DGAP-News

GRENKELEASING AG: Consolidated Group net profit rises 37.7% to EUR 48.3 million and exceeds our previous expectations - Seite 2

than the growth in income. Staff costs amounted to EUR 40.3 million in the
first nine months of 2014 after EUR 38.0 million in the previous year's
comparable period. Selling and administrative expenses grew 16.2% to EUR
33.0 million after EUR 28.4 million in the first nine months of 2013.
Consultancy costs and audit fees, which were influenced by consulting
services used in the course of internationalisation and the focused
expansion of our IT infrastructure in the previous year's period, have
meanwhile seen a slight decline. The development of our expenses
demonstrates the high profitability of our business.

The operating result climbed 36.5% to EUR 65.9 million after EUR 48.3
million in the first nine months of 2013. Net profit for the nine-month
period of 2014 grew 37.7% to EUR 48.3 million (previous year: EUR 35.1
million) and exceeded our previous expectations.

At the end of the first half-year of 2014, we had refined our profit
forecast to a Consolidated Group net profit of around EUR 56 million. We
are raising our forecast and now expect net profit in the range of EUR
62-64 million for fiscal year 2014. This represents growth of at least 32%
compared to the net profit reported in fiscal year 2013 of EUR 47.0
million.

At 16.7%, the equity ratio remained at the level as per December 31, 2013
and above our long-term target of a minimum of 16%. With this solid equity
ratio, we still have ample room for the GRENKE Consolidated Group's future
growth.

These results were generated by a total of 866 employees compared to 808
employees in the first nine months of 2013 (based on full-time employees,
excluding the Board of Directors).

"The high profitability of our business was visible in our operating result
and net profit. We achieved an increase in net profit of 38 percent to EUR
48.3 million in the nine-month period - a level clearly above our previous
expectations. Thus, we are raising our net profit forecast for the current
fiscal year to a range of EUR 62-64 million. This represents growth of at
least 32 percent compared to the previous year. We are continually working
on expanding our network to ensure that our dynamic growth continues well
into the future. For the fourth quarter, we are planning cell divisions in
numerous countries and preparing market entries into Chile and Croatia",
commented Wolfgang Grenke, Chairman of the Board of Directors of
GRENKELEASING AG, with regard to the results.

"Our strong position in the capital markets continues to be supported by