GRENKE : Annual Report 2020

2020

GRENKE GROUP

ANNUAL REPORT

GROUP KEY FIGURES

		Jan. 1, 2020 to	Jan. 1, 2019 to
	UNIT	Dec. 31, 2020	Dec. 31, 2019	Change (%)
NEW BUSINESS LEASING	EURK	2'027'927	2'849'057	- 28.8
DACH*	EURk	561'475	630'133	- 10.9
Western Europe (without DACH)*	EURk	491'138	734'483	- 33.1
Southern Europe*	EURk	550'405	877'797	- 37.3
Northern/Eastern Europe*	EURk	328'387	481'606	- 31.8
Other regions*	EURk	96'523	125'038	- 22.8
NEW BUSINESS FACTORING*	EURK	647'775	663'432	- 2.4
of which Germany	EURk	186'281	176'658	5.5
of which International	EURk	461'494	486'774	- 5.2
GRENKE BANK
Deposits per end of period	EURk	1'537'284	884'151	73.9
New business SME lending business incl. microcredit business	EURk	119'274	54'124	120.4
CONTRIBUTIONS MARGIN 2 (CM2) ON NEW BUSINESS
LEASING	EURK	372'885	485'235	- 23.2
DACH*	EURk	82'204	88'436	- 7.1
Western Europe (without DACH)*	EURk	97'152	131'133	- 25.9
Southern Europe*	EURk	107'067	150'919	- 29.1
Northern/Eastern Europe*	EURk	64'226	87'368	- 26.5
Other regions*	EURk	22'237	27'379	- 18.8
FURTHER INFORMATION LEASING
Number of new contracts	units	246'510	313'818	- 21.5
Mean acquisition value	EURk	8.2	9.1	- 9.4
Mean term of contract per end of period	months	48	49	- 2
Volume of leased assets per end of period	EURm	9'015	8'474	6.4
Number of current contracts per end of period	units	997'927	942'308	5.9

• Regions:
  DACH: Germany, Austria, Switzerland
  Western Europe (without DACH): Belgium, France, Luxembourg, the 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, Singapore, Turkey, UAE, USA
  Consolidated franchise companies:
  Leasing: Australia (2x), Canada (3x), Chile, Latvia, Norway, Singapore, USA
  Factoring: Hungary, Ireland, Italy, Poland, Portugal, UK

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		Jan. 1, 2020 to	Jan. 1, 2019 to
	UNIT	Dec. 31, 2020	Dec. 31, 2019	Change (%)
			adjusted1
INCOME STATEMENT
Net interest income	EURk	407'102	381'501	6.7
Settlement of claims and risk provision	EURk	202'434	136'591	48.2
Total operating expenses	EURk	230'280	229'547	0.3
Operating result	EURk	125'117	166'674	- 24.9
Earnings before taxes (EBT)	EURk	115'172	162'775	- 29.2
NET PROFIT	EURK	88'440	133'338	- 33.7
Net profit attributable to ordinary shareholders	EURk	86'185	134'039	- 35.7
Net profit attributable to hybrid capital holders	EURk	7'481	6'531	14.5
Net profit attributable to non-controlling interests	EURk	- 5'226	- 7'232	27.7
Earnings per share	EUR	1.86	2.89	- 35.6
(basic and diluted)
Cost/income ratio	percent	43.1	44.4	- 2.9
Staff cost	EURk	119'780	120'825	- 0.9
of which total remuneration	EURk	98'622	99'815	- 1.2
of which fixed remuneration	EURk	77'029	73'450	4.9
of which variable remuneration	EURk	21'593	26'365	- 18.1
Average number of employees in full-time equivalent (FTE)	employees	1'863	1'768	5.4

1 Previous year's amounts adjusted (see note 2.3 in the notes to the consolidated financial statements)

	UNIT	Dec. 31 2020	Dec. 31 2019	Change (%)
			adjusted1
STATEMENT OF FINANCIAL POSITION
Total assets	EURm	7'332	7'098	3.3
Lease receivables	EURm	5'636	5'776	- 2.4
Equity persuant to statement of financial position2	EURm	1'193	1'143	4.4
Equity persuant to CRR	EURm	1'031	941	9.6
Equity ratio	percent	16.3	16.1	1.2
Embedded value, leasing contract portfolio	EURm	664	699	- 5.0
(excl. equity before taxes)
Embedded value, leasing contract portfolio	EURm	1'657	1'661	- 0.2
(incl. equity after taxes)

1. Previous year's amounts adjusted (see note 2.3 in the notes to the consolidated financial statements)
2. Including AT1 bonds (hybrid capital), which are reported as equity under IFRS

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CONTENT

// Key figures

1. // Letter from the Board of Directors to the shareholders

1. // Report of the Supervisory Board

1. // Shares and Investor Relations

21 // Combined Management Report

1. // Consolidated Group Principles

1. // Report on Business Development

1. // Financial and Non-Financial Performance Indicators
2. // Non-Financial Statement

1. // Remuneration Report

1. // Changes in the Governing Bodies

1. // Report on Risks, Opportunities and Forecasts

1. // Acquisition-Related Information
2. // Corporate Governance Statement
3. // Management Report of GRENKE AG

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82 // Consolidated Financial Statements for fiscal year 2020 82 // Consolidated Income Statement

83 // Consolidated Statement of Comprehensive Income

84 // Consolidated Statement of Financial Position

86 // Consolidated Statement of Cash Flows

88 // Consolidated Statement of Changes in Equity

1. // Notes to the Consolidated Financial Statements for fiscal year 2020

1. // Country-by-Country-Reporting 2020

1. // Independent Auditor's Report

1. // Annual Financial Statements of GRENKE AG (HGB) - excerpts

1. // Calendar of Events and Contact

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