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DGAP-News: China Specialty Glass AG / Key word(s): Quarter Results China Specialty Glass continues successfully on its growth path

29.11.2013 / 08:31

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Results 9 months 2013

China Specialty Glass continues successfully on its growth path

* Significant revenue growth of 35.8 per cent to 108.8 million Euros * Strong EBIT of 44.3 million Euros and increased EBIT margin of 40.7 per cent * Net profit went up to from 8.6 million Euros to 33.9 million Euros * On track to achieve full year 2013 guidance

Munich, 29 November 2013 - China Specialty Glass AG ('CSG'), holding company of one of the largest producers of security glass in China, continued to show excellent financial results in the first nine months 2013. Pursuant to its growth strategy, CSG's revenues increased significantly by 35.8 per cent to 108.8 million Euros (9M 2012: 80.2 million Euros). Main reasons for this positive development were the higher sales quantity in all product segments as well as an increased average unit selling price in the third quarter of 2013. Revenues of bank security glass amounting to 49.7 million Euros (9M 2012: 33.0 million Euros) still contributed with a share of 45.6 per cent (9M 2012 41.1 per cent) the major part to total revenues. Automotive security glass generated revenues of 36.5 million Euros (9M 2012: 32.0 million Euros) and thus had a part of 33.5 per cent of total revenues, while construction glass accounted with 22.7 million Euros (9M 2012: 15.2 million Euros) for 20.8 per cent of total revenues.

Outstanding profitability

The higher sales in all product segments resulted in a gross profit increase by 41.0 per cent to 52.8 million Euros (9M 2012: 37.4 million Euros). The overall gross profit margin could also be slightly improved and amounted to 48.5 per cent (9M 2012: 46.8 per cent).

Due to a one-off impact on earnings arising from the initial recognition of the convertible loan in the first nine months of 2012, EBIT recorded an extraordinary positive development rising by 194.9 per cent from 15.0 million Euros to 44.3 million Euros year-on-year. This corresponds to an EBIT margin of 40.7 per cent (9M 2012: 18.7 per cent). Without considering the negative one-off effect in the previous year period, EBIT would have grown from 27.5 million Euros by 61.1 per cent to 44.3 million Euros.

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PRESS RELEASE: China Specialty Glass continues successfully on its growth path