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.
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