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| Datum : | 15.05.2014 |
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DGAP-News: Joyou AG: Solid growth in domestic Chinese market in the first quarter 2014 |
| Meldung : | DGAP-News: Joyou AG / Key word(s): Interim Report Joyou AG: Solid growth in domestic Chinese market in the first quarter 2014 15.05.2014 / 08:45 --------------------------------------------------------------------- Results Q1 2014 Joyou AG: Solid growth in domestic Chinese market in the first quarter 2014 - Group revenues increased by 5.6% to 81.8 million Euros in Q1 2014 - Domestic sales in China grew by 7.6% - EBIT grew to 12.1 million Euros corresponding to an EBIT margin of 14.8% - Positive outlook: Revenues to grow by between 5% and 10% in 2014 Hamburg, May 15, 2014. Joyou AG, a leading bathroom solution supplier, recorded strong growth in the first three months 2014, especially in the Chinese market. Sales revenues increased by 5.6% to 81.8 million Euros (Q1 2013: 77.4 million Euros). Measured in Renminbi (RMB) sales grew at a higher rate of 8.5% due to the depreciation of the RMB. These results are well in line with the full year 2014 guidance of expected sales growth amounting to between 5% and 10% in RMB terms. Despite that in the first three months 2014 the growth of China's GDP slowed down to 7.4% from the first quarter of 2013 of 7.7%, and a declining growth rate of house prices, Joyou's China domestic sales showed a strong increase of 7.6% in Euro terms and 10.6% in RMB terms. As a result, sales in China accounted for 89% of Group sales (Q1 2013: 88%). International sales accounting for 11% of total sales, recorded a decline of 8.8% in Euro terms and 6.4% in RMB terms. This was caused by a decline in indirect sales. Nevertheless, international sales that were gained through the collaboration with Grohe Group increased dramatically, and now make up around half of all international sales. "I am very satisfied with our business development during the first months of the year. In a challenging economic environment we realised strong growth in our home market China. In our international business we shifted resources to our collaboration with Grohe Group to support our long-term growth", says Mr. Jianshe Cai, CEO of Joyou AG. The acquisition of the parent company Grohe Group by a joint venture vehicle owned by the LIXIL Group and the Development Bank of Japan in January 2014, has opened up further expansion potential. Currently, Joyou and LIXIL Group are exploring potential synergies and how they may be utilised. While gross profit increased by 6.1% to 23.1 million Euros in the first three months 2014, EBIT increased by 0.6% to 12.1 million Euros. EBIT margin reached 14.8%, a decline of 0.7 percentage points compared to Q1 2013 but comparable to full-year 2013 margin level. Due to higher finance costs and higher effective tax rates the net profit decreased to 5.5 million Euros (Q1 2013: 8.7 million Euros). Nevertheless, cash flow from operating activities increased significantly from 9.4 million Euros to 16.7 million Euros. During Q1 2014 the investments on the production facilities continued. The investments include the upgrading of the Luncang brassware facility, the second Meiyu ceramics facility, the Luncang plastics facility and expansion of the Yongsheng galvanisation plant. Joyou AG maintained its strong financial position: Equity summed up to 356.2 million Euros at the end of March 2014 (December 31, 2013: 360.2 million Euros) representing an equity ratio of 66%. Cash and cash equivalents increased from 128.0 million Euros at the end of 2013 to 137.4 million Euros as of March 31, 2014. The Q1 2014 report 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, as well as Joyou branded international sales. In 2012 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 2013). Joyou has established an extensive distribution network in China with over 4,100 franchised retail stores as of 31 December 2013. 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 Products. In 2013, Joyou realised group revenues of 357.8 million Euros, an operating profit (EBIT) of 53.2 million Euros and a net profit of 24.3 million Euros. For further information, please contact: Joyou AG Gasstraße 18, Haus 6A 22761 Hamburg Ian M. Oades, tel.: +86-595-8618 8887, ir@joyou.net Kirchhoff Consult AG Jens Hecht, tel.: +49 40 60 91 86 0, jens.hecht@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 --------------------------------------------------------------------- 15.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- Language: English Company: Joyou AG Gasstraße 18, Haus 6 A 22761 Hamburg Germany E-mail: ir@joyou.net,andreas.friedemann@kirchhoff.de 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 --------------------------------------------------------------------- 268651 15.05.2014 |
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