04.04.2016
GRENKELEASING AG DE000A161N30
DGAP-News: GRENKELEASING AG: Successful start in the new fiscal year - positive new business development at GRENKE
DGAP-News: GRENKELEASING AG / Key word(s): Miscellaneous
GRENKELEASING AG: Successful start in the new fiscal year - positive new
business development at GRENKE
04.04.2016 / 07:18
The issuer is solely responsible for the content of this announcement.
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Successful start in the new fiscal year - positive new business development
at GRENKE
- GRENKE Group Leasing's new business amounted to EUR 363.7 million in
the first quarter of 2016 - a year-on-year increase of 19.3%
- GRENKE Group Factoring's new business reached EUR 76.3 million in the
first quarter of 2016 - a year-on-year increase of 16.3%
- GRENKE Bank's business start-up financing attained a level of EUR 5.0
million in the first quarter of 2016 - a year-on-year increase of 27.6%
Baden-Baden, April 4, 2016: In the first quarter of 2016, the new business
volume of GRENKE Group Leasing (including franchise partners) - i.e. the
total acquisition cost of newly purchased leased assets - amounted to EUR
363.7 million (Q1-2015: EUR 304.8 million), corresponding to a rise of
19.3%. As a result, we met our growth forecast of 16 - 20%. GRENKE Group
Factoring's new business (including franchise partners) - i.e. the total of
purchased receivables - in the first quarter of 2016 amounted to EUR 76.3
million (Q1-2015: EUR 65.6 million). This is equivalent to a 16.3%
increase. GRENKE Group's new business volume (including franchise partners)
reached EUR 445.0 million (Q1-2015: EUR 374.3 million), corresponding to
growth of 18.9%.
The contribution margin 2 of the Leasing segment's new business amounted to
EUR 61.9 million in the first quarter of 2016, which is equivalent to a CM2
margin for the Leasing segment of 17.0% (Q1-2015: EUR 58.9 million and
19.3%, respectively). The CM1 margin (contribution margin 1 at acquisition
values) of the Leasing segment amounted to 13.1% in the first quarter of
2016 for a total of EUR 47.6 million (Q1-2015: 14.2% and EUR 43.3 million,
respectively).
The perceived decline in the margin can be traced back to two budgeted
effects: The first, with respect to the CM1 margin, stems from the strategy
to increase new business volumes in the leasing segment rather than target
higher margins - a strategy that positively yielded year-on-year new
business growth of 25.2% in the second half of 2015 and 19.3% in the first
quarter of 2016. The second is the change in the calculation method in the
second half-year 2015 for the CM2 margin for forecasting follow-up business
related to new business in order to align with the growing share of new
business acquired internationally and to forecast the follow-up business
outside of our home market and accommodate levels not equal to those in
Germany.
An isolated comparison of the margins in Q4-2015 (CM1: 13.0% and CM2:
17.0%) and the first quarter of 2016 (CM1: 13.1% and CM2: 17.0%) shows the
margins' steady development.
The international share of GRENKE Group's new business amounted to 73.0% in
the first quarter of 2016 compared to 72.9% in the previous year's period.
Our Leasing segment's new business in our home market of Germany achieved
another double-digit increase (12.1%). The growth trend in our core market
of France (18.6%) and the important Italian market (44.3%) persisted
allowing us to expand our position.
We also continued to forge ahead with our international growth in the first
quarter of 2016 by opening a branch office in Oulu (Finland) as part of our
cell division strategy. This brings our number of locations outside of
Germany to a total of 86.
In the first quarter of 2016, GRENKE Group recorded 101,621 lease
applications (84,281 thereof were international), which generated 43,228
new lease contracts (34,783 thereof were international). The mean term per
lease contract amounted to EUR 8,414 and, although moderately higher than
its level in the previous year (Q1-2015: EUR 8,167), was still at a low
level that is customary for our business.
The conversion rate (applications into contracts) in the GRENKE Group
(Leasing segment) for the first quarter of 2016 totalled 43%. The
conversion rate in our international markets was 41%, which was lower than
the rate in the German market (49%).
In the Factoring segment, we achieved a 16.3% rise in new business volume.
