DGAP-News: GRENKELEASING AG / Key word(s): Quarter Results
GRENKELEASING AG: Systematic focus on growth reflected in rising
earnings - Quarterly Financial Report as per March 31, 2012
26.04.2012 / 07:27
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Systematic focus on growth reflected in rising earnings - Quarterly
Financial Report as per March 31, 2012
* Rise in net interest income of 14% in first quarter of 2012 to EUR 25.2
million (previous year: EUR 22.2 million)
* Consolidated net profits of EUR 9.4 million in first quarter of 2012 - up
12% year-on-year from EUR 8.4 million
* Equity ratio based on financing volume of 18.7% - stable as against end
of 2011 and still well above target of 16%
Baden-Baden, April 26, 2012: Our systematic focus on growth is reflected in
our rising earnings and we can again report increasing contributions from
almost all earnings components for the first quarter of 2012. Net interest
income increased by 14% in the first quarter of 2012 to EUR 25.2 million
after EUR 22.2 million in the same quarter of the previous year. The growth
in earnings is essentially due to the strong increase in new business from
2010.
The strong growth in previous years, particularly on our international
markets, has also resulted in higher costs for the settlement of claims and
risk provisioning. This figure amounted to EUR 10.6 million in the first
quarter of 2012 as against EUR 8.1 million in the same quarter of the
previous year. The loss rate was up within the normal range of fluctuation
for a year. After settlement of claims and risk provisioning, net interest
income rose by 5% in the first quarter of 2012 to EUR 14.6 million after
EUR 14.0 million in the same period of the previous year.
The profit from insurance business increased by 16% to EUR 6.6 million in
the first quarter of 2012 (previous year: EUR 5.7 million). Profit from new
business rose by 14% to EUR 8.4 million after EUR 7.4 million. In the first
quarter of 2012, the profit from disposals, which often fluctuates
significantly from quarter to quarter, was up 12% on the previous year's
level at EUR 1.4 million (previous year: EUR 1.2 million).
Total operating income increased by 10% to EUR 31.1 million after EUR 28.4
million in the same quarter of the previous year.
Key items of operating expenses, particularly staff costs, reflected the
strong growth of the GRENKE Consolidated Group. Selling and administrative
expenses declined slightly from EUR 7.3 million in the same quarter of the
previous year to EUR 7.0 million in the first quarter of 2012. The rise in
other operating expenses was well below average.
Overall, the operating result in the first quarter of 2012 rose by 16% in
line with planning to EUR 13.1 million after EUR 11.3 million in the
previous year. The increase in other interest expenses resulted from the
early issue of a bond in January 2012. Since the capital markets were in
good shape at the beginning of the year, as a precautionary measure, we
used this opportunity to issue a bond, although this was not yet necessary
from a liquidity point of view
The equity ratio based on our financing volume of 18.7% was virtually on
par with the level as at the end of 2011 (18.8%) and therefore still well
above our target of 16%.
These results were achieved with 630 employees as against 556 in
Q1-2011(full-time employees not including the Board of Directors).
'The first quarter of 2012 brought the GRENKE Group a 24.5% increase in new
business to EUR 238.9 million after EUR 191.9 million in the same period of
the previous year. This was accompanied by our announcement that our
consistent focus on growth would quickly be reflected in rising earnings.
And in fact we can again report an increase in contributions in almost all
earnings components. The GRENKE Group is therefore also fully on track in
terms of its profit development for fiscal 2012. We are maintaining our
forecast that the GRENKE Group's profit will further improve significantly
in the current fiscal year and reach a level of between EUR 41 million and
EUR 44 million,' said Wolfgang Grenke, Chairman of the Board of Directors
of GRENKELEASING AG, of these results.
'We will systematically continue our expansion over the rest of the year
and continue to focus on those regional target markets that offer growth
prospects and an appropriate risk-reward ratio. The GRENKE Consolidated
Group's solid financial position is an essential cornerstone of our success
which we intend to maintain in full. At 18.7%, the equity ratio based on
our financing volume was well above our target of 16% in the first quarter
of 2012 as well,' added Dr. Uwe Hack, Deputy Chairman of the Board
GRENKELEASING AG.
The full Quarterly Financial Report as per March 31, 2012 can be accessed
on the Internet at www.grenke.de - INVESTOR RELATIONS - Financial Reports -
Financial Reports 2012.
Should you have any queries, please contact:
Renate Hauss
Phone: +49 7221 5007-204
Fax: +49 7221 5007-4218
E-mail: investor@grenke.de
Internet http://www.grenke.de; http://www.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 24 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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26.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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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@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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166700 26.04.2012
DGAP-News: GRENKELEASING AG: Systematic focus on growth reflected in rising earnings - Quarterly Financial Report as per March 31, 2012
| Source: EQS Group AG