- CEO Antje Leminsky: "Remarkable success in a difficult period"
- CFO Sebastian Hirsch: "A powerful validation of our value and profitability"
- Quarterly statement for Q1 2021 to be published on May 31, 2021
- Virtual Annual General Meeting to be held on July 29, 2021
Baden-Baden, May 21, 2021: GRENKE AG, a global financing partner for small and medium-sized enterprises, today published its annual report for the year 2020. The Company presented preliminary figures on April 30, 2021 followed by an announcement on May 17, 2021 that the auditing firm KPMG had issued an unqualified audit opinion for the annual and consolidated financial statements as of December 31, 2020.
"We have successfully concluded an exceptionally difficult 2020," says Antje Leminsky, Chair of the Board of Directors of GRENKE AG. "Not only did we withstand the strong headwinds from various directions, but now the prerequisites are in place to allow GRENKE to return to its growth mode."
At EUR 88.4 million (20191: EUR 133.3 million), GRENKE met its forecast of consolidated net profit in the upper double-digit millions published on February 26, 2021. This level of net profit corresponds to earnings per share of EUR 1.86 (20191: EUR 2.89). For the current financial year, GRENKE is forecasting net profit of EUR 50 million to EUR 70 million.
The Board of Directors and Supervisory Board propose a dividend payment for the 2020 financial year of EUR 0.26 per share (previous year: EUR 0.80). This level enables GRENKE AG to conserve its capital base and the flexibility to take advantage of future growth opportunities.
The extremely thorough audit of the financial statements by KPMG confirmed the value of GRENKE's business. At 16.3 percent, the equity ratio remained high and above the Company's self-imposed minimum target of 16 percent.
"The audited consolidated financial statements prove beyond a doubt the value and sustainability of our business. We are aware that we can and must improve in some areas, but we have successfully mastered an audit marathon and have already increased our level of transparency significantly," says Sebastian Hirsch, Chief Financial Officer of GRENKE AG, adding: "This gives us a good starting point for expanding our leading position as a provider of small-ticket leasing and as a partner for SMEs worldwide."
On May 31, 2021, GRENKE will report its business performance for the first quarter of 2021 and invite the media and investors to participate in a conference call as usual.
GRENKE has started the routine tender process for the appointment of the auditor for the 2021 financial year 2021. The result of this tender will be announced with the invitation to the ordinary Annual General Meeting, which will be held as a virtual meeting on July 29, 2021.
The GRENKE Group's Annual Report for the 2020 financial year is available at https://www.grenke.com/investor-relations/reports-and-presentations.
1 All figures for 2019 in this press release have been adjusted in accordance with IAS 8.42 (including the consolidation of the franchise companies). See also the notes to the consolidated financial statements, chapter 2.3, pages 125 et al in the 2020 Annual Report.
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