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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
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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