DGAP-News: GRENKE AG: Upward trend continues in the first quarter of 2022
DGAP-News: GRENKE AG
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GRENKE: Upward trend continues in the first quarter of 2022 - New leasing business in Q1 2022 grows dynamically by 36.5% to EUR 499.2 million (Q1 2021: EUR 365.8 million) - Contribution margin 2 increases to EUR 83.2 million (+16.4% vs. Q1 2021: EUR 71.5 million) - Mean acquisition value per lease contract equals EUR 8,064 (Q1 2021: EUR 7,434) Baden-Baden, April 5, 2022: GRENKE AG, a global financing partner for small and medium-sized enterprises, generated new leasing business of EUR 499.2 million in the first quarter of 2022, amounting to a year-on-year increase of 36.5% (Q1 2021: EUR 365.8 million). The upward trend continued in the first quarter of the reporting year. In the fourth quarter of 2021, new business had grown year-on-year by 22.1%. "The external environment remains extremely challenging," says Michael Bücker, Chair of the Board of Directors of GRENKE AG, in his comments on the current business performance: "We have done a good job and are again on a sustainable growth path." Dr Sebastian Hirsch, Chief Financial Officer of GRENKE AG, adds: "With our strong start in new leasing business in the new financial year, we are more than a third higher than in the same period in the previous year and fully in line with our guidance for 2022." Regional development of new leasing business In all regions, new leasing business was significantly higher in the first quarter of 2022 compared to the prior-year quarter. The DACH region recorded a year-on-year increase of 13.1% in the reporting period, and Western Europe excluding DACH recorded growth of 33.9%. The strongest growth in new leasing business was generated in Southern Europe with 58.2% and Northern/Eastern Europe with 58.7%. The other regions registered an increase of 19.2%. The contribution margin 2 (CM2) of the new leasing business increased by 16.4% to EUR 83.2 million in the first quarter of 2022 compared to EUR 71.5 million in the first three months of the previous financial year. The CM2 margin was 16.7%, or 2.8 percentage points below the margin of the exceptionally profitable prior-year quarter (Q1 2021: 19.5%) and 0.4 percentage points above the figure of the previous quarter (Q4 2021: 16.3%). Contribution margin 1 (CM1) increased by 19.2% to EUR 55.6 million in the first quarter of 2022 (Q1 2021: EUR 46.6 million). The CM1 margin of 11.1% was 1.6 percentage points lower than in the same quarter of the prior year (Q1 2021: 12.7%) and 0.5 percentage points higher than in the previous quarter (Q4 2021: 10.6%). The year-on-year development of the contribution margins was the result of higher refinancing costs and a higher mean acquisition value per new lease contract in the first quarter of 2022 of EUR 8,064 (Q1 2021: EUR 7,434). The increase in contribution margins compared to the fourth quarter of 2021 is extremely positive in view of the high level of refinancing costs. The mean acquisition value per contract in new leasing business in the fourth quarter of 2021 was EUR 8,677. At Group level, 61,906 new leases were signed in the first quarter of the reporting year, representing a conversion rate of 46% (Q1 2021: 49,213 new leases, 42% conversion rate). In the fourth quarter of 2021, 60,064 new leases were concluded for a conversion rate of 50%. Development of the factoring business and the Bank's new lending business Development of refinancing at GRENKE Bank GRENKE Bank's deposit business continued to be an important pillar of the Consolidated Group's refinancing with a share of almost 30%. The deposit volume amounted to EUR 1.3 billion as of March 31, 2022 (March 31, 2021: EUR 1.6 billion).
Overview of new business development (in EUR millions)
Note: Rounding differences may occur *Regions: DACH: Germany, Austria, Switzerland ** As of the end of the period
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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 GRENKE Group operates in 33 countries and employs more than 1,900 staff worldwide. GRENKE shares are listed in the SDAX on the Frankfurt Stock Exchange (ISIN DE000A161N30).
05.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
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: | [email protected] |
Internet: | www.grenke.de |
ISIN: | DE000A161N30 |
WKN: | A161N3 |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1320037 |
End of News | DGAP News Service |
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1320037 05.04.2022
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