vetropack - Administration

vetropack
ANNUAL REPORT VETROPACK HOLDING LTD
2004 |

VETROPACK – TAILOR-MADE GLASS
Vetropack an independent, publicly traded, family run organisation with group
management in Bülach (Switzerland) is one of Europe’s leading manufacturers of
container glass for the food and beverage industry.
Vetropack’s “TAILOR-MADE GLASS” delivers quality service designed to boost
customer sales by taking advantage of the powerful marketing potential of product
packaging. Tailor-made glass sets the highest standards at every stage, from first
class packaging design and high quality production, to safe just-in-time delivery.
As an efficient, innovative and customer oriented organisation, Vetropack lives by its
principle of “one brand – one quality” and guarantees equally high production and
service standards in Switzerland, Austria, Czech Republic, Croatia and Slovakia.

SUMMARY
2004 at a Glance 1
BOARD OF DIRECTORS’ REPORT 2
CEO’S REPORT 5
COMPANY REPORT
Vetropack Ltd (Switzerland) 9
Vetropack Austria GmbH (Austria) 9
Vetropack Moravia Glass, a.s. (Czech Republic) 10
Vetropack Nemsˇová, s.r.o. (Slovakia) 11
Vetropack Strazˇa d.d. (Croatia) 11
Müller+Krempel Ltd 12
Vetroconsult Ltd 13
Vetro-Recycling Ltd 13
OUR IDENTITY 14
FINANCIAL REPORTING FOR THE VETROPACK GROUP
Consolidated Balance Sheet 22
Consolidated Income Statement 23
Consolidated Cash Flow Statement 24
Changes in Consolidated Shareholders’ Equity 25
Consolidation Principles 26
Valuation Principles 27
Notes to the Consolidated Balance Sheet 29
Notes to the Consolidated Income Statement 33
Notes to the Cash Flow Statement 35
Group Auditor’s Report 36
Five Year Overview 37
FINANCIAL REPORTING FOR VETROPACK HOLDING LTD
Balance Sheet 38
Income Statement 39
Remarks to the Closing Figures
Board of Directors’ Proposal
39
for the Appropriation of Corporate Profits 41
Statutory Auditors’ Report 42
Five Year Overview 43
Structure of Participation 44
CORPORATE GOVERNANCE 45
ORGANISATION 54
Management Responsibilities 56
VETROPACK – OUR GLASSWORKS 58

2004 AT A GLANCE
Gross revenues
EBIT
Annual profit
Cash flow
Production
Unit sales
Exports
Employees
Investments
IMPORTANT DATES
CHF millions
CHF millions
CHF millions
CHF millions
1000 metric tons
billions
CHF millions
2004
485.4
55.5
41.7
84.7
866
3.31
38.7%
2 639
72.2
2003
479.0
56.5
38.9
84.4
838
3.27
35.1%
2 744
41.2
VETROPACK GROUP 1
change
1.3%
–1.7%
7.4%
0.4%
3.3%
1.0%
–
–3.8%
75.1%
2005 Annual General Assembly (St-Prex) 11 May 2005 11:00
Semi Annual Report 2 Sept. 2005
2006 Press Conference (Bülach) 22 March 2006 10:15
Annual General Assembly (Bülach) 10 May 2006 11:15

2
BOARD OF DIRECTORS’ REPORT
BOARD OF DIRECTORS’ REPORT
DEAR SHAREHOLDERS
During the 2004 fiscal year, the Vetropack Group
recorded consolidated revenues of CHF 485.4 m,
a slight increase of 1.3 % over the previous year’s
figure of CHF 479.0 m. Adjusted for the effects of
currency fluctuations, this represents a revenue
decrease of 0.2 %. At CHF 55.5 m, EBIT deviated
from the previous year’s figure by –1.7 % (CHF
56.5 m). Consolidated annual profit, however, im-
proved by 7.4 % to CHF 41.7 m (2003: CHF
38.9 m). Thanks to targeted investments in existing
production facilities and the resulting increase
in productivity, earning power maintained previous
levels in spite of heavy increases in the price
of energy and raw materials. At CHF 84.7 m, cash
flow also maintained the previous year’s level
(2003: CHF 84.4 m), corresponding to 17.5 % of
consolidated Group revenues.
Sales of container glass reached 3.3 billion units,
slightly up from the previous year, once more enabling
all plants to work at full capacity. Additional
exports compensated for reduced domestic
demand in individual domestic markets. As a per-
centage of overall unit sales, Group exports
climbed to 38.7 % (2003: 35.1%).
The consolidated balance sheet increased to CHF
564.2 m (2003: CHF 548.4 m). The percentage
of fixed assets rose to 61.7 % (2003: 58.1%).
Owing to debt reduction, overall debt was reduced
to 41.7 % (2003: 46.9 %). The equity ratio rose accordingly
to a satisfactory 58.2 % (2003: 53.0 %).
During the annual general assembly on 11 May
2005, the board of directors will recommend a
dividend payment of 28 % (2004: 25 %).
MANAGEMENT STATEMENT
AND OUTLOOK
Jean-Daniel Cornaz
During the 2004 fiscal year, the board of directors
reviewed both the operational management
processes, as well as the strategic direction of the
Vetropack Group. Its assessment of the market environment
brought confirmation of the huge significance
to the domestic markets, the burgeoning
markets in Central and Eastern Europe, as well as
to the international key accounts. The underlying
conditions have indeed become more challenging.

In Western Europe the sales potential for container
glass is stagnating. Markets such as
Germany are being constrained by legislative
measures. Whilst countries in Eastern Europe are
exhibiting impressive growth rates, in some cases
purchasing power continues to rise slowly. As a
result of acquisitions within the glass sector, consolidation
within the glass industry continued
going ahead in the past year. Concurrently, the
importance of key customers continues to increase.
This results in additional challenges for Vetropack.
A number of important projects aimed at improving
production efficiency and cost structure were
completed in 2004. The necessary investments
were concentrated primarily in Croatia and
Slovakia.
The board of directors underlined its commitment
to Switzerland with its decision to upgrade the
production facilities at the St-Prex plant. The
planned replacement of the green glass furnace
in the spring of 2006 and the construction of a
storage facility on the works site ensure the prerequisites
for viable production in Switzerland.
Vetropack’s development is decisively influenced
by the competence and motivation of its employees.
Their quality awareness and commitment are
key factors for continued market success. Sound
results in 2004 testify that such demands were
consistently met. For this, I wish to thank our employees.
As far as the development of the Vetropack Group
is concerned, I am confident. A motivated workforce,
a capital spending potential and financial
strength, coupled with a strong market share, will
lead us into a successful future.
At the annual general assembly on 11 May 2005,
I will resign my office as chairman and member of
the board of directors at Vetropack Holding AG
due to age limitations. I would like to thank all those
BOARD OF DIRECTORS’ REPORT 3
who have placed their trust in me. It was always a
pleasure for me to be involved in the growth of
the Vetropack Group.
The board of directors has appointed Mr Hans R
Rüegg as my successor. Mr Rüegg has served on
the board since 1993. He possesses much experience
as a self-employed entrepreneur and heads
the internationally active Baumann Federn AG.
At the annual general assembly, the board will
propose to appoint Mr Richard Fritschi as my
successor on the board of directors. Mr Fritschi is
a graduate of the Advanced Management Program
at Harvard Business School (USA), and
head of Europe, Asia and Australasia at Zimmer,
an American medical corporation.
St-Prex, 16 March, 2005
Jean-Daniel Cornaz
Chairman of the Board of Directors

4
BOARD OF DIRECTORS’ REPORT
VETROPACK BIDS FAREWELL TO THE
CHAIRMAN OF THE BOARD OF
DIRECTORS JEAN-DANIEL CORNAZ
After 33 serving years as a member of the board
of directors of Vetropack Holding AG, and as
chairman since 1998, Jean-Daniel Cornaz is
resigning office due to reaching regulatory age
limitations.
Over the years, Mr Cornaz utilised his foresight
and market driven approach to play a decisive
role in our company’s strategic progression from
a national to an international enterprise. His
ability to establish important strategic contacts
and develop sustainable relational networks was
of inestimable value to Vetropack in its geographic
expansion.
The increasing internationalisation of the company
was accompanied by a fundamental
change in its corporate culture. Jean-Daniel
Cornaz encouraged short decision-making
processes, thus helping to create a responsible
management team that is collectively committed
to seeking success. A central concern of his was
the proximity of employees to both the market
place and customers, as well as the development
of an innovative, solutions driven work culture.
His creative solutions and unequivocal demand
that decisions are implemented with élan provided
both management and employees with a
sense of security and a strong future perspective.
On behalf of the board of directors, Group management,
employees and shareholders we would
like to give our most sincere thank Jean-Daniel
Cornaz for his tremendous commitment to
Vetropack’s welfare. We wish him all the best for
his future and health.
Dr Jean-Claude Gisling
Vice Chairman of the Board of Directors

CEO’S REPORT
PROFITS RISE DESPITE
TOUGHER MARKET CONDITIONS
The 2004 fiscal year was not easy for the entire
packaging industry. Consumer demand in
Vetropack’s most significant markets remained
subdued throughout the year. Some of our major
customers recorded substantial sales reductions
during the period under review. Legislative
measures such as the introduction or raising of
Claude R. Cornaz
levies on lorries carrying heavy goods, higher
consumption taxes, and the introduction of zero
telerance alcohol limitations also had a restrictive
impact, although this varied from country to
country. In Germany sales of glass containers
slumped –15 % during the year under review, as a
consequence of the mandatory deposit on nonreturnable
glass containers that was introduced in
2003. As a result, the competitive pressure intensified
in our domestic markets of Switzerland,
Austria and the Czech Republic. In order to prevent
further increases in stock levels, the German
glass container industry is called upon to rigorously
reduce production and shut down furnaces
as agreed for 2005.
CEO’S REPORT 5
In the Czech and Slovak Republics the joining of
the EU was of relevance to Vetropack’s markets,
since they came under severe pressure in part due
to the increased competition generated by the EU
enlargement. In Slovakia higher consumption
taxes and the adjustment of energy prices to the
higher European level had a restrictive impact on
the development of purchasing power and the
sales potential of our customers. Owing to the
new market conditions the future market position
of some customers is uncertain or possibly under
threat.
Within the container glass packaging sector,
some increasingly aggressive pricing was felt
during the year under review, as major competitors
sought to strengthen their international market
positions. This also represents a response to
tough price demands by customers, who in turn
are subject to price pressures and predatory competition
from the retail trade. These developments
have also resulted in greater price pressures in
our traditional domestic markets in Western and
Eastern Europe. In spite of the deteriorating underlying
conditions in 2004 Vetropack was able

