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    GLJ   DE000A161N30


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GRENKE : raises profit forecast for 2021

07/28/2021 | 04:34am EDT

DGAP-News: GRENKE AG / Key word(s): Change in Forecast
GRENKE AG raises profit forecast for 2021

28.07.2021 / 10:32
The issuer is solely responsible for the content of this announcement.

GRENKE AG raises profit forecast for 2021

  • Consolidated Group net profit of EUR 60-80 million expected (previous forecast: EUR 50-70 million) 
  • Stable payment behaviour of customers - Decrease in expenses for settlement of claims and adjustment in risk provisioning

Baden-Baden, July 28, 2021: GRENKE AG, a global financing partner for small and medium-sized enterprises, is raising its profit forecast for 2021. The Board of Directors now expects a Consolidated Group net profit after taxes of between EUR 60 million and EUR 80 million, compared to the previous forecast of EUR 50 million to EUR 70 million published with the publication of the 2020 Annual Report. According to preliminary figures, Consolidated Group net profit reached EUR 32 million in the first six months (1H 2020: EUR 33.2 million).

Based on the preliminary half-year figures for 2021, the need for risk provisioning ended up decreasing. Due to the high level of uncertainty resulting from the pandemic, the Board of Directors had previously projected a higher level of risk provisioning. The main reason for the change in the assessment is the continued stable payment behaviour of customers. The Board of Directors of GRENKE AG expects this to continue in the second half of 2021. The target range for net profit in the current fiscal year was raised as a result.

"Even though a high level of pandemic-related uncertainty remains, we are starting to see a normalisation in our operating business. This gives us strong confidence in the performance in the second half of the year. Our risk provisioning at the beginning of the year was appropriately cautious in view of the circumstances. The positive trend now allows us to raise our net profit outlook for the second half-year, despite our continued conservative risk provisioning," commented Chief Financial Officer, Dr Sebastian Hirsch.

According to preliminary figures, the profit and loss item settlement of claims and risk provisioning decreased to EUR 84 million in the first half of 2021 (1H 2020: EUR 123.1 million). In the previous year, this item had increased significantly as a result of expected payment defaults at the beginning of the COVID-19 pandemic. Primarily due to the continuing negative impact of the pandemic, the Board of Directors still expects new leasing business in the range of EUR 1.7 billion and EUR 2.0 billion, following a level of EUR 2.0 billion in 2020. The Board of Directors also continues to expect to achieve an equity ratio of more than 16 percent.

For further information, please contact:

Team Investor Relations
Neuer Markt 2
76532 Baden-Baden
Phone: +49 7221 5007-204
Email: investor@grenke.de
Website: www.grenke.com

Press contact
Stefan Wichmann
Executive Communications Consulting
Neuer Markt 2
76532 Baden-Baden
Mobile: +49 (0) 171 20 20 300
Email: presse@grenke.de


The GRENKE Group (GRENKE) is a global financing partner for small and medium-sized companies. As a one-stop shop for customers, GRENKE's products range from flexible small-ticket leasing and demand-driven bank products to convenient factoring. Fast and easy processing and personal contact with customers and partners are at the centre of GRENKE's activities.

Founded in 1978 in Baden-Baden, the Group operates in 33 countries and employs more than 1,800 staff (full-time equivalents) worldwide. GRENKE shares are listed in the SDAX on the Frankfurt Stock Exchange (ISIN DE000A161N30).

28.07.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: GRENKE AG
Neuer Markt 2
76532 Baden-Baden
Phone: +49 (0)7221 50 07-204
Fax: +49 (0)7221 50 07-4218
E-mail: investor@grenke.de
Internet: www.grenke.de
ISIN: DE000A161N30
WKN: A161N3
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1222239

End of News DGAP News Service

1222239  28.07.2021 


© EQS 2021
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Yield 2021 0,93%
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Last Close Price 38,02 €
Average target price 46,83 €
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Managers and Directors
Michael Bücker Chairman-Management Board
Sebastian Hirsch Chief Financial Officer & Director
Ernst-Moritz Lipp Chairman-Supervisory Board
Ljiljana Mitic Member-Supervisory Board
Jens Rönnberg Vice Chairman-Supervisory Board