DGAP-News: GRENKELEASING AG: Consolidated net profit up 8% at EUR 42.5 million
(firmenpresse) - DGAP-News: GRENKELEASING AG / Key word(s): Final Results
GRENKELEASING AG: Consolidated net profit up 8% at EUR 42.5 million
06.02.2013 / 07:19
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Consolidated net profit up 8% at EUR 42.5 million
*2012 consolidated net profit amount to EUR 42.5 million, up 8% on the
previous year's level of EUR 39.3 million
*Net interest income rises by 20% to EUR 111.5 million
*Proposed dividend of EUR 0.80 per share
*2013: Growth in new business of between 13% and 16% targeted; consolidated
net profit of EUR 44 million to EUR 48 million
Baden-Baden, February 6, 2013: The GRENKE Group recorded a positive
business performance in 2012, increasing its net profit for the period by
8% to EUR 42.5 million (previous year: EUR 39.3 million). The success in
2012 is primarily due to high-margin new business in the recent years,
generating earnings for us during the progress of the respective leases.
Interest and similar income from financing business consequently increased
much more significantly - climbing 17% to EUR 169.5 million - than the
corresponding expenses, which marked a 12% increase to EUR 58.0 million.
Net interest income rose by 20% to EUR 111.5 million (previous year: EUR
92.7 million).
Net interest income after settlement of claims and risk provisioning rose
by 17% to EUR 68.0 million in 2012 (previous year: EUR 58.3 million), in
spite of a 26% increase in expenses from the settlement of claims and risk
provisioning to EUR 43.4 million (previous year: EUR 34.4 million). The
loss ratio was at the previous year's level. By systematically managing the
margins of our new business, we ensure particularly strong growth in our
earnings and take future risks into account in our financing conditions. We
are therefore prepared for an increase in losses.
There was also a positive development in the profit from insurance
business, which was up 17% at EUR 30.2 million (previous year: EUR 25.7
million), and the profit from new business, which grew 15% to EUR 35.7
million (previous year: EUR 31.0 million). 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, as reflected in a 141% increase in the year under review to EUR
4.0 million (previous year: EUR 1.7 million). Overall, operating income
climbed by a total of 18% to EUR 137.9 million (previous year: EUR 116.7
million).
Staff costs rose by 17% to EUR 42.8 million in 2012, while the number of
employees was up 16%. With a 15% increase to EUR 30.4 million (previous
year: EUR 26.4 million), selling and administrative expenses grew at a
lower rate than total operating income. The GRENKE Group increased its
earnings before taxes by 18% to EUR 59.7 million (previous year: EUR 50.4
million). Consolidated net profit climbed by 8% to EUR 42.5 million
(previous year: EUR 39.3 million). Earnings per share came to EUR 3.10
after EUR 2.87 in the previous year.
As a result of further strong growth, the equity ratio of 14.9% in the year
under review was slightly lower than our long-term target of at least 16%.
In light of this positive development and the continued good prospects for
the future, the Supervisory Board and the Board of Directors will again
propose an increase in the dividend to the Annual General Meeting of
GRENKELEASING AG for the third consecutive year. The dividend is to be
raised to EUR 0.80 per share after EUR 0.75 per share in the previous year.
'With increasing earnings, a largely unchanged loss rate and a moderate
rise in expenses, the GRENKE Group's net profit amounted to EUR 42.5
million and was thus within the planned range of EUR 41 million to EUR 44
million. In fiscal year 2011, we succeeded in significantly improving our
profitability with a 41% rise in net profit, and in 2012 we achieved a
further increase of 8%. This once again emphasises that we see ourselves as
a growth company - and not just in terms of new business but also of course
with regard to profits. For 2013 we anticipate growth in the GRENKE Group's
new business of between 13% and 16% with CM2 margins remaining profitable
and risk-adequate. The consolidated net profit is expected to amount to
between EUR 44 million and EUR 48 million', commented Wolfgang Grenke,
Chairman of the Board of Directors of GRENKELEASING AG, on the result.
'In the past fiscal year, we already made major preparations for the GRENKE
Group's continued growth in 2013, allowing us to rapidly continue our
regional expansion and the diversification of our financial solutions.
Through GRENKE Bank, we are able to cooperate with business development
banks of the German states, which have met with great interest. In January
2013 the fourth cooperation of this kind was concluded with LfA Förderbank
Bayern. In this way, small and medium-sized enterprises and the
self-employed professionals are able to access development funds in order
to finance new investments via leasing. To date, a total of 5,302 lease
contracts have been concluded as part of these cooperations', explained
Jörg Eicker, CFO of GRENKELEASING AG.
The average number of employees within the Consolidated Group in 2012 was
681, compared to 585 in 2011 (full-time equivalents; not including the
Board of Directors).
The GRENKELEASING AG Group's financial report for 2012 can be viewed online
at www.grenke.de - INVESTOR RELATIONS - Financial Reports 2012.
Should you have any queries, please contact:
Renate Hauss
Tel.: +49 7221 5007-204
Fax: +49 7221 5007-4218
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 25 countries and
employs more than 700 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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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
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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