China Specialty Glass AG / Key word(s): Preliminary Results
05.07.2013 11:05
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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China Specialty Glass AG: Negative one-off effect impacts 2012 results
* Revenues exceed expectations
* One-off effect resulting from a convertible loan has negative impact on
EBT and net profit
* Publication of Annual Report 2012 on July 15
Munich, 05 July 2013 - The 2012 financial results of China Specialty Glass
AG ('CSG'), holding company of one of the largest producers of security
glass in China, are impacted by a negative one-off effect of 12.5 million
Euros. 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.
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Information and Explaination of the Issuer to this News:
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).
For more information, please contact:
Kirchhoff Consult AG
Dr. Kay Baden
T: +49 40 60 91 86 39
F: +49 40 60 91 86 60
Email: baden@kirchhoff.de
or visit www.csg-ag.de
05.07.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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@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 Announcement DGAP News-Service
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DGAP-Adhoc: China Specialty Glass AG: Negative one-off effect impacts 2012 results
| Source: EQS Group AG