Grenke AG — Earnings Release 2002

Apr 3, 2002

News Details

Ad-hoc | 3 April 2002 08:37

Grenke Leasing AG english

GRENKELEASING’s growth level continues to remain above 20 percent Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– GRENKELEASING’s growth level continues to remain above 20 percent Baden-Baden, April 3, 2002: GRENKELEASING reports new business amounting to EUR 65m in Q1 2002. The margin of new business (contribution margin 1) rose by 26.8 percent compared to the previous year. 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. Its new business thus rose by 21.1 percent. 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 company will publish its detailed nine month report on May 14, 2002. The Board of Management GRENKELEASING AG, Rheinstrasse 219, 76532 Baden-Baden – Renate Hauss Tel: 07221/5007-204 Fax: 07221/5007-203 E-mail: investor@grenke.de Internet: http://www.grenkeleasing.de end of ad-hoc-announcement (c)DGAP 03.04.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: “With a growth in new business of 21.1 percent compared to Q1 2001 we do indeed find ourselves at the bottom end of expectations, yet the growth rate was burdened by basis effects and the early Easter holidays, so that the board of management continues to uphold its annual targets: new business looks set to distinctly exceed 20 percent in 2002, with profits rising more than 30 percent,” comments Wolfgang Grenke, Chairman of the Board of GRENKELEASING AG. He went on to say that, given the continued subdued sentiment of the IT market (particularly as regards hardware), the result was completely in order. A future revival of equipment sales on the part of the manufacturers will likely produce additional growth. The group recorded 18,938 leasing inquiries 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). Since its IPO in April 2000, GRENKELEASING AG has been able to continuously expand its German nationwide market leadership in the field of small-ticket IT leasing, i.e. for products such as PC’s, notebooks, telephone systems, copiers, printers, or software up to an acquisition value of EUR 25,000 . Throughout this period GRENKELEASING has managed to increase its new business by 75 percent, doing so almost exclusively through organic growth. 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. Information on the company and its products is available on the Internet under http://www.grenkeleasing.de and http://www.weblease-europe.com . ——————————————————————————– WKN: 586590; ISIN: DE0005865901; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 030837 Apr 02