Quarterly Statment for the 1st Quarter 2016 GRENKE AG Group

Transcription

QUARTERLY STATEMENT
FOR THE 1ST QUARTER 2016
2016
GRENKELEASING AG GROUP
GRENKELEASING AG Consolidated Group
Quarterly Statement for the 1st Quarter 2016
KEY FIGURES GRENKE GROUP
Jan. 1, 2016 to
Change
Jan. 1, 2015 to
Mar. 31, 2016
(%)
Mar. 31, 2015
Unit
363,711
19.3
304,798
EURk
274,459
21.5
225,901
EURk
7,388
26.3
5,848
EURk
81,864
12.1
73,049
EURk
124,307
14.5
108,582
EURk
Southern Europe*
99,200
37.8
72,004
EURk
Northern / Eastern Europe*
53,465
16.4
45,925
EURk
4,875
–6.9
5,238
EURk
76,270
16.3
65,584
EURk
New business GRENKE Group Leasing
of which international
of which franchise international
of which Germany
Western Europe (without Germany)*
Other regions*
New business GRENKE Group Factoring (incl. collection services)
of which Germany
33,243
35.1
24,606
EURk
32,242
–0.7
32,481
EURk
10,785
26.9
8,497
EURk
363,688
25.9
288,852
EURk
5,045
27.6
3,955
EURk
GRENKE Group Leasing
61,858
5.1
58,858
EURk
49,457
4.8
47,208
EURk
1,326
26.5
1,048
EURk
11,075
4.5
10,603
EURk
Western Europe (without Germany)*
21,920
–0.1
21,930
EURk
Southern Europe*
18,301
10.9
16,501
EURk
9,657
8.7
8,887
EURk
905
–3.4
937
EURk
43,228
15.8
37,321
units
80
–3.6
83
percent
Share of corporate customers in lease portfolio
100
0.0
100
percent
Mean acquisition value
8.4
2.4
8.2
EURk
Mean term of contract
47
–2.1
48
months
4,305
17.6
3,660
EURm
508,976
15.1
442,070
units
GRENKE Bank
Deposits
New business start-up financing (incl. microcredit business)
Contribution margin 2 (CM2) on new business
of which Germany
Northern / Eastern Europe*
Other regions*
Further information leasing business
Number of new contracts
Share of IT products in lease portfolio
Volume of leased assets
Number of current contracts
* Regions:
Western Europe (without Germany): Austria, Belgium, France, Luxembourg, the Netherlands, Switzerland
Southern Europe: Croatia, Italy, Malta, Portugal, Slovenia, Spain
Northern / Eastern Europe: Denmark, Finland, Ireland, Norway, Sweden, UK / Czech Republic, Hungary, Poland, Romania, Slovakia
Other regions: Brazil, Canada, Chile, Dubai, Singapore, Turkey
GRENKE Group = GRENKE Consolidated Group including franchise partners
GRENKE Consolidated Group = GRENKELEASING AG and all consolidated subsidiaries and structured entities according to IFRS
2
KEY FIGURES
GRENKE CONSOLIDATED GROUP
Jan. 1, 2016 to
Change
Jan. 1, 2015 to
Mar. 31, 2016
(%)
Mar. 31, 2015
Unit
Net interest income
51,753
16.4
44,480
EURk
Settlement of claims and risk provision
15,672
4.9
14,939
EURk
Profit from insurance business
13,207
17.3
11,261
EURk
Profit from new business
14,309
21.1
11,812
EURk
–23
–103.1
733
EURk
Other operating income
1,115
–10.9
1,251
EURk
Cost of new contracts
9,575
15.0
8,323
EURk
Cost of current contracts
2,824
14.1
2,476
EURk
10,578
7.3
9,854
EURk
Management costs
8,646
35.3
6,391
EURk
Other costs
2,561
–1.5
2,600
EURk
30,505
22.2
24,954
EURk
80
–366.7
–30
EURk
0
–100.0
10
EURk
EBT (earnings before taxes)
30,425
21.7
24,994
EURk
Net profit
22,525
22.4
18,403
EURk
1.50
20.0
1.25
EUR
Dividends
1.50
36.4
1.10
EUR
Embedded value, leasing contract portfolio (incl. equity before taxes)
917
16.2
789
EURm
Embedded value, leasing contract portfolio (incl. equity after taxes)
840
16.5
721
EURm
20
–20.0
25
EURm
Cost / income ratio
52.9
–1.7
53.8
percent
Return on equity (ROE) after taxes
14.8
4.2
14.2
percent
Average number of employees
975
8.9
895
employees
Staff costs
17,079
13.6
15,033
EURk
– of which total remuneration
14,071
14.3
12,311
EURk
– of which fixed remuneration
10,361
12.9
9,181
EURk
3,710
18.5
3,130
EURk
Key figures income statement
Gains (+) / losses (–) from disposals
Project costs and basic distribution costs
Operating result
Other interest result (income (–) / expense (+))
Income / expenses from fair value measurement
Earnings per share (according to IFRS)
Further Information
Economic result (after taxes)*
– of which variable remuneration
* Indicator that combines the total comprehensive income of one period with the change in the embedded value (excluding equity) after tax (the present value
of all outstanding lease instalments after costs and risk provisions).
