DGAP-News

Joyou AG maintains steady growth in H1 2014 - Seite 2

compared to the first six months 2013, gross margin saw a slight decrease
by 0.5 percentage points to 27.4%. The main reason for this development is
due to the fact that international sales have lower gross margins. EBIT
decreased by 7.5% to 26.3 million Euros year-on-year. EBIT margin reached
14.6%, a decline of 1.8 percentage points compared to H1 2013. This is a
result of decreased gross margin and increased operational expenses,
especially selling and distribution expenses.

The net profit showed significant gains of 13.5%: It grew from 13.2 million
Euros to 14.9 million Euros mainly due to a one-off tax expenses recorded
in the second quarter of 2013. Cash flow from operating activities
increased significantly from 17.3 million Euros to 27.1 million Euros in
the reporting period 2014.

Furthermore Joyou continued to invest in the production facilities. 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.

Overall, Joyou AG maintained its strong financial position: Equity summed
up to 370.1 million Euros at the end of June 2014 (December 31, 2013: 360.2
million Euros) representing a stable equity ratio of 66%. Cash and cash
equivalents increased from 128.0 million Euros at the end of 2013 to 136.3
million Euros as of June 30, 2014.

The full H1 2014 report of Joyou AG is available on the website at
www.joyou.com.

About Joyou

Joyou AG (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) is a leading
manufacturer and supplier of bathroom fixtures and fittings. Based in
Fujian Province, China, Joyou sells its products under the "JOYOU" brand
name in its domestic market and selected international markets.
Internationally, Joyou is also a private label supplier for international
brands and trading companies around the world. In 2012 Joyou was the
leading single-brand manufacturers of bathroom 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
individual franchised retail stores as of 31 December 2013.

For further information, please contact:

Joyou AG
Gasstraße 18, Haus 6A
22761 Hamburg
Ian M. Oades, tel.: [phone], [e-mail]

Kirchhoff Consult AG
Jens Hecht, tel.: [phone], [e-mail]

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