6
CEO’S REPORT
to sustain sales and profitability on a high level,
which have improved significantly in recent
years. There are various reasons for this. On the
one hand, glass embodies intrinsic qualitative
values, which many food and beverage companies
perceive as an opportunity to hold their own
against low price suppliers and powerful store
brands in light of the increasing competitive pressure.
Vetropack takes advantage of this opportunity
with “tailor-made glass”. Our tireless efforts
to develop products that assure individuality, design,
authenticity, and subsequentially guarentee
market success, are a fundamental reasons why
Vetropack was able to reinforce its market presence
in 2004. On the other hand, however, bottlers
continue to attach prime importance to aspects
such as reliability of supply, as well as
product and service quality when selecting a
packaging supplier. We work in partnerships
with our customers, place our faith in the quality
of our market performance and exploit our local
expertise. These are the values that make us
unique, thus we continued to focus maximum
attention on them in 2004.
For the majority of consumers the glass bottle is
and remains the container par excellence. Its
merits with respect to quality aspects such as
storage life and flavour retention outweigh the
benefits provided by alternative materials. A
Vetropack Austria television advert shown by
Austrian broadcaster ORF and a number of private
German language television stations from
July to September 2004 had sustainable impact.
We were surprised by the great positive response
it received from the public. Its aim was to position
glass as a safe and hygienically impeccable form
of packaging at a time when many consumers
were becoming increasingly sceptical of packaging.
MARKET STRATEGY CONFIRMATION
Vetropack adhers to its recent market strategy of
retaining its market leadership in its defined domestic
markets, developing its exports to the ex-
panding markets of Central and Eastern Europe,
fortifying its partnerships with important national
and international customers, demanding local
expertise and uniform quality and brand image
in all target markets.
Along with our export business, our domestic
markets form the basis for dimensioning our capacities.
Owing to the developments during the
year under review, we offer a guarded assessment
of our sales potential in Business Division
East, and seek to avoid risks associated with rash
creation of additional production capacity. This
cautious analysis of market development is countered
by the fact that the technical condition of
the second melting furnace at our Slovakian plant
proved substantially better than originally anticipated,
allowing it to remain in operation for an
additional year. Accordingly, we have put the
replacement of this furnace on hold for a year.
MAXIMISATION OF CUSTOMER
BENEFITS
Packaging is the most important marketing
medium when selling a product, being the decisive
criterion for more than 50 % of purchasing
decisions. As as matter of fact, in Europe’s stagnating
consumer markets aproximately 80 % of
products survive less than 12 months due to inadequate
trade performance. This situation is
compelling the packaging industry to exhibit
more flexibility, stronger innovative culture and
greater service orientation. In awareness of the
key importance packaging design has for brand
management, our sales staff are trained to
recognise at an early stage when the packaging
needs to be redesigned.
Last year we again developed over 180 new
container glass models on behalf of our customers,
with several of them receiving awards in
international competitions. The facility installed
at the Croatian plant last year for the production
of container glass in special tailor-made colours

was used with increasing success by customers in
the development of new markets.
INCREASE IN PRODUCTION
EFFICIENCY
The partially massive increases in energy and
raw material prices compelled us to improve efficiency
and productivity levels. Thanks to the early
conclusion of one year contracts, we were successful
in avoiding most price increases during
the year under review. Since energy and raw
material prices appear to be consolidating at a
high level, we nevertheless anticipate further
price increases at the latest by the time we renew
our purchasing agreements. Additionally, transport
prices are expected to continue climbing in
some countries due to increased levies on lorries
carrying heavy goods in Switzerland, and the introduction
of the lorry tax in Germany.
Although the situation in the energy and transport
sectors is common knowledge, overcapacity
in the container glass industry means we are able
to pass on price increases to customers only to a
limited extent. We therefore gave our full attention
to increasing production efficiency and improving
cost structures during the year under review.
In mid February 2004, we put our new
amber glass furnace at our Croatian plant into
operation. The new furnace unit offers substantially
lower energy consumption and emissions.
In addition, the old flint glass furnace in Slovakia
was replaced by a state-of-the-art, energy saving,
environmentally sound facility. The installation
costing CHF 27m was the biggest investment
made during the 2004 fiscal year. It necessitated
some complex structural and operational modifications
lasting throughout the year. The new
furnace went into operation at the beginning of
November, bringing a marked increase in performance
and productivity right from the outset.
A substantial proportion of the investments made
in 2004 serve the enforcement of a standard
groupwide technology and high product quality.
CEO’S REPORT 7
Guaranteeing the dimensional accuracy and excellence
of our containers helps our customers
achieve higher productivity in bottling.
Besides these extensive investments, various organisational
measures aimed at further improving
employee efficiency were instigated at the
neighbouring Czech and Slovakian plants. Linking
the operations of the two plants opened up
considerable potential for synergies. Measures
designed to exploit this potential have been defined
for all jobs and management areas and are
now being introduced step by step.
INVESTMENT DECISIONS
The periodic replacement of a melting furnace
usually necessitates a modification of the peripheral
infrastructure. It therefore takes a correspondingly
long time to plan the extensive work
associated with such projects. Taking procurement
times into account, a number of important
investment decisions for the next two years were
taken during 2004.
In St-Prex the existing melting furnace will be replaced
by a new facility of the same capacity
during the first quarter of 2006. Energy consumption
will be substantially reduced in the
process, thus slashing NOx emissions and correspondingly
improving ecological outcomes. In
view of the CO2 levy on fuels that looks be introduced
under current CO2 legislation, it is worth
investing in energy saving furnace technology.
A decision was also taken to construct three storage
buildings in St-Prex and integrate storage
operations, which are currently outsourced
within the plant’s organisational structure, thus
considerably reducing logistics costs.
ECOLOGICAL RESPONSIBILITY
Vetropack employs state-of-the-art technologies
and devotes particular attention to environmental
protection in all its investment projects. By reduc-

8
CEO’S REPORT
ing the weight of our glass containers, continuingly
cutting furnace energy consumption and
CO2 emissions, as well as encouraging glass recycling,
we are making an active contribution to
minimising environmental impact. Thanks to glass
recycling and the latest melting technology, our
new melting furnaces require 25 % less energy
than older installations and produce correspondingly
fewer harmful emissions.
We promote glass recycling wherever we manufacture.
During the year under review the extended
glass recycling facility in St-Prex was set
into operation. In our domestic markets of the
Czech Republic, Croatia and Slovakia we also
developed recycled glass collection operations
and the necessary logistics in association with the
local authorities.
SITE DEVELOPMENT AND SOCIAL
RESPONSIBILITY
Vetropack’s national companies and their individual
plants fall under the responsibility of local
managers, who are fully conversant in the local
language, and knowledgable about the political,
economic and cultural conditions in their relevant
regions. Vetropack Holding’s central functions
and project related coaching ensure that integral
standards and corporate culture are maintained
throughout the Group. The integral Vetropack
management system, which was implemented
and accredited to ISO 9000:2000 in all companies
during the spring of 2004, not only supports
the management, but also guarantees the efficiency
of work processes and performance quality.
We again attached high priority to the development
of our production sites during the year
under review. Our aim is to improve our plants
productivity and competitiveness through technical
modernisation, while concurrently securing
jobs.
I would like to thank all employees for their flexibility
and successful involvement in maximising
performance quality, production efficiency and
customer benefits. They have made a significant
contribution to the success of the 2004 business
year. Thanks also go out to our customers and
partners for their positive and successful working
relationships, as well as to our shareholders for
the trust they have placed in us.
Claude R. Cornaz
CEO

VETROPACK SWITZERLAND
Revenues in CHF millions
Unit sales in millions
Exports in units
Production in tons
COMPANY REPORT
VETROPACK LTD (SWITZERLAND)
Vetropack Ltd recorded revenues of CHF 92.6 m
during the 2004 fiscal year. With a total of 597
million units sold, sales were at the same level as
the previous year. The percentage share accounted
for by exports remained unchanged at
6.4 %. Vetropack was able to defend its position
in Switzerland in the face of stronger competition
from neighbouring countries, thus ensuring that
the St-Prex production facility worked to full capacity.
Increased supplies of bottles compensated
for the reduced volume in the food segment.
The extended glass recycling facility at St-Prex
was put into operation at the beginning of April,
though the cost savings this brought forward were
2004
92.6
597.2
6.4%
88 101
2003
92.0
598.7
6.4%
89 360
+/–
0.6%
– 0.2%
–
– 1.4%
VETROPACK AUSTRIA GmbH
(AUSTRIA)
Revenues at Vetropack Austria GmbH amounted
to EUR 118.3 m in 2004, which lies slightly over
the previous year. With a total of 1,203 million
units sold, quantitative sales increased. However,
sales in Austria’s domestic market declined due to
reduced demand from two major customers, as
well as increased competitor activity and price
cutting. Nevertheless, this was compensated for
by additional exports, subsequently the percent-
VETROPACK GROUP 9
neutralised by a massive increase in the price of
energy. Consequently, profitability at the plant in
western Switzerland once again did not meet
expectations. To achieve a sustainable improvement
in production efficiency and cost structure,
an investment programme totalling CHF 31 m over
the next two years was agreed upon. It foresees
replacing the existing furnace in St-Prex by a new
energy saving and environmentally sound melting
furnace, as well as creating additional storage
capacity on site. This will provide at least partial
compensation for the higher costs of energy, raw
materials and logistics compared to the international
average.
At the 2004 fiscal year end Vetropack Ltd employed
217 individuals.
DOMESTIC SALES IN 2004 by market segment (in unit terms)
Wine/spirits
Beer/mineral water/fruit juice
Food/milk
22.6%
54.3%
23.1%
age of total sales attributed to exports increased
to 37.7 %.
Despite greater competitive pressures from neighbouring
countries and investment related costs,
Vetropack Austria GmbH maintained profitability
and strengthened its market position in the strategic
product segments. The vastly different customer
requirements unique to the Austrian market
offer Vetropack Austria GmbH an advantage over
its foreign competitors because in such an environment
a local presence, a continuity in the dia-

10
VETROPACK GROUP
VETROPACK AUSTRIA
Revenues in EUR millions
Unit sales in millions
Exports in units
Production in tons
1 EUR = CHF
VETROPACK MORAVIA GLASS
Revenues in CZK millions
Unit sales in millions
Exports in units
Production in tons
100 CZK = CHF
logue with customers, a highly innovative culture
and a level of flexibility represent decisive added
value. Vetropack Austria GmbH places particular
emphasis on strengthening its domestic food and
2004
118.3
1 202.5
37.7%
295 869
1.5441
VETROPACK MORAVIA GLASS, a.s.
(CZECH REPUBLIC)
Vetropack Moravia Glass, a.s. recorded revenues
of CZK 1,897.9 m, and thus remained at the previous
year’s level. Demand from the domestic
food and beverage industry was down from the
previous year as a result of a poor harvest and
higher filled imports from Poland. In addition, a
major customer’s production relocation to Russia
caused a reduction of domestic turnover in favour
of exports. Yet the additional exports could only
partially compensate for the reduction in domestic
demand. Consequently total sales of 750 million
units were –2.1% lower than the previous
year. The percentage of sales attributed to exports
climbed to 41.1%.
Domestic market sales in the beer, mineral water
and fruit juice segments climbed significantly. This
is the result of a closer collaboration with a rap-
2004
1 897.9
749.8
41.1%
196 391
4.820
2003
117.3
1 189.0
30.8%
302 792
1.5208
2003
1 894.5
765.6
38.2%
183 459
4.776
+/–
0.9%
1.1%
–
– 2.3%
–
+/–
0.2%
– 2.1%
–
7.0%
–
beverage industry by providing innovative and
customer driven packaging solutions.
At the 2004 fiscal year end Vetropack Austria
GmbH employed 624 individuals.
DOMESTIC SALES IN 2004 by market segment (in unit terms)
Wine/spirits
Beer/mineral water/fruit juice
Food/milk
idly expanding international key account, in addition
to new products aimed at the high quality
gastronomy sector, which is witnessing an appreciably
positive development in the Czech Republic.
In contrast, the core food segment was hit by
reduced demands in 2004, as a result of a poor
harvest, higher filled imports and growing demands
for fresh vegetables.
During the year under review, Vetropack Moravia
Glass, a.s. continued to revamp its production
range in association with its nearby sister plant in
Slovakia and optimised its production procedures.
The resulting cost savings and the measures
introduced to increase employee productivity
during the course of the year had positive effects
on the company’s earning power.
At the 2004 fiscal year end Vetropack Moravia
Glass, a.s. employed 557 individuals.
DOMESTIC SALES IN 2004 by market segment (in unit terms)
Wine/spirits
Beer/mineral water/fruit juice
Food/milk
21.9%
53.5%
24.6%
12.0%
34.2%
53.8%

