GRENKE AG
GRENKELEASING AG: Foundation in place for a successful fiscal year – Consolidated Group net profit increases 22% to EUR 22.5 million
DGAP-News: GRENKELEASING AG / Key word(s): Quarterly / Interim Statement Foundation in place for a successful fiscal year – Consolidated Group net profit increases 22% to EUR 22.5 million – Net interest income in the first three months of 2016 climbs 16.4% to EUR 51.8 million (previous year: EUR 44.5 million) – Consolidated Group net profit in the first three months of 2016 climbs 22.4% to EUR 22.5 million compared to EUR 18.4 million in the previous year – Equity ratio at 17.2% as per the reporting date Baden-Baden, April 28, 2016: The high-margin new business in the recent quarters and the continued favourable interest rate environment contributed to the positive development of the first three months of 2016. Higher interest income from the financing business and lower interest expenses on refinancing led to a 16.4% rise in net interest income to EUR 51.8 million (Q1-2015: EUR 44.5 million). Expenses for the settlement of claims and risk provision increased at a comparatively slower rate in the first three months rising just 4.9% to EUR 15.7 million (Q1-2015: EUR 14.9 million). The loss rate in the first three months was below the previous year’s level. Net interest income after the settlement of claims and risk provision increased by 22.1% from EUR 29.5 million in the previous year’s period to EUR 36.1 million. Profit from insurance business increased 17.3% to EUR 13.2 million (Q1-2015: EUR 11.3 million). Profit from new business was 21.1% higher at EUR 14.3 million after EUR 11.8 million in the first three months of 2015. The income from operating business increased 19.2% from EUR 53.3 million in the previous year’s period to EUR 63.6 million. Expenses had a moderate rise in comparison to income growth during the first three months. The higher number of staff forced staff costs 13.6% higher to EUR 17.1 million in the first three months of 2016 compared to EUR 15.0 million in the previous year’s period. Selling and administrative expenses had a growth-related increase of 16.3% to EUR 13.4 million compared to EUR 11.5 million in the first three months of 2015. The operating result increased 22.2% to EUR 30.5 million after EUR 25.0 million in the first three months of 2015. The Consolidated Group’s net profit in the first three months climbed 22.4% to EUR 22.5 million (previous year: EUR 18.4 million). At 17.2%, the Consolidated Group’s equity ratio surpassed the prior year’s level (17.0%) and remained above our long-term target of a minimum of 16%.
This result was achieved by 975 employees compared to 895 employees in the first three months of 2015 (full-time equivalents, excluding the members of the Board of Directors and trainees). “We were able to extend the prior year’s growth trend uninterrupted into the first quarter. As part of our expansion strategy, we acquired the business of our former franchisee in Turkey. We are thoroughly pleased with the results generated in the first quarter. Based on our active and risk-oriented margin management, we had a comparatively lower rise in expenses for the settlement of claims and risk provision, which contributed to our net profit of EUR 22.5 million. We are optimistic as to what lies ahead in the further course of the year and fully reconfirm our 2016 forecast for net profit in the range of EUR 93 – 98 million”, commented Wolfgang Grenke, Chairman of the Board of Directors of GRENKELEASING AG. “The profit development in the first quarter of 2016 was strong thanks to our broad range of refinancing instruments, which is divided into the three categories of senior unsecured, asset-based and the option to obtain bank deposits at GRENKE Bank. As a result, our expenses from interest on refinancing decreased almost 11% to EUR 11.4 million. Because of our first-class reputation on the capital markets, all of our new issues in the reporting quarter were successfully placed in a short period of time”, explained Jörg Eicker, Chief Financial Officer (CFO) of GRENKELEASING AG. The complete Quarterly Statement for the First Quarter of 2016 is available at www.grenke.de/financialreports. Should you have any queries, please contact: GRENKELEASING AG The GRENKE Group The GRENKE Group is a broadly diversified provider of IT-based services in Small-Ticket-IT-Leasing, Factoring and Banking for small and medium-sized companies. In addition, the GRENKE Bank offers its classic online services also to private customers. 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 30 countries and employs more than 1100 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 on the Frankfurt Stock Exchange with the code GLJ, ISIN DE000A161N30. Information on the GRENKE Group and its products is available at http://www.grenke.de
2016-04-28 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
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@grenke.de | |
Internet: | www.grenke.de | |
ISIN: | DE000A161N30 | |
WKN: | A161N3 | |
Indices: | SDAX | |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart; Terminbörse EUREX | |
End of News | DGAP News Service |