DGAP-News: GRENKELEASING AG: New Business 9-Months 2008

GRENKELEASING AG / Miscellaneous/Miscellaneous

02.10.2008

Release 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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- Increase in new business of the GRENKE Group by 15.9 %
- Contribution Margin 2 of new business of the GRENKE Group reaches EUR
60.6 million (up 25.4 % yoy)

Baden-Baden, October 2, 2008: In the first nine months of 2008 GRENKE Group
(incl. franchise partners) generated a volume of new business i.e. the
sum total of acquisition costs of newly purchased leasing assets and
factoring volume amounting to EUR 433.8 million (9-months 2007: EUR 374,3
million).

The level of 15.9 % in new business growth of the GRENKE Group, including
its franchise partners, was accounted for by a substantial increase of 21.4
% in the third quarter of 2008 (19 % in the second quarter and 7.2 % in the
first quarter, year-on-year in each case), continuing the growth momentum
in our new business operations. For fiscal 2008 as a whole, we therefore
anticipate a growth of new business of approx. 15 %.

Foreign business remains the primary growth driver, with 37.8 % in growth,
as well as the ongoing expansion of our franchise activities.

New business volumes in EUR million<pre>

9-months 9-months
2008 2007 % change
GRENKE Group including franchise
partners 433.8 374.3 15.9
- of which: Germany 229.5 226.1 1.5
- of which: International 204.3 148.3 37.8
GRENKE Group leasing business* 394.0 340.5 15.7
Franchise partners** 62.8 69.0 -8.9
- of which Factoring business
(Germany) 39.8 33.8 17.8</pre>

* excl. factoring

** The new business acquired in the United Kingdom and Poland will not be
included in the volume of the franchise partners from 2008 since we took
over the franchise partners in the UK and Poland in January 2008.

Growth of new business of the GRENKE Group international at 37.8 %
year-on-year, and the substantial increase in contribution margin 2 (CM2),
up by 52.2 % reflects a highly gratifying development in terms of
profitability. The international business contributed a share of 47.1 %
(previous year: 39.6 %**) to the new business of the GRENKE Group. Despite
the seasonal factors inherent in the summer months, the largest foreign
market, France, continued to show stable growth of 23.4 % in the third
quarter.

The ongoing robust growth in Italy has caused us to intensify our cell
division process. In addition to Milan and Genoa, we will open our third
branch in Bologna in November.

Thanks to the positive growth of new business in our foreign markets, UK
and Poland, we plan to launch the initial cell divisions there next year in
order to strengthen our degree of market penetration in those countries.

Our other, still relatively young markets are showing above-average
performance and are increasingly reaching volumes of relevance.

New business from leasing by foreign markets in EUR million<pre>

9-months 2008 9-months 2007 % change
France 93.1 75.4 23.4
Switzerland 12.8 11.4 12.6
Italy 22.6 11.4 98.7
Spain (incl. franchise Madrid) 12.9 8.8 46.5United Kingdom 15.0 8.7 72.8
Poland 10.0 8.7 14.6</pre>

The CM1 margin of the GRENKE Groups leasing operations (contribution
margin 1 at acquisition values), at 10.6 % in the nine months of 2008,
exceeded our target margin of 10%, reaching a value of EUR 41.9 million
(9-months 2007: EUR 34 million comparative figure for leasing
operations). The CM1 margin achieved and the level of growth year-on-year
reflect quite a positive trend against the background of rising funding
costs.

The corresponding CM2 amounts to EUR 59.6 million, likewise up by a
gratifying 25.0 % year-on-year (9-months 2007: EUR 47.7 million). In
particular, the CM2 trend of foreign operations, with an increase of 52.2
%, shows that the anticipated easing of the competitive situation has
indeed occurred. This is where our focus on contribution margin growth and
management of new business according to profitability aspects has certainly
paid off.

