Consolidated sales up 19% Normalized EBITDA up 16% Asia the largest growth market thanks to Joyou joint venture

Press release
Published May 1st, 2012 - 07:50 GMT
GROHE
GROHE

The GROHE Group (GROHE and Joyou) generated double-digit growth in consolidated sales and earnings in financial year 2011 to achieve the best results in the company’s history. Consolidated sales increased by 19% year on year to €1,165 million. Even excluding Joyou, GROHE generated record sales of €1,020 million in financial year 2011, after €980 million in the prior year. 

The Group’s normalized EBITDA grew by some 16% to €232 million. The EBITDA margin stood at 20%. Excluding Joyou, normalized EBITDA amounted to €206 million (prior year: €200 million). 

The strongest growth market was Asia, where consolidated sales were up 152%. This shows that the joint venture with the Chinese market leader Joyou was a crucial strategic step for GROHE in further developing the growth markets in Asia. 

Since July 2011, GROHE has held a majority interest in Joyou AG through the joint venture Joyou Grohe Holding AG, in which GROHE holds 50.1%. Joyou Grohe Holding AG holds 57.2% in Joyou AG, while GROHE directly holds another 7.2%. Joyou AG, which is listed on the Frankfurt Stock Exchange, was fully consolidated by GROHE for the first time as of the beginning of the third quarter of 2011. 

Background Information

GROHE Middle East

GROHE is a leading global brand for complete bathroom solutions and kitchen fittings and a global brand, dedicated to providing innovative water products. 

For many decades, GROHE has been committed to the brand values of technology, quality, design and sustainability that all illustrate GROHE’s commitment to creating exceptional experiences and to delivering “Pure Freude an Wasser”. With its engineering, innovation and design activities firmly anchored in Germany, GROHE products bear the badge of quality “Made in Germany”, ultimately strengthening the customers’ confidence in the brand. All plants of the GROHE manufacturing network make use of high-precision production engineering to ensure compliance with consistently high GROHE standards. This way GROHE ensures that its products live up to the most uncompromising demands in terms of workmanship and functionality. 

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