Grenke : Quarterly Statement for the 1st Quarter 2021

FOR THE 1ST QUARTER 2021

GRENKE GROUP

QUARTERLY STATEMENT

GROUP KEY FIGURES

		Jan. 1, 2021	Jan. 1, 2020
	UNIT	to Mar. 31, 2021	to Mar. 31, 2020	Change (%)
NEW BUSINESS LEASING	EURK	365'835	681'276	- 46.3
DACH*	EURk	104'331	158'241	- 34.1
Western Europe (without DACH)*	EURk	98'444	177'410	- 44.5
Southern Europe*	EURk	83'413	196'855	- 57.6
Northern/Eastern Europe*	EURk	57'201	120'501	- 52.5
Other regions*	EURk	22'446	28'269	- 20.6
NEW BUSINESS FACTORING	EURK	155'413	171'726	- 9.5
of which Germany	EURk	50'834	49'195	3.3
of which International	EURk	104'580	122'531	- 14.7
GRENKE BANK
Deposits per end of period	EURk	1'637'398	976'733	67.6
New business SME lending business incl. microcredit business	EURk	14'736	18'007	- 18.2
CONTRIBUTIONS MARGIN 2 (CM2) ON NEW BUSINESS
LEASING	EURK	71'506	123'888	- 42.3
DACH*	EURk	14'864	24'266	- 38.7
Western Europe (without DACH)*	EURk	21'346	33'425	- 36.1
Southern Europe*	EURk	17'967	37'289	- 51.8
Northern/Eastern Europe*	EURk	11'807	22'837	- 48.3
Other regions*	EURk	5'521	6'072	- 9.1
FURTHER INFORMATION LEASING
Number of new contracts	units	49'213	75'654	- 35.0
Mean acquisition value	EURk	7.4	9.0	- 17.5
Mean term of contract per end of period	months	48	49	- 2
Volume of leased assets per end of period	EURm	8'894	8'860	0.4
Number of current contracts per end of period	units	990'652	970'005	2.1

• 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

2

		Jan. 1, 2021 to	Jan. 1, 2020 to
	UNIT	Mar. 31, 2021	Mar. 31, 2020	Change (%)
			adjusted1
INCOME STATEMENT
Net interest income	EURk	95'117	104'704	- 9.2
Settlement of claims and risk provision	EURk	44'591	56'942	- 21.7
Total operating expenses	EURk	63'866	58'375	9.4
Operating result	EURk	19'685	26'625	- 26.1
Earnings before taxes (EBT)	EURk	18'276	24'367	- 25.0
NET PROFIT	EURK	13'987	19'651	- 28.8
NET PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS	EURK	5'481	16'326	- 66.4
Net profit attributable to hybrid capital holders	EURk	9'404	7'428	26.6
Net profit attributable to non-controlling interests	EURk	- 898	- 4'103	78.1
Earnings per share	EUR	0.12	0.35	- 65.7
(basic and diluted)
Cost/income ratio	percent	51.2	43.7	17.4
Staff cost	EURk	31'674	31'730	- 0.2
of which total remuneration	EURk	26'028	25'994	0.1
of which fixed remuneration	EURk	20'151	19'312	4.3
of which variable remuneration	EURk	5'877	6'682	- 12.0
Average number of employees in full-time equivalent (FTE)	employees	1'844	1'851	- 0.4

1 Figures for 2020 have been adjusted in accordance with IAS 8.42 (including the consolidation of the franchise companies)

	UNIT	Mar. 31, 2021	Dec. 31, 2020	Change (%)
STATEMENT OF FINANCIAL POSITION
Total assets	EURm	7'247	7'332	- 1.2
Lease receivables	EURm	5'464	5'636	- 3.1
Equity persuant to statement of financial position2	EURm	1'196	1'193	0.3
Equity persuant to CRR	EURm	1'121	1'031	8.7
Equity ratio	percent	16.5	16.3	1.2
Embedded value, leasing contract portfolio (excl. equity before taxes)	EURm	567	664	- 14.6
Embedded value, leasing contract portfolio (incl. equity after taxes)	EURm	1'617	1'657	- 2.4

2 Including AT1 bonds (hybrid capital), which are reported as equity under IFRS

3

AT A GLANCE

DIVERSIFICATION:

LEASING NEW BUSINESS PORTFOLIO

IT PRODUCTS (IN DETAIL)

Security devices and others:

6

+

6.0

IT equipment: 34.7

Medical technology:

9.0

%

Copying technology:

%

20.5

Machines / systems:

Telecommunication

18.0

March 31, 2021

equipment: 8.7

IT Products:

General office

30 equipment: 3.1

67.0

KEY FIGURES:

CONSOLIDATED

EARNINGS PER SHARE

EQUITY RATIO

GROUP NET PROFIT

	14.0 EUR million	0.12 EUR	16.5 percent
REFINANCING BASE:
	THREE PILLARS: GRENKE CONSOLIDATED GROUP'S REFINANCING MIX
	+		Grenke Bank: 33
		Asset Based: 14
	%15P
	March 31, 2021
	33		Senior Unsecured: 53
4

CONTENTS

// Key figures

6 // Condensed interim group management report 6 // Business performance

9 // Net assets, financial position and results of operations

12 // Report on risks, opportunities and forecasts

14 // Condensed interim consolidated financial statements 14 // Consolidated Income Statement

15 // Consolidated Statement of Financial Position

17 // Consolidated Statement of Cash Flows

1. // Calendar of events
2. // Imprint

5