VETROPACK NEMS ˇ OVÁ
Revenues in SKK millions
Unit sales in millions
Exports in units
Production in tons
100 SKK = CHF
VETROPACK NEMSˇ OVÁ, s.r.o.
(SLOVAKIA)
Vetropack Nemsˇová, s.r.o. recorded revenues of
SKK 1,126.6 m in 2004, down –12.2 % from the
previous year. The main reasons for the decline
was a marked reduction in domestic demand,
along with market price levels that were influenced
by the economic upheaval brought forward
by its EU entry and socioeconomic reforms. Sales
volume of 339 million glass packaging units represents
a fall of a mere –2.8 % compared to the
previous year. Exports were also down from the
previous year, though their share of total sales
increased slightly to 36.7 %.
Higher taxes on basic foodstuffs and the above
average increases in energy prices weakened
purchasing power, consequently affecting every
product segment in the domestic market. Spirits
2004
1 126.6
338.8
36.71%
88 044
3.856
2003
1 283.3
348.3
35.1%
91 738
3.665
+/–
– 12.2%
– 2.8%
–
– 4.0%
–
VETROPACK STRAZ ˇ A d.d. (CROATIA)
Vetropack Strazˇa d.d. posted revenues of HRK
536.9 m in 2004, representing a 6 % increase
compared with the previous year. Unit sales of
glass containers climbed 10 % to 812 million.
Although the pleasing growth rate of recent years
has decelerated slightly, it remains striking. In the
domestic market, sales growth was slightly lower
than in neighbouring markets, in particular Serbia,
where the brewing industry has created additional
capacity over the last two years. The percentage of
VETROPACK GROUP 11
were particularly badly affected, as was beer,
where tax increases on beer dramatically cut consumption,
at least temporarily. Thankfully, interest
in glass containers and new models is growing in
Slovakia, despite strong competition from other
packaging materials.
During the forth quarter a new flint glass furnace
was put into operation at Vetropack Nemsˇová,
s.r.o. as a replacement for the previous furnace.
The new facility immediately brought about the
sought after quality improvements and productivity
increases. Originally scheduled for 2005, the
replacement of the green glass furnace will take
place a year later, since its technical condition
allows it to remain in operation for an extended
period.
At the 2004 fiscal year end Vetropack Nemsˇová,
s.r.o. employed 494 individuals.
DOMESTIC SALES IN 2004 by market segment (in unit terms)
Wine/spirits
Beer/mineral water/fruit juice
Food/milk
41.7%
19.0%
39.3%
sales attributable to exports to neighbouring countries
rose accordingly to 62.9 %.
In comparison with the previous year, domestic
beer and mineral water segments registered
significant growth, although the introduction of
zero tolerance alcohol limitations has inhibited
outward consumption of alcoholic beverages.
Since Slovenia’s entry into the EU, the competitive
pressure on Vetropack Strazˇa important neighbouring
export market has increased appreciably.
Following EU entry demand for container

12
VETROPACK GROUP
VETROPACK STRAZ ˇ A
Revenues in HRK millions
Unit sales in millions
Exports in units
Production in tons
100 HRK = CHF
REVENUE IN 2004
Retail trade
Food and beverage industry
Pharmaceutical industry
glass from the Slovenian food and beverage industry
slumped massively in light of the difficulties
it is facing in regards to accessing its traditional
sales markets of former Yugoslavia.
In early 2004, the completely renewed amber
glass furnace was set into operation. This third
2004
536.9
812.4
62.9%
197 680
20.599
MÜLLER+KREMPEL LTD
The Bülach based trading house Müller + Krempel
Ltd posted revenues of 9.9 m (2003: CHF 9.6 m)
in the 2004 fiscal year. Of this total 44 % was attributed
to retail trade, 31% to glass containers
for the food and beverages industry and 25 % to
the pharmaceutical sector.
With regards to the food and beverage industry,
Müller+Krempel focuses on exclusive products
working with selected glassworks that specialise
in first rate production quality and glass
finishing. In terms of pharmaceutical packaging,
by market segment
44.0%
31.0%
25.0%
2003
505.0
738.8
61.9%
171 030
20.096
+/–
6.3%
10%
–
15.6%
–
state-of-the-art furnace thus completes the modernisation
of the Croatian plant, which has
formed a major part of the Vetropack Group’s investment
programme in recent years.
At the 2004 fiscal year end Vetropack Strazˇa d.d.
employed 673 individuals.
DOMESTIC SALES IN 2004 by market segment (in unit terms)
Wine/spirits
Beer/mineral water/fruit juice
Food/milk
24.3%
63.6%
12.1%
Müller+Krempel began negotiations with IMPAG
Verpackungen AG during the fourth quarter concerning
taking over their business operations.
These negotiations have since been completed.
With the addition of this new business
Müller+Krempel is now the leading supplier of
glass and plastics containers, including their closing
mechanisms, to the Swiss pharmaceutical and
cosmetics industries.
At the 2004 fiscal year end Müller+Krempel Ltd
employed 13 individuals.

REVENUE IN 2004
Technology
IT
Consulting
VETROCONSULT LTD
During the year under review, Vetroconsult Ltd
primarily focused on replacing the amber glass
furnace in Croatia, and the flint glass furnace in
Slovakia, with new energy saving environmentally
sound melting furnaces. At the Slovakian
plant the installation of the new furnace necessitated
extensive structural and operational modifications.
An additional significant proportion of
the Group‘s internal services went towards the
developing of synergies with respect to quality
and productivity.
by sector
44.9%
47.8%
7.2%
VETRO-RECYCLING LTD
At the end of March 2004, recycling operations
in Dagmersellen ceased as planned, and were
transferred to the St-Prex plant. As a result, handling
costs were cut significantly. Vetro-Recycling
Ltd sold 75 % of the used glass collected to the
Verrerie de St-Prex, which has been processing
all the used glass at its own facility since April.
VETROPACK GROUP 13
In the IT division, an audit confirmed the efficiency,
cost effectiveness and user friendliness of
the current IT systems. The Group wide network
was further expanded, concurrently increasing
the data transfer rate and improving security.
In the consulting division, ongoing projects were
taken forward as planned, and contractual negotiations
were brought to a successful conclusion.
At the 2004 fiscal year end Vetroconsult Ltd employed
26 individuals.
Most of the remaining 25 % was exported, with a
modest proportion being sent for alternative use.
Cullet accounted for 79 % of domestic container
glass production during the year of under review.
At the 2004 fiscal year end Vetro-Recycling Ltd
employed five individuals.

T RA N S PAR E N C Y A N D PA S S IO N
C O M M I T M E N T A N D E X P E R T I S E
vetropack
TAILOR MADE GLASS
C O N T I N U I T Y A N D D I A L O G U E

OUR IDENTITY
VETROPACK
Everyday 2,600 employees provide five countries with more than 2,000 tons
of container glass in the form of bottles and jars. They work in six factories,
closely following three fundamental principles:
– Commitment and Expertise
– Transparency and Passion
– Continuity and Dialogue
The Vetropack Group’s philosophy is based on values such as responsibility,
continuity and endurance. Accordingly, principles such as ecologically sound
management are as natural to us as fairness, integrity and openness on the
part of the company towards its employees, and likewise on the part of our
employees towards the company.
On the basis of this solid foundation, the Vetropack brand stands for consis-
tently high quality in each of its markets and in keeping with the principle:
«One brand – one quality».
OUR IDENTITY 15

COMMITMENT AND EXPERTISE

VETROPACK’S MISSION
Every single Vetropack product is developed and produced to meet the
specifications of the customer’s exact needs, demands, expectations and
ideas. Vetropack produces series already as of 100,000 units at a consist-
ently high quality and at any time. The market has coined a phrase that
neatly sums up Vetropack’s work and its results. It is quite simply…
«GLAS NACH MASS» (TAILOR-MADE GLASS)
Glass bottling for wine, spirits and virtually any other beverage, as well as
jars for spices, preserves, jams and a whole range of other foods – the spec-
trum of Vetropack products is virtually unlimited. At any rate, it becomes
clear when one goes into detail. As part of its tailor-made glass concept…
– Vetropack develops glass containers in cooperation with its customers, it is
tailored to suit their exact needs in terms of shape and design.
– Vetropack analyses and supports its customers’ marketing requirements.
– Vetropack puts briefing into practice and develops or optimises the pack-
aging in question.
– Vetropack coordinates and enriches the collaboration between orders with
finishers, label suppliers and bottle cap manufacturers.
– Vetropack handles logistics and technical support.
– Vetropack ensures that quality standards set by customers are precisely
defined and adhered to.
In short, Vetropack consistently gears its work to the needs of the market and
individual customers with a single, unchanging objective; to always make
exactly the right packaging for every customer and product. The only condi-
tion? It must be glass, of course.
OUR IDENTITY 17

TRANSPARENCY AND PASSION

GLASS AS A MATERIAL AND VETROPACK’S CULTURE
Glass – Vetropack works exclusively with this material. Glass is an ideal
packaging material. It fulfils the demands of food technology, marketing and
consumers better than any other material. However, it is more than that:
glass as a material also teaches us a great deal about Vetropack’s culture.
Glass is …
– Safe: It protects what it encloses
– Honest: It shows what it contains
– Valuable: It upgrades the perceived value of its contents
– Sustainable: These days is glass primarily produced of recycled glass.
EXPERIENCE AND TRUST
These attributes are worth knowing. Indeed, in the course of its nearly one
hundred year history, Vetropack has appropriated glass’s distinguishing
characteristics to make them its own. Today, terms such as honesty and re-
liability, sustainability and transparency are clear elements in Vetropack’s
entrepreneurial philosophy and culture, and characterise all of its activities.
This applies equally to the more emotional qualities ascribed to glass, which
constantly recur in Vetropack’s work. Qualities such as aesthetics, elegance,
value, trust and the everlasting ambition to seek even better solutions. Vetro-
pack does not merely manufacture glass packaging. It represents all it stands
for.
OUR IDENTITY 19

CONTINUITY AND DIALOGUE

INNOVATION AND VETROPACK
Even the best solution is only good so long as no better one exists. For every
employee at Vetropack, innovation is a process in which continuously fin-
ding the best possible answers to all the right questions is of utmost impor-
tance.
This concept of innovation is based on the ability to maintain qualified dia-
logue. Since innovation is never ending, and every dialogue is new and dif-
ferent, the ability to maintain a dialogue is based on a single prerequisite.
PARTNERSHIP
For Vetropack maintaining dialogue with its partners is an perpetual process
of mutual learning, which constantly provides us with the incentive to …
– Perfect our cooperation in technical, logistical and marketing matters;
– Consistently improve our product development, job security and further
training programs;
– Continuously optimise Vetropack’s own quality standards;
– Cultivate our relations and those of our partners with public authorities
and other institutions, as well as its relations with shareholders, the media
and the general public.
The benefits are obvious. Information assumes the significance it deserves,
important suggestions are put into practice swiftly and smoothly, market op-
portunities are used directly and our employees are pleased with the results
of their labours.
The success of this approach is reflected in our long-term relationships with
partners and customers, and is echoed in the outstanding loyalty of our em-
ployees throughout Vetropack.
OUR IDENTITY 21

22
GROUP’S FINANCIAL STATEMENTS
VETROPACK GROUP
FINANCIAL REPORTING
CONSOLIDATED BALANCE SHEET
In CHF 1,000
ASSETS
Current Assets
Liquid assets
Receivables from sales of products and services
Other receivables
Materials and finished goods
Accrued items
Sub Total Current Assets
Fixed Assets
Tangible assets
Financial assets
Intangible assets
Sub Total Fixed Assets
Total Assets
LIABILITIES
Liabilities
Current liabilities
– Suppliers
– Banks
– Other liabilities
– Deferred items
– Provisions
Medium and long-term liabilities
– Loans and credits
– Other liabilities
– Provisions
Sub Total Liabilities
Minority Interests
Equity
Share capital
Capital reserves
Retained profits
Consolidated annual profit
Sub Total Equity
Total Liabilities
Notes
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
31.12.2004
35 168
73 047
12 564
93 417
1 683
215 879
340 442
7 801
33
348 276
564 155
37 703
46 409
23 391
4 619
10 871
82 240
5 223
24 909
235 365
319
21 372
6 491
258 875
41 733
328 471
564 155
31.12.2003
56 652
70 209
17 820
83 477
1 812
229 970
307 802
10 621
22
318 445
548 415
34 454
83 629
25 058
4 085
10 398
69 432
7 025
23 175
257 256
359
21 372
6 491
224 066
38 871
290 800
548 415

