This one-off effect resulted from losses arising from the initial recognition of the convertible loan fair value as well as the convertible components fair value primarily 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.
Group revenues exceeded expectations and strongly increased by 47.9 per cent to 113.7 million Euros (2011: 76.9 million Euros). Earnings before taxes (EBT) as well as net profit 2012 of CSG were negatively affected by the one-off effect. 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, EBT amounted to 35.8 million Euros.
The initial recognition of the convertible loan fair value and the convertible components fair value did not have a negative impact on the group’s cash position within the financial year 2012.
CSG will publish its Annual Report 2012 on July 15, 2013.
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).