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 --------------------------------------------------------------------- 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 --------------------------------------------------------------------- 26.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory 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 07-112 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 --------------------------------------------------------------------- 166700 26.04.2012
DGAP-News: GRENKELEASING AG: Systematic focus on growth reflected in rising earnings - Quarterly Financial Report as per March 31, 2012
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