CONSOLIDATED INCOME STATEMENT
In CHF 1,000
Gross Revenues
Redemptions and transport costs
Net Revenues
Changes in inventories of finished goods
Other operating income
Income
Cost of raw materials and supplies
Energy costs
Personnel expenses
Other operating expenses
Depreciation
Earnings Before Interests and Tax (EBIT)
Interest and financial income
Interest and financial expenses
Operating Earnings After Interest
Extraordinary income
Extraordinary expenses
Consolidated Profit Before Taxes
Taxes
Minority interests from Group companies
Consolidated Annual Profit
Consolidated Cash Flow
Notes
20
21
22
23
24
25
26
26
27
27
28
29
GROUP’S FINANCIAL STATEMENTS 23
2004
485 403
– 40 182
445 221
10 377
11 876
467 474
– 95 397
– 60 937
– 105 692
– 109 650
– 40 298
55 500
5 778
– 9 338
51 940
2 312
– 189
54 063
– 12 240
– 90
41 733
84 745
2003
478 977
– 36 346
442 631
398
12 324
455 353
– 88 155
– 57 379
– 105 286
– 103 469
– 44 579
56 485
6 083
– 11 622
50 946
462
– 116
51 292
– 12 332
– 89
38 871
84 396

24
GROUP’S FINANCIAL STATEMENTS
CONSOLIDATED CASH FLOW STATEMENT
In CHF 1,000
Cash Flow From Operational Activities
Consolidated annual profit
Minority interests in annual profit
from Group companies
Depreciation
Other non cash items
Cash flow
Decrease / increase in working capital (excl. liquid assets)
Increase /decrease in non interest bearing debt
Total Operational Cash Flow
Cash Flow from Investment Activities
Investments in fixed assets
Decreases in other fixed assets
Divestments fixed assets
Total Investment Cash Flow
Cash Flow from Financial Activities
Dividend Distribution (including minority shares)
Increase /decrease in loans and credits
Decrease in other interest bearing debt
Total Financial Cash Flow
Adjustments for currency and consolidation effects
Changes in Cash Flow adjusted for the effects of currency fluctuations
Notes
30
2004
41 733
90
40 298
2 624
84 745
– 6 208
1 953
80 490
– 72 196
2 233
739
– 69 224
– 5 359
– 25 404
– 1 799
– 32 562
– 973
– 22 269
2003
38 871
89
44 579
857
84 396
– 7 197
15 283
92 482
– 41 223
1 817
806
– 38 600
– 4 718
– 33 985
– 608
– 39 311
– 1 277
13 294

CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY
GROUP’S FINANCIAL STATEMENTS 25
in CHF 1,000 Share Capital Retained Comulative Sub Total Minority Total incl.
Capital Reserves Earnings FX excl. Share Minority
(Agio) Differentials Minority Interests Share
Shareholder’s Equity
Share Interests Interests
as per 01.01.2003
21 372 6 491 221 652 – 2 646 246 869
270 247 139
Capital increase
0
0
0
Annual profit
Foreign exchange
38 871
38 871
89 38 960
differential
– 2 646 12 424 9 778
9 778
Dividends
Shareholder’s Equity
– 4 718
– 4 718
– 4 718
as per 31.12.2003
21 372 6 491 253 159 9 778 290 800
359 291 159
Annual profit
Foreign exchange
41 733
41 733
90 41 823
differential
9 778 – 8 067 1 711
1 711
Dividends
Revaluation of participation
– 5 343
– 5 343
– 5 343
in AGR
Changes due to increase in
– 422
– 422 – 130 – 552
participation
Shareholder’s Equity
– 8
– 8
– 8
as per 31.12.2004
21 372
6 491 298 897 1 711 328 471
319 328 790

26
GROUP’S FINANCIAL STATEMENTS
Consolidation
Principles
Consolidation Scope
Capital Consolidation
Foreign Currency
Conversions
CONSOLIDATION PRINCIPLES
The consolidation of the group’s financial statements provides a picture of the group’s assets, finances
and income, which corresponds to the actual relationships between them and regards the Vetropack
Group as a single business entity. In consolidating the closing figures for Vetropack’s companies, all
material intra-group transactions are eliminated. Consolidated Group statements are based on the
financial statements for the year, and are prepared in accordance with the applicable national laws of
each of the companies concerned. They are then unformed according to internal Group valuation and
formatting principles. The consolidated financial statements conform to the regulations of Swiss equity
law, as well as the principles of Swiss GAAP ARR (Swiss Accounting and Reporting Recommendations)
in addition to the accounting prescriptions set out in the regulations for quoted companies on the Swiss
Stock Exchange.
In addition to Vetropack Holding’s Ltd annual closing statements, the consolidated Group statements
comprise of all domestic and foreign subsidiaries in which Vetropack Holding Ltd has a direct or
indirect interest of more than 50 %, with the exception of its shareholdings in ASRO. Refer to comments
below. In such cases, the “Full Consolidation Method” is used, i.e. assets, liabilities, expenses and
income of the consolidated companies are consolidated 100 %, and all intra Group transactions
(accounts payables and receivables, income and expenses) are eliminated. The number of shares and
capital resources owned by minority shareholders is stated separately. The “Equity Method” is used if
the Group’s interest in the consolidated company lies between 20 % and 50 %. Here, the Group’s percentage
share of the company’s net equity is posted in the consolidated balance sheet as a financial
asset. The percentage share of its net income is contained in the consolidated income statement.
Holdings of less than 20 % are posted in the consolidated balance sheet at the cost of acquisition, less
any necessary valuation adjustments owing to business operations. Holdings in ASRO CZ a.s. were
increased from 37.2 % to 53.5 % during 2004. Due to its negligible influence on the Group’s financial
statements, a full consolidation was foregone. Moreover, shareholdings in Vetropack Strazˇa d.d. were
increased from 99.39 % to 99.53 % in September 2004. An overview of the companies within the
Vetropack Group, and the method used to consolidate them into the Group financial statements, can be
found on page 45.
Capital consolidation is preformed according to the “Purchase Method”. Thereby the acquisition costs
of an acquired company is measured against the its net assets in accordance with Group principles at
the time of the purchase. Any goodwill paid at the time of the acquisition is charged directly to Group’s
reserves in the year of acquisition.
The financial statements produced by foreign companies within the Group in their respective currencies
are converted into Swiss francs as follows:
– The balance sheet figures are converted according to the exchange rate valid at year end.
– The income statement figures are converted according to the annual average exchange.
– The cash flow statement figures are converted according to average and year end rates respectively.
Exchange rate differentials resulting from such currency conversions are charged to Group reserves,
consequently results remain unaffected. Exchange rate differentials caused by converting transactions
and balance sheet items in foreign currencies are recorded in the books of the respective Group
company, thus effecting results. Conversion differentials arising from Group loans in foreign currencies
that have equity characteristics are debited or credited to the Shareholders’ equity.

Receivables
Inventories of Raw
Materials and
Finished Goods
Fixed and Intangible
Assets
Financial Investments
Impairment of Assets
Liabilities
Provisions
Pension Fund
VALUATION PRINCIPLES
GROUP’S FINANCIAL STATEMENTS 27
The companies’ financial statements for the individual companies are consolidated into the Group’s
financial statements, and are valued in accordance to principles that are uniform throughout the
Group. The most important valuation methods used are:
Receivables arising from the sale of goods and services are valued at their nominal amount, less any
individual value adjustment made for risk of bad debt, plus a flat rate adjustment across-the-board for
general credit risk.
Inventories of raw materials and finished goods are valued at their cost of acquisition or manufacture.
If, however, the market price is lower, then this figure is applied instead. Manufacturing costs include
the costs of raw materials, individual production costs, as well as a portion of allocated general overhead
costs. The amounts used for items whose marketability is limited are partially or entirely corrected
in accordance with their real loss in value. Inventories of intra-Group deliveries are not assigned an
intermediate profit. Discounts are recorded as cost of goods sold reductions.
Fixed assets encompass property, buildings, furnaces, machinery, production facilities, equipment,
vehicles and furniture, which are valued at their cost of acquisition or manufacture, less applicable
depreciation. Depreciation is linear over the expected useful life of the asset. The depreciation period
for assets listed below is as follows:
– Buildings 15–50 years – Vehicles 5– 7 years
– Production facilities 10–20 years – Office and other equipment 5–10 years
– Machinery and furnaces 5–16 years – Intangible assets 5–10 years
Business items with little value are directly expensed in the income statement upon acquisition. Intermediate
profit arising from intra Group asset transfers is eliminated.
Non consolidated participations are recorded in the balance sheet at their nominal or purchase value:
Loans are recorded at their nominal value including any deductions due to adjustments for bad debts
any necessary.
Insofar as there is evidence that the value of an asset has been impaired, a so-called “Impairment Test”
is carried out. If the test reveals that there is indeed an impairment of assets, the book value is reduced
with a net income effect on the attainable value.
Current liabilities are comprised of depts that are payable within one year. Due dates beyond one
year are posted on the balance sheet under medium and long-term liabilities.
Provisions are created in order to cover all recognised risks and obligations as per the balance sheet date.
They are necessary from a business point of view, and do not contain arbitrary undisclosed reserves.
Within the Group, various pension plans exist that are structured in line with the legal regulations in
their respective countries. In Switzerland, these are contributor funded plans in accordance with Swiss
pension fund law, and abroad they are state guaranteed contribution based pension schemes. The
plans are financed either through contributions to legally independent establishments and
foundations, or by recording the pension fund liability in the financial statements of the Group
companies.

28
GROUP’S FINANCIAL STATEMENTS
Accounting for
Deferred Taxes
Derivative Financial
Instruments
In the individual financial statements, reserves for deferred taxes take into consideration time delays in
the taxation of income as a consequence of deviations between Group standards and those for tax
purposes. Such differences arise from the use of fiscally approved degressive depreciation methods,
and from the formation of provisions for inventories. Provisions are made for deferred taxes (or the
amounts are capitalised) at the full country specific tax rates. Deferred taxes are only capitalised in the
balance sheet if it appears that they will be charged in later years.
Derivative financial instruments are used to hedge against monetary and interest rates risks. For such
transactions, the same valuation principles apply as for the underlying transaction.

