05.10.2023 GRENKE AG  DE000A161N30

EQS-News: GRENKE continues to grow in the third quarter of 2023


 

EQS-News: GRENKE AG / Key word(s): Miscellaneous
GRENKE continues to grow in the third quarter of 2023

05.10.2023 / 06:59 CET/CEST
The issuer is solely responsible for the content of this announcement.


GRENKE continues to grow in the third quarter of 2023

  • In the first nine months of 2023, new leasing business grew by 12.1% to EUR 1,851.6 million (Q1-Q3 2022: EUR 1,652.2 million) 
  • In Q3 2023, new leasing business increased by 4.5% to EUR 591.1 million (Q3 2022: EUR 565.5 million)
  • Contribution margin 2 achieved growth of 5.1% to EUR 97.4 million in Q3 2023 (Q3 2022: EUR 92.7 million)
  • Share of green economy objects rises to 10% in Q3 2023 (Q3 2022: 7%)

Baden-Baden, October 5, 2023: GRENKE AG, a global financing partner for small and medium-sized enterprises, recorded new leasing business growth of 12.1% to EUR 1,851.6 million in the first nine months of this year (Q1-Q3 2022: EUR 1,652.2 million). In the third quarter of 2023, new leasing business grew for the eighth consecutive quarter, increasing 4.5% to EUR 591.1 million (Q3 2022: EUR 565.5 million). Contribution margin 2 (CM2) increased by 5.1% to EUR 97.4 million (Q3 2022: EUR 92.7 million). In a market environment characterised by further rises in interest rates, GRENKE was able to achieve an increase in the CM2 margin to 16.5% (Q3 2022: 16.4%).

Dr Sebastian Hirsch, CEO of GRENKE AG: "We are on track. Our performance in the first nine months provides a solid basis for achieving our ambitious annual targets. In addition, we set a decisive long-term course in the third quarter, particularly with the issue of our first benchmark-level green bond. This is our response to the growing demand from small and medium-sized enterprises for green investments. At the same time, this largest bond in GRENKE's history allows us to further expand our new leasing business. This sustainably strengthens both the SME sector and our own position in the market." 

Link to brief interview with CEO Dr Sebastian Hirsch on the new business development: 
https://youtu.be/Lxs6VnTEHIA             

Share of green economy objects in the third quarter of 2023 rises to 10%

In September 2023, GRENKE successfully placed its first green bond, the proceeds of which will be used to refinance Green Economy lease objects in the future. Such objects include eBikes, photovoltaic and solar systems, water dispensers, wall boxes and LED lighting units. The demand for leasing e-bikes, in particular, has been rising steadily for years. In the third quarter of the current financial year, one out of five new contracts concluded at GRENKE were to finance an eBike (Q3 2022: 15%). The leasing of eBikes is available in Germany, Austria, Belgium and Finland. The entire share of Green Economy objects amounted overall to approximately 10% of the total new business volume as of Q3 2023 (Q3 2022: approximately 7%).

Press release on the GRENKE Green Bond from September 22, 2023:
https://www.grenke.com/en/investor-relations/news/2023/22.09.2023---successful-debut-of-the-first-green-bond-issue/             

DACH is strongest region ahead of Western Europe

In the third quarter of 2023, GRENKE again gained new resellers. The reseller network now comprises over 35,300 partners in more than 30 countries. GRENKE generates around 80% of the volume of new leasing business through reseller sales. At the same time, the number of lessees also increased in the third quarter of 2023 to around 670,000 worldwide (Q3 2022: 663,000).

In the strongest region, consisting of Germany, Austria and Switzerland (DACH region), GRENKE achieved new leasing business of EUR 158.4 million in Q3 2023 (Q3 2022: EUR 150.6 million). The main driver was the eBike business in Germany and Austria. The second strongest region, Western Europe (without DACH), generated new business volume of EUR 149.2 million (Q3 2022: EUR 142.5 million). The strongest growth in this region was achieved in Luxembourg (+56.5%), followed by Belgium (+22.2%) and the Netherlands (+15.4%). The highest growth in Q3 2023 was achieved by Other regions with an increase of 15.6% (Q3 2022: EUR 33.7 million). This was followed by the Northern and Eastern Europe region, which recorded year-on-year growth of 13.6% (Q3 2022: EUR 104.8 million). New leasing business in this region increased in Finland (+20.0%) and in the United Kingdom (+19.7%). The Southern Europe region recorded lower new leasing business (-6.3%) year-on-year (Q3 2022: EUR 133.9 million) but was still able to achieve a further increase in its CM2 margin compared to the same quarter of the previous year by focusing on higher-margin business.

