04.10.2021 GRENKE AG  DE000A161N30

DGAP-News: GRENKE AG: GRENKE AG: New leasing business in the third quarter adversely affected by supply bottlenecks; increased momentum expected in the fourth quarter; guidance for 2021 adjusted


 

DGAP-News: GRENKE AG / Key word(s): Change in Forecast/Miscellaneous
GRENKE AG: GRENKE AG: New leasing business in the third quarter adversely affected by supply bottlenecks; increased momentum expected in the fourth quarter; guidance for 2021 adjusted

04.10.2021 / 20:31
The issuer is solely responsible for the content of this announcement.


GRENKE AG: New leasing business in the third quarter adversely affected by supply bottlenecks; increased momentum expected in the fourth quarter; guidance for 2021 adjusted

- New leasing business in Q3 2021 declines year-on-year to EUR 372.2 million (Q3 2020: EUR 517.6 million)

- CM2 margin in Q3 2021 at 17.1% (Q3 2020: 18.4%)

- Guidance for new leasing business in 2021 adjusted to EUR 1.5 billion to EUR 1.7 billion (previously EUR 1.7 billion to EUR 2.0 billion); forecast for net profit in 2021 remains at EUR 60 million to EUR 80 million

- Successful increase in bond of EUR 125 million placed

- GRENKE BANK AG accredited as selected partner for the German Federal Government's Microcredit Fund for the third consecutive time

- Previously announced change in the Board of Directors of GRENKE BANK AG completed with appointment of Dr Oliver Recklies as of October 1, 2021

Baden-Baden, October 4, 2021: GRENKE AG, a global financing partner for small and medium-sized enterprises, achieved new leasing business of EUR 372.2 million in the third quarter of 2021 (Q3 2020: EUR 517.6 million). Global supply bottlenecks, specifically at manufacturers of computer and office equipment, were the cause of the weaker year-on-year new leasing business. The contribution margin 2 declined slightly in the third quarter due to refinancing costs and amounted to 17.1% (Q3 2020: 18.4%). New business volume is the total acquisition cost of all newly purchased leased assets.

Guidance adjusted

As a result of the current developments, the Company has adjusted its guidance for new leasing business in the current financial year to EUR 1.5 billion to EUR 1.7 billion (previously EUR 1.7 billion to EUR 2.0 billion). The forecast for net profit in the current financial year remains unchanged at EUR 60 million to EUR 80 million.

GRENKE's chair of the Board of Directors, Michael Bücker: " Following my first few weeks at GRENKE AG, I am convinced of its potential as a backbone for financing SMEs." In addition, GRENKE BANK AG has been accredited as a partner bank of the German Federal Government's Microcredit Fund for the third consecutive time. In his comments, Michael Bücker stated: "Building on this strong starting position, we intend to accelerate our business in the fourth quarter of 2021 and, therefore, have launched a sales campaign." Dr Sebastian Hirsch, Chief Financial Officer of GRENKE AG, added: "With the successful increase in our latest issued bond, we have proven our refinancing ability on the capital market, laying the foundation for additional new business in the upcoming year."

Regional development of new business

The decline in new business can be observed in all regions - albeit to varying degrees. The strongest decline of 39.9% was recorded in the Southern Europe region. New business in the DACH region declined by 22.8%, while Northern and Eastern Europe showed a decline of 25.5%, with other regions reporting the smallest drop of 19.7%. A decline of 24.8% was experienced in the Western Europe region without DACH.

Development of the percentage contribution margin

The contribution margin 2 (CM2) of the new leasing business amounted to EUR 63.6 million in the third quarter of the current financial year (Q3 2020: EUR 95.2 million). The CM2 margin was 17.1% (Q3 2020: 18.4%). The CM1 margin in the reporting quarter stood at 10.9% compared to 12.7% in the same quarter of the previous year. The CM2 margin as well as the underlying CM1 margin were primarily impacted by increased refinancing costs. Going forward, GRENKE expects refinancing costs to decrease again, leading to a return to rising contribution margins.