The income margin on the new business volume in Germany of EUR 33.2 million
remained at a high level of 2.01% (Q1-2015: 2.15%). The income margin in
our international markets on new business volume of EUR 43.0 million
remained at the level of the second half of 2015 and equalled 1.34%
(Q1-2015. 1.59%). This margin relates to the average period for a factoring
transaction in Germany of approximately 29 days (Q1-2015: approx. 27 days)
and 38 days internationally (Q1-2015: approx. 35 days).
The development of GRENKE Bank's business start-up financing and
microcredit business was exceptionally favourable growing 27.6% in
comparison to the previous year's period and reaching a total volume of EUR
5.0 million.
All figures are stated in EUR million (previous year's figures have been
adjusted)
New business Q1-2016 Q1-2015 % change GRENKE Group leasing 363.7 304.8 19.3 - of which: International 274.5 225.9 21.5 - of which: Franchise international 7.4 5.8 26.3 - of which: Germany 81.9 73.0 12.1 Western Europe* (without Germany) 124.3 108.6 14.5 Southern Europe* 99.2 72.0 37.8 Northern/Eastern Europe* 53.5 45.9 16.4 Other regions* 4.9 5.2 -6.9 New business Q1-2016 Q1-2015 % change GRENKE Group factoring 76.3 65.6 16.3 - of which: Germany 33.2 24.6 35.1 - of which: International 32.2 32.5 -0.7 - of which: Franchise international 10.8 8.5 26.9 GRENKE Bank Q1-2016 Q1-2015 % change Deposits 363.7 288.9 25.9 New business start-up financing 5.0 4.0 27.6(including the microcredit business) Development of contribution margin 2 in EUR million (previous year's figures have been adjusted) Q1-2016 Q1-2015 % change GRENKE Group leasing 61.9 58.9 5.1 - of which: International 49.5 47.2 4.8 - of which: Franchise international 1.3 1.0 26.5 - of which: Germany 11.1 10.6 4.5 Western Europe* (without Germany) 21.9 21.9 -0.1 Southern Europe* 18.3 16.5 10.9 Northern/Eastern Europe* 9.7 8.9 8.7 Other regions* 0.9 0.9 -3.4*Regions: Western Europe (without Germany): Austria, Belgium, France, Luxembourg, The Netherlands, Switzerland Southern Europe: Croatia, Italy, Malta, Portugal, Slovenia, Spain Northern/Eastern Europe: Denmark, Finland, Ireland, Norway, Sweden, UK / Czech Republic, Hungary, Poland, Romania, Slovakia Other regions: Brazil, Canada, Chile, Dubai, Singapore, Turkey "We had a successful start in the 2016 fiscal year. With our leasing business growing 19% in the first quarter we are well within our guidance range of 16 - 20%. Despite the intense competition encountered in our home market of Germany, we were able to generate renewed double-digit growth in new business of 12%. The year started off very positively in our important markets of France, with 19% growth, and Italy, with 44% growth. GRENKE Bank also performed well. Since the start of the year, our business start-up financing and microcredit business have grown 28%. In continuing with our growing internationalisation, we opened an additional Northern European location in Oulu, Finland. Next to our 28 German locations, we now successfully operate 86 locations internationally", said Wolfgang GRENKE, Chairman of the Board of Directors of GRENKELEASING AG. "At the beginning of the 2016 fiscal year, we were able to further expand our strong basis for refinancing. We have secured our future growth by placing a bond in March with a volume of EUR 125 million, an interest coupon of 1.5% and a term of roughly 5 years. A key element of our growth is our regional development. GRENKE Bank plays an essential role in this area. The cooperation with Thüringer Aufbaubank that has been in place since 2012 to provide development loans, entered a new phase in the first quarter of 2016. Under what is already the fourth global loan from which over 1,900 sponsored lease contracts have been concluded to date, a further EUR 7.5 million has been made available to small- and medium-sized enterprises and self-employed professionals at favourable conditions", explained Jörg Eicker, Chief Financial Officer (CFO) of GRENKELEASING AG. The Company will publish its Quarterly Statement for the First Quarter of 2016 on April 28, 2016. Should you have any queries, please contact: GRENKELEASING AG Corporate Communications / Investor Relations Renate Hauss Neuer Markt 2 76532 Baden-Baden, Germany Tel.: +49 7221 5007-204 E-mail: [email protected] Internet: http://www.grenke.de 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 --------------------------------------------------------------------------- 04.04.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP 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 07-4218 E-mail: [email protected] 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 --------------------------------------------------------------------------- 450809 04.04.2016
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