DGAP-News: Joyou AG / Key word(s): Quarter Results Joyou AG: Good growth continues in Q1 15.05.2013 / 08:03 --------------------------------------------------------------------- Interim Report Q1 2013 Joyou AG: Good growth continues in Q1 * Group Revenues increased by 7.0 per cent to 77.4 million Euros * International revenue grew by 22.3 per cent reflecting the company's core growth strategy * EBIT margin decreased slightly by 2.4 percentage points Hamburg, May 15, 2013. Joyou AG, a leading bathroom solution provider in China, generated a good growth in revenues during the first three months of 2013. In Euro terms revenues grew by 7.0 per cent, amounting to 77.4 million Euros compared to 72.4 million Euros in Q1 2012 and by 5.2 per cent in Renminbi terms. This was driven by sales increases in nearly all product segments, which is in line with the company's strategy to provide cutting-edge bathroom solutions. Furthermore, the increase in international sales by 22.3 per cent to 10.1 million Euros had a positive influence on the revenue growth as well. Gross profit reached 21.7 million Euros representing a gross profit margin of 28.1 per cent, a decrease of 2.3 percentage points compared to the first three months 2012 and is mainly a result of the increasing costs of out-sourced products. This also affected Joyou's operating profit (EBIT), which slightly decreased from 12.9 million Euros to 12.0 million Euros in Q1 2013, thereby further affecting the EBIT margin, which declined to 15.5 per cent (Q1 2012: 17.9 per cent). In March 2013 Joyou strengthened its global cooperation with the Grohe Group by implementing a new shareholder structure in which Grohe increased their total shareholdings in Joyou AG to approximately 72.3 per cent. Both companies intend to further intensify their joint activities and enhance the companies' international positioning. Joyou will especially benefit from the cooperation in regards to further internationalisation of the Joyou brand and the cooperation in sourcing and distribution. Positive Outlook Even though Joyou expects the market environment to remain challenging in the short-term, nationally due to restrictive measures around the company's industry and internationally due to the general economic turmoil, Joyou gives a positive outlook for 2013. The company will further pursue its core growth strategy, which includes international sales, project development sales and increasing sales-per-store. Therefore Joyou will continue to build on favourable macro-economic growth drivers, namely urbanisation and the growing consumer-class in China, to ensure sustainable and profitable growth. The full Interim Report Q1 2013 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 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 2012, Joyou realised group revenues of 329.6 million Euros, an operating profit (EBIT) of 50.8 million Euros and a net profit of 39.8 million Euros. For further information, please contact: Joyou AG Winterstraße 4-8 22765 Hamburg Ian M. Oades, tel.: +86-595-8618 8887, [email protected] Kirchhoff Consult AG Jens Hecht, tel.: +49 40 60 91 86 0, [email protected] 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 --------------------------------------------------------------------- 15.05.2013 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 Winterstraße 4-8 22765 Hamburg Germany E-mail: [email protected] 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 --------------------------------------------------------------------- 211162 15.05.2013