DGAP-News: Joyou Group awarded reduced tax rate as High-Tech-Enterprise
(firmenpresse) - DGAP-News: Joyou AG / Key word(s): Miscellaneous
Joyou Group awarded reduced tax rate as High-Tech-Enterprise
15.01.2013 / 13:17
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Hamburg, 15 January 2013. Joyou AG, a leading bathroom solution provider in
China, announced today that the Chinese government has renewed Joyou's
status as a 'High-Tech Enterprise' for three years for its main operating
subsidiary Joyou Group Building Materials Co. Ltd. As a High-Tech
Enterprise, the subsidiary receives a preferential tax rate of 15 per cent
for the years 2012 through 2014 inclusive, compared with the normal
corporate tax rate of 25 per cent.
There are a number of criteria to qualify for the High-Tech Enterprise
including that a company must own proprietary intellectual rights and
operate in a government-selected industry. R&D expenditures and income from
high-tech products and services each must meet a required minimum
percentage of annual revenue to the number of R&D personnel must fulfil a
specified percentage of total employees.
'The High-Tech Enterprise designation reflects the Chinese government's
desire to build the domestic technology base by favouring only companies
that are advancing technologies in their industry,' says Mr. Jilin Cai,
Joyou's COO. 'Our research and development program is innovating new
products with higher technology content to offer better solutions. This
will enable us to sustain our leading position in the domestic market and
penetrate the global market to gain momentum for our future growth,
strengthen our technology base and build shareholder value,' he adds.
Joyou will publish its annual report 2012 on 28 March 2013.
About Joyou
Joyou (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) designs, produces
and mainly sells products for the entire bathroom solution 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 2011 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 over 4,000
retail points of sales as of 30 September 2012.
Joyou's operating facilities are based in Nan'an near Quanzhou in Fujian
Province in China. Joyou mainly sells under its own brand name and has the
following nine product groups in its business portfolio: 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
Winterstraße 4-8
22765 Hamburg
Ian M. Oades, tel.: +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
End of Corporate News
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15.01.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of thisannouncement.
DGAP's Distribution Services include Regulatory Announcements,
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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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