DGAP-News: GRENKELEASING AG: Quarterly financial report: Profitability improved - net interest income up 22%
(firmenpresse) - DGAP-News: GRENKELEASING AG / Key word(s): Quarter Results
GRENKELEASING AG: Quarterly financial report: Profitability improved -
net interest income up 22%
25.04.2013 / 07:55
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Quarterly financial report: Profitability improved - net interest income up
22%
- Rise in net interest income of 22% in first quarter of 2013 to EUR 30.8
million (previous year: EUR 25.2 million)
- Consolidated net profit of EUR 11.5 million in first quarter of 2013 -
up 22% year-on-year from EUR 9.4 million
- Growth secured with additional equity - equity ratio of 16.5% as per
reporting date
Baden-Baden, April 25, 2013: GRENKE significantly increased its
profitability in the first quarter of 2013, with a particularly noteworthy
further rise in net interest income of 22% to EUR 30.8 million as against
EUR 25.2 million in the first quarter of 2012. As before, this shows the
high contribution margins from new business in past quarters, combined with
only a marginal rise in expenses from interest on refinancing and deposit
business due to the current low interest rate environment.
Expenses for the settlement of claims and risk provisioning increased
disproportional by 3% in the reporting quarter. This figure amounted to EUR
10.9 million in the first quarter of 2013 as against EUR 10.6 million in
the same quarter of the previous year. The loss rate was therefore slightly
lower than the 2012 level.
After settlement of claims and risk provisioning, net interest income rose
by 36% in the first quarter of 2013 to EUR 19.9 million after EUR 14.6
million in the same period of the previous year. However, expenses for the
settlement of claims and risk provision generally tend to be volatile,
particularly on a quarterly basis. There is still a high level of risk
owing to the difficult overall economic situation in some European
countries.
Profit from insurance business increased 19% to EUR 7.9 million in the
first quarter of 2013 (previous year: EUR 6.6 million). Profit from new
business rose by 21% to EUR 10.2 million after EUR 8.4 million. Profit from
disposals, which is very volatile from quarter to quarter, remained below
the previous year's figure, amounting to EUR 1.0 million as against EUR 1.4
million in the first quarter of 2012. Overall, operating income therefore
increased by 25% to EUR 38.9 million after EUR 31.1 million in the same
period of 2012.
Expenses reflected the acquisition of companies from former franchisees in
Spain, Romania and Portugal in the third quarter of 2012. Since these
companies were not yet included in the comparative figures for the first
quarter of 2012, this resulted in high increases in the expense items. This
was particularly evident in personnel expenses due to the headcount
increase of 60 employees just as a result of the acquisitions. Personnel
expenses rose by 20% from EUR 10.0 million to EUR 12.1 million in the first
quarter of 2013.
As part of our growing new business and our international expansion, we
significantly increased distribution costs, causing selling and
administrative expenses to climb 27% to EUR 8.9 million after EUR 7.0
million in the first quarter of 2012. Overall, the operating result in the
first quarter of 2013 amounted to EUR 16.2 million, exceeding the previous
year's figure of EUR 13.1 million by 24%.
In February2013, we increased the share capital of GRENKELEASING AG. By
strengthening the equity base in this way, we broadened our scope for
future growth. The equity ratio accordingly rose from 14.9% as at the end
of the 2012 financial year to 16.5% as at the reporting date, and was thus
back above our long-term target of at least 16%.
These results were achieved with 780 employees as against 630 in Q1-2012
(full-time employees not including the Board of Directors).
'The first quarter of 2013 saw a very positive performance. We once again
benefited from our high-margin new business in the past quarters, which is
successively flowing in the income statement over the term of the
contracts. In addition, the increase in losses was comparatively low and
the other earnings components also made a positive contribution. Expenses
developed in line with planning. Overall, the GRENKE Consolidated Group's
net profit climbed by 22% to EUR 11.5 million. We increased new business in
the GRENKE Group by 15% to EUR 275.6 million. As such, we are in line with
our planning and are reiterating our forecasts of growth in new business in
the GRENKE Group of between 13% and 16% and net profit of the GRENKE
Consolidated Group in a range between EUR 44 million and EUR 48 million for
the 2013 financial year,' comments Wolfgang Grenke, Chairman of the Board
of Directors of GRENKELEASING AG, on the result.
'As part of our expansion strategy, we will continue to work intensively on
our regional coverage and the diversification of our financial solutions.
Consolidating our network, tapping new markets and expanding our product
range further will contribute to this. In February, we secured our growth
with additional equity. In doing so, we met with a very positive response
and were able to place around 1 million new shares and generate a net cash
inflow of close to EUR 54 million within just a few hours. The book was
oversubscribed several times over,' explains Jörg Eicker, CFO of
GRENKELEASING AG.
The full Quarterly Financial Report as per March 31, 2013 can be accessed
on the Internet at www.grenke.de INVESTOR RELATIONS - Financial Reports -
Financial Reports 2013.
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 800 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 AGNeuer Markt 2
76532 Baden-Baden
Germany
Phone: +49 (0)7221 50 07-204
Fax: +49 (0)7221 50 07-4218
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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208479 25.04.2013
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