GRENKE AG
DGAP-News: GRENKE AG / Key word(s): Annual Report
GRENKE AG: GRENKE AG presents its annual report for the year 2020
2021-05-21 / 06:59
The issuer is solely responsible for the content of this announcement.
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GRENKE AG presents its annual report for the year 2020
- CEO Antje Leminsky: "Remarkable success in a difficult period"
- CFO Sebastian Hirsch: "A powerful validation of our value and profitability"
- Quarterly statement for Q1 2021 to be published on May 31, 2021
- Virtual Annual General Meeting to be held on July 29, 2021
Baden-Baden, May 21, 2021: GRENKE AG, a global financing partner for small and medium-sized enterprises, today
published its annual report for the year 2020. The Company presented preliminary figures on April 30, 2021 followed by
an announcement on May 17, 2021 that the auditing firm KPMG had issued an unqualified audit opinion for the annual and
consolidated financial statements as of December 31, 2020.
"We have successfully concluded an exceptionally difficult 2020," says Antje Leminsky, Chair of the Board of Directors
of GRENKE AG. "Not only did we withstand the strong headwinds from various directions, but now the prerequisites are in
place to allow GRENKE to return to its growth mode."
At EUR 88.4 million (2019^1: EUR 133.3 million), GRENKE met its forecast of consolidated net profit in the upper
double-digit millions published on February 26, 2021. This level of net profit corresponds to earnings per share of EUR
1.86 (2019^1: EUR 2.89). For the current financial year, GRENKE is forecasting net profit of EUR 50 million to EUR 70
million.
The Board of Directors and Supervisory Board propose a dividend payment for the 2020 financial year of EUR 0.26 per
share (previous year: EUR 0.80). This level enables GRENKE AG to conserve its capital base and the flexibility to take
advantage of future growth opportunities.
The extremely thorough audit of the financial statements by KPMG confirmed the value of GRENKE's business. At 16.3
percent, the equity ratio remained high and above the Company's self-imposed minimum target of 16 percent.
"The audited consolidated financial statements prove beyond a doubt the value and sustainability of our business. We
are aware that we can and must improve in some areas, but we have successfully mastered an audit marathon and have
already increased our level of transparency significantly," says Sebastian Hirsch, Chief Financial Officer of GRENKE
AG, adding: "This gives us a good starting point for expanding our leading position as a provider of small-ticket
leasing and as a partner for SMEs worldwide."
On May 31, 2021, GRENKE will report its business performance for the first quarter of 2021 and invite the media and
investors to participate in a conference call as usual.
GRENKE has started the routine tender process for the appointment of the auditor for the 2021 financial year 2021. The
result of this tender will be announced with the invitation to the ordinary Annual General Meeting, which will be held
as a virtual meeting on July 29, 2021.
The GRENKE Group's Annual Report for the 2020 financial year is available at https://www.grenke.com/investor-relations/
reports-and-presentations.
Overview of group figures according to IFRS (in EUR millions)
2020 2019^1 2020 vs. 2019^1 adjusted 2019
adjusted (? in %) as reported
Income statement
Jan. 1 - Dec. 31
Net interest income 407.1 381.5 6.7 368.9
Settlement of claims and risk provision 202.4 136.6 48.2 125.9
Net interest income settlement of claims and risk provision 204.7 244.9 -16.4 243.0
Income from operating business 360.3 399.7 -9.8 396.7
Staff costs 119.8 120.8 -0.9 115.8
Consulting and audit fees 27.2 14.9 62.4 14.0
Other costs and depreciation/impairment 88.3 97.3 -9.2 92.5
Operating result 125.1 166.7 -24.9 174.3
Earnings before taxes 115.2 162.8 -29.2 170.7
Net profit 88.4 133.3 -33.7 142.1
EPS in Euro 1.86 2.89 -35.6 2.92
Statement of financial position
as of Dec. 31
Assets
Cash and cash equivalents 944.7 446.0 111.8 434.4
Lease receivables 5,636.3 5,775.6 -2.4 5,645.9
Intangible assets 67.5 70.9 -4.8 144.5
Other assets 683.3 805.4 -15.0 922.7
Total assets 7,331.8 7,097.9 3.3 7,147.5
Liabilities
Financial liabilities 5,810.1 5,680.0 2.3 5,640.7
Other liabilities 328.6 274.7 19.7 258.0
Total equity 1,193.1 1,143.2 4.4 1,248.8
Total equity and liabilities 7,331.8 7,097.9 3.3 7,147.5
Equity ratio 16.3 16.1 1.2 17.5
Statement of cash flows
Jan. 1 - Dec. 31
Payments by lessees 2,318.7 2,080.2 11.5 1,973.5
Payments for refinancing 1,485.2 1,323.8 12.2 1,320.4
Proceeds from refinancing 1,123.5 2,153.0 -47.8 2,146.2 ^1All figures for 2019 in this press release have been adjusted in accordance with IAS 8.42 (including the consolidation of the franchise companies). See also the notes to the consolidated financial statements, chapter 2.3, pages 125 et al in the 2020 Annual Report.
For further information, please contact:
GRENKE AG
Team Investor Relations Press contact
Stefan Wichmann
Executive Communications Consulting
Neuer Markt 2 Neuer Markt 2
76532 Baden-Baden 76532 Baden-Baden
Phone: +49 7221 5007-204 Mobile: +49 (0) 171 20 20 300
Email: investor@grenke.de Email: presse@grenke.de
Internet: www.grenke.de About GRENKE
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 Consolidated Group operates in 33 countries and employs more than 1,800 staff (full-time equivalents) worldwide. GRENKE shares are listed on the Frankfurt Stock Exchange (ISIN DE000A161N30). -----------------------------------------------------------------------------------------------------------------------
2021-05-21 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
Germany
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: 1199150
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