Development of contribution margins

The contribution margin 2 declined across all regions in line with new business development. The strongest decline in contribution margin 2 of 40.6% was recorded in the Southern Europe region. In the DACH region and in Western Europe excluding DACH, the contribution margin declined by 34.3% and 31.3%, respectively. The other regions and Northern and Eastern Europe were the least affected with declines of 23.2% and 26.5%, respectively.

Contribution margin 1 recorded a decrease of 38.7% to EUR 40.4 million (Q3 2020: EUR 65.9 million), with the CM1 margin falling from 12.7% in Q3 2020 to 10.9% in Q3 2021.

The GRENKE Group received a total of 100,416 lease applications in the third quarter of 2021. Of the total, 22,339 applications originated in the DACH region and 78,077 applications in international markets. At the Consolidated Group level, 48,724 new lease contracts were concluded from these applications, corresponding to a conversion rate of 49%.

With a purchased receivables volume of EUR 178.5 million, GRENKE Group Factoring's new business recorded a favourable increase of 15.6% compared to the same period in the previous year (Q3 2020: EUR 154.4 million).

GRENKE BANK's new SME lending business amounted to a mere EUR 0.9 million in the third quarter of 2021 due to the discontinuation of the lending business (Q3 2020: EUR 32.1 million). With a deposit volume of EUR 1,521.3 million as of September 30, 2021 (September 30, 2020: EUR 1,300.0 million), GRENKE BANK's deposit business continues to be an important pillar of the Consolidated Group's refinancing.

Successful bond increase of EUR 125 million

On September 9, 2021, the GRENKE Group increased an existing bond (ISIN: XS2155486942) by a further EUR 125 million, further strengthening its liquidity base for the continued development of new business. The high order book demand of over EUR 230 million confirmed the capital market's confidence in GRENKE. The issue yield is approximately 2.5%. The bonds totalling EUR 125 million will trade under the code ISIN XS2386650191 until October 25, 2021. Subsequently, they will merge into the existing quotation under ISIN XS2155486942.

German Federal Government again awards GRENKE contract for Microcredit Fund Germany

GRENKE BANK has once again been awarded the Microcredit Fund Germany of the German Federal Government, under the direction of the German Federal Ministry of Labour and Social Affairs. Following the launch in 2015 and the extension three years later, this is the third time that GRENKE has assumed the role of lender of government microcredit loans of up to EUR 25,000 for micro, small and medium-sized enterprises (SMEs). In the past six years since its launch, the microcredit fund has helped a total of 1,703 micro-enterprises and SMEs to set up or expand their business with 4,656 loans with a volume of more than EUR 120 million.

New member of the Board of Directors of GRENKE BANK

As already announced by the Company on June 29, 2021, the second position on the Board of Directors of GRENKE BANK AG has been newly filled in the meantime. On October 1, 2021, Dr Oliver Recklies (51) took office as a member of the Board of Directors of GRENKE BANK AG where, as the successor to Sven Noppes (45), he will be responsible for the back office. Dr Recklies holds a degree in banking and business administration and was responsible for back office, finance, risk management and controlling in his previous positions at various cooperative banks. Most recently, he worked for DZB Bank headquartered in Mainhausen. Since 2017, he has been responsible for the majority of the back office, all risk issues, IT and digitalisation as well as finance and accounting as a general representative and authorised signatory.

Overview of new business development (in EUR millions)

  Q3 2021
 
Q3 2020
 
Q1-Q3
2021
Q1-Q3
2020
             
New leasing business 372.2 517.6 -28.1% 1,136.7 1,601.2 -29.0%
- of which international 259.4 371.6 -30.2% 808.5 1,165.4 -30.6%
- of which DACH* 112.8 146.0 -22.8% 328.2 435.9 -24.7%
Western Europe without DACH* 94.6 125.8 -24.8% 302.6 389.0 -22.2%
Southern Europe* 82.5 137.3 -39.9% 257.2 438.1 -41.3%
Northern/Eastern Europe* 61.6 82.7 -25.5% 184.6 265.3 -30.4%
Other regions* 20.8 25.9 -19.7% 64.1 73.0 -12.1%
New factoring business 178.5 154.4 15.6% 509.1 467.7 8.8%
- of which Germany 51.2 40.6 26.0% 158.5 132.2 19.9%
- of which International 127.3 113.7 11.9% 350.6 335.6 4.5%
GRENKE Bank            
Deposit volume** 1,521.3 1,300.0 17.0% 1,521.3 1,300.0 17.0%
New business SME lending business 0.9 32.1 -97.2% 21.8 104.3 -79.1%

