02.03.2023 GRENKE AG  DE000A161N30

EQS-News: GRENKE invests in expanding digitalisation, presents preliminary results for 2022 financial year and publishes outlook for 2023


 

EQS-News: GRENKE AG / Key word(s): Miscellaneous/Preliminary Results
GRENKE invests in expanding digitalisation, presents preliminary results for 2022 financial year and publishes outlook for 2023

02.03.2023 / 17:19 CET/CEST
The issuer is solely responsible for the content of this announcement.


GRENKE invests in expanding digitalisation, presents preliminary results for 2022 financial year and publishes outlook for 2023

  • New digitalisation programme "Digital Excellence" includes additional investments of EUR 45 to 50 million over the next three years
  • End-to-end digitalisation in the core leasing business turning into a driver for speed, efficiency and growth
  • Preliminary figures 2022: Consolidated Group net profit at upper end of the guidance range at EUR 84.2 million (2021: EUR 95.2 million or EUR 72.2 million excluding gain from the sale of viafintech)
  • Outlook 2023: New leasing business between EUR 2.6 billion and EUR 2.8 billion; Consolidated Group net profit between EUR 80 million and EUR 90 million, including first investment tranche of EUR 15 million

Baden-Baden, March 2, 2023: GRENKE, global financing partner for small and medium-sized enterprises, is launching a digitalisation programme under the name "Digital Excellence" with immediate effect. In order to continue its successful international growth and expansion strategy, the Company will invest an additional total of EUR 45 million to EUR 50 million in the digital optimisation of the entire value chain. This will occur in over 30 countries over the next three years. Particularly the relatively new subsidiaries located in the future core markets of Australia, Canada and the USA will be equipped from their outset with state-of-the-art infrastructure to take full advantage of the exceptional growth potential in those markets.

The digitalisation programme is based on a transformation to cloud technology. The investment in this technology marks the largest single initiative, amounting to one-third of the funds invested in the programme. The remaining investments will distributed across the automation of all core processes in the leasing business. An estimated EUR 15 million will be incurred as additional expenses in the current financial year.

CEO Dr Sebastian Hirsch, says: "The launch of our digitalisation programme "Digital Excellence" comes at exactly the right time. Last year, we significantly expanded our new business and stabilised our margin despite the dynamic interest rate environment. We have achieved our financial targets, are back on track for growth, and are now in a position to accelerate the digitalisation of our international business. We are therefore making a quantum leap towards our ideal of Plug'n'Lease – the best in fast and simple lease financing for SMEs and their investments, no matter what the object. At the same time, we are strengthening the basis for our further expansion in the small-ticket business. For GRENKE, digitalisation is turning into a driver of speed, efficiency and growth. We expect net savings from our investments for the first time as early as 2025."

The goal of "Digital Excellence" is end-to-end digitalisation of the internal processes in our core leasing business as fully as possible. This will allow us to significantly scale our business in new as well as existing markets and strengthen our growth. For example, in the future, the processing of a lease application will take just seconds instead of minutes ("instant decision"). With the expanded digitalisation initiative, GRENKE is optimally positioning itself to respond to changing customer requirements and set new trends in the capabilities offered by leasing for the investment projects of small and medium-sized enterprises. This includes, for example, offering lease financing for new object categories. Some of the investment measures, such as the expansion of cloud technology, were already planned and are now merely being brought forward and implemented more quickly to accompany the ambitious growth path in new business.

Today, GRENKE also presented preliminary, unaudited figures for the 2022 financial year. Consolidated Group net profit amounted to EUR 84.2 million (2021: EUR 95.2 million) and was at the upper end of the guidance range of EUR 75 million to EUR 85 million. Based on this result, the Board of Directors and the Supervisory Board will propose a dividend of EUR 0.45 per share for the 2022 financial year (2021: EUR 0.51). This would correspond to a payout ratio of 25 percent, which would be in line with the Consolidated Group's dividend policy.

For the 2023 financial year, GRENKE expects new leasing business in the range of EUR 2.6 billion and EUR 2.8 billion and is targeting Consolidated Group net profit of EUR 80 million to EUR 90 million. For the 2024 financial year, the Board of Directors continues to expect new leasing business of EUR 3.4 billion. With the implementation of the digitalisation programme in the years ahead, the Consolidated Group profit in 2024 is anticipated to reach approximately EUR 120 million, instead of EUR 140 million as previously forecast. The break-even point should be reached as early as the 2025 financial year. This is expected to be the first year when the increase in efficiency reflected in the sales and administrative expenses will exceed the cost of IT investments.

