DGAP-News: GRENKELEASING AG: Net profit exceeds forecast with 41 % rise - consolidated net profit amounts to EUR 39.3 million
(firmenpresse) - DGAP-News: GRENKELEASING AG / Key word(s): Final Results
GRENKELEASING AG: Net profit exceeds forecast with 41 % rise -
consolidated net profit amounts to EUR 39.3 million
08.02.2012 / 07:21
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Net profit exceeds forecast with 41 % rise - consolidated net profit
amounts to EUR 39.3 million
* 2011 consolidated net profit amounts to EUR 39.3 million, up 41 % on the
previous year's level of EUR 27.8 million
* Net interest income rises by 16 % to EUR 92.7 million
* Equity ratio of 16.1 % at our target level of 16 % despite strong growth
* Proposed dividend of EUR 0.75 per share
* 2012: Growth in new business of around 15 % targeted; consolidated net
profit of EUR 41 million to EUR 44 million
Baden-Baden, February 8, 2012: In fiscal year 2011, we succeeded in taking
the GRENKE Group's profitability to a new dimension with a 41 % rise in net
profit to EUR 39.3 million (previous year: EUR 27.8 million). This result
exceeded our profit forecast raised in August 2011.
The success in 2011 is attributable to the strong, high-margin new business
in recent years and emphasises our ability to measure risks. This new
business is successively generating earnings for us over the lifetime of
the respective leases, while the rise in expenses was comparatively low and
the loss ratio has meanwhile declined compared with 2010. This is in line
with our expectations and serves to confirm the quality of our scoring
model once again.
In 2011 we increased net interest income by 16 % year-on-year to EUR 92.7
million. Growth rates are expected to level off to a certain extent in
future due to base effects and the fact that we deliberately scaled back
our contribution margin 2 requirements as we left the last recession to
allow us to systematically take advantage of market opportunities that
arise. However, the contribution margin 2 on leasing business of 16.0 % in
2011 was still higher than the previous year's level of 15.6 %.
Expenses for the settlement of claims and risk provisioning increased by
just 2 %, leading to a 26 % rise in net interest income after settlement of
claims to EUR 58.3 million (previous year: EUR 46.3 million). This
development clearly demonstrates the success of our scoring model and our
ability to measure risks and translate them into appropriate prices.
Profit from insurance business and new business saw similar development to
net interest income, rising by 16 % to EUR 25.7 million and 18 % to EUR
31.0 million respectively. The profit from disposal shows the excess over
the calculated residual value. As a net amount, it generally makes only a
minor contribution to earnings and tends to be volatile. In 2011, it
declined as against the previous year to total EUR 1.7 million. All in all,
operating income increased by 20 % to EUR 116.7 million.
Staff costs rose by 12 % to EUR 36.7 million in the period under review,
thereby outstripping the growth in the number of employees, which increased
by 9 %. In addition to the usual annual salary increases, this was due in
particular to the payment of performance-related remuneration. The 9 % rise
in selling and administrative expenses to EUR 26.4 million remained
considerably lower than the increase in operating income.
Earnings before taxes in 2011 were up 38 % year-on-year at EUR 50.4
million. Consolidatednet profit increased by 41 % to EUR 39.3 million.
Earnings per share came to EUR 2.87 after EUR 2.03 in the previous year.
Despite strong growth once again, the equity ratio of 16.1 % for 2011
remained at the level of our long-term target of at least 16 % (previous
year: 17.2 %). In this way, we have also reduced the slight
overcapitalisation that we deliberately established during the last
recession to protect against risks, investing these funds in our operating
business.
Therefore, from both a balance sheet and an earnings perspective, the
conditions are in place for an increase in the dividend. For the fiscal
year 2011, the Supervisory Board and the Board of Directors will propose
that the dividend be increased for the second year in succession to EUR
0.75 per share (previous year: EUR 0.70).
'We are confident that the GRENKE Group will continue its strong
development in future and that we will again exceed our long-term target of
growth of at least ten percent in the new business volume. For 2012 we
anticipate growth in new business of around 15 % with CM2 margins remaining
attractive and risk-adequate, thus ensuring the GRENKE Group's
profitability in the long term. Consolidated net profit is expected to
increase to between EUR 41 million and EUR 44 million. This will also be
driven by our broad-based international focus, which allows us to leverage
opportunities in the individual regions on a targeted basis. We are also
looking and planning beyond Europe, with intensive preparations underway
for our market entry in Brazil, the most populous country in South America
and the world's sixth-largest economy,' says Wolfgang Grenke, CEO of
GRENKELEASING AG, describing the company's strategy.
Further explanation:
'In particular, the GRENKE Group is able to address the opportunities
rising on its markets only because it has extensive financial resources.
Our good reputation means that we have always had the option of choosing
from various financing alternatives in recent years, including our
programmes with banks, our direct access to the capital markets, and GRENKE
Bank's actively managed deposit business. In October 2011, we expanded the
Group's refinancing to include a new commercial paper programme and a
volume of EUR 250 million. Only below-average volumes are due for repayment
in 2012 and 2013 and the EUR 100 million bond that was successfully issued
in January 2012 has provided us with even more room to manoeuvre,' explains
Dr. Uwe Hack, Deputy Chairman of the Board of Directors of GRENKELEASING
AG.
The average number of employees within the Consolidated Group in 2011 was
585, compared to 538 in 2010 (full-time equivalents; not including the
Board of Directors).
The GRENKELEASING AG Group's financial report for 2011 can be viewed online
at www.grenke.de - INVESTOR RELATIONS - Financial Reports 2011.
Should you have any queries, please contact:
Renate Hauss
Tel.: +49 7221 5007-204
Fax: +49 7221 5007-112
E-mail: investor(at)grenke.de
Internet: http://www.grenke.de, http://grenkeleasing.de,
http://www.grenkebank.de, http://www.grenkefactoring.de
The GRENKE Group
The GRENKE Group is a broadly diversified provider of financial services
for small and medium-sized companies and private customers.
The range of services offered by the GRENKE Group covers small-ticket IT
leasing and factoring and - through GRENKE Bank - traditional online
banking services.
The GRENKE Group is independent of vendors and banks and holds a leading
market position in Europe in the field of small-ticket IT leasing for
products such as PCs, notebooks, copiers, printers, or software of
relatively low asset value. The GRENKE Group operates in 24 countries and
employs more than 650 staff.
GRENKELEASING AG is listed in the Prime Standard of the Frankfurt Stock
Exchange and is included in the SDAX. GRENKELEASING AG shares are listed in
the SDAX on the Frankfurt Stock Exchange with the code GLJ, ISIN
DE0005865901.
Information on the GRENKE Group and its products is available on the
Internet at http://www.grenke.de, http://www.grenkeleasing.de,
http://www.grenkebank.de, and http://www.grenkefactoring.de.
End of Corporate News
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08.02.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: GRENKELEASING AG
Neuer Markt 2
76532 Baden-Baden
Germany
Phone: +49 (0)7221 50 07-204
Fax: +49 (0)7221 50 07-112
E-mail: investor(at)grenke.de
Internet: www.grenke.de
ISIN: DE0005865901
WKN: 586590
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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Datum: 08.02.2012 - 07:21 Uhr
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