GRENKE Group = GRENKE Consolidated Group including franchise partners
GRENKE Consolidated Group = GRENKELEASING AG and all consolidated subsidiaries and structured entities according to IFRS
3
CONTENT
KEY FIGURES
2
LETTER TO SHAREHOLDERS FROM THE BOARD OF DIRECTORS
5
GRENKE AT A GLANCE
6
INTERIM GROUP MANAGEMENT REPORT
7
Business Development
Selected Information from the Condensed Interim Consolidated Financial Statements
Report on Results of Operations
Report on Financial Position and Net Assets
Report on Risks, Opportunities and Forecasts
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Group Segment Reporting
7
9
10
11
12
13
13
14
15
17
19
20
ADDITIONAL INFORMATION ON THE CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
21
CALENDAR OF EVENTS AND CONTACT INFORMATION
26
4
LETTER TO SHAREHOLDERS
FROM THE BOARD OF DIRECTORS
Dear Shareholders,
Ladies and Gentlemen,
The first quarter gave us a strong start to the 2016 fiscal year thanks to an uninterrupted trend in growth. GRENKE
Group’s new business increased in line with our expectations and gained 19 percent to reach EUR 445.0 million.
We strengthened our international business through our cell division strategy by adding a new location in Finland. We
also acquired the business of our former franchisee in Turkey. The international share of new business in the reporting
quarter was 73.0 percent following 72.9 percent in the previous year’s comparable quarter. GRENKE Group Leasing’s
new business rose 19 percent overall in the first quarter. We were particularly successful in our core market of France
(+19 percent) and in the important market of Italy (+44 percent). We were also pleased with the new business development in GRENKE Group Factoring, which exceeded the previous year’s level by 16 percent. We expect growth
momentum to increase in this segment as the year progresses. The contribution margin 2 (CM2) of the Leasing segment’s new business narrowed slightly to 17.0 percent compared to 19.3 percent in the previous year’s comparable
period. An isolated comparison to the fourth quarter of 2015 shows a steady trend in the margin with the decline resulting mainly from the prior year’s adjustment in the calculation method for forecasting subsequent income and expenses
and the sales activities targeted at achieving high growth in individual markets.
Earnings continued to be very satisfactory supported by the below-average rise in expenses for the settlement of claims
and risk provision and the continued favourable refinancing environment, among others. On the whole, we achieved a
22 percent rise in the GRENKE Consolidated Group’s net profit in the first quarter of 2016. We maintain our guidance
for the current fiscal year of net profit in the range of EUR 93 to 98 million.
We had solid share price performance in the reporting quarter. After starting the year at EUR 184.60, the shares
climbed higher and reached a record high of EUR 189.75 at the end of March and proceeded to end the first three
months about one percent higher. As per March 31, the shares had completed a twelve-month rise of an impressive
74 percent. After last year’s offer to shareholders to receive their dividends in the form of additional GRENKE shares,
we have decided to renew this offer in the current year. This gives shareholders another opportunity to strengthen their
commitment to GRENKE and support the Company’s clear growth strategy.
