CEO Antje Leminsky: "We have delivered – thereby regaining trust."
CFO Sebastian Hirsch: "We are conserving our healthy equity base."
Baden-Baden, May 17, 2021: GRENKE AG announces that the auditing firm KPMG has today issued an unqualified audit opinion for the annual and consolidated financial statements as of December 31, 2020. The Company will publish the 2020 Annual Report on May 21, 2021, as announced.
"We have delivered. With the unqualified audit opinion, we are regaining trust," says Antje Leminsky, Chair of the Board of Directors of GRENKE AG. "Investors, customers and employees can rely on GRENKE."
In comparison to the preliminary figures already published, there were changes that have led to an increase in the Group net profit for 2020 of EUR 8.5 million, bringing the total to EUR 88.4 million. This change resulted from a correction in the risk provision for the prior year (2019), which was already communicated as an option in the press release dated April 30, 2021. This increase was reduced by the recognition of further provisions for the costs of the audit of the annual financial statements.
As reported in the press release dated April 30, 2021, the equity ratio on the balance sheet as of December 31, 2020 amounts to 16.3 percent.
The Board of Directors plans to propose a dividend of 26 cents per share for the 2020 financial year (2019: 80 cents per share) to the Annual General Meeting. This dividend amount corresponds to a payout ratio of approximately 14 percent of the Group net profit, which is lower than the range of the previous payout policy, which in recent years has ranged between 25 and 30 percent of Group net profit.
"We are also making it possible to distribute a dividend for the 2020 financial year by submitting an appropriate dividend proposal. We have taken into account both the special situation in 2020 as well as a healthy capital base for our long-term growth," commented Chief Financial Officer Sebastian Hirsch on the dividend proposal, adding: "I am convinced that in the near term we will be able to return to our previous payout level."
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