China Specialty Glass AG announces preliminary financial results 2013

For the full financial year 2013 China Specialty Glass AG ("CSG"), holding company of one of the largest producers of security glass in China, reports preliminary, unaudited results: Revenues increased year-on-year by 4.4 per cent to 118.7 million Euros.

On segment level CSG achieved a growth in revenues of 28.8 per cent in the segment of construction glass.At the same time, the segment revenues of automotive security glass and banking security glass dropped slightly by 1.5 per cent and 1.3 per cent respectively. 

With respect to the group’s profitability CSG realized a significant increase in EBIT of 41.2 per cent to 38.5 million Euros in the financial year 2013. Correspondingly, the EBIT margin increased by 8.4 percentage points to 32.4 per cent. As a result, the net profit for the reporting period increased by 57.6 per cent to 27.3 million Euros. The net profit margin went up to 23 per cent. The main reason for this is the recognition of a significant loss of 12.5 million Euros arising from the initial recognition of both convertible and loan components of the convertible loan in 2012.

As of December 31, 2013 the cash position of CSG increased significantly by 41.6 per cent to 119.6 million Euros due to the cash inflows from its operations and the new bank loans. Furthermore, the group’s equity improved by 21.4 per cent to 139.4 million Euros, representing an equity ratio of 69.0 per cent (December 31, 2012: 68.3 per cent).

The final financial results for 2013 will be published with the annual report in the first quarter of 2015.

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).

600450 China Specialty Glass AG announces preliminary financial results 2013

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