China Specialty Glass achieves high growth rates yet again

Revenue increased by 47.9 per cent to 113.7 million Euros / Gross margin increased by 47.7 per cent to 51.8 million Euros

(PresseBox) ( Munich, )
China Specialty Glass AG ("CSG"), holding company of one of the largest producers of security glass in China, has, according to preliminary calculations for the financial year 2012, achieved a very high growth in turnover and earnings.

Its turnover increased by 47.9 per cent from 76.9 million to 113.7 million Euros. Higher revenues in all three sectors contributed to this increase. With 46.7 million Euros, the largest sector of CSG sales, was in bank security glass. Automotive security glass, the second largest sector, yielded revenues of 45.5 million Euros. The third sector, glass for the construction industry, had a turnover of 21.5 million Euros.

CSG generates sales revenue exclusively from security glass in China: The ten largest customers accounted for 28 percent of sales. No customer generated more than ten percent of total sales, which demonstrates the wide diversity of the customer portfolio.

CSG has continued its profitable growth in the financial year 2012. The gross margin increased by 47.7 per cent from 35.1 million to 51.8 million Euros.

Very sound financial base

Cash flow from operations amounted to 38.6 million Euros, up from 8.8 million Euros in the previous year. With a cash position of 84.4 million Euros, and a total equity of 125.3 million Euros CSG has a very sound financial base for further investments.

The Company intends to continue to increase its product sales through the continuous expansion of its sales network at home and abroad and by expanding its production capacity. This higher capacity will be achieved through the new laminated and thermal pre-stressed glass production line in Sichuan Province, which should be fully operational in 2013, and also by the expansion of the existing production plant in Guangzhou.

The average number of employees increased from 496 in 2012 to 588. Labour costs rose from 3.0 million to 3.3 million Euros.

Due to a random audit by the German Financial Reporting Enforcement Panel (DPR) and staff shortages the audited financial statements will not be published until 30 May 2013.
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