1. Liquid Assets
2. Receivables from
Sales of Products
and Services
3. Other Receivables
4. Materials and
Finished Goods
5. Accrued Items
NOTES TO THE CONSOLIDATED BALANCE SHEET
All figures are in thousands of Swiss francs unless otherwise indicated.
In addition to cash and postal checking and bank account balances, this position also includes short
term financial assets.
Gross debt
Adjustments in value
Net debt
Receivables of CHF 6.6 million are pledged against bank credit (2003: CHF 8.0 million).
Reclaimable taxes
Advance payments
Pension fund payments
Real Estate Administration
Shareholders’ current account
Notes receivable
Other receivables
Total
Quantities at cost of acquisition or manufacture:
Raw and auxiliary materials
Semi-finished goods
Finished goods, commercial goods
Total
Inventories valued at CHF 11.3 million were used as collateral to secure bank loans (2003: CHF 7.8 million).
Deferred taxes
Other accrued items
Total
GROUP’S FINANCIAL STATEMENTS 29
31.12.2004
87 334
–14 287
73 047
7 697
1 733
891
430
0
0
1 813
12 564
21 687
759
70 971
93 417
374
1 309
1 683
31.12.2003
86 334
– 16 125
70 209
12 217
3 103
1 090
289
207
38
876
17 820
21 738
595
61 144
83 477
610
1 202
1 812

30
GROUP’S FINANCIAL STATEMENTS
6. Fixed Assets
7. Financial Assets
8. Intangible Assets
Fixed assets changed during the year under review are as follows:
Real Estate & Furnances Other Assets Total
Buildings Equipment, Fixed Under
Production
Facilities
Assets Construction
Acquisition Costs
Status as per 01.01.2004
316 268 526 495 38 722 24 096 905 581
Additions
8 999 40 648 3 052 19 497 72 196
Disposals
– 246 – 17 441 – 2 449 – 32 – 20 168
Rebookings
4 839 18 790
329 – 23 958
0
Currency conversion
630 3 152 – 207 115 3 690
Status as per 31.12.2004 330 490 571 644 39 447 19 718 961 299
Accumulated Depreciation
Status as per 01.01.2004
Depreciation 2004
Disposals
Rebookings
Impairment of assets *
Currency conversion
Status as per 31.12.2004
Balance Sheet Value
As per 01.01.2004
As per 31.12.2004
187 182
7 241
– 242
1 170
– 207
195 144
129 086
135 346
379 178
28 903
–16 686
2 409
393 804
147 317
177 840
* For impairment of assets refer to point 25 on page 35.
31 418
2 974
– 2 328
– 155
31 909
7 304
7 538
31.12.2004
22 637
6 620
1 181
7 801
0
24 096
19 718
597 778
39 118
– 19 256
0
1 170
2 047
620 857
307 803
340 442
The balance sheet value of profit generating real estate is CHF 18.6 million (2003: CHF 7.3 million).
Pledges undertaken to secure bank
loans and mortgages
Securities
Other financial assets
Total
31.12.2003
63 232
8 849
1 772
10 621
Securities are assessed at current market value. They are pledged at CHF 3.6 million for own bank
loans (2003: CHF 6.3 million). Included in the other financial assets are shareholdings amounting to
CHF 498,000, which are accessed according to their equity value (2003: CHF 1,014 in thousands).
The difference over the previous year is primarily attributed to balance sheet asset re-evaluations of
Austria Glass Recycling Ges.m.b.H. that had no effects on the income statement.
Patents, trademarks and licenses are included in this position. Research and development costs are
included in the income statement.

9. Other Current
Liabilities
10. Deferred Items
11. Current
Provisions
12. Loans and
Credits
13. Other Long Term
Liabilities
Taxes payable
Prepaid recycling fee
Advanced payments
Salaries
Pension funds
Shareholders’ current account
Other current liabilities
Total
Wages and salaries
Energy costs
Other deferred items
Total
Unclaimed vacation days and overtime
Legal proceedings
Closure of Bülach glasswork
Unrealised gains from currency fluctuations
Other current provisions
Total
GROUP’S FINANCIAL STATEMENTS 31
31.12.2004
6 618
6 026
3 347
3 323
1 213
309
2 555
23 391
1 449
1 285
1 885
4 619
3 747
3 076
1 240
255
2 553
10 871
31.12.2004
43 750
13 070
25 420
82 240
31.12.2003
9 770
5 890
272
3 393
1 210
171
4 352
25 058
802
1 777
1 506
4 085
3 779
1 640
1 240
81
3 658
10 398
This position consists exclusively of bank loans and mortgages. These medium to long term financial
liabilities are due for repayment as follows:
Remaining Duration
1 to 2 years
3 to 5 years
More than 5 years
Total
This position consists primarily of the Swiss companies’ pension fund liabilities.
31.12.2003
51 505
17 298
629
69 432

32
GROUP’S FINANCIAL STATEMENTS
14. Medium and Long
Term Provisions
15. Minority Interests
16. Share Capital
17. Fire Insurance
Changes of provisions
In CHF 1,000 Provisions for Provisions for Other Total
taxes benefit obligations provisions
Book value as per 01.01.2004 7 725
12 804
2 646
23 175
Development
2 627
229
754
3 610
Utilisation
– 65
– 65
Reversal
– 1 220
– 591
–1 811
Book value as per 31.12.2004 10 352
11 748
2 809
24 909
A possible tax reduction of CHF 19,700 (in 1000s) (2003: CHF 5,582, in 1000s) relating to accumulated
losses is not taken into account, due to precautionary reasons.
The proportion of minority interest shareholders of Vetropack Strazˇa d.d. remains at 0.47 % (2003:
0.61%)
Share capital remains unchanged since 1997. It is composed as follows:
In CHF 1,000
Bearer shares, CHF 50.– par value
Registered shares, CHF 10.– par value
Total share capital
Number
251 438
880 000
31.12.2004
12 572
8 800
21 372
31.12.2004
57.5%
6.1%
5.6%
5.9%
31.12.2004
439 355
768 232
1 207 587
31.12.2003
12 572
8 800
21 372
The bearer shares (security number 622 761) are quoted on the Swiss Stock Exchange (Local Caps).
With a year end closing price of CHF 760, the stock market capitalisation on bearer shares equals
CHF 191,093 (in 1,000s). Each registered and bearer share includes a voting right.
Major shareholders (voting rights >5 %):
Cornaz Holding Ltd.
Paul-Henri Cornaz
Claude Maurice Cornaz
Elisabeth Leon-Cornaz
ADDITIONAL INFORMATION
Fixed assets are insured at their replacement value as follows:
In CHF 1,000
Buildings
Furnaces, machinery, equipment,
vehicles and furniture
Total
31.12.2003
57.4%
6.2%
5.6%
6.1%
31.12.2003
407 034
758 034
1 165 068

18. Contingent
Liabilities
19. Derivative
Financial
Instruments
20. Gross Revenues
21. Redemptions and
Transport Costs
22. Other Operating
Income
In CHF 1,000
Recourse liabilities from bills of exchange
Total
Interest Instruments
Contractual value
Replacement values (off-balance sheet)
– positive
– negative
Currency Instruments
Contractual value
Replacement values (off-balance sheet)
– positive
– negative
NOTES TO THE CONSOLIDATED INCOME STATEMENT
change
0.5%
2.8%
– 2.3%
7.2%
–7.6%
2.3%
– 27.4%
1.3%
GROUP’S FINANCIAL STATEMENTS 33
31.12.2004
4 463
4 463
15 221
– 211
1 547
936
– 123
2004
90 031
164 198
77 747
105 036
35 686
9 774
2 931
485 403
31.12.2003
4 171
4 171
14 346
0
– 64
4 782
The consolidated revenue increased 1.3 % over the previous year. Monetary influences account for an
increase of 1.5 %. This represents a decrease of 0.2 % in real value terms.
Revenues per Business Area
Glass packaging
– Switzerland
– Austria
– Czech Republic
– Croatia
– Slovakia
Speciality and pharmaceutical glass
Other
Total
140
0
2003
89 547
159 661
79 596
97 959
38 629
9 550
4 035
478 977
Redemptions consist primarily of discounts, adjustments, losses on receivables and bad dept provisions.
Included in this position are sales of goods from secondary businesses, fees for waste disposal,
activation of own performance and services rendered to third parties.

34
GROUP’S FINANCIAL STATEMENTS
23. Personnel
Expenses
24. Other Operating
Expenses
Wages and salaries
Social security payments
Other personnel expenses
Total
Contribution reserves for pension funds:
2004
85 138
19 796
758
105 692
31.12.2004
26.3
25.8
216.6
11.7
5.0
5.5
0.0
290.9
– 4.4%
4.0
620.0
624.0
– 2.0%
557.0
– 9.0%
673.0
– 0.1%
494.0
– 4.4%
2 638.9
– 3.8%
2003
84 725
20 135
426
105 286
As per 31 December 2004, contribution reserves totalling CHF 12.3 million were on hand at Swiss
pension fund companies (2003: CHF 13.0 million). This sum is not contained in the consolidated balance
sheet. In the future, it may be used to reduce regular fund contributions payments, or to finance
social hardship cases at the respective companies, contingent on the approval of the relevant overseeing
committee.
Personnel Headcount
Vetropack Holding Ltd
Vetroconsult Ltd
Vetropack Ltd
Müller + Krempel Ltd
Vetro-Recycling Ltd
Vetroreal Ltd
Vetroreal Industrie- und Gewerbezentrum Ltd
Total Switzerland
% change from previous year
Vetropack Austria Holding Ltd (A)
Vetropack Austria GmbH, Pöchlarn (A)
Total Austria
% change from previous year
Vetropack Moravia Glass, a.s., Kyjov (CZ)
% change from previous year
Vetropack Strazˇa d.d., Hum na Sutli (HR)
% change from previous year
Vetropack Nemsˇová, s.r.o., Nemsˇová (SK)
% change from previous year
Group Total
% change from previous year
31.12.2003
25.4
23.6
224.9
12.5
12.5
5.5
0.0
304.4
– 4.2%
4.0
632.5
636.5
0.6%
612.0
0.3%
674.0
1.7%
517.0
– 11.2%
2 743.9
– 2.2%
Other operating expenses include maintenance and repair expenses, packaging material, moulds, rent,
external personnel, as well as promotional, logistics and administrative expenses.

25. Depreciation
and Amortisation
of Fixed Assets
(write offs)
26. Interest,
Financial Income
and Expenses
27. Extraordinary
Expenses and
Income
28. Taxes
29. Cash Flow
30. Investments
Due to changes in real estate utilisation, and the fact that individual buildings and assets are not
currently being utilised to full capacity, the book values for the corresponding items were reassessed.
Therefore, results for the period under review were burdened with an unplanned depreciation of
CHF 1,170 (in 1000s) (impairment according to the Swiss GAAP ARR 20) (2003 CHF 4,859 in
thousands).
This item includes interest costs, interest income, exchange profits, hedging costs, income from securities
and bank charges.
This position primarily includes costs and income associated with property unconnected to operations.
Paid taxes as well as deferred taxes not yet invoiced are included in this position. In addition, it includes
a reduction in the provision for deferred taxes in the amount of CHF 1,803 (in 1000s) (2003: CHF 980,
in 1000s).
In addition to the consolidated annual profit, cash flow also comprises of depreciation of fixed assets,
as well as other non cash relevant items in the income statement.
NOTES TO THE CASH FLOW STATEMENT
The cash flow statement lays out self financing activities, business investments, financing measures,
and the Group’s overall financial situation. Currency and consolidation effects are reported
separately.
Investments in fixed assets have increased by CHF 31.0 million, or 75.1% over the previous year to
CHF 72,2 million. This amount is broken down among the Group’s companies as follows:
Vetropack Holding Ltd
Vetroconsult Ltd
Vetropack Ltd
Müller + Krempel Ltd
Vetroreal Industrie- und Gewerbezentrum Ltd
Vetro-Recycling Ltd
Vetropack Austria GmbH
Vetropack Moravia Glass, a.s.
Vetropack Strazˇa d.d.
Vetropack Nemsˇová, s.r.o.
Total
GROUP’S FINANCIAL STATEMENTS 35
2004
129
632
4 140
115
87
21 837
2 807
14 316
28 133
72 196
2003
209
529
6 100
380
0
23
7 120
8 491
17 423
948
41 223

36
GROUP’S FINANCIAL STATEMENTS
AUDITOR’S REPORT
to the general assembly of Vetropack Holding Ltd, St-Prex
As Group auditors, we have audited Vetropack Holding Ltd’s consolidated financial statements (balance
sheet, income statement, cash flow statement, statement of changes in equity and notes / pages
22 to 35) for the fiscal year ending 31 December 2004.
These consolidated financial statements lye under the responsibility of the board of directors. Our
responsibility is to express an opinion regarding these consolidated financial statements based on our
audit. We confirm that we meet the legal requirements with regards to professional qualification and
independence.
Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession,
which requires that an audit be planned and performed to obtain reasonable assurance about whether
the consolidated financial statements are free from material misstatement. We have examined evidence
supporting the amounts and disclosures in the consolidated financial statements under a spot check.
We have also assessed the accounting principles used, significant estimates made, and the overall
consolidated financial statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the consolidated financial statements give a true and fair view of the financial position,
the results of operations and the cash flows in accordance with Swiss GAAP ARR and comply with Swiss
law.
We recommend approval of the consolidated financial statements submitted.
Ernst & Young Ltd
Christoph Dolensky Dominik Rehmann
CA
(In charge of the audit)
CA
Zurich, March 4, 2005

