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GRENKE AG: GRENKE AG presents its annual report for the year 2020

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DGAP-News: GRENKE AG / Key word(s): Annual Report
21.05.2021 / 06:59
The issuer is solely responsible for the content of this announcement.

GRENKE AG presents its annual report for the year 2020

- CEO Antje Leminsky: "Remarkable success in a difficult period"

- CFO Sebastian Hirsch: "A powerful validation of our value and profitability"

- Quarterly statement for Q1 2021 to be published on May 31, 2021

- Virtual Annual General Meeting to be held on July 29, 2021

Baden-Baden, May 21, 2021: GRENKE AG, a global financing partner for small and medium-sized enterprises, today published its annual report for the year 2020. The Company presented preliminary figures on April 30, 2021 followed by an announcement on May 17, 2021 that the auditing firm KPMG had issued an unqualified audit opinion for the annual and consolidated financial statements as of December 31, 2020.

"We have successfully concluded an exceptionally difficult 2020," says Antje Leminsky, Chair of the Board of Directors of GRENKE AG. "Not only did we withstand the strong headwinds from various directions, but now the prerequisites are in place to allow GRENKE to return to its growth mode."

At EUR 88.4 million (20191: EUR 133.3 million), GRENKE met its forecast of consolidated net profit in the upper double-digit millions published on February 26, 2021. This level of net profit corresponds to earnings per share of EUR 1.86 (20191: EUR 2.89). For the current financial year, GRENKE is forecasting net profit of EUR 50 million to EUR 70 million.

The Board of Directors and Supervisory Board propose a dividend payment for the 2020 financial year of EUR 0.26 per share (previous year: EUR 0.80). This level enables GRENKE AG to conserve its capital base and the flexibility to take advantage of future growth opportunities.

The extremely thorough audit of the financial statements by KPMG confirmed the value of GRENKE's business. At 16.3 percent, the equity ratio remained high and above the Company's self-imposed minimum target of 16 percent.

"The audited consolidated financial statements prove beyond a doubt the value and sustainability of our business. We are aware that we can and must improve in some areas, but we have successfully mastered an audit marathon and have already increased our level of transparency significantly," says Sebastian Hirsch, Chief Financial Officer of GRENKE AG, adding: "This gives us a good starting point for expanding our leading position as a provider of small-ticket leasing and as a partner for SMEs worldwide."

On May 31, 2021, GRENKE will report its business performance for the first quarter of 2021 and invite the media and investors to participate in a conference call as usual.

GRENKE has started the routine tender process for the appointment of the auditor for the 2021 financial year 2021. The result of this tender will be announced with the invitation to the ordinary Annual General Meeting, which will be held as a virtual meeting on July 29, 2021.

The GRENKE Group's Annual Report for the 2020 financial year is available at https://www.grenke.com/investor-relations/reports-and-presentations.

Overview of group figures according to IFRS (in EUR millions)

 

2020

20191
adjusted

2020 vs. 20191 adjusted
(∆ in %)

2019
as reported

Income statement

 

 

 

 

Jan. 1 - Dec. 31

 

 

 

 

Net interest income

407.1

381.5

6.7

368.9

Settlement of claims and risk provision

202.4

136.6

48.2

125.9

Net interest income settlement of claims and risk provision

204.7

244.9

-16.4

243.0

Income from operating business

360.3

399.7

-9.8

396.7

Staff costs

119.8

120.8

-0.9

115.8

Consulting and audit fees

27.2

14.9

62.4

14.0

Other costs and depreciation/impairment

88.3

97.3

-9.2

92.5

Operating result

125.1

166.7

-24.9

174.3

Earnings before taxes

115.2

162.8

-29.2

170.7

Net profit

88.4

133.3

-33.7

142.1

EPS in Euro

1.86

2.89

-35.6

2.92

 

 

 

 

 

Statement of financial position
as of Dec. 31

 

 

 

 

Assets

 

 

 

 

Cash and cash equivalents

944.7

446.0

111.8

434.4

Lease receivables

5,636.3

5,775.6

-2.4

5,645.9

Intangible assets

67.5

70.9

-4.8

144.5

Other assets

683.3

805.4

-15.0

922.7

Total assets

7,331.8

7,097.9

3.3

7,147.5

 

 

 

 

 

Liabilities

 

 

 

 

Financial liabilities

5,810.1

5,680.0

2.3

5,640.7

Other liabilities

328.6

274.7

19.7

258.0

Total equity

1,193.1

1,143.2

4.4

1,248.8

Total equity and liabilities

7,331.8

7,097.9

3.3

7,147.5

 

 

 

 

 

Equity ratio

16.3

16.1

1.2

17.5


Statement of cash flows

 

 

 

 

Jan. 1 - Dec. 31

 

 

 

 

Payments by lessees

2,318.7

2,080.2

11.5

1,973.5

Payments for refinancing

1,485.2

1,323.8

12.2

1,320.4

Proceeds from refinancing

1,123.5

2,153.0

-47.8

2,146.2

1All figures for 2019 in this press release have been adjusted in accordance with IAS 8.42 (including the consolidation of the franchise companies). See also the notes to the consolidated financial statements, chapter 2.3, pages 125 et al in the 2020 Annual Report.

For further information, please contact:

GRENKE AG

 

Team Investor Relations

Press contact
Stefan Wichmann
Executive Communications Consulting

Neuer Markt 2

Neuer Markt 2

76532 Baden-Baden

76532 Baden-Baden

Phone: +49 7221 5007-204

Mobile: +49 (0) 171 20 20 300

Email: investor@grenke.de

Email: presse@grenke.de

Internet: www.grenke.de

 

 

About GRENKE

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).


21.05.2021 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.
Archive at www.dgap.de

Language:

English

Company:

GRENKE 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

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1199150


 

End of News

DGAP News Service

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