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Ad hoc notice pursuant to Article 17 of the MAR

29. July 2019

Baden-Baden

GRENKE AG adjusts forecast for 2019 Consolidated Group net profit and reaffirms new business forecast

  • Adjustment in forecast for Consolidated Group net profit: following net profit of EUR 131 million in the previous year, net profit in the current year forecasted to rise to EUR 138 to 148 million (previous forecast: EUR 147 to 156 million)
  • Target for new business growth at GRENKE Group Leasing narrowed to 16 to 19 percent (previous forecast: 14 to 19 percent)

 

Baden-Baden, July 29, 2019: The profitable new business generated in the past quarters continued to be a key driver of the Consolidated Group’s profitability in the reporting period. The changing overall economic environment and the associated fluctuations in the payment behaviour of customers will result in a higher loss rate. Based on the currently available projections, the Company expects the expenses for settlement of claims and risk provision to increase. Furthermore, GRENKE emphasises that a development such as that seen in the first half-year represents a certain degree of normalisation, as the losses in recent years, which were accompanied by a sharp rise in new business volume, were at a very low level. As a result, the Board of Directors is adjusting the full-year forecast for Consolidated Group net profit to EUR 138 to 148 million (previous forecast: EUR 147 to 156 million), which represents an increase of 5 to 13 percent compared to the previous year.

Given the robust business model and the continued good growth outlook, the Company is narrowing its forecast for new business growth in 2019 at GRENKE Group Leasing to 16 to 19 percent (previous forecast: 14 to 19 percent).

The GRENKE Consolidated Group’s financial report for the second quarter and first half-year of 2019 will be published on July 30, 2019.

Analysts and investors are kindly asked to direct any questions to

Renate Hauss
Director Investor Relations
Phone: +49 7221 5007-182
Email: rhauss@grenke.de

Latest News

03

Jan 2020

GRENKE’s strong growth continues in 2019

  • GRENKE Group’s new business in 2019 reaches EUR 3,566.6 million for a year-on-year increase of 19.7%
  • Solid growth achieved in core markets

30

Oct 2019

GRENKE’s business continues to perform well in the third quarter of 2019

  • Nine-month net profit increases by 5.2% to EUR 103.0 million (9M-2018: EUR 98.0 million)
  • Loss rate is stable compared to the second quarter of 2019 and in line with expectations

GRENKE AG

90,65

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17.01.2020, 17:29, Share price with a time delay of at least 15 minutes

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Analyst Ratings

Kepler Cheuvreux

Tobias Lukesch

17.01.2020

Hold

HSBC Trinkhaus & Burkhardt AG

Johannes Thormann

03.01.2020

Buy

Deutsche Bank

Benjamin Goy

03.01.2020

Buy

Pareto Securities AS

Dr. Philip Häßler

03.01.2020

Hold

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Annual General Meeting

All the information on our Annual General Meeting can be viewed here.

Annual General Meeting 2019

The Annual General Meeting 2019 of GRENKE AG took place on Tuesday May 14, 2019 in Baden-Baden, Kongresshaus, Augustaplatz 10, D-76530 Baden-Baden at 11:00 a.m.

 

If you have any questions concerning the Annual General Meeting of GRENKE AG please use our homepage or contact directly GRENKE AG.

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