14.11.2024 06:58:55
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EQS-News: grenke reaffirms preliminary figures
EQS-News: GRENKE AG
/ Key word(s): Quarter Results/Quarterly / Interim Statement
grenke reaffirms preliminary figures
Baden-Baden, November 14, 2024: grenke AG, a global financing partner for small and medium-sized enterprises, reaffirms its preliminary income statement figures presented on October 29, 2024, and today published its full quarterly statement for the third quarter and Q1-Q3 2024. Group earnings for the first nine months of the financial year equalled EUR 57.0 million (Q1-Q3 2023: EUR 64.4 million). As previously reported, the year-on-year decline of 11.5% was a result of higher expenses for settlement of claims and risk provision due to the steadily rising number of insolvencies, particularly in the core markets of France, Spain, and Germany. This in turn led to a loss rate of 1.3% (Q1-Q3 2023: 1.0%). The cost-income ratio (CIR) was 58.4% (Q1-Q3 2023: 57.9%) and was primarily influenced by the goodwill impairment of the Spanish subsidiary in the third quarter in the amount of EUR 4.4 million. Lease receivables reach a new record Dr Sebastian Hirsch, CEO of grenke AG: “There was no alternative to increasing our risk provisions. What’s essential now is that we stay on course, calmly and consistently, as our business model is proving successful and our new business is developing as planned. This is already reflected in the growing lease receivables, which will play a crucial role in driving earnings growth in the years to come. I am confident that we are currently in a phase where we can sustainably strengthen our market position.“ Dr Martin Paal, CFO of grenke AG: “Our target to reach three billion euros in new business for the first time is within reach – and with a solid margin. This is additionally supported by the favourable terms of our recent successful benchmark bond. We are also on track in terms of our cost management and consolidation.” Reporting date effect influences equity ratio The return on equity (RoE) before taxes declined to 4.7% in the third quarter of 2024 (Q3 2023: 9.1%). For the first nine months of 2024, the RoE was 7.3% (Q1–Q3 2023: 8.2%). 2024 Outlook The Q3 and Q1-Q3 2024 quarterly statement is available online under “Reports & Presentations”.
Key figures at a glance (in EUR million)
Note: Rounding differences may occur between individual values and the actual figure achieved in euros.
Further information is available from Investor contact Team Investor Relations Press contact Stefan Wichmann
14.11.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | grenke AG |
Neuer Markt 2 | |
76532 Baden-Baden | |
Germany | |
Phone: | +49 (0)7221 50 07 8611 |
Fax: | +49 (0)7221 50 07-4218 |
E-mail: | investor@grenke.de |
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: | 2029627 |
End of News | EQS News Service |
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2029627 14.11.2024 CET/CEST
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