FIVE-YEAR OVERVIEW
Consolidated Income Statement
Gross revenues
% Change
Number of employees
Gross revenues per employee
Cash flow
Cash flow as % of gross revenues
Depreciation
Taxes
Net profit
Consolidated Balance Sheet
as per 31.12.2004
Investments in fixed assets
Total assets
Current assets
Fixed assets
Liabilities
Minority interests
Equity
Gearing Ratio
In CHF 1,000
Consolidated Sales 2000 – 2004 / CHF million
2000
2001
2002
2003
2004
0 50 100 150 200 250 300 350 400
Investments in Fixed Assets and Depreciation 2000 – 2004 / CHF million
2000
2001
2002
2003
2004
30
47
44
47
77
39
41
46
72
40
2004
485 403
1.3%
2 639
184
84 745
17.5
40 298
– 12 240
41 733
72 196
564 155
215 879
348 276
235 365
319
328 471
58.2%
2003
478 977
11.8%
2 744
175
84 396
17.6
44 579
– 12 332
38 871
41 223
548 415
229 970
318 445
257 256
359
290 800
53.0%
0 10
20 30 40 50
60
70 80
2002
428 508
– 0.7%
2 806
153
65 073
15.2
39 287
– 10 672
25 554
77 573
512 196
200 867
311 329
265 057
270
246 869
48.2 %
106 149 76 70 13
118 154 70 77 13
83 155 77 10 90 14
89 160 80 39 98 13
90 164 78 35 105 13
GROUP’S FINANCIAL STATEMENTS 37
450
2001
431 620
4.3%
2 358
183
56 637
13.1
46 804
– 5 402
11 635
43 589
491 212
206 479
284 733
262 750
227
228 235
46.5%
500
414
432
429
479
485
Glass CH
Glass AT
Glass CZ
Glass SK
Glass HR
Other
Investments
Depreciations
2000
414 018
5.5%
2 460
168
60 668
14.7
46 743
– 1 976
15 637
29 599
507 044
212 566
294 478
285 344
3 649
218 051
43.0%

38
VETROPACK HOLDING LTD
VETROPACK HOLDING LTD
FINANCIAL REPORTING
BALANCE SHEET
CHF
ASSETS
Current Assets
Liquid assets
Receivables from Group companies
Other receivables
Sub total current assets
Fixed Assets
Tangible assets
Participations
Loans to Group companies
Sub total fixed assets
Total Assets
LIABILITIES
Liabilities
Current liabilities
– Loans and credits
– Accounts payable
– Accounts payable to Group companies
Medium and long-term liabilities
– Loans and credits
– Other liabilities
– Provisions
Total Liabilities
Equity
Share capital
General legal reserve
Free reserves
Annual profit shown in the balance sheet
– Retained earnings
– Annual profit
Total equity
Total Liabilities
Notes
1
2
3
1
4
5
1
4
6
7
31.12.2004
17 307 902
18 698 483
1 127 375
37 133 760
170 044
82 637 515
15 205 044
98 012 603
135 146 363
0
2 453 636
6 161 379
10 000 000
5 026 404
250 000
23 891 419
21 371 900
28 600 000
42 500 000
8 257 483
10 525 561
111 254 944
135 146 363
31.12.2003
16 726 003
17 056 012
1 920 531
35 702 546
158 355
86 537 543
19 562 789
106 258 687
141 961 233
20 000 000
4 127 509
4 685 927
0
6 825 414
250 000
35 888 850
21 371 900
28 600 000
38 500 000
8 201 007
9 399 476
106 072 383
141 961 233

1. Receivables and
Liabilities amoung
Group Companies
2. Other Receivables
3. Participations
INCOME STATEMENT
CHF
Revenues
Dividends and other income
from Group companies
Interest and financial income
Other income
Total revenues
Expenses
Personnel expenses
Interest and financial expenses
Provisions and depreciation
Other operating expenses *
Taxes *
Total expenses
Annual Profit
Notes
8
9
10
VETROPACK HOLDING LTD 39
2004
22 370 231
1 524 185
248 432
24 142 848
4 430 134
644 937
4 113 161
4 388 224
40 831
13 617 287
10 525 561
REMARKS CONCERNING VETROPACK HOLDING LTD’S CLOSING FIGURES
2004
186 776
0
336 700
60 623
543 276
1 127 375
2003
19 602 107
2 419 989
901 416
22 923 512
4 103 390
1 367 533
4 182 338
3 193 949
676 826
13 524 036
9 399 476
* As per 2004, the tax position only represents income taxes. Capital tax and other taxes are reported
under other operating expenses. To insure compatibility with the previous year the 2003 figures are
adjusted accordingly.
The changes in the current account and lending relationships reflect the current financial
requirements of subsidiaries. The net balance of credits and liabilities was reduced by CHF 4.2
million compared to previous year, to CHF 27.7 million in favour of Vetropack Holding Ltd.
CHF
Reclaimable tax payments
Receivables from shareholders
Loans to third parties
Accrued items
Other receivables
Total
2003
1 415 890
206 822
72 462
9 732
215 625
1 920 531
The change is attributed to increased shareholdings in Vetropack Strazˇa d.d., Hum na Sutli (HR), and
increased in provisions against participations.
The composition of the share capital held directly or indirectly by Vetropack Holding Ltd can be seen in
the summary on page 45.

40
VETROPACK HOLDING LTD
4. Loans and Credits
5. Accounts Payable
6. Other Long Term
Liabilities
7. Share Capital
8. Dividends and
Other Income from
Group Companies
9. Personnel Expenses
10. Provisions and
Depreciation
11. Fire Insurance
Value
12. Contingent
Liabilities
Loans and credits decreased by CHF 10.0 million compared to the previous year. These serve to
provide subsidiaries with medium to long term financing. The bank loans reported under long and
medium term liabilities fall due in 2006.
CHF
Suppliers
Payable to shareholders
Deferred items
Other payables
Total
This position consists of liabilities toward corporate pension fund foundations.
2004
731 468
178 619
825 540
718 009
2 453 636
2003
484 280
170 740
1 231 294
2 241 195
4 127 509
Share capital remained unchanged during year under review. Details concerning this position can be
found in the “Notes to the Consolidated Balance Sheet”, item 16, page 32.
In addition to dividend income from subsidiaries, this position also contains income generated from
brand licenses as well as from services rendered by the Holding Company.
As per fiscal year end 2004, Vetropack Holding Ltd employed 26.2 individuals (2003: 25.4).
The participations were adjusted by CHF 4.0 million.
ADDITIONAL INFORMATION
The value of fixed assets insured against fire equalled CHF 1,684 million (2003: CHF 812 million).
To guarantee bank credits made to foreign subsidiaries, letters of comfort in the amount of CHF 58.6
million were signed (2003 CHF 56.4 million).

Bearer Shares,
Nominal Value of
CHF 50
Registered Shares,
Nominal value of
CHF 10
THE BOARD OF DIRECTORS’ PROPOSAL FOR THE APPROPRIATION
OF CORPORATE PROFITS
Acceptance of this proposal would result in the following dividend payments:
Gross Dividend
35 % Withholding Tax
CHF
14.00
4.90
2.80
0.98
VETROPACK HOLDING LTD 41
The Board of Directors proposes the following appropriation of profits to the general assembly of
shareholders:
CHF
Retained profits from the previous year
Annual profit
Total profits at the disposal of the General Assembly
Payment of a 28 % dividend
Transfer to free reserves
Retained profits to be carried forward
CHF
2004
8 257 483
10 525 561
18 783 044
5 984 000
4 000 000
8 799 044
2003
8 201 007
9 399 476
17 600 483
5 343 000
4 000 000
8 257 483
Net Dividend
9.10
The dividend payment will be paid to registered shareholders on 18 May 2005 via the usual appointed
paying agents. Payment to holders of bearer shares will be made in exchange for coupon no. 8, at the
Swiss branch offices of the following banks:
Banque Cantonale Vaudoise
Credit Suisse First Boston
Credit Suisse
UBS
Zürcher Kantonalbank
1.82

42
VETROPACK HOLDING LTD
STATUTORY AUDITOR’S REPORT
to the General Assembly of Vetropack Holding Ltd, St-Prex
As statutory auditors, we have audited the accounting records and the financial statements (balance sheet,
income statement and notes) of Vetropack Holding Ltd for the fiscal year ending 31 December 2004.
These financial statements lye under the responsibility of the board of directors. Our responsibility is to express
an opinion regarding these financial statements based on our audit. We confirm that we meet the
legal requirements concerning professional qualification and independence.
Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession,
which require that an audit be planned and performed to obtain reasonable assurance about whether the
financial statements are free from material misstatement. We have examined on evidence supporting the
amounts and disclosures in the financial statements under a spot check. We have also assessed the
accounting principles used, significant estimates made and the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the accounting records and financial statements and the proposed appropriation of
available earnings give a true and fair view of the financial position and comply with Swiss law and the
company’s articles of incorporation.
We recommend approval of the financial statements submitted.
Ernst & Young AG
Christoph Dolensky Dominik Rehmann
CA
(In charge of the audit)
CA
Zurich, March 4, 2005

FIVE YEAR OVERVIEW
Income Statement TCHF
Dividends and other income
from Group companies
Net profit
Total balance sheet 31.12.2004
Participations
Share capital
Reserves
Retained earnings (carried over from previous year)
Share Details CHF
Share prices
– bearer shares high
– bearer shares low
Dividends
– bearer shares
– registered shares
Consolidated annual profit (per bearer share)
Payout ratio %
1) Motion for the General Assembly on 11 May 2005
2004
22 370
10 525
135 146
82 637
21 372
71 100
8 257
760
461
14.00
2.80
97.6
14.3
2003
19 602
9 399
141 961
86 537
21 372
67 100
8 201
Consolidated Annual Profit and Dividends 2000 – 2004 / CHF million
2000
2001
2002
2003
2004
16
4
12
4
26
4
39
5
42
5
1)
1)
486
290
12.50
2.50
91
14
0 5
10 15 20 25 30 35 40
2002
18 342
7 722
146 219
79 223
21 372
63 600
8 253
310
215
10
2
60
17
VETROPACK HOLDING LTD 43
2001
16 140
6 988
153 682
84 223
21 372
61 100
8 039
254,5
182
10
2
27
37
Consolidated annual result
Dividends Vetropack Holding
2000
15 968
7 061
169 297
85 931
21 372
58 600
7 753
285
161
10
2
37
27

44
VETROPACK HOLDING LTD
OWNERSHIP STRUCTURE
Vetropack Ltd Share capital
St-Prex (CH) CHF 8 000 000
Vetropack Austria Holding Ltd Share capital
Pöchlarn (AT) EUR 10 905 000
Vetropack Austria GmbH Joint stock
Pöchlarn (AT) EUR 8 725 000
Vetropack Moravia Glass, a.s. Share capital
Kyjov (CZ) CZK 800 000 000
Vetropack Recycling, s.r.o. Joint stock
Bratislava (SK) SKK 200 000
Vetropack Straˇza d.d. Share capital
Hum na Sutli (HR) HRK 138 860 000
Vetropack Holding Ltd Share capital
St-Prex (CH) CHF 21 371 900
40% 60%
Vetropack Nemsˇová, s.r.o. Joint stock
Nemsˇová (SK) SKK 500 000 000
Müller+Krempel Ltd Share capital
Bülach (CH) CHF 1 000 000
Vetroconsult Ltd Share capital
Bülach (CH) CHF 1 000 000
Vetro-Recycling Ltd Share capital
Bülach (CH) CHF 2 000 000
Vetroreal Ltd Share capital
Bülach (CH) CHF 500 000
Vetropack Industrie- und Share capital
Gewerbezentrum Ltd Wauwil (CH) CHF 10 000 000

