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
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