DGAP-News: Financial results 2011: China Specialty Glass continues positive development
(firmenpresse) - DGAP-News: China Specialty Glass AG / Key word(s): Final Results
Financial results 2011: China Specialty Glass continues positive
development
26.04.2012 / 18:20
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Financial results 2011: China Specialty Glass continues positive
development
* Revenue rose by 10.5% to EUR 76.9 million
* EBIT margin of 34.4%
* Positive outlook for 2012 with revenues (of approx. EUR 100.0 million)
Gruenwald/Munich, April 26, 2012 - China Specialty Glass AG (CSG), the
German holding company of one of the largest producers of security glass in
China, looks back on a successful financial year 2011 with double-digit
sales growth. The company's revenues went up from EUR 69.6 million in 2010
by 10.5% to EUR 76.9 million in 2011. This revenue increase was mainly
attributable to the increase in sales of automotive security glass and
construction glass: Revenue of automotive security glass increased from EUR
30.0 million in 2010 by 16.7% to EUR 35.0 million and revenue of
construction glass increased from EUR 8.0 million in 2010 by 25.0% to EUR
10.0 million in 2011.
Despite of increasing raw material prices, labour and electricity costs as
well as production overhead costs, CSG has reached earnings from operations
(EBIT) of 26.4 million, thus 1.1% more compared to the previous year. The
EBIT margin remained on a high level of 34.4%.
However, the development of the CSG net profit did not keep in pace with
the increase in sales due to the one-time IPO costs and the compensation
loss payable on termination of the exclusive distributorship rights
agreement with Saint Gobain. Net profit decreased year-on-year by 5.7% from
EUR 22.1 million in 2010 to EUR 20.8 million in 2011. Nevertheless, the net
profit margin reached 27.1%.
The largest share of sales came from the security glass products of the
group. The sales in the automotive security glass segment accounted for
45.5% of the total sales in 2011 (2010: EUR 42.9%). Sales of bank security
glass in 2011 was the same as in 2010 and accounted for 41.6%.
China Specialty Glass continues to have a solid balance. On December 31,
2011 the total equity of the Group was EUR 99.1 million (2010: EUR 49.8
million) while the total capital of the group stood at EUR 123.8 million
(2010: EUR 60.4 million). Accordingly, the equity ratio is about 80.0%.
Optimistic outlook 2012
The Chinese market for security glass has grown significantly over the last
few years, and CSG expects this growth to continue in the foreseeable
future. As the leader of the security glass industry in China, CSG has a
market share of more than 50%. In order to benefit from the market growth
and keep its place as market leader, the company intends to expand its
domestic and international sales network and production capacity, invest in
research, development and design of its products and participate in the
industry consolidation.
'With our increased capacity, our innovative products and our 'Hing Wah'
brand being further strengthened, we are well prepared for the promising
opportunities in the Chinese security glass industry. Therefore, we
strongly believe that CSG will be able to further strengthen its market
position in the Chinese security market and further increase revenues and
profit in 2012', says Nang Heung Sze, CEO of CSG.
In 2012 CSG will continue to demonstrate strong growth and high
profitability focusing on high margin products, efficient production
processes, economies of scale and a stringent cost control. Given the
growth opportunities for the Group in 2012 and beyond, CSG expects to
achieve a revenue of approximately EUR 100,0 million (assuming an average
exchange rate of RMB against EUR of 8.2253) and a net profit margin of
approximately 30% for 2012.
Changes in Supervisory Board
The current members of the Supervisory Board are Hao Chun Chang, Xin Young
Shi and Andreas Grosjean. The former Supervisory Board members Helmut Meyer
and Volker Schlegel both resigned from their posts. The new members Hao
Chun Chang and Andreas Grosjean were appointed by the competent commercial
court on April 24, 2012. Mr. Chang, Certified Public Accountant, has
several years of experience in accounting and finance. Mr. Grosjean has
been working in the capital markets for several years and is currently
Member of the Management Board at VEM Aktienbank AG. In the Supervisory
Board Meeting held on April 25, 2012, Hao Chun Chang was appointed as the
Chairman.
About China Specialty Glass AG
China Speciality Glass AG is the German holding company of China Specialty
Glass Group. The group develops, produces and sells specialty glass. The
company's major products sold under its 'Hing Wah' brand are security
glass, which includes bulletproof glass, intruder resistant glass, bomb
blast resistant glass and self-defence glass as well as construction glass,
which includes architecture laminated glass, architecture tempered glass,
fire resistant glass, hollow glass and electric-controlled colour-changing
glass. For security glass products in the Chinese banking and automotive
industry, the Group is one of the market leaders both in terms of
production output and market share.
The shares of China Specialty Glass AG are listed in the Prime Standard of
Frankfurt Stock Exchange (ISIN DE000A1EL8Y8 / WKN A1EL8Y / Ticker 8GS).
For further information, please contact:
Kirchhoff Consult AG
Dr. Kay Baden
T: +49 40 60 91 86 39
F: +49 40 60 91 86 60
E-Mail: baden(at)kirchhoff.de
or visit www.csg-ag.com
End of Corporate News
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26.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: China Specialty Glass AG
An den Römerhügeln 1
82031 Grünwald
Germany
Phone: +49 (0)89 189 42 52 27
Fax: +49 (0)89 189 42 52 28
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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