DGAP-News: Joyou AG: Successful first half-year 2012 with improved profit margins
(firmenpresse) - DGAP-News: Joyou AG / Key word(s): Quarter Results
Joyou AG: Successful first half-year 2012 with improved profit margins
15.08.2012 / 08:00
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- Group Revenues increased by 16.9% to EUR 161.2 million
- Gross Profit grew by 20.8% to EUR 46.4 million
- EBIT up 27.2% to EUR 26.6 million, bringing EBIT margin to 16.5%
- Net Income grew 50.3% to EUR 19.1 million
Frankfurt am Main, 15 August 2012. Joyou AG, a leading bathroom solution
supplier in China, achieved improved financial results in the first half of
2012 despite a difficult business environment.
On a year-on-year comparison (YTD), Group Revenues grew by 16.9% from EUR
137.9 to EUR 161.2 million. This increase primarily resulted from a
significant sales increase in Ceramics and Bathtubs, and was offset by a
decline in sales of Copper and Semi-Finished Products. Measured in RMB
term, revenues increased by 4.2% during H1 2012.
Gross Profit grew by 20.8% from EUR 38.4 to EUR 46.4 million in the first
six months 2012. The increase mainly came from increased ASPs (Average
Selling Prices) in most Joyou sub-categories, especially Ceramics and
Bathtubs. Measured in RMB, gross profit increased by 7.7% during this
period. EBIT grew 20.8% from EUR 21.0 to EUR 26.6 million, which represents
an EBIT margin of 16.5% (H1 2011: 15.2%). The increase principally came
from a decrease in Administration Expenses, though this was partially
offset by an increase in Sales and Distribution Expenses. Net Income grew
50.3% from EUR 12.7 to EUR 19.1 million. The increase mainly came from
reduction of non-cash expenses.
The main growth drivers during the reporting period were the company's
domestic market operations, and the Ceramics and Bathtubs segment: In the
Chinese market Joyou's branded sales grew by 24.4% from EUR 114.5 million
in H1 2011 to EUR 142.4 million in H1 2012 (10.9% growth in RMB terms). The
Ceramics and Bathtubs segment saw the fastest growth rate of Joyou's
segments and realised a revenue growth of 69.6% from EUR 11.4 million in
the first half of 2011 to EUR 19.4 million in the first half of 2012 (51.2%
growth in RMB terms). The percentage of revenues from Ceramics and Bathtubs
to total revenues increased from 8.3% in H1 2011 to 12.0% in H1 2012.
In March 2012, Joyou also reached a strategic milestone in the European
market. The Joyou brand was introduced into the UK, and has recognised
promising sales figures since the introduction. Further, negotiations with
distributors are at an advanced stage to sell Joyou branded products in
other countries.
Joyou expects the market situation in the current year to continue offer
challenges, however we give a positive outlook forecast stretching into
2012, and expect our growth to continue to outpace that of the market, with
improved operating profit. Joyou expects to meet its target retail store
openings of 200 by the end of 2012, and Joyou will continue its fixed-asset
investment in the phase two of the Meiyu ceramics facility and the
showerheads factory, both of which will come on line in 2013.
The full H1 2012 Report of Joyou AG is available on the website at
www.joyou.com.
Note: During the periods under review there was a 10.9% currency
depreciation of the Euro to RMB from the six months period average of
9.2220 as at 30 June 2011 to 8.2197 as at 30 June 2012.
About Joyou
Joyou (ISIN DE000A0WMLD8, WKNA0WMLD, 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 3,957 retail
points of sales as of 31 March 2012.
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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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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181718 15.08.2012
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