DGAP-News: China Specialty Glass shows strong growth
(firmenpresse) - DGAP-News: China Specialty Glass AG / Key word(s): Final Results
China Specialty Glass shows strong growth
15.07.2013 / 17:16
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Annual Report 2012
China Specialty Glass shows strong growth
* Revenue growth by 47.9 per cent to 113.7 million Euros
* Gross profit increases by 47.7 per cent to 51.9 million Euros
* EBIT rises by 9.2 per cent to 26.7 million Euros
* Negative one-off effect of 12.5 million Euros impacts earnings
* Further strong growth expected
Munich, 15 July 2013 - China Specialty Glass AG ('CSG'), holding company of
one of the largest producers of security glass in China, looks back on
another successful financial year 2012 with high growth in revenues and
earnings.
Revenues of CSG increased significantly by 47.9 per cent from 76.9 to 113.7
million Euros. Higher revenues in all three segments contributed to this
increase. With 46.7 million Euros, the largest segment of CSG sales was in
bank security glass.
Gross profit augmented by 47.7 per cent from 35.1 to 51.9 million Euros.
With a gross profit margin of 45.6 per cent (2011: 45.7 per cent) CSG
continued to be highly profitable in the financial year 2012.
Due to a negative one-off effect of 12.5 million Euros resulting from a
convertible loan, earnings before interest and taxes (EBIT), earnings
before taxes (EBT) as well as net profit were impaired. Despite this
effect, EBIT increased by 9.2 per cent to EUR 26.7 million, representing an
EBIT margin of 23.5 per cent (2011: 31.8 per cent). EBT decreased by 3.7
per cent to 23.4 million Euros (2011: 24.3 million Euros) while net profit
went down by 21.6 per cent to 16.3 million Euros (2011: 20.8 million
Euros). Excluding this negative one-off effect, EBIT amounted to 39.1
million Euros and EBT to 35.8 million Euros. The one-off effect resulted
from losses arising from the initial recognition of a convertible loan as
well as the convertible components due to the fact that the interest rate
of the loan is higher than the current market rate. CSG has reflected this
valuation difference in their financial statements according to IFRS.
Solid financial base
Cash flow from operations increased by 48.6 per cent to 29.2 million Euros,
up from 19.7 million Euros in the previous year. With a cash position of
84.4 million Euros (2011: 56.6 million Euros), a total equity of 114.8
million Euros (2011: 99.0 million Euros) and an equity ratio of 68.4 per
cent CSG disposes of a very sound financial base for further investments.
The initial recognition of the convertible loan and the convertible
components did not have a negative impact on the group's cash position
within the financial year 2012.
Promising outlook for 2013
Corresponding to its growth strategy CSG intends to further increase its
product sales by the expansion of its sales network in China and abroad.
The required enhanced production capacity will be achieved through the new
laminated and thermal pre-stressed glass production line in Sichuan
Province, which will be fully put into operation in 2013 and also by the
expansion of the existing production plant in Guangzhou.
Given the growth opportunities for CSG group and its market leading
position in China, the company expects to increase its revenues by around
40 per cent in 2013. Net profit is expected to grow at the same pace.
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 visit the company website www.csg-ag.de or
please contact:
Kirchhoff Consult AG
Anja Ben Lekhal
T: +49 40 60 91 86 55
F: +49 40 60 91 86 60
Email: anja.benlekhal(at)kirchhoff.de
End of Corporate News
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15.07.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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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