DGAP-News: Joyou AG: Strong Growth continues in 2011
(firmenpresse) - DGAP-News: Joyou AG / Key word(s): Final Results
Joyou AG: Strong Growth continues in 2011
30.03.2012 / 08:00
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- Achieved 2011 Guidance
- Revenues increased by 16.4% to EUR 287.1 million
- EBIT margin of 15.8% yielding EBIT of EUR 45.3 million
- Net income improved by 17.5% to EUR 38.5 million
- Further growth expected in 2012
Frankfurt am Main, 30 March 2012. Joyou AG, a leading bathroom solution
supplier in China, continued to expand its revenues up to EUR 287.1 million
in financial year 2011. In comparison to the previous year, this represents
a strong growth rate of 16.4%. Operating income (EBIT) increased by 4.9%
from EUR 43.2 million to EUR 45.3 million, bringing the EBIT margin to
15.8%. Net income grew significantly by 17.5% from EUR 32.8 million to EUR
38.5 million mainly due to sales growth.
In 2011, Joyou focused on technical innovations and design improvement.
'This allowed us to bring hundreds of new products and technologies to the
market, and give us a 140% increase in patents,' states Jianshe Cai, CEO of
Joyou AG. 'Further it reinforced our position as market leader in China and
for the first time saw us winning several international design awards,
thereby showing the success of the Joyou brand and the company. Among
others, Joyou's designs won three China Kapok Prizes, the China Innovation
Design Award and the German Red dot design concept award in 2011,' he
added.
Joyou achieved the goal of further expanding the distribution network: The
company opened 302 stores across China and a Brand Experience Centre in
Hangzhou with a total floor space of 8.611 sqft (800 sqm).
Positive Outlook
Joyou still sees many growth opportunities in the domestic and
international sanitary ware market. Its investment program comprises mainly
investments in production facilities. In the fourth quarter of 2011, Joyou
began construction of the second phase of the Meiyu ceramics facility. This
phase is planned to raise the capacity of the ceramics facility to
two-times that achieved during the previous phase. It is expected to begin
production in the first half of 2013.
By the end of December 2011, Joyou has also initiated the set up of its own
production plant for showerheads to develop the business in the mid to
high-end plastic products market.
In March 2012, the Joyou brand was launched internationally at the KBB show
in the UK. Furthermore, a distribution agreement regarding the
international sale of Joyou branded products was reached with Robert Lee
Distribution LTD, one of the largest independent distributors of bathrooms,
showers and plumbing products, supplying retailers and merchants in the UK.
The first international order of the year is to be delivered in April 2012
and comprises over 100 types of faucets and accessories. Joyou intends to
further increase its international sales, starting with Europe, North
America and the Middle East.
Joyou believes that it is well positioned for future profitable growth. As
such Joyou gives a positive outlook forecast stretching into 2012, and
expects its growth to continue to outpace that of the market, and the
economy as a whole. Despite significant investments budgeted for 2012
bearing some start-up costs, economies of scale as well as Joyou's efforts
on cost control shall provide for an improved operating profit on 2011.
The full Annual Report 2011 of Joyou AG is available onthe website at
www.joyou.com.
About Joyou
Joyou (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) designs, produces
and sells faucets and other sanitary ware products in China under its brand
name 'Joyou' and is also engaged as a OEM/ODM-manufacturer for
international brands and trading companies in the United States and Europe
as well as other emerging markets. In 2010 Joyou was one of the leading
single-brand manufacturers of bathroom, and other faucets in China in terms
of revenues (according to BSRIA's China Bathroom Study 2011). Joyou has
established an extensive distribution network in China with 3,898 retail
points of sales as of 31 December 2011.
Joyou's operating facilities are based in Nan'an near Quanzhou in Fujian
Province in China. Joyou's nine main product groups sold in its own brand
business are Bathroom Faucets, Kitchen Products, Shower Products, Ceramics
and Bathtubs, Bathroom Cabinets, Bathroom Accessories, Other Faucets and
Sanitary Hardware, Copper and Semi-Finished Components, Grohe Business. In
2011, Joyou realised group revenues of EUR 287.1 million, an operating
profit (EBIT) of EUR 45.3 million and a net profit of EUR 38.5 million.
For further information, please contact:
Joyou AG
Westhafentower, Westhafenplatz 1,
60327 Frankfurt am Main
Ian M. Oades, tel.: +49 69 710 456 346 or +86 595-8618 8883, ir(at)joyou.net
Kirchhoff Consult AG
Jens Hecht, tel.: +49 40 60 91 86 0, jens.hecht(at)kirchhoff.de
or visit the company website at: http://www.joyou.com
Disclaimer concerning prognoses
This communication contains forward-looking statements. Forward-looking
statements are statements that are not historical facts instead they
reflect Joyou's current views and expectations and the assumptions
underlying them about future events. Forward-looking statements are subject
to many risks and uncertainties. If any of such risks and uncertainties
materialise or if the assumptions underlying any of Joyou's forward-looking
statements are proving to be incorrect, Joyou's actual results may be
materially different from those expressed or implied by such
forward-looking statements. Joyou does not intend or assume any obligation
to update these forward-looking statements. Any forward-looking statement
speaks only as of the date on which it is made.
End of Corporate News
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30.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Joyou AG
Westhafentower, Westhafenplatz 1
60327 Frankfurt am Main
Germany
E-mail: ir(at)joyou.net
Internet: www.joyou.de
ISIN: DE000A0WMLD8
WKN: A0WMLD
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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162558 30.03.2012
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