Steady demand

At approximately 130,000 lease applications, the number of lease applications in the third quarter of this year exceeded the number in the same quarter of the previous year (Q3 2022: approximately 120,000 lease applications). Applications resulted in the conclusion of 68,200 contracts, corresponding to a conversion rate of 52.9% (Q3 2022: 54.2%). The average ticket size increased slightly to EUR 8,667
(Q3 2022: EUR 8,558).

Refinancing base continues to strengthen

In addition to issuing a green bond, GRENKE strengthened its refinancing structure through a further instrument in the third quarter of 2023 by introducing a receivables-based programme in Finland as a refinancing instrument for the first time. Asset-backed commercial paper programmes (ABCP) are one of the three pillars of the Consolidated Group's refinancing mix. In these programmes, lease receivables serve as collateral for liquid funds provided in return.

The leasing subsidiary in Finland has already existed for 15 years and will achieve new business volume of approximately EUR 100 million in the current year. In this market, there is a particular focus on sustainability, with almost all contracts signed electronically. The share of new business volume from the eBike business in this market is approximately 20%.

GRENKE Bank continues to represent an important pillar of the Consolidated Group's refinancing. As of September 30, 2023, the deposit business amounted to EUR 1,568 million (December 31, 2022: EUR 1,152 million), corresponding to an increase of 36% since the start of the year. At EUR 9.6 million, GRENKE Bank's new microcredit business in the third quarter of 2023 was slightly lower year-on-year (Q3 2022: EUR 11.5 million).

The factoring business achieved growth of 2.8% in Q3 2023, corresponding to new business volume of EUR 210.7 million (Q3 2022: EUR 205.0 million).

Overview of new business development (in EUR millions)

  Q3 2023 Q3 2022 ∆ in % Q1-Q3 2023 Q1-Q3 2022 ∆ in %
             
New leasing business 591.1 565.5 4.5 1,851.6 1,652.2 12.1
DACH 158.4 150.6 5.2 465.9 408.5 14.0
Western Europe without DACH 149.2 142.5 4.7 482.1 423.9 13.7
Southern Europe 125.5 133.9 -6.3 422.7 423.8 -0.3
Northern/Eastern Europe 119.0 104.8 13.6 373.8 302.8 23.5
Other regions 39.0 33.7 15.6 107.1 93.2 14.9
New factoring business 210.7 205.0 2.8 608.1 571.5 6.4
DACH 72.8 77.2 -5.7 222.5 217.3 2.4
Northern/Eastern Europe 92.6 89.7 3.2 259.6 248.4 4.5
Southern Europe 45.3 38.1 18.9 126.0 105.8 19.2
GRENKE Bank            
New lending business 9.6 11.5 -16.3 33.4 40.9 -18.4
 
Contribution margin 2 (CM2)
           
of new leasing business 97.4 92.7 5.1 309.1 269.1 14.9
DACH 20.9 18.1 15.4 60.5 50.5 19.7
Western Europe without DACH 25.6 24.8 3.5 84.3 73.9 14.2
Southern Europe 21.6 22.9 -5.6 74.6 70.4 6.0
Northern/Eastern Europe 21.0 20.0 5.2 67.3 55.9 20.3
Other regions 8.3 7.0 19.0 22.4 18.4 21.9
             
CM2 margin (in %) 16.5 16.4 10 bps 16.7 16.3 40 bps

Leasing regions:  
DACH: Germany, Austria, Switzerland
Western Europe without DACH: Belgium, France, Luxembourg, 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, UAE, USA

Factoring regions: 
DACH: Germany, Switzerland
Northern| Eastern Europe: Ireland, Hungary, Poland, UK
Southern Europe: Italy, Portugal


The financial report for Q3 2023 and Q1-Q3 2023 will be published on November 9, 2023.

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]
Website: 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 are at the centre of GRENKE's activities.

Founded in 1978 in Baden-Baden, the Group operates in over 30 countries and employs approximately 2,000 staff (measured in terms of full-time equivalents) worldwide. GRENKE shares are listed on the Frankfurt Stock Exchange (ISIN DE000A161N30).

 

 

 

 

 



05.10.2023 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: 1741745

 
End of News EQS News Service

1741745  05.10.2023 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 20,300 - 943,86
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
8,46 21,35 0,41 9,17
KBV KCV KUV EV/EBITDA
0,82 2,87 0,28 6,74
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,45 0,47 2,32 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
-8,44% -9,85% -18,96% -27,24%
    
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Finanzdienstleistungen , A161N3 , GLJ , XETR:GLJ