German funder Grenke Group has reported growth
of 62.8% in new business outside of Germany for 2010, thanks to a
high equity ratio and strong financing base.
Total new business, including franchise
partners and factoring, amounted to €693 million during the year, a
rise of 39.4%. New leasing business alone grew by 43.3% to €649.9
million, while factoring suffered a slight decline, down 1.2% to
€43.1 million.
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Dr Uwe Hack, deputy chairman of the board of
directors, said: “We grew our refinancing basis again in the fourth
quarter of 2010. We signed an additional asset-backed commercial
paper programme with UniCredit for our French lease receivables.
These factors, with a stable outlook and the fact that we have no
significant maturities of bonds in 2011, mean that everything is in
place to take advantage of growth opportunities in 2011.”
The company also expanded its presence in
Italy, opening a branch office in Arese, as well as entering a
franchise agreement in Slovenia. “We will continue to implement our
usual expansion strategy of acquiring new franchise partners and
dividing cells in international locations in 2011,” Hack said.
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