DGAP-News: China Specialty Glass continues successfully on its growth path
(firmenpresse) - DGAP-News: China Specialty Glass AG / Key word(s): Quarter Results
China Specialty Glass continues successfully on its growth path
29.11.2013 / 08:31
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Results 9 months 2013
China Specialty Glass continues successfully on its growth path
* Significant revenue growth of 35.8 per cent to 108.8 million Euros
* Strong EBIT of 44.3 million Euros and increased EBIT margin of 40.7 per
cent
* Net profit went up to from 8.6 million Euros to 33.9 million Euros
* On track to achieve full year 2013 guidance
Munich, 29 November 2013 - China Specialty Glass AG ('CSG'), holding
company of one of the largest producers of security glass in China,
continued to show excellent financial results in the first nine months
2013. Pursuant to its growth strategy, CSG's revenues increased
significantly by 35.8 per cent to 108.8 million Euros (9M 2012: 80.2
million Euros). Main reasons for this positive development were the higher
sales quantity in all product segments as well as an increased average unit
selling price in the third quarter of 2013. Revenues of bank security glass
amounting to 49.7 million Euros (9M 2012: 33.0 million Euros) still
contributed with a share of 45.6 per cent (9M 2012 41.1 per cent) the major
part to total revenues. Automotive security glass generated revenues of
36.5 million Euros (9M 2012: 32.0 million Euros) and thus had a part of
33.5 per cent of total revenues, while construction glass accounted with
22.7 million Euros (9M 2012: 15.2 million Euros) for 20.8 per cent of total
revenues.
Outstanding profitability
The higher sales in all product segments resulted in a gross profit
increase by 41.0 per cent to 52.8 million Euros (9M 2012: 37.4 million
Euros). The overall gross profit margin could also be slightly improved and
amounted to 48.5 per cent (9M 2012: 46.8 per cent).
Due to a one-off impact on earnings arising from the initial recognition of
the convertible loan in the first nine months of 2012, EBIT recorded an
extraordinary positive development rising by 194.9 per cent from 15.0
million Euros to 44.3 million Euros year-on-year. This corresponds to an
EBIT margin of 40.7 per cent (9M 2012: 18.7 per cent). Without considering
the negative one-off effect in the previous year period, EBIT would have
grown from 27.5 million Euros by 61.1 per cent to 44.3 million Euros.
For the same reason net profit climbed significantly to 33.9 million Euros
(9M 2012: 8.6 million Euros), representing a net profit margin of 31.1 per
cent.
With a strong cash position of 115.1 million Euros (9M 2012: 82.0 million
Euros) and an equity ratio of 68.5 per cent (9M 2012: 66.4 per cent) the
Group still is financially well positioned for future investments.
Further growth milestones
In line with its growth strategy, CSG will continue to increase its product
sales by enhancing its sales network in China and abroad. Furthermore, the
Group will continue to expand its production capacities at the new
production site in Sichuan as well as the in the existing plant in
Guangzhou. After having completed Phase I of the Sichuan plant, phase II is
still under construction and is expected to go into full operation in 2016.
According to a non-binding notification of the Guangzhou government, CSG
may need to relocate its premises by 2016. Although no official decision
has been made, CSGs management will start browsing the market for a
suitable piece of land in the suburban areas of Guangzhou in 2014.
On track to achieve full year 2013 guidance
CSG is on track to achieve its guidance for the full year 2013, which
anticipates an increase of around 40 per cent in revenues and net profit.
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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29.11.2013 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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242293 29.11.2013
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