Development of contribution margin 2 (CM2) in EUR million<pre>

9-months 9-months
2008 2007 % change
GRENKE Group including franchise
partners 60.6 48.3 25.4
- of which: Germany 28.1 26.9 4.2
- of which: International 32.5 21.3 52.2
GRENKE Group leasing business* 59.6 47.7 25.0
Franchise business** 4.4 4.3 3.7
France 14.6 10.7 36.5
Switzerland 2.7 2.4 10.1
Italy 3.3 1.6 103.4
Spain (incl. franchise Madrid) 2.1 1.1 95.0
United Kingdom 2.2 1.1 98.8
Poland 1.1 0.9 17.6</pre>

* exkl. Factoring

** Contribution margin 2 of the United Kingdom and Poland will no longer be
included in CM2 of the franchise partners from 2008 since we took over the
franchise partners in the UK and Poland in January 2008.

The profit margin in relation to the factoring volume of EUR 39.8 million
amounted to 2.1 % (9-months 2007: 2.3 %). This margin relates to the
average period of a factoring transaction, amounting to approx. 32 days
(9-Months 2007: approx 40 days).

In the first nine months of 2008 GRENKE Group recorded a total of 105,440
leasing inquiries (ex Germany 57,076) and of which 50,961 new leasing
contracts (ex Germany 26,973) were generated. The average value per
contract concluded came to approx. EUR 7,732 and is unchanged compared to
the previous year (9-months 2007: EUR 7,726 comparative figure adjusted
accordingly).

The company will publish its detailed Quartely Financial Report as per
September 30, 2008 on October 27, 2008.

Should you have any queries, please contact:

Renate Hauss
Tel.: 0049-7221/5007-204
Fax: 0049-7221/5007-112
Email: investor@grenke.de
Internet: http://www.grenke.de

'Growth and profitability of new business saw very positive development and
were ahead of schedule in the third quarter, regardless the seasonal nature
of the summer months. Growth of CM2 continued in the third quarter; in
particular, the CM2 trend in foreign operations, with an increase of 52.2
%, shows that the anticipated relaxation in the competitive situation has
materialised. Due to the positive new business development of the GRENKE
Group in the third quarter, we anticipate a growth of new business of
approx. 15 % for fiscal 2008. We continue to invest in expanding our
European market leadership and will reinforce the level of market
penetration in individual countries.', said Dr. Uwe Hack, Deputy Chairman
of the Executive Board of GRENKELEASING AG, in explaining the figures.

He added, 'In the course of the credit crisis, the banks' equity resources
and their possibility of granting credits suffered. With an equity ratio of
17.6 % (as per June 30, 2008) GRENKELEASING is capitalised above average,
and we will take the opportunities that may arise in this context. During
times of dimmer economic development, companies need to count on more
unfavourable lending terms and conditions and search for alternatives to
banking finance. As part of a market study conducted by the German
Association of Leasing Organisations (BDL), it was shown that leasing is
the preferred form of investment finance in Germany, well ahead of credit,
hire-purchase and renting.'

The GRENKE Group (incl. franchise partners) now operates in twenty European
countries.

The GRENKELEASING AG Group (excluding franchise partners) is represented in
20 German cities. In addition to eight branches in France, three in
Switzerland and two in Italy, the enterprise operates with subsidiaries in
Austria, Czechia, Spain, the Netherlands, Denmark, Sweden, Ireland, United
Kingdom, Poland and Belgium.

In the Norway, Hungary, Romania, Spain (Madrid), Portugal, Slovakia and
Finland as well as in Germany in the field of car leasing and factoring,
GRENKELEASING has a franchise system in place.

GRENKELEASING offers contracts predominantly in the field of small-ticket
IT leasing for such products as PCs, notebooks, copiers, printers or
software of a relatively low asset value.

GRENKELEASING AG shares are listed at Frankfurt Stock Exchange (SDAX) with
the code GLJ, ISIN DE0005865901.

Information on the company and its products is available on the Internet
under http://www.grenke.de.
DGAP 02.10.2008
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Language: English
Issuer: GRENKELEASING AG
Neuer Markt 2
76532 Baden-Baden
Deutschland
Phone: +49 (0)7221 50 07-204
Fax: +49 (0)7221 50 07-112
E-mail: investor@grenke.de
Internet: www.grenke.de
ISIN: DE0005865901
WKN: 586590
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Düsseldorf, Hamburg
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