 32 25

Fax: +41 (0)44 863 31 33

www.vetropack.com

600450 Negative currency effects will reduce the 2008 consolidated income statement glassonweb.com

See more news about:

Others also read

Insulation giant Saint-Gobain Isover is inviting submissions for its 2009 international architectural student competition which has prize money totalling €6,500 at stake.
On 11 December 2008 the only producer of glass packaging in Slovakia, Vetropack Nemsova, a subsidiary of Vetropack Holding of Switzerland, launched a new automated line for sorting glass cullet, worth SKK 170mn (EUR 5.61mn USD 7.51mn).
Saint-Gobain Containers shut down its second furnace Monday in the second phase of a temporary layoff at the glass plant as a result of economic pressures.
Nuova Oxidal in cooperation with Politecnico di Milano and Texs consortium is organizing a specialization course for project, furnishing and building up of temporary spaces.
Specialist  glass manufacturer Romag has marked the end of a year of growth and expansion by revealing profits have risen by more than a third.
Japan’s major glass maker, Nippon Sheet Glass Co , said on Tuesday its British unit, Pilkington, would appeal a 370 million euro ($507 million) cartel penalty imposed by the European Commission.

Add new comment