China Specialty Glass AG reported earnings results for the year 2012. The company reported that the 2012 financial results are impacted by a negative one-off effect of EUR 12.5 million. 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.

Group revenues exceeded expectations and strongly increased by 47.9% to EUR 113.7 million compared to EUR 76.9 million. Earnings before taxes (EBT) as well as net profit 2012 of were negatively affected by the one-off effect. EBT decreased by 3.7% to EUR 23.4 million compared to EUR 24.3 million while net profit went down by 21.6% to EUR 16.3 million compared to EUR 20.8 million.

Excluding this negative one-off effect, EBT amounted to EUR 35.8 million.