DGAP-News

GRENKELEASING AG: Consolidated Group net profit rises 24% to EUR 80.8 million - exceeds profit forecast of EUR 78 - 80 million

DGAP-News: GRENKELEASING AG / Key word(s): Final Results
GRENKELEASING AG: Consolidated Group net profit rises 24% to EUR 80.8
million - exceeds profit forecast of EUR 78 - 80 million

10.02.2016 / 06:58
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Consolidated Group net profit rises 24% to EUR 80.8 million - exceeds
profit forecast of EUR 78 - 80 million

- 2015 Consolidated Group net profit amounts to EUR 80.8 million compared
to EUR 65.0 million in the previous year for year-on-year growth of
24.3%

- Net interest income grows 21.4% to EUR 191.2 million

- Intended Scrip Dividend - Proposed dividend of EUR 1.50 per share

- 2016 outlook: New business growth target of 16 - 20% for the Leasing
segment and 30 - 35% for the Factoring segment; Consolidated Group net
profit target of EUR 93 - 98 million

Baden-Baden, February 10, 2016: Fiscal year 2015 marked another year of
continued profitable growth for the GRENKE Consolidated Group. The GRENKE
Consolidated Group achieved net profit of EUR 80.8 million, which
represents a significant 24.3% rise over the previous year (2014: EUR 65.0
million). This amount exceeded our forecast of EUR 78 - 80 million, which
was revised higher with the publication of the third quarter report.

We profited from recent high-margin new business and ongoing favourable
refinancing conditions. Interest and similar income from the financing
business increased by a total of 13.0% to EUR 239.0 million (2014: EUR
211.6 million). Declining expenses from interest on refinancing due to the
continued low interest rate environment amounted to EUR 47.8 million (2014:
EUR 54.1 million) and led to a rise in net interest income of a pleasing
21.4% to EUR 191.2 million (2014: EUR 157.5 million).

The growth in expenses for the settlement of claims and risk provision was
lower at 10.5% amounting to EUR 59.4 million (2014: EUR 53.7 million),
whereby net interest income after settlement of claims and risk provision
rose sharply by 27.0% to EUR 131.8 million (2014: EUR 103.8 million). We
were able to maintain our loss rate at the prior year's level of 1.5% by
virtue of our active risk-oriented management of our new business (2014:
1.5%).

Profit from insurance business grew 20.7% to EUR 50.8 million (2014: EUR
42.1 million). Profit from new business grew 10.1% to EUR 50.1 million
(2014: EUR 45.5 million). Taking into account the customarily volatile