- WKN: A161N3
- ISIN: DE000A161N30
- Land: Deutschland
Nachricht vom 12.05.2022 | 07:02
GRENKE AG: GRENKE raises net profit to EUR 20.5 million in the first quarter of 2022
DGAP-News: GRENKE AG
/ Key word(s): Quarterly / Interim Statement
- GRENKE’s net profit in the first quarter of 2022 increases by 46.8% year-on-year to EUR 20.5 million (Q1 2021: EUR 14.0 million)
- Expenses for settlement of claims and risk provision improve to EUR 31.6 million (Q1 2021: EUR 44.6 million)
- Loss rate of 1.4% is at the lower end of the guidance range (1.4 – 1.7%)
Baden-Baden, May 12, 2022: GRENKE AG, a global financing partner for small and medium-sized enterprises, generated net profit of EUR 20.5 million in the first quarter of 2022 (Q1 2021: EUR 14.0 million), corresponding to an increase of 46.8% compared to the first quarter of 2021.
"With these results, we are fully back on our growth trajectory and on track to achieve our full-year guidance for 2022, with a net profit forecast of EUR 75 to 85 million," said Michael Bücker, Chair of the Board of Directors of GRENKE AG, in his comments on the business performance in the first quarter of 2022. Chief Financial Officer, Dr Sebastian Hirsch, added: "All indicators show that we have put the low point behind us and can expand our new business as planned."
The stable payment behaviour of customers had a positive effect in the first quarter of 2022, which enabled us to reduce our expenses for settlement of claims and risk provision by 29.2%, from EUR 44.6 million in the same prior-year quarter to EUR 31.6 million in the reporting quarter. The resulting loss rate in the first quarter of 2022 was 1.4% (Q1 2021: 2.0%), and at the lower end of our guidance range of 1.4% to 1.7%.
GRENKE Group's total assets amounted to EUR 6.5 billion as of the March 31, 2022 reporting date (December 31, 2021: EUR 6.7 billion), mainly as a result of a targeted reduction in liquidity. The largest balance sheet item – non-current and current lease receivables – was unchanged as of the reporting date, amounting to EUR 5.1 billion (December 31, 2021: EUR 5.1 billion). Liquidity in the form of cash and cash equivalents amounted to EUR 0.7 billion as of March 31, 2022 (December 31, 2021: EUR 0.9 billion; March 31, 2021: EUR 1.1 billion). The equity ratio was 19.7% and continued to exceed our self-set target of a minimum of 16%.
The Company will provide more information on its strategy at tomorrow's "Capital Markets Update", which will be held virtually, in English, starting at 10:30 a.m. (CEST).
The following link will direct you to the invitation: https://www.grenke.com/investor-relations/capital-markets-update/.
The quarterly statement for the first quarter of 2022 is available online at www.grenke.com/investor-relations/reports-and-presentations.
Overview of key figures (in EUR millions)
The GRENKE Group (GRENKE) is a global financing partner for small and medium-sized companies. As a one-stop shop for customers, GRENKE’s products range from flexible small-ticket leasing and demand-driven bank products to convenient factoring. Fast and easy processing and personal contact with customers and partners are at the centre of GRENKE’s activities.
Founded in 1978 in Baden-Baden, the Consolidated Group operates in 33 countries and employs more than 1,800 staff (full-time equivalents) worldwide. GRENKE shares are listed on the Frankfurt Stock Exchange (ISIN DE000A161N30).
|Neuer Markt 2|
|Phone:||+49 (0)7221 50 07-204|
|Fax:||+49 (0)7221 50 07-4218|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1350275|
|End of News||DGAP News Service|
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