DGAP-News: China Specialty Glass boosts EBIT by almost 80 per cent
(firmenpresse) - DGAP-News: China Specialty Glass AG / Key word(s): Quarter Results
China Specialty Glass boosts EBIT by almost 80 per cent
31.07.2013 / 08:39
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Q1 Report 2013
China Specialty Glass boosts EBIT by almost 80 per cent
* Revenues rose strongly by 68.9 per cent to 30.7 million Euros
* EBIT went up by 76.5 per cent to 11.4 million Euros
* Net profit increased by 65.7 per cent to 8.6 million Euros
* Further strong growth expected for the full year 2013
Munich, 31 July 2013 - China Specialty Glass AG ('CSG'), holding company of
one of the largest producers of security glass in China, showed a strong
performance in Q1 2013 with excellent growth rates and high profitability.
Revenues increased significantly by 68.9 per cent from 18.2 million to 30.7
million Euros due to sales growth in all three operating segments. With
sales of 13.4 million Euros (Q1 2012: 8.8 million Euros), bank security
glass was the strongest segment followed by automotive security glass,
which contributed 11.0 million Euros (Q1 2012: 6.6 million Euros) to total
revenues. One reason for the high growth rates in these two segments was
the increasing demand for CSG's innovative intruder resistance glass
series, which is becoming more and more popular for CSG's existing and new
customers in both banking and automotive sector, but also for new business
sectors such as luxury stores. In the construction glass segment CSG
generated revenues of 6.3 million Euros (Q1 2012: 2.8 million Euros).
High profitability
Gross profit showed a strong growth of 68.7 per cent from 8.5 million Euros
in the first quarter of 2012 to 14.4 million Euros in the first quarter of
2013. With a stable gross profit margin of 46.7 per cent CSG continued to
be highly profitable.
EBIT grew by 76.5 per cent to 11.4 million Euros (Q1 2012: 6.5 million
Euros) while EBIT margin went up accordingly to 37.1 per cent (Q1 2012:
35.5 per cent). Net profit increased by 65.7 per cent to 8.6 million Euros
(Q1 2012: 5.2 million Euros). Net profit margin dropped slightly from 28.6
per cent in the first quarter 2012 to 28.1 per cent in the first quarter
2013, mainly due to higher finance costs and selling and distribution
expenses.
Furthermore, as of 31 March 2013 the Group disposed of a total equity of
128.2 million Euros and a solid equity ratio of about 66.9 per cent,
forming a comfortable base for further investments.
Strong performance expected for the full year 2013
Given the very successful business development in the first quarter of
2013, the growth opportunities for CSG Group and its market leading
position in China, the Group confirms its outlook for the full financial
year 2013 published in the annual report 2012. The management expects
revenues to increase by around 40 per cent and net profit to grow at the
same pace compared to 2012.
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 enhanced production capacity that is needed will be achieved through
the new laminated and thermal pre-stressed glass production lines in
Sichuan Province and also by the expansion of the existing production plant
in Guangzhou. Phase I of the Sichuan plant has started operation in 2013.
Phase II of the Sichuan project is still under construction and is
progressing according to plan.
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 Group'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 Group's website www.csg-ag.com 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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31.07.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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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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223437 31.07.2013
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Datum: 31.07.2013 - 08:39 Uhr
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