DGAP-News: Joyou AG: Further growth of revenues and operating income
(firmenpresse) - DGAP-News: Joyou AG / Key word(s): Final Results
Joyou AG: Further growth of revenues and operating income
28.03.2013 / 08:12
---------------------------------------------------------------------
Financial Results 2012
Joyou AG: Further growth of revenues and operating income
* Revenues increased by 14.8 per-cent to 329.6 million Euros and by 3.8
per-cent in Renminbi terms
* EBIT grew by 12.3 per-cent amounting to 50.8 million Euros, representing
an EBIT margin of 15.4 per-cent
* Gross profit margin improves to 28.4 per-cent
* Significant sales development in core growth segments
Hamburg, 28 March 2013. Joyou AG, a leading bathroom solution provider in
China, continues on its sustainable growth path. In the challenging
environment of the financial year 2012 group sales increased by 14.8
per-cent year-on-year in Euro terms to 329.6 million Euros and operating
profit increased by 12.3 per-cent to 50.8 million Euros representing an
EBIT margin of 15.4 per-cent. In Renminbi terms group sales increased by
3.8 per-cent. Domestic China sales grew by 22.0 per-cent in Euro terms to
297.6 million Euros and in Renminbi terms domestic sales also showed
double-digit growth of 10.2 per-cent. Mainly due to a higher corporate tax
rate in 2012, net income increased at a lower rate of 3.3 per-cent to 39.8
million Euros.
Growth drivers in the financial year 2012 were the domestic market China,
representing about 90 per-cent of total sales, and many of the core product
segments. Several core product segments showed a positive development with
sales of Ceramics and Bathtubs up 48.9 per-cent and Kitchen products up
14.8 per-cent.
The aim of Joyou is to produce more and more products entirely in-house and
therefore ensure precise quality controls, perfectly coordinated workflows
and attractive margins. Therefore the company continues to invest in its
production facilities. In 2012 the main investment projects were the
expansion of the Meiyu ceramics facility, the new Luncang plastics facility
and the upgrade of the faucet production lines at the Luncang facility.
Joyou maintains a strong balance sheet: Equity increased from 304.4 million
Euros as of 31 December 2011 to 341.5 million Euros as of 31 December 2012.
As a result the equity ratio increased from 74.9 per-cent in 2011 to 75.7
per-cent in the financial year 2012.
Future growth strategy
The company's future growth strategy comprises international sales, project
development sales and on increasing sales per store. Joyou successfully
supported Grohe in introducing Joyou-branded products to the European
market in 2012. Furthermore, the international sales activities with Grohe
resulted in new clients in Mexico for Joyou branded products as well as a
substantial white-label supplier in the USA.
'I am very proud that we have exceeded analysts' expectations with our
financial results 2012. Even though the current market situation is
challenging, I expect that we can keep on growing faster than the market
while enhancing our global footprint,' says Mr. Jianshe Cai, CEO. Based on
its strategy, Joyou will continue to build on macro-economic growth drivers
-
particularly urbanisation and the growing consumer class - and on its
market leading position to ensure profitable future growth.
The full Annual Report 2012 of Joyou AG is available on the website at
www.joyou.com.
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 31 December 2012.
Joyou's operating facilities are based in Nan'an near Quanzhou in Fujian
Province in China. Joyou mainly sells mainly 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
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
---------------------------------------------------------------------
28.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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
---------------------------------------------------------------------
205431 28.03.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 28.03.2013 - 08:12 Uhr
Sprache: Deutsch
News-ID 243915
Anzahl Zeichen: 9626
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 250 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Joyou AG: Further growth of revenues and operating income"
steht unter der journalistisch-redaktionellen Verantwortung von
Joyou AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