Wolfgang Grenke
Chairman of the Board of Directors
5
GRENKE AT A GLANCE
New business GRENKE Group (incl. franchise partners)
+19%
1
International presence
Acquisition of the franchise
company in Turkey
1 new location under cell division strategy
NEW LOCATION
EUR 445.0 million (previous year: EUR 374.3 million)
GRENKE share price performance (XETRA; EUR)
GRENKE Consolidated Group’s net profit (EUR million)
200
25,0
175
22,5
150
20,0
125
17,5
100
Mrz. 15
Jun. 15
Sep. 15
Dez. 15
Mrz. 16
Number of employees of the GRENKE Consolidated Group
15,0
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Solid equity base
975
17.2%
March 31, 2015: 895 employees
December 31, 2015: 17.0 percent
EQUITY RATIO
6
INTERIM GROUP MANAGEMENT
REPORT
GRENKE Group’s new business
SHARES IN NEW BUSINESS OF GRENKE GROUP LEASING + FACTORING + BUSINESS START-UP FINANCING
(INCLUDING MICROCREDIT BUSINESS) INCLUDING FRANCHISE PARTNERS AS PER MARCH 31, 2016
Other regions | 1.1%
Germany | 27.0%
Northern / Eastern Europe | 14.4%
Southern Europe | 22.3%
Previous year:
Germany: 27.2%
Western Europe (without Germany): 37.7%
Southern Europe: 19.2%
Northern / Eastern Europe: 14.5%
Other regions: 1.4%
Western Europe (without Germany) | 35.2%
New business Q1 2016
GRENKE Group Leasing: EUR 363.7 million (previous year: EUR 304.8 million)
GRENKE Group Factoring: EUR 76.3 million (previous year: EUR 65.6 million)
GROWTH RATES IN NEW BUSINESS OF GRENKE GROUP LEASING AS PER MARCH 31, 2016
(COMPARED TO THE SAME PERIOD IN 2015)
37.8%
16.4%
14.5%
12.1%
–6.9%
Germany
Previous year:
Regions:
Western Europe
(without Germany)
Southern Europe
Northern / Eastern Europe
Other regions
Germany 9.2%; Western Europe (without Germany) 20.4%; Southern Europe 15.9%;
Northern / Eastern Europe: 7.1%; Other regions: 127.9%
Western Europe (without Germany): Austria, Belgium, France, Luxembourg, the Netherlands, Switzerland
Southern Europe: Croatia, Italy, Malta, Portugal, Slovenia, Spain
Northern / Eastern Europe: Denmark, Finland, Ireland, Norway, Sweden, UK / Czech Republic, Hungary, Poland, Romania, Slovakia
Other regions: Brazil, Canada, Chile, Dubai, Singapore, Turkey
7
GRENKE Consolidated Group’s Business Performance
In the first quarter of the current fiscal year, we acquired the business of our former franchisee in Turkey in order to
densify our network. The payment of the purchase price for this acquisition will occur in the second quarter of 2016.
Furthermore, we opened a new location in Oulu (Finland) as part of our cell division strategy. We are not only expanding geographically but also in terms of our product range. In the reporting quarter, we expanded our existing cooperation with Thüringer Aufbaubank and added a global loan of EUR 7.5 million. Together with a growing number of federal
government and state development banks, GRENKE Bank finances business start-ups and provides development
loans to small- and medium-sized companies and members of self-employed professions for business investments
financed through leasing. Until now, over 16,529 leasing contracts have been concluded as part of these collaborations.
To refinance our new business, we continue to rely on a broad range of refinancing instruments from three categories:
senior unsecured, asset based and the option to obtain bank deposits from GRENKE Bank. Because of our excellent
reputation on the capital markets, all of our new issues in the reporting quarter were successfully placed in a short
period of time. The key transactions include a bond issue with a volume of EUR 125 million, a coupon of 1.5 percent
and a maturity of five years and one month.
8
Selected Information from the
Condensed Interim Consolidated Financial Statements
Jan. 1, 2016 to
Jan. 1, 2015
Mar. 31, 2016
Change (%)
to Mar. 31, 2015
Net interest income
51,753
16.4
44,480
15,672
4.9
14,939
Net interest income after settlement of claims and risk provision
36,081
22.1
29,541
13,207
17.3
11,261
14,309
21.1
11,812
–23
–103.1
733
Income from operating business
63,574
19.2
53,347
Operating result
30,505
22.2
24,954
Earnings before taxes
30,289
21.2
24,994
Net profit
22,525
22.4
18,403
1.50
20.0
1.25
Mar. 31, 2016
Change (%)
Dec. 31, 2015
1,426,804
–0.1
1,427,593
142,956
–23.3
186,453
1,039,245
3.5
1,004,360
2,111,051
3.1
2,046,937
1,905,275
3.0
1,849,812
609,765
3.2
590,654
EURk
Gains (+) / losses (–) from disposals
Earnings per share (basic/diluted, in EUR)
EURk
Current assets
of which cash and cash equivalents
of which lease receivables
Non-current assets
of which lease receivables
Equity
Equity ratio (in percent)
Current liabilities
of which financial liabilities
Non-current liabilities
of which financial liabilities
Total assets
17.2
1.2
17.0
1,088,202
–9.2
1,199,096
961,059
–9.5
1,061,744
1,839,888
9.2
1,684,780
1,782,030
9.3
1,630,600
3,537,855
1.8
3,474,530
9
Report on the Results of Operations
The positive trend in income seen in previous quarters continued into the first quarter of the 2016 fiscal year. The
operating result compared to the same period in the previous year grew a pleasing 22 percent.
