DGAP-News: China Specialty Glass achieves high growth rates yet again
(firmenpresse) - DGAP-News: China Specialty Glass AG / Key word(s): Preliminary Results
China Specialty Glass achieves high growth rates yet again
30.04.2013 / 09:55
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China Specialty Glass achieves high growth rates yet again
* Revenue increased by 47.9 per cent to 113.7 million Euros
* Gross margin increased by 47.7 per cent to 51.8 million Euros
Munich, 30 April 2013 - China Specialty Glass AG ('CSG'), holding company
of one of the largest producers of security glass in China, has, according
to preliminary calculations for the financial year 2012, achieved a very
high growth in turnover and earnings.
Its turnover increased by 47.9 per cent from 76.9 million to 113.7 million
Euros. Higher revenues in all three sectors contributed to this increase.
With 46.7 million Euros, the largest sector of CSG sales, was in bank
security glass. Automotive security glass, the second largest sector,
yielded revenues of 45.5 million Euros. The third sector, glass for the
construction industry, had a turnover of 21.5 million Euros.
CSG generates sales revenue exclusively from security glass in China: The
ten largest customers accounted for 28 percent of sales. No customer
generated more than ten percent of total sales, which demonstrates the wide
diversity of the customer portfolio.
CSG has continued its profitable growth in the financial year 2012. The
gross margin increased by 47.7 per cent from 35.1 million to 51.8 million
Euros.
Very sound financial base
Cash flow from operations amounted to 38.6 million Euros, up from 8.8
million Euros in the previous year. With a cash position of 84.4 million
Euros, and a total equity of 125.3 million Euros CSG has a very sound
financial base for further investments.
The Company intends to continue to increase its product sales through the
continuous expansion of its sales network at home and abroad and by
expanding its production capacity. This higher capacity will be achieved
through the new laminated and thermal pre-stressed glass production line in
Sichuan Province, which should be fully operational in 2013, and also by
the expansion of the existing production plant in Guangzhou.
The average number of employees increased from 496 in 2012 to 588. Labour
costs rose from 3.0 million to 3.3 million Euros.
Due to a random audit by the German Financial Reporting Enforcement Panel
(DPR) and staff shortages the audited financial statements will not be
published until 30 May 2013.
About CSG
China Specialty Glass AG is the German holding company of the China
Specialty Glass Group. The Group develops, produces and sells specialty
glass. The company's main products, which are all sold under the brand name
'Hing Wah', are, on the one hand, for safety glasses such as bullet-proof,
bomb-proof and burglar-resistant glasses and, on the other hand, for
constructional glasses including laminated, tempered and fire-resistant
glasses, hollow glass blocks and electrically-controlled colour-changing
glass. The group is one of the leading companies in China in the fields of
safety glass for banks and the automobile industry, both in terms of
production output and market share.
The shares of China Specialty Glass AG are listed in the Prime Standard of
the Frankfurt Stock Exchange (ISIN DE000A1EL8Y8 / SIN A1EL8Y / Ticker 8GS).
For more information, please contact:
Kirchhoff Consult AG
Dr. KayBaden
T: +49 40 60 91 86 39
F: +49 40 60 91 86 60
Email: baden(at)kirchhoff.de
or visit www.csg-ag.de
End of Corporate News
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30.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: China Specialty Glass AG
Maximiliansplatz 15
80333 München
Germany
Phone: +49 (0)40 60 91 86-0
Fax: +49 (0)40 60 91 86-60
E-mail: ir(at)csg-ag.com
Internet: http://www.csg-ag.de
ISIN: DE000A1EL8Y8
WKN: A1EL8Y
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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