DGAP-News: GRENKELEASING AG: Earnings strength remains high in the third quarter - consolidated net profit increases 16% to EUR 35.1 million
(firmenpresse) - DGAP-News: GRENKELEASING AG / Key word(s): Quarter Results
GRENKELEASING AG: Earnings strength remains high in the third quarter
- consolidated net profit increases 16% to EUR 35.1 million
24.10.2013 / 07:13
---------------------------------------------------------------------
Earnings strength remains high in the third quarter - consolidated net
profit increases 16% to EUR 35.1 million
- Net interest income rises 19% to EUR 96.4 million in the first nine
months of 2013 (previous year: EUR 81.0 million)
- Consolidated net profit amounts to EUR 35.1 million in the first nine
months of 2013, corresponding to growth of 16% as compared to EUR 30.2
million in the previous year
Baden-Baden, October 24, 2013: The earnings development in the first nine
months is right on schedule. GRENKE increased the income from operating
business by 20.4% in the first nine months of 2013. Additionally, the Group
benefited from very encouraging new business in the recent quarters and the
corresponding high contribution margins. Losses have also developed
favourably. The sharp rise in the second quarter receded again in the third
quarter so that the increase in losses for the nine-month period was below
average.
In the first nine months of 2013, net interest income improved 19.1% to EUR
96.4 million after EUR 81.0 million in the previous year. We continued to
benefit from the attractive contribution margins in the new business of the
past quarters. At the same time, overall refinancing expenses grew only
marginally as a result of the current low interest rate environment. In the
second quarter, refinancing expenses even declined since we were able to
utilise the favourable conditions on the capital markets, among others by
issuing a bond.
In the first nine months of 2013, expenses for the settlement of claims and
risk provision increased at the much lower rate of 13.1% and amounted to
EUR 36.8 million after EUR 32.5 million in the previous year. The loss rate
in the third quarter remained within our long-term target range. Net
interest income after settlement of claims and risk provision rose 23.1% to
EUR 59.6 million after EUR 48.4 million.
The profit from insurance business improved 17.5% in the first nine months
of 2013 to EUR 25.8 million (previous year: EUR 22.0 million). The profit
from new business rose 24.2% to EUR 32.0 million after EUR 25.8 million in
the prior year. The profit from disposals, which is volatile on a quarterly
basis, declined compared to the previous year and amounted to EUR 2.0
million compared to EUR 3.1 million in the first nine months of 2012. The
income from operating business expanded 20.4% over the previous year and
amounted to EUR 119.5 million after EUR 99.3 million in 2012.
The effects of the acquisitions of former franchise companies are still
reflected in the year-over-year increase in our expenses since these
companies were not included in the prior year's figures. Staff costs rose
22.1% to EUR 38.0 million after EUR 31.1 million in the previous year as a
result of increased headcount. Selling and administrative expenses grew
disproportionately by 33.2% to EUR 28.3 million after EUR 21.3 million in
the previous year as a result of GRENKE Group's on-going expansion.
GRENKE Consolidated Group's net profit increased 16.1% from EUR 30.2
million in the previous year to EUR 35.1 million. Earnings per share
amounted to EUR 2.42 after EUR 2.21 in the prior year.
The equity ratio of 16.8% continued to be above our long-term target of
16%. This solid equity base provides us with sufficient leeway for GRENKE
Consolidated Group's future growth.
These results were achieved by 808 employees compared to 656 employees in
the first nine months of 2012 (full-time equivalents; not including the
Board of Directors).
'Earnings development is right on schedule. In the first nine months of
2013, we increased the income from operating business by a total of 20%.
Our expenses also grew: First, and as expected, as a result of the
expansion the Group and second, due to the large acquisitions of former
franchise companies towards the end of the third quarter of 2012 and the
two smaller acquisitions in 2013. Nevertheless, in the nine-month period of
2013 we achieved 16% growth in the GRENKE Consolidated Group's net profit
to EUR 35.1 million. In the fourth quarter of 2013, the base effect of the
consolidations will further diminish. Thus, we are fully on track for our
full year guidance of achieving consolidated net profit in the range of EUR
44 - 48 million', commented Wolfgang Grenke, GRENKELEASING AG's Chairman of
the Board of Directors, with regard to the results.
'In September 2013, S&P confirmed GRENKE Group's good credit rating once
again. One highlight of S&P's rating was the assessment of our risk
position in particular.
This assessment was raised by one notch due to our excellent track record
in risk management and risk pricing even in years of crisis and also due to
our outperformance versus our competitors. This is underlined by the
lower-than-average increase in losses in 2013. We continue to remain within
the range of our long-term target corridor', explained Jörg Eicker, Chief
Financial Officer (CFO) of GRENKELEASING AG.
The full Financial Report for the 3rd Quarter and the First Nine Months
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
---------------------------------------------------------------------
24.10.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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
---------------------------------------------------------------------
235942 24.10.2013
Themen in dieser Pressemitteilung:
grenkeleasing-ag-earnings-strength-remains-high-in-the-third-quarter
consolidated-net-profit-increases-16-to-eur-35-1-million
Unternehmensinformation / Kurzprofil:
Datum: 24.10.2013 - 07:13 Uhr
Sprache: Deutsch
News-ID 308810
Anzahl Zeichen: 29010
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 342 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: GRENKELEASING AG: Earnings strength remains high in the third quarter - consolidated net profit increases 16% to EUR 35.1 million"
steht unter der journalistisch-redaktionellen Verantwortung von
GRENKELEASING AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
