GROHE Increases Sales and Earnings in the First Half of 2013
- GROHE continues to implement its sustainable growth strategy in the
first half of 2013
- Sales of GROHE Group grew by 5%, while EBITDA rose 6% compared with
the first half of 2012
- GROHE and its owners continue to assess strategic options for the
business, in order to continue its growth strategy
DUSSELDORF, GERMANY -- (Marketwired) -- 09/09/13 -- GROHE, the
world's leading provider of sanitary fittings, continues to implement
successfully its growth strategy in the first half of 2013. The GROHE
Group grew sales by five per cent to EUR730 million (H1 2012: EUR695
million) in a challenging market environment. Excluding the Chinese
subsidiary Joyou, which has been fully consolidated since July 2011,
sales grew by six per cent to EUR566 million (H1 2012: EUR536m).
"Our international growth strategy enabled us to increase sales
across all regions," said David Haines, CEO of GROHE. "This positive
sales trend was also partly driven by the success we have seen in our
attractive, high-end product range, Made in Germany."
Operating earnings grew by six per cent during the reporting period:
on a group-wide basis, GROHE generated an adjusted EBITDA of EUR141
million (H1 2012: EUR133m). Before the consolidation of Joyou AG,
normalised EBITDA amounted to EUR108 million (H1 2012: EUR102m) and
GROHE's EBITDA margin remained consistently high at over 19 per cent.
Cash and cash equivalents amounted to EUR144 million (H1 2012:
Once again, GROHE performed well in Germany: sales in its home market
increased by more than seven per cent compared with the year before.
Of total sales in the first half of 2013, 15% can be attributed to
Germany. The Group also grew in Europe and Asia. GROHE even achieved
double-digit growth from the American continent and in the Middle
"We intend to strengthen our market-leading position further in the
coming years. As manufacturers of innovative products, we are
benefiting in particular from megatrends such as urbanisation,
lifestyle bathrooms and growing demands for modern water technology,"
said David Haines. "Meanwhile, we can always rely on the support of
our owners. Together, we continue to assess all strategic options
available to us in order to full
y exploit our company's growth
Under the management of Grohe Group S.a.r.l. Luxemburg, GROHE Group
comprises Grohe Holding GmbH, Hemer; Grohe AG, Hemer; Joyou AG,
Hamburg (fully consolidated since 1 July 2011) and other subsidiaries
in foreign markets.
GROHE Group is Europe's largest and the world's leading provider of
sanitary fittings under one brand. As a global brand for sanitary
products and systems, GROHE relies on its brand values quality,
technology, design and responsibility in order to be able to offer
"Pure Freude an Wasser".
GROHE Group employs some 9,000 people on average worldwide (including
around 3,400 at Joyou). There are about 2,300 employees working at
GROHE in Germany. In 2012, the company's kitchen and bathroom
fittings and showers, automatic fittings for the commercial and
contract sectors, and installation and flushing systems generated
consolidated sales of EUR1,400 million.
GROHE Group has nine production plants, of which six are located
outside Germany, namely in Portugal, Thailand, Canada and China. The
company currently generates 85 percent of its sales outside Germany.
The information contained in this press release is neither intended
for publication nor for forwarding to or within the USA, Australia,
Canada or Japan.
Dr. Ulrike Heuser-Greipl
Senior Vice President Public & Investor Relations
FeldmÃ¼hleplatz 15 40545 DÃ¼sseldorf
Mainzer Landstr. 41 60329 Frankfurt/M.
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