Overview of preliminary, unaudited group figures for 2022 according to IFRS (in EUR millions)

   2022  2021 2022 vs. 2021
(in %)
Income statement      
Jan. 1 – Dec. 31      
Net interest income 344.5 366.8 -6.1
Settlement of claims and risk provision 120.4 142.8 -15.7
Net interest income after settlement of claims and risk provision 224.1 224.0 0.0
Income from operating business 385.7 374.0 3.1
Staff costs 149.1 127.5 16.9
Consulting and audit expenses 22.2 38.3 -42.0
Other expenses and depreciation/impairment 116.4 75.7 53.8
Operating result 98.0 132.5 -26.0
Earnings before taxes 111.0 123.5 -10.1
Net profit 84.2 95.2 -11.6
Earnings per share in euro 1.75 1.94 -9.8
       
Statement of financial position as of Dec. 31      
Assets      
Cash and cash equivalents 448.8 853.1 -47.4
Lease receivables 5,243.9 5,119.0 2.4
Intangible assets 51.5 60.3 -14.6
Other assets 668.5 628.5 6.4
Total assets 6,412.7 6,660.9 -3.7
       
Liabilities      
Financial liabilities 4,794.7 5,077.2 -5.6
Other liabilities 285.8 314.7 -9.2
Total equity 1,332.2 1,269.0 5.0
Total equity and liabilities 6,412.7 6,660.9 -3.7
       
Equity ratio in percent 20.8 19.1 1.7 pp.
 
Statement of cash flows
     
Jan. 1 – Dec. 31.      
Payments by lessees 2,319.5 2,329.2 -0.4
Repayments refinancing (excluding deposit business) 2,065.3 1,328.5 55.5
Proceeds from new refinancing (excluding deposit business) 1,984.5 656.3 202.3

The 2022 financial year figures in this release are preliminary and unaudited. The Annual Report 2022 will be published on March 16, 2023. The Annual Report will be available at https://www.grenke.com/investor-relations/reports-and-presentations/.

For further information, please contact:

Investor contact Press contact
Team Investor Relations Stefan Wichmann
Neuer Markt 2 Neuer Markt 2
76532 Baden-Baden 76532 Baden-Baden
Phone: +49 7221 5007-204 Phone: +49 (0) 171 20 20 300
Email: [email protected] Email: [email protected]
Internet:  www.grenke.com  

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 Group operates in 33 countries and employs more than 1,900 staff (measured in terms of full-time equivalents) worldwide. GRENKE shares are listed on the Frankfurt Stock Exchange (ISIN DE000A161N30).



02.03.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - 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
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1573653

 
End of News EQS News Service

1573653  02.03.2023 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 2.418,55 2.936,64 3.512,49 2.675,70 2.358,74 3.083,36 3.419,82
EBITDA1,2 176,71 174,38 203,03 153,99 163,99 130,44 139,98
EBITDA-Marge3 7,31 5,94 5,78 5,76 6,95 4,23
EBIT1,4 161,35 157,16 170,00 125,12 132,51 97,98 112,91
EBIT-Marge5 6,67 5,35 4,84 4,68 5,62 3,18 3,30
Jahresüberschuss1 124,98 131,11 135,90 88,44 95,19 84,18 86,71
Netto-Marge6 5,17 4,46 3,87 3,31 4,04 2,73 2,54
Cashflow1,7 27,95 53,66 140,75 586,62 -72,04 -346,84 329,25
Ergebnis je Aktie8 2,74 2,78 2,95 1,86 1,94 1,75 1,79
Dividende8 0,70 0,80 0,80 0,26 0,51 0,45 0,58
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - 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: BDO

INVESTOR-INFORMATIONEN
©boersengefluester.de
Grenke
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A161N3 20,150 - 936,89
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
8,40 21,35 0,39 9,11
KBV KCV KUV EV/EBITDA
0,82 2,85 0,27 6,69
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,45 0,47 2,33 30.04.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
15.05.2024 08.08.2024 14.11.2024 07.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-8,92% -10,44% -19,56% -28,16%
    
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Finanzdienstleistungen , A161N3 , GLJ , XETR:GLJ