Grenke AG — Earnings Release 2002

May 14, 2002

News Details

Ad-hoc | 14 May 2002 08:24

Grenke Leasing AG english

GRENKELEASING AG reports that its earnings position is on track Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Baden-Baden, May 14, 2002: GRENKELEASING AG reports profit increase of 20.1 percent in Q1 2002. GRENKELEASING AG posts earnings before taxes of EUR 5.3m in Q1 2002. This corresponds to an increase of 20.1 percent in contrast to a comparative figure of EUR 4.4m in the previous year. As already reported in advance, new business rose by 21.2 percent in Q1 2002. GRENKELEASING closed the first quarter of 2002 with earnings totalling EUR 65m (compared to EUR 53.5m in the previous year) in new business – i.e. the total acquisition costs of newly purchased leased assets. The margin of new business (contribution margin 1), from which stems the financial result over the life of a contract and which is thus a measure of profitability, grew by 26.8 percent compared to the previous year. GRENKELEASING’s foreign subsidiaries again contributed superproportionally to this trend. The figure for foreign new business rose by 41.1 percent and thus represents a contribution of 24.7 percent to the group’s overall new business. The earnings situation has continued to develop favourably. After-tax profits increased by 20 percent to EUR 3.2m (comparative value in the first three months of 2001: EUR 2.7m). DVFA earnings per share rose from EUR 0.20 to EUR 0.24. The full three month report 2002 is available under http://www.grenkeleasing.de Investor Relations – Financial Data. The Board of Management If you have any queries, please contact: GRENKELEASING AG, Rheinstrasse 219, 76532 Baden-Baden Renate Hauss Tel: 07221/5007-204 E-mail: investor@grenke.de Internet: http://www.grenkeleasing.de end of ad-hoc-announcement (c)DGAP 14.05.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: “The group’s earnings position has continued to develop on track in Q1 2001”, explained Wolfgang Grenke, Chairman of the Board of GRENKELEASING AG. He stated that the company had over the past few months focused its investments particularly on setting up foreign subsiduaries, so leading to a supraproportiuonal rise in project costs. GRENKELEASING first drew up consolidated financial statements which are directly compliant with the IAS rules for the financial year 2001. The comparative values of the previous year were reconciled with the latter in the present quarterly report in order to allow a due and proper comparison with the values of the reporting year 2001. The group recorded 18,938 leasing enquiries in Q1 2002, leading to the generation of 9,083 leasing contracts. The average value per concluded contract came to EUR 7,130 and is thus slightly higher than the previous year. According to Grenke, there is evidence that, due to the cost-saving standardisation of its leasing contracts, GRENKELEASING also has market opportunities in the medium- range price segments (above EUR 25,000). As already reported, GRENKELEASING AG has concluded an accounts receivable purchase agreement with the asset-backed commercial paper programme Compass, sponsored by WESTDEUTSCHE LANDESBANK GIROZENTRALE. Within the framework of the programme, leasing contracts up to a total volume of EUR 250m can be refinanced at a favourable interest rate on a revolving basis. “This agreement allows us to widen an important basis for our success. Its conclusion secures the financing of the still dynamic rise in new business in the medium term. What is more, we find it important to be able to fall back upon several sources in seeking to fulfil our refinancing needs”, explained Wolfgang Grenke, Chairman of the Board of GRENKELEASING AG. GRENKELEASING AG has already had indirect access to the capital market via an asset-backed commercial paper programme since 1999. The contractual partner for this first programme, which is to be expanded, was and continues to be Deutsche Bank AG. The number of employees rose from 171 to 258 (weighted average on a full-time basis). GRENKELEASING presently maintains 18 domestic branch offices. Its successful foreign business – it presently has nine foreign branch offices, with three branch offices in France, and a respective subsidiary in Switzerland, Austria, Italy, the Czech Republic, Spain, and the Netherlands – is to be further expanded. In this respect the company can also fall back upon the services of its Internet subsidiary WEBLEASE NETBUSINESS AG, which now supports the Internet offering of GRENKELEASING in seven countries. GRENKELEASING AG is Germany’s nationwide market leader in small-ticket IT leasing, i.e. for products such as PC’s, notebooks, copiers, printers, or software up to an acquisition value of EUR 25,000 . Since April 4, 2000 the company has been listed on the Neuer Markt (market segment for high-growth companies at the Frankfurt Stock Exchange). Information on the company and its products is available on the Internet under http://www.grenkeleasing.de ——————————————————————————– WKN: 586590; ISIN: DE0005865901; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 140824 Mai 02