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 profit 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by the German Financial Reporting Enforcement Panel (DPR) and staff shortages the audited financial statements will not be published until 30 May 2013.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).