GROHE increases sales and earnings
The GROHE Group grew sales by five per cent to €730 million (H1 2012: €695 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 €566 million (H1 2012: €536m).
"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 €141 million (H1 2012: €133m).
Before the consolidation of Joyou AG, normalised EBITDA amounted to €108 million (H1 2012: €102m) and GROHE’s EBITDA margin remained consistently high at over 19 per cent. Cash and cash equivalents amounted to €144 million (H1 2012: €152m).
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 East/Africa region.
“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 fully exploit our company’s growth potential.”