DGAP-News Joyou AG: Successful start to 2011
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DGAP-News: Joyou AG / Key word(s): Quarter Results
Joyou AG: Successful start to 2011
31.05.2011 / 07:52
- Revenues increased by 45.8% to EUR 63.8 million
- EBIT margin up to 18.8%
- Positive outlook for 2011 confirmed
Frankfurt am Main, 31 May 2011. In the first quarter of 2011, Joyou AG, a
leading bathroom solution supplier in China, continued its very strong
growth. In this period, the company grew faster than the market. Revenues
increased by 45.8% to EUR 63.8 million (Q1 2010: EUR 43.8 million). EBIT
grew by 53.3% to EUR 12.0 million, representing an EBIT margin of 18.8% (Q1
2010: 17.9%). In RMB terms, revenue grew by 39%.
While in 2010, Joyou´s focus was on marketing and expansion of its retail
network, the strategic focus in 2011 is aimed at reaping the benefits of
the investment in marketing and expanding the product offering. In the
first three months of 2011, Joyou opened its first Brand Experience Centre
and 80 new stores. For full year 2011 the company intends to open 300 new
retail Joyou branded stores. Currently, Joyou´s total stores network
comprises 3,677 stores throughout China.
´We are very satisfied with the good results in the first quarter of 2011.
To further spur our dynamic development, we intend to increase the sales
growth per store and to expand the product offering. Furthermore, the
project business will be expanded and the cooperation with Grohe will be
deepened´, states Jianshe CAI, CEO of Joyou AG. ´We are well on track to
meet our full year targets.´
In 2011, Joyou plans to deepen the relationship with the anchor investor
Grohe in areas including Grohe business in China, component sourcing,
international sales of the Joyou brand, and technology transfer. Revenue
from the sale of the Grohe Asian product line amounted to EUR 1.2 million
in Q1 2011. Furthermore, Joyou for the first time, started directly
supplying components to Grohe in May 2011.
The management of Joyou confirmed the positive outlook and the guidance for
full year 2011 with sales of EUR 300 million to EUR 320 million and an EBIT
of EUR 53 million to EUR 56 million.
The full Q1 Report 2011 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 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, kitchen 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 3,677
retail points of sales as of 31 March 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
2010, Joyou realised group revenues of EUR 246.6 million, an operating
profit (EBIT) of EUR 43.7 million and a net profit of EUR 33.2 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@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
materialize 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
31.05.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Joyou AG
Westhafentower, Westhafenplatz 1
60327 Frankfurt am Main
Deutschland
E-mail: ir@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
126832 31.05.2011
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