Operational
Group Structure
Group Companies’,
Shareholdings in Other
Companies and
Percentage of Shares
Held
VETROPACK HOLDING LTD
CORPORATE GOVERNANCE
The following explanations contain fundamental information for the Vetropack Group as laid out in the
Corporate Governance Guidelines defined by the SWX Swiss Exchange as per 1 July 2002.
Refer to the illustration on page 54.
Company
Switzerland
Vetropack Holding Ltd
Vetropack Ltd
Vetroconsult Ltd
Vetropack (International) Ltd
Müller+Krempel Ltd
Vetro-Recycling Ltd
Vetroreal Ltd
Vetroreal Industrie- und
Gewerbezentrum Ltd
Austria
Vetropack Austria Holding Ltd
Vetropack Austria GmbH
Austria Glas Recycling Ges.m.b.H.
Czech Republic
Vetropack Moravia Glass, a.s.
ASRO CZ, a.s.
Croatia
Vetropack Straˇza d.d.
Straˇza-Imo d.o.o.
Slovakia
Vetropack Nemsˇová, s.r.o.
Vetropack Recycling, s.r.o.
As per 31 December 2004
C = Fully consolidated companies
E = Equity method
VPH = Vetropack Holding Ltd
VAH = Vetropack Austria Holding Ltd
VPA = Vetropack Austria GmbH
VST = Vetropack Straˇza d.d.
VMG = Vetropack Moravia Glass, a.s.
Domicile
St-Prex
St-Prex
Bülach
Bülach
Bülach
Bülach
Bülach
Wauwil
Pöchlarn
Pöchlarn
Vienna
Kyjov
Teplice
Hum na Sutli
Hum na Sutli
Nemsˇová
Bratislava
Currency
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
EUR
EUR
EUR
CZK
CZK
HRK
HRK
SKK
SKK
Share capital
21 371 900
8 000 000
1 000 000
100 000
1 000 000
2 000 000
500 000
10 000 000
10 905 000
8 725 000
50 000
800 000 000
2 000 000
138 860 000
855 031
500 000 000
200 000
Equity
Interest %
CORPORATE GOVERNANCE 45
Consolidation
Owner
Public
VPH
VPH
VPH
VPH
VPH
VPH
The companies consolidated within the Vetropack Group are unlisted and there exists no crossholdings
between them.
100
100
100
100
100
100
100
100
100
44.5
100
53.5
99.5
25.1
60/40
100
C
C
C
C
C
C
C
C
C
C
E
C
E
C
E
C
C
VPH
VPH
VAH
VPA
VAH
VMG
VPH
VST
VPH/VAH
VMG

46
CORPORATE GOVERNANCE
Capital Structure
and Shareholders
Dividend Entitlement
List of Major
Shareholders
Holding > 5 %
Board of Directors
(BoD)
For details of the share capital, refer to item 16 on page 32.
Vetropack Holding Ltd does not issue options on participation rights.
Registered and bearer shares are dividend bearing.
Cornaz-Holding Ltd
Type of agreement:
Shareholder lock-in
agreement
Paul-Henri Cornaz
Lucerne
Claude Maurice Cornaz
Les Monts-de-Corsier
Elisabeth Leon-Cornaz
Lausanne
No. of
registered
shares
640 624
68 917
63 222
66 868
31.12.2004 31.12.2003
No. of
bearer shares
9 684
532
Right to vote
% of total
57.48%
6.14%
5.59%
5.91%
A shareholders’ agreement exists between these shareholders.
No. of
registered
shares
640 184
68 917
63 222
66 868
No. of
bearer shares
9 684
932
2 012
Right to vote
% of total
57.44%
6.17%
5.59%
6.09%
Principles underlying the voting procedure for members of the Board of Directors and their terms of
office
Members of the BoD are elected by the Annual General Assembly of shareholders (AGA) for a period
of three years.
The BoD constitutes itself and elects from amongst its members a President, a Vice President and one or
more Delegates. It also elects a Secretary, who need not be a member of the BoD.
Duties of the BoD
The BoD performs its duties as laid out in the Swiss Code of Obligations (CO) 716a items one to five.
The Chairman of the BoD has the following additional main duties:
– Preparing and drawing up the invitations to the AGA jointly with the CEO.
– Drawing up the agenda for BoD meetings, and issuing invitations and relevant documentation
jointly with the CEO.
– Chairing the AGA and the BoD meetings.
– Monitoring the implementation of resolutions passed by the AGA and BoD.
– In urgent cases, the President of the BoD can conclude transactions that fall within the competence
of the BoD by executive decision. Any such actions must be communicated in writing without delay
to the members of the BoD.

Members of the
Board of Directors
(BoD)
Respective areas of responsibility for the BoD and Managing Board (MB)
CORPORATE GOVERNANCE 47
The duties that the BoD has not reserved to itself as laid out in CO 716a items one to five are
delegated to the MB. This means that the MB can act freely within the guidelines laid down by the
BoD, but is also fully responsible for the operational management of the Group.
Work methods
The BoD forms no committees.
The BoD carries out its overall supervisory and monitoring role by receiving oral and written reports
from the MB at four regular quarterly meetings, by consulting among its members, and by reaching
decisions in relation to any motions raised. Extraordinary meetings of the BoD may be held as necessary.
The BoD is regularly informed about the Group’s commercial situation and planning via written
Monthly, Quarterly, Semi-Annual and Annual Reports, as well as dossier planning at both company
and Group levels (three year plans).
Moreover, the BoD appoints an external company to carry out the Group’s internal audit. The audit is
organised on the basis of specialist areas within the company and covers all of the glass producing
companies. The BoD delegates with the implementation of any necessary measures to the MB and
verifies that these have been implemented by means of periodic feedback via internal auditing.
Position Nationality Appointed Elected Until
Jean-Daniel Cornaz Chairman, non-executive CH 1972 May 2006
Jean-Claude Gisling Vice Chairman, non-executive CH 1988 May 2006
Claude R. Cornaz Delegate, executive CH 1998 May 2006
Paul-Henri Cornaz Member, non-executive CH 1985 May 2006
Werner Degen Member, non-executive CH 1997 May 2006
Rudolf W. Fischer Member, non-executive CH 2000 May 2006
Hans R. Rüegg Member, non-executive CH 1993 May 2006
New elections will be held at the AGA in 2006 for the 2006 – 2008 term of office.

48
CORPORATE GOVERNANCE
Jean-Daniel Cornaz
Jean-Claude Gisling
Claude R. Cornaz
Paul-Henri Cornaz
(1934, Zurich, ZH) Lic. oec., University of St Gallen, Switzerland
1957 – 1992 Various management positions within the Vetropack Group
1972 – 2000 BoD Delegate, Vetropack Holding Ltd
1993 – 1999 CEO, Vetropack Holding Ltd
1998 – present BoD President, Vetropack Holding Ltd
Other Governing
Mandates Vice President, Cornaz Holding Ltd
(1936, Echandens, VD) Dr. iur., Universities of Zurich & Lausanne, Switzerland
1962 – 1965 Assistant to the Financial Director at EXPO 64 (National Exposition 1964)
1965 – 1973 General Secretary, later Financial Director, Cossonay Group
1974 – 1980 Deputy General Director, Amindus AG, Nyon
Responsible for the Eternit Group’s overseas companies
1980 – 1992 General Director and Delegate, Publicitas Group, Lausanne
1989 – 1994 President, Von Roll Group, Gerlafingen
Other Governing President, Fonderie de Moudon Gisling SA, Moudon
Mandates Supervisory Board Member, Clariant GmbH,
Sulzbach-am-Taunus, Germany
(1961, Bülach, ZH) Dipl. Masch. Ing., ETH, Zurich, Switzerland
1987 – 1989 Management Services Contraves AG, Zurich
1989 – 1993 Project Engineer, Nestec in Vevey and Thailand
1993 – 1999 Head of Corporate Development for Technology and Production
Vetropack Group
1996 – present MB Member, Vetropack Group
2000 – present CEO, Vetropack Holding Ltd
Other Governing BoD Member, Bucher Industries AG
Mandates BoD Member, H. Goessler AG
Vice President, Cornaz Holding Ltd
Other Offices Held President of FEVE (The European Federation for Glass Packaging)
(1938, Lucerne, LU) El. Ing. HTL Technikum, Geneva, Switzerland
1962 – 2001 Various functions within Controlling, including 25 years as
the Head of Price Calculation, Schindler Lifts, Ebikon

Werner Degen
Rudolf W. Fischer
Hans R. Rüegg
(1941, Liestal, BL) Dipl. El. Ing. ETH, Zurich, Switzerland
1979 – 1988 Various functions within the chemicals industry:
CEO and Delegate, Plüss-Staufer AG, Oftringen
COO and Head of Plastics Division, EMS Group
Delegate, EMS-Chemie Holding
1989 – present Independent Industry Consultant
Other Governing President, Bank Council, BLKB, Liestal
Mandates President, Dolder AG, Basel
BoD Member, Agie Charmilles Holding AG, Zug
BoD Member, AAM, a subsidiary of BLKB
CORPORATE GOVERNANCE 49
(1952, Kindhausen, AG) Dr. oec. publ. University of Zurich, Switzerland
1982 – 1991 Various management positions in Human Resources and Trade Marketing,
Jacobs Suchard, Switzerland and Belgium
1991 – 1994 Managing Director, Jockey / Vollmöller, Uster
Part of the Austrian Huber Tricot Group, and later Hanro AG, Liestal
1994 – 1995 Partner, Executive Search company, Zurich
1996 – present Group Management Member, responsible for Personnel and
Training, Schindler Lifts + Escalators, Ebikon
Other Governing BoD Member, several companies within Schindler Group
Mandates
(1946, Rüti, ZH) Dipl. El. Ing. ETH, Zurich, Switzerland
MBA, University of Florida, Gainesville, USA
1983 – present BoD Delegate, Baumann Federn AG
1993 – present BoD President and Delegate, Baumann Federn AG
Other Governing BoD Member, Dätwyler Holding AG
Mandates Vice President of the Audit Committee, Dätwyler Holding AG
Other Offices Held Vice President, Swissmem
Trade association for the Swiss engineering, electronics and metal
goods industries
There are no cross involvements between the companies listed (memberships of respective Boards
of Directors), nor are there any commercial links between BoD members and Vetropack Holding Ltd.

