Grenke AG — Earnings Release 2003

Apr 2, 2003

News Details

Ad-hoc | 2 April 2003 08:13

Grenke Leasing AG english

GRENKELEASING AG – New business grows by 15 percent in Q1 2003 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– GRENKELEASING AG – New business grows by 15 percent in Q1 2003 Baden-Baden, April 2, 2003: GRENKELEASING reports new business amounting to EUR 75m in Q1 2003. The margin of new business (contribution margin1) comes to 10.6 percent and thus lies somewhat higher than in the previous year (10.2 percent). GRENKELEASING closed the first quarter of 2003 with earnings totalling EUR 75m (compared to EUR 65m in the previous year) in new business – i.e. the total acquisition costs of newly purchased leased assets. New business thus grew by 15 percent year-on-year. 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 to EUR 7.9m, as compared to a figure of EUR 6.6m in the previous year. Domestic business grew by 19 percent in Q1 2003. GRENKELEASING’s foreign subsidiaries made a 22 percent contribution to the group’s new business. The company will publish its detailed three months report for 2003 on May 15, 2003. The Executive Board If you have any queries, please contact: GRENKELEASING AG, Neuer Markt 2, 76532 Baden-Baden Renate Hauss Tel: 0049 – 7221 – 5007-204 E-mail: investor@grenkeleasing.de Internet: http://www.grenkeleasing.de end of ad-hoc-announcement (c)DGAP 02.04.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: “Our growth in new business is a little higher than expected and we therefore hold fast to our full-year target of achieving double-digit growth in 2003”, explains Wolfgang Grenke, Chairman of the Executive Board of GRENKELEASING AG. He went on to say that the above-average, impressive growth of 19 percent in Germany – despite the weakness of the economy and geopolitical handicaps – was an indication that the small-ticket IT market had not yet been fully exploited and that there was still room for further growth. The somewhat weaker growth in foreign new business is attributable to higher quality requirements. When in doubt, additional new business was dispensed with in cases where a customer’s creditworthiness was not up to par. The group recorded 23,068 leasing enquiries in Q1 2003, leading to the generation of 10,676 leasing contracts. The average value per concluded contract came to EUR 7,030 and has thus remained more or less unchanged year-on-year (2002 = EUR 7,130). GRENKELEASING presently maintains 19 domestic branch offices – a further branch office was opened in Rostock at the start of the year. Its successful foreign operations are to be further expanded. GRENKELEASING presently has 11 foreign business 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 preparations for the planned expansion to Great Britain and Scandinavia are going according to schedule. The company will have a UK market presence within the month. The start-up in Sweden is planned for this autumn. 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. The company has been listed on the stock exchange since 2000. GRENKELEASING AG was admitted to the new Prime Standard segment of the Frankfurt Stock Exchange on January 1, 2003 and has been included in the SDAX 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 020813 Apr 03