Contribution margin 2 (CM2) on new business
           
Leasing 63.6 95.2 -33.2% 207.2 289.5 -28.4%
- of which International 49.8 74.2 -32.9% 164.3 226.1 -27.3%
- of which DACH* 13.8 21.0 -34.3% 42.9 63.5 -32.4%
Western Europe without DACH* 17.3 25.2 -31.3% 59.7 75.2 -20.6%
Southern Europe* 15.8 26.7 -40.6% 52.6 83.5 -37.0%
Northern/Eastern Europe* 12.1 16.5 -26.5% 37.0 51.0 -27.6%
Other regions* 4.5 5.9 -23.2% 15.0 16.4 -8.4%
 

* Regions: DACH: Germany, Austria, Switzerland
Western Europe without DACH: Belgium, France, Luxembourg, the Netherlands
Southern Europe: Croatia, Italy, Malta, Portugal, Slovenia, Spain
Northern | Eastern Europe: Denmark, Finland, Ireland, Latvia, Norway, Sweden, UK | Czechia, Hungary, Poland, Romania, Slovakia
Other regions: Australia, Brazil, Canada, Chile, Singapore, Turkey, UAE, USA
** At the end of the period

Consolidated franchise companies:
Leasing: Australia (2x), Canada (3x), Chile, Latvia, Singapore, USA
Factoring: Great Britain, Hungary, Ireland, Poland

The quarterly statement for the third quarter and the first nine months of 2021 will be published on November 10, 2022.

For further information, please contact:

GRENKE AG
Team Investor Relations
Neuer Markt 2
76532 Baden-Baden
Phone: +49 7221 5007-204
Email: [email protected]
Website: www.grenke.de

Press contact
Stefan Wichmann
Executive Communications Consulting
Neuer Markt 2
76532 Baden-Baden
Email: [email protected]
Mobile: +49 (0) 171 20 20 300

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 GRENKE Group operates in 33 countries and employs more than 1,800 staff worldwide. GRENKE shares are listed in the SDAX on the Frankfurt Stock Exchange (ISIN DE000A161N30).



04.10.2021 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.

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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: [email protected]
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: 1238185

 
End of News DGAP News Service

1238185  04.10.2021 

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Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 1.684,51 1.948,73 2.418,55 2.936,64 3.512,49 2.675,70 0,00
EBITDA1,2 117,31 145,82 176,71 174,38 203,03 153,99 0,00
EBITDA-Marge3 6,96 7,48 7,31 5,94 5,78 5,76 0,00
EBIT1,4 109,33 136,53 161,35 157,16 170,00 125,12 0,00
EBIT-Marge5 6,49 7,01 6,67 5,35 4,84 4,68 0,00
Jahresüberschuss1 80,45 103,23 124,98 131,11 135,90 88,44 0,00
Netto-Marge6 4,78 5,30 5,17 4,46 3,87 3,31 0,00
Cashflow1,7 145,60 -16,24 27,95 53,66 140,75 586,62 0,00
Ergebnis je Aktie8 1,81 2,29 2,74 2,78 2,95 1,86 1,46
Dividende8 0,50 0,58 0,70 0,80 0,80 0,26 0,40
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

INVESTOR-INFORMATIONEN
©boersengefluester.de
Grenke
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A161N3 30,530 - 1.419,51
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
14,20 24,15 0,59 15,26
KBV KCV KUV EV/EBITDA
1,36 2,42 0,53 40,81
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
Hauptversammlung
0,26 0,40 1,31 25.05.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
12.05.2022 11.08.2022 05.10.2021 17.03.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-9,26% -12,47% -21,36% -19,49%
    
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Finanzdienstleistungen , A161N3 , GLJ , XETR:GLJ