Grenke AG — Earnings Release 2003

Oct 2, 2003

News Details

Ad-hoc | 2 October 2003 07:54

GRENKELEASING AG english

GRENKELEASING reports further profitable growth Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– GRENKELEASING reports further profitable growth Baden-Baden, October 2, 2003: GRENKELEASING AG reports EUR 75m in new business in Q3 2003. The margin of new business (contribution margin 1) rose to EUR 24.4m (first nine months of 2002: EUR 20.1m) in the first nine months of the year. GRENKELEASING closed the first nine months of 2003 with earnings in new business – i.e. the total acquisition costs of newly purchased leased assets – at EUR 220m (previous year EUR 200m). Its new business thus rose by 10 percent. The margin of new business (contribution margin1), from which the financial result over the life of a contract is derived and which is thus a key indicator of profitability, grew superproportionally in the first nine months of 2003 to a level of EUR 24.4m against last year’s comparable of EUR 20.1m. This represents a 21 percent increase. Its new business in Germany grew by 16 percent – despite the continued weakness of the economy. GRENKELEASING’s foreign subsidiaries are currently still showing the effect of a – compared to the previous year – consistently more restrictive acceptance policy. They made a 22 percent contribution to the group’s new business. The company will publish its detailed nine months report for 2003 on November 12, 2003. The Executive Board Should you have any queries, please contact: GRENKELEASING AG, Neuer Markt 2, D-76532 Baden-Baden Renate Hauss Tel: +49-(0)-7221/5007-204 Fax: +49-(0)-7221/5007-112 E mail: investor@grenkeleasing.de Internet: http://www.grenkeleasing.de end of ad-hoc-announcement (c)DGAP 02.10.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: “Our target is still to achieve double-digit growth this year. However, the desire to achieve volume growth must take second place to risk consciousness and profitability”, explained Wolfgang Grenke, Chairman of the Executive Board of GRENKELEASING AG. The group recorded 67,320 leasing enquiries in the first nine months of 2003, leading to the generation of 32,506 leasing contracts. The average value per concluded contract came to EUR 6,752 and is thus slightly lower than in the previous year. Given the opening of two further branches in Rostock and Magdeburg, GRENKELEASING currently has a domestic presence in 20 cities. GRENKE has been in the UK market since April, meaning that GRENKELEASING now has a foreign presence in 12 locations. In addition to its four French branch offices, it has one subsidiary each in Switzerland, Austria, Italy, the Czech Republic, Spain, the Netherlands, and Denmark. The start-up in Sweden is planned for Q4. GRENKELEASING will soon be taking up its activities in Poland. This is its second location in the EU acceding states, having already catered to the Czech market for two years. GRENKELEASING AG has no direct participation in GRENKELEASING Sp.z o.o. and is using a franchise system instead. GRENKELEASING provides the complete range of know-how, the operating infrastructure, and services on a charge basis. 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. GRENKELEASING AG is listed in the Prime Standard segment of the German stock exchange in Frankfurt and has been taken up into the SDAX (small-cap) index. Information on the company and its products is available on the Internet under http://www.grenkeleasing.de. ——————————————————————————– WKN: 586590; ISIN: DE0005865901; Index: SDAX Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 020754 Okt 03