Baden-Baden, November 5, 2018. Today’s Bloomberg interview entitled "Grenke expects significantly lower leasing growth in the long term" has led to significant confusion on the capital market.
GRENKE AG clarifies the contents of the interview with Bloomberg as follows: GRENKE continues to see solid growth potential in the leasing business and expects double-digit growth to continue in the future. In the 2017 Annual Report, the GRENKE Group’s long-term growth in new business – i.e. the sum of the acquisition costs of newly acquired lease assets, factoring volumes and business start-up financing (including the microcredit business) – has been stated at a minimum of twelve percent per annum. In the conference call on October 30, 2018 for the third quarter and the first nine months of 2018, Mr. Hirsch (member of the Board of Directors) narrowed this outlook, citing 14 to 16 percent as the rate of medium to long-term growth for new business in Leasing. Analysts who have been following the Company for a longer period of time have confirmed this expectation in recent reports.
The Company will announce its forecast for Leasing new business in the 2019 fiscal year on February 7, 2019 when it publishes its financial report for the past 2018 fiscal year.