50
CORPORATE GOVERNANCE
Members of the
Management
Board (MB)
Claude R. Cornaz
David Zak
Günter Lubitz
Position Nationality Appointed
Claude R. Cornaz CEO CH 1.5.1993
David Zak CFO CH 1.5.2002
Günter Lubitz Head of Holding Responsibilities DE 1.6.2003
for Technology and Production
Rudolf Schraml Head of Business Division West AT 1.7.1986
Ota Horák Head of Business Division East CZ 1.11.1991
(1961) Dipl. Masch. Ing., ETH, Zurich, Switzerland
1987 – 1989 Management Services Contraves AG, Zurich
1989 – 1993 Project Engineer, Nestec in Vevey and Thailand
1993 – 1999 Head of Corporate Development for Technology and Production,
Vetropack Group
1996 – present MB Member, Vetropack Group
2000 – present CEO of Vetropack Holding Ltd
(1965) Bsc., Business Administration, Boston University, USA
1988 – 1997 Various international Finance and Management positions
within the ABB Group
1998 – 2001 CFO, Studer Professional Audio AG
2002 – present CFO, Vetropack Holding Ltd
MB Member, Vetropack Group
(1953) Dipl. Ing., Glass and Ceramics engineer, Germany
1977 – 1985 Management Positions as Production Engineer and Head of
Production within the German container glass industry
1985 – 1988 Production Manager and Technical Director at Bangkok Glass Industry,
Bangkok
1989 – 2003 Technical Manager and Works Manager at various container glass
companies in Germany
2003 – present Head of Technology and Production for the Vetropack Group
MB Member, Vetropack Group

Rudolf Schraml
Ota Horák
Remuneration,
Shareholdings and
Loans
(1950) Dipl. Ing., Engineering & Business Administration, Technical
University of Vienna, Austria
CORPORATE GOVERNANCE 51
1976 – 1977 Management Assistant, Böhler Bohr- und Drucklufttechnik, Vienna
1977 – 1978 Delegate, Iran Böhler Pneumatic, Teheran, Iran
1979 – 1983 Head of Controlling, Böhler Bohr- und Drucklufttechnik, Vienna
1983 – 1986 Head of Group Controlling and Accounting Stölzle Oberglas AG
Vetropack Group acquired Stölzle Oberglas AG, Pöchlarn in 1986
1986 – present General Director, Vetropack Austria GmbH
2000 – present Responsible of Business Division West, Vetropack Group
MB Member, Vetropack Group
(1942) Ing., Technical University of Brno, Czech Republic
1965 – 1985 Research Institute for Chemical Processes and Equipment, Brno
1985 – 1991 Head of Finance and Administration, Moravia Glass, a.s., Kyjov
Vetropack Group acquired, Moravia Glass, a.s. in 1991
1991 – 2001 Head of Finance and Administration, Vetropack
Moravia Glass, a.s., Kyjov
2001 – present General Director, Vetropack Moravia Glass, a.s.
MB Member, Vetropack Group
2003 – present Responsible for Business Division East, Vetropack Group
There are no management agreements between Vetropack Holding Ltd and companies or individuals
outside the Group.
Content and method of determining remuneration
The level of remuneration to members of the BoD is determined by the BoD as a whole. Only cash
benefits are paid. No share or option plans exist.
The level of remuneration to the members of the MB is determined by the Chairman of the BoD. In
addition to a basic level of remuneration that reflects the responsibility borne by an individual, there
is a variable performance related component that can amount to between 15 % and 25 % of overall
remuneration. Remuneration will not be made in the form of shares or options, nor are there any loans.
Remuneration for acting members of governing bodies
In 2004, the remuneration sum for executive members of the BoD and members of the MB amounted to
CHF 2,227,494.
In 2004, the remuneration sum for non-executive members of the BoD amounted to CHF 367,000.
During the year under review, no shares, options, loans to corporate bodies, additional fees and
compensation, severance payments, or remunerations were issued to acting or former members of
governing bodies, or to people closely associated with them.

52
CORPORATE GOVERNANCE
Shareholders’
Participation Rights
The highest overall remuneration paid to a member of the BoD in the year under review amounted to
CHF 629,760.
As per 31.12.2004, the executive members of the BoD and MB (including people closely associated
with them) held a total of 1,381 registered shares and 438 bearer shares.
As per 31.12.2004, the non-executive members of the BoD and MB (including people closely
associated with them) held a total of 79,257 registered shares and 2,332 bearer shares.
Voting rights, voting rights restrictions and representation
Each registered or bearer share has one voting right.
There is no representation restriction in respect of bearer shares. Registered shares can only be
represented by other holders of registered shares (persons or legal entities).
Statutory quorums
The Articles of Association of Vetropack Holding Ltd specify only the statutory requirements as laid
out in Articles 703 and 704 of the Code of Obligations.
Convocation of the AGA
The invitation is issued at least 20 days prior to proposed date of the assembly. In the invitation the
shareholders are informed of business items to be negotiated during the assembly, as well as motions
proposed by the BoD and by shareholders who have demanded that a given business item be placed
on the agenda.
Extraordinary General Assemblies (EGAs) are convened as necessary and as defined by legal
precedent. Shareholders representing at least one tenth of the share capital can demand the
convocation of an EGA at any time. In such a case, the proposed motions for the assembly must be
presented in writing to the BoD.
Composition of the agenda for the AGA
Shareholders who represent shares with a nominal value of CHF 1,000,000 can demand that
a business item be placed on the agenda. This request must be submitted in writing to the Chairman
of the BoD at least 40 days prior to AGA.
Registrations in the share register
There are no ownership or transfer restrictions for registered or bearer shares. Transfers of registered
shares must be reported to the Shareholders’ Office of Vetropack Holding Ltd.

Auditors
Information Policy
Contact Address
Changes of control and defense measures
There is no statutory regulation in relation to “opting-out” or “opting-up”.
There are no clauses on changes of control in favour of members of the BoD or the MB.
Mandate
Ernst & Young AG have been auditors for Vetropack Holding Ltd since 1995.
The head auditor has been responsible for the auditing mandate since 1999.
Fees
CORPORATE GOVERNANCE 53
During the year under review, Ernst & Young AG charged a fee of CHF 292,000 to Vetropack
Holding Ltd for services connected with auditing the annual financial reports for Vetropack Holding
Ltd and its Swiss group of companies.
Moreover, Ernst & Young AG also charged Vetropack Holding Ltd a fee in the sum of CHF 423,000
for services relating to tax advice, due diligence and internal audit.
Supervisory and control instruments vis-à-vis the auditors
The BoD assesses the performance, remuneration and independence of the auditors on an annual
basis.
Vetropack Holding Ltd provides information through the following channels:
Annual Report, Annual Press conference, Annual General Meeting, and Semi-Annual Report.
Current information is available via the company’s website at:
www.vetropack.com
Shareholders’ Office
c/o Vetropack Holding Ltd
PO Box
CH-8180 Bülach
Switzerland
Phone +41-44-863 32 02
Fax +41-44-863 31 25

54
ORGANISATION
ORGANISATION AS AT 1 MARCH 2005
Group Staff
Corporate Development
Christoph Burgermeister
Holding Responsibilities
Finance, Controlling and IT
David Zak
Holding Responsibilities
Marketing
Marcello Montisci
Holding Responsibilities
Engineering Services/Production
Günter Lubitz
Vetroconsult Ltd
Group management
Extended group management
Board of Directors
Vetropack Holding Ltd
Jean-Daniel Cornaz Chairman
Vetropack Holding Ltd
Claude R. Cornaz CEO
Group Staff
Communication
Hans-Rudolf Knauer
Müller+Krempel Ltd
Business Division West Business Division East
Rudolf Schraml Ota Horák
Switzerland
Austria
Export West
Czech Republic /
Slovakia
Croatia
Dragutin S ˇ piljak
Export East

David Zak Hans-Rudolf Knauer Dragutin Sˇpiljak Christoph Burgermeister Günter Lubitz
Rudolf Schraml Claude R. Cornaz Ota Horák
ORGANISATION 55
Stand as at 1 January 2005

56
ORGANISATION
Group Managing
Board
Holding
Responsibilities –
Finance/Controlling/
IT
Holding
Responsibilities –
Marketing
Holding
Responsibilities –
Engineering Services/
Production
Group Staff –
Corporate
Development
Group Staff –
Communication
MANAGEMENT RESPONSIBILITIES AS AT 1 MARCH 2005
Claude R. Cornaz CMB
David Zak MMB
Günter Lubitz MMB
Rudolf Schraml MMB
Ota Horák MMB
David Zak MMB
– Finance Franz Mosimann MSM
– Controlling Adriano Melchioretto MSM
– IT Jean-Jacques Müller MSM
Marcello Montisci Appointed as at 1.3. 2005
Günter Lubitz MMB
Christoph Burgermeister MSM
Hans-Rudolf Knauer MSM

Business Division
West
Business Division East
Group companies
ORGANISATION 57
Rudolf Schraml MMB
Marketing + Sales Herbert Kühberger MSM
– Switzerland Jürg Mossdorf MSM
– Austria Herbert Kühberger MSM
– Export West Leopold Siegel MM
Finance + Administration Eduard Steininger MSM
Controlling Switzerland Dieter Schellhammer MSM
St-Prex plant Jean-Pierre Cavin MSM
Pöchlarn plant Franz Kendl MSM
Kremsmünster plant Winfried Mosler MSM
Ota Horák MMB
Export East Vlastimil Ostrezi MM
Czech Republic/Slovakia Ota Horák MMB
Marketing + Sales Dana S ˇ vejcarová MSM
– Czech Republic Dana S ˇ vejcarová MSM
– Slovakia Zuzana Hudecová MM
Finance + Administration Marek Matula MSM
– Production Kyjov plant Attila Hosszú MSM
– Nemsˇová plant Gregor Gábel Appointed as at 1.3. 2005
Croatia Dragutin S ˇ piljak MSM
– Marketing + Sales Darko S ˇ logar MSM
– Finance Marija S ˇ piljak MSM
– Production Josip S ˇ olman MSM
Vetroconsult Ltd Günter Lubitz MMB
Müller + Krempel Ltd Sandro Bernini MSM
Vetro-Recycling Ltd Jürg Moosdorf MSM
Vetroreal Ltd Jakob Meier MM
CMB: Chairman of the Group Managing Board
MMB: Member of the Group Managing Board
MSM: Member of Senior Management
MM: Member of Management

58
OUR GLASSWORKS
St-Prex Plant
(Switzerland)
Pöchlarn Plant
(Austria)
Kremsmünster Plant
(Austria)
VETROPACK – OUR GLASSWORKS

Kyjov Plant
(Czech Republic)
Nemsˇová Plant
(Slovakia)
Hum na Sutli Plant
(Croatia)
OUR GLASSWORKS 59

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Published by:
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Vetropack Holding Ltd, Bülach
Design
Arnold & Braun Grafik Design, Lucerne
Photographs
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luxwerk, Zurich
Please send me more information about Vetropack Group.
Printing
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Printed on paper made from chlorine free
bleached cellulose.
Languages
This publication is available in the
original German version, as well as in
the translated French and English
versions.
Copyright
Reproduction, either partial or in full,
is permitted only if the source is cited.
A specimen copy is requested.
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Semi-annual Report English German French
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Vetropack Holding Ltd
CH-8180 Bülach
Phone +41-44-863 31 31
Fax +41-44-863 31 21
www.vetropack.com
Group Companies
Vetropack Ltd
CH-8180 Bülach
Phone +41-44-863 34 34
Fax +41-44-863 31 23
Vetropack Ltd
CH-1162 St-Prex
Phone +41-21-823 13 13
Fax +41-21-823 13 10
Vetropack Austria Holding Ltd
AT-3380 Pöchlarn
Phone +43-2757-7541
Fax +43-2757-7674
Vetropack Austria GmbH
AT-3380 Pöchlarn
Phone +43-2757-7541
Fax +43-2757-7674
Vetropack Austria GmbH
AT-4550 Kremsmünster
Phone +43-7583-5361
Fax +43-7583-5361 112
Vetropack Moravia Glass, a.s.
CZ-69729 Kyjov
Phone +420-518-603 111
Fax +420-518-612 024
Vetropack Straˇza d.d.
HR-49231 Hum na Sutli
Phone +385-49 326 326
Fax +385-49 341 041
Vetropack Nemsˇová, s.r.o.
SK-914 41 Nemsˇová
Phone +421-32-6557 111
Fax +421-32-6589 901
Müller+Krempel Ltd
CH-8180 Bülach
Phone +41-44-863 35 35
Fax +41-44-863 31 24
Vetroconsult Ltd
CH-8180 Bülach
Phone +41-44-863 32 32
Fax +41-44-863 31 22
Vetro-Recycling Ltd
CH-8180 Bülach
Phone +41-44-863 36 36
Fax +41-44-863 36 26
Vetroreal Ltd
CH-8180 Bülach
Phone +41-44-863 33 33
Fax +41-44-863 31 30
Vetroreal Industrie- und
Gewerbezentrum Ltd
CH-6242 Wauwil
Phone +41-41-984 02 06
Fax +41-41-984 02 84
vetropack