DGAP-News: GRENKELEASING AG: Double-digit increase of operating income - consolidated net profit up 14% at EUR 22.4 million
(firmenpresse) - DGAP-News: GRENKELEASING AG / Key word(s): Half Year Results/Quarter
Results
GRENKELEASING AG: Double-digit increase of operating income -
consolidated net profit up 14% at EUR 22.4 million
25.07.2013 / 07:18
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Double-digit increase of operating income - consolidated net profit up 14%
at EUR 22.4 million
* Rise in net interest income of 21% in first half of 2013 to EUR 63.3
million (previous year: EUR 52.2 million)
* Consolidated net profit in first half of 2013 amounts to EUR 22.4 million
- an increase of 14% as against EUR 19.6 million in the previous year
* As of August 1, 2013, Antje Leminsky will assume the Board of Directors
responsibility for Information Technology (IT) as CIO (Chief Information
Officer)
Baden-Baden, July 25, 2013: In the first half of 2013, GRENKE continued the
positive development of the first quarter and again increased its earnings
strength. Net interest income improved by 21% in the first half of 2013 to
EUR 63.3 million after EUR 52.2 million in the previous year. As before,
this shows the attractive contribution margins from new business in past
quarters. At the same time, the refinancing costs are increasing only
marginally overall due to the currently low interest rate environment. They
even declined slightly in the second quarter because we made use of the
advantageous capital market conditions by issuing a bond, among others.
In the first half of 2013, expenses from the settlement of claims and risk
provision increased 15% to EUR 24.7 million after EUR 21.5 million in the
previous year. In the second quarter of 2013, expenses for the settlement
of claims increased disproportionately, while the loss rate was only
marginally higher than in the same quarter of the previous year. Net
interest income after settlement of claims and risk provision rose by 26%
to EUR 38.6 million after EUR 30.7 million. On a quarterly basis these tend
to be volatile which is typical for our type of business. In light of the
difficult economic situation of several European countries, this
development is in line with expectations. Accordingly, we had successively
raised our contribution margins in the new business over the past quarters
as part of our risk control.
Profit from insurance business increased 20% to EUR 16.6 million in the
first half of 2013 (previous year: EUR 13.9 million). Profit from new
business rose by 21% to EUR 21.4 million after EUR 17.7 million. Profit
from disposals, which is very volatile from quarter to quarter, remained
below the previous year's figure, amounting to EUR 1.3 million as against
EUR 2.2 million in the first half of 2012. Overall, operating income
therefore increased by 21% to EUR 78.0 million after EUR 64.5 million in
the previous year. The operating result increased by 13% to EUR 31.2
million after EUR 27.7 million in the previous year.
We are currently reporting high rates of increase on the cost side This is
partially due to a base effect, caused by the acquisitions of former
franchise companies in the third quarter of 2012 and the two smaller
acquisitions in Finland and Slovakia - as of the end of June 2013 - which
are not included in the figures for the previous year. This was
particularly evident in staff costs, among others. Because of the headcount
increase, these grew by 23% to EUR 24.9 million after EUR 20.2 million in
the previous year.
As part of our growing new business and our international expansion, we
increased our selling expenses. Accordingly, selling and administrative
expenses increased disproportionately by 30% to EUR 18.6 million in the
first half of 2013 after EUR 14.3 million in the previous year. The GRENKE
Consolidated Group's net profit climbed by 14% to EUR 22.4 million in
comparison to EUR 19.6 million in the previous year. Earnings per share
amounted to EUR 1.55 after EUR 1.43 in the previous year.
The equity ratio increased to 16.6% as per reporting date. It is therefore
above our long-term target of at least 16%. With this equity base, we have
enough scope for the future growth of the GRENKE Group.
This result was achieved by 792 employees as compared to 639 in the first
half of 2012 (full-time employees not including the Board of Directors).
Mrs Leminsky, who initially joined the company as Representative of the
Board on August 1, 2012, will assume Board of Directors responsibility for
IT as CIO as of August 1, 2013. The Supervisory Board appointed her as the
Deputy Chairman of the Board of Directors at the same time.
IT, which was previously managed by Chairman of the Board of Directors and
founder Wolfgang Grenke himself, is of strategic importance for the GRENKE
Group. The GRENKE Group's business model is based on the highest possible
efficiency and reliability. Standardisation, comprehensive IT-based
automation, and speed are major unique selling points and represent key
barriers to entering our market.
Mrs Leminsky has great experience in the field of IT, which she has
acquired in various management functions, including at Hamburg-based OTTO
GmbH&Co KG, where she was a member of the IT unit management (Group
Technology Partner).
'For the future expansion of the GRENKE Group, we have opened new locations
and made preparations for further openings, including our market entry in
Canada in the second half of the year. In 2013, net interest income is
likely to benefit again primarily from the high growth of previous years.
However, expenses may result from the current increased loss rate. In
addition, we are investing in our expansion with intensified sales efforts,
acquisitions of former franchise companies and through a high frequency of
cell divisions. We remain by our forecasts of generating profit of between
EUR 44 million and EUR 48 million for the GRENKE Group in the 2013
financial year,' said Wolfgang Grenke, Chairman of the Board of Directors
of GRENKELEASING AG, of the result.
'In the course of the new business growth, we will continue to work
intensively on our regional expansion and the diversification of our
financial solutions. The financing of our growth strategy is well secured.
Following the successful capital increase in the first quarter of 2013, in
the second quarter we most notably placed a EUR 100 million bond at
attractive conditions within a short space of time. In addition, the low
interest rate environment at present is contributing positively to the
earnings performance, which we are using consistently with our good
reputation on the capital market. Accordingly, there was a double-digit
increase in operating income overall,' explained Jörg Eicker, CFO of
GRENKELEASING AG.
The full Financial Report for the 2nd Quarter and Half-Year 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 26 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 AG
Neuer 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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Datum: 25.07.2013 - 07:18 Uhr
Sprache: Deutsch
News-ID 281612
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