receiveables
With an increase in lease receiveables during the first
half of 2008 of €51.6m, almost double what they were during the
same period last year, Grenkeleasing retains its reputation as one
of Germany’s better financial services companies.
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It has also managed to grow business while passing some of the
pain of higher interest rates onto its customers, and also do so in
the context of a faltering German economy that, according to
analysts, is at its lowest position since 1991.
International new business continues to be its biggest area of
growth, rising 35 per cent year on year, compared with a drop of 1
per cent in Germany due to a high existing market share and a
faltering economy which has particularly muted construction and
engineering sectors.
Its French business continues to do well, as has its Spanish
unit (it recently opened an office in Madrid) while its Polish and
UK franchise partners, down 15 per cent, are not. There has,
however, been a change in its relationship with these two
subsidiaries. Leases in Poland hereon will be financed via a third
party Polish bank rather than Grenkeleasing. Also, in recent months
Grenke paid €1.03bn for Grenke Leasing Ltd. This business has total
assets of €24.4m against liabilities of €25.7m.
Its focus on factoring which began least year is reaping some
rewards with an upturn in new business in this sector of 14 per
cent to €24.3m.
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By GlobalDataLiquidity remains solid despite prevailing economic conditions,
and in recent months has raised the volume of funds available by
€213m. Bank liabilities rose marginally to pay for investments in
new offices while its Irish subsidiary concluded three revolving
credit facilities with three German banks. Staffing levels grew by
71 to 481 employees which also contributed to a rise in costs.
Total assets: €1.3bn (up 6.4 per cent YY)
Overall new business: €284m (up 13% year
on year)
Net profits: €16.3m (up 5%)
Dividend: 0.60 (0.55 at Jan 1 2008)
Contribution margin: 19.8%
Brendan Malkin