A continued rise in interest and similar income from financing business and a renewed decline in expenses from interest on refinancing led to a 16 percent rise in net interest income over the comparable previous year’s period. Expenses
for the settlement of claims and risk provision increased just five percent thanks to our active and risk-oriented margin
management and allowed us to achieve a welcome 22 percent rise in net interest income after settlement of claims and
risk provision. The Consolidated Group’s loss rate amounted to 1.5 percent compared to 1.65 percent in the previous
year’s reporting period.
The profit from insurance business and the profit from new business developed positively with the former rising
17 percent based on new business growth and the latter increasing 21 percent over the previous year’s level. Taking
into account the volatile quarterly result from disposals, which was slightly negative in the reporting period (losses from
disposals), the Consolidated Group was able to significantly increase its income from operating business by 19 percent.
Staff costs increased at a slower pace than income and grew 14 percent to EUR 17.1 million (previous year: EUR 15.0
million) as a result of the higher year-on-year number of employees and a higher level of variable compensation following the extremely successful 2015 fiscal year. Another material expense item in the income statement was selling and
administrative expenses, which increased 16 percent to EUR 13.4 million (previous year: EUR 11.5 million). This rise
was spurred mainly by the growth-related rise in costs for operations, sales and administration as well as IT project
costs that have increased considerably in the course of the systems’ continued expansion. In contrast, consulting and
auditing costs slightly declined.
Of lesser importance for the GRENKE Consolidated Group’s net profit development, depreciation and amortisation of
non-current assets increased 45 percent year-on-year assets.
Earnings before taxes increased 21 percent. Based on a slightly lower tax rate, net profit in the reporting quarter grew
22 percent generating earnings per share of EUR 1.50 compared to EUR 1.25 in the previous year.
Segment Development
Business Segments
Segment reporting is based on the prevailing organisational structure of the GRENKE Consolidated Group. Therefore,
the formation of the operating segments is based on the management of the business areas in the Leasing, Banking
and Factoring segments. Transactions between operating segments are eliminated (for more information, please see
"The Consolidated Group’s Segment Reporting"). A regional split of the business activities is provided on a yearly basis
as part of GRENKE Consolidated Group’s financial statements for each fiscal year. Separate financial information is
available for all three operating segments.
10
The Leasing segment continues to represent the most important earnings pillar for the GRENKE Consolidated Group.
Therefore, the discussion on income development essentially also applies to this section. Operating segment income
increased 21 percent from EUR 49.2 million to EUR 59.4 million. With the disproportionate rise in expenses, the
segment result climbed 25 percent and reached a level of EUR 28.2 million compared to EUR 22.6 million in the previous year’s period. The operating segment income in the Factoring segment increased by seven percent and resulted in
a slightly negative segment result of EUR –0.1 million compared to EUR 0.1 million in the prior year. At EUR 3.3 million,
our Banking segment’s operating income remained at the level of the first three months of the previous year. The
segment result declined by seven percent to EUR 2.3 million compared to EUR 2.5 million in the previous year.
Report on Financial Position and Net Assets
As per the March 31, 2016 balance sheet date, the total assets of the GRENKE Consolidated Group increased two percent
in comparison to the end of the previous fiscal year. With an equity ratio of 17.2 percent compared to 17.0 percent as per
December 31, 2015, we continue to possess a solid equity base that exceeds our long-term target of 16 percent.
The current and non-current lease receivables in the first three months increased three percent. As the largest single
position on the balance sheet as per the reporting date, they had a share in total assets of 83 percent, which was
largely unchanged from the level at the end of the previous fiscal year. We reduced cash and cash equivalents as per
the balance sheet date to EUR 143.0 million compared to EUR 186.5 million at the end of the 2015 fiscal year under
our strategy to employee liquid funds for operational purposes, that is, to finance our growth and not to invest them at
low interest rates. We continue to have a sufficient level of liquidity.
On the liability side of the balance sheet, the Consolidated Group’s liabilities (current and non-current) were two percent
higher as per the reporting date. Whereas financial liabilities, most of which are liabilities from refinancing, increased by
a two percent, deferred lease payments as per the reporting date declined by 30 percent.
In the course of fine-tuning our refinancing structure, we placed two new bonds in the first quarter of 2016 with volumes
of EUR 26 million and EUR 125 million. One bond with a volume of EUR 100 million was redeemed on schedule. In the
short-term segment, we also had a total of nine commercial paper issues with a total volume of EUR 108 million and
maturities ranging from two to four months. We took increased advantage of the third key pillar of our refinancing mix –
deposits at GRENKE Bank – in the reporting quarter as part of our refinancing management. As per the reporting date,
deposits amounted to EUR 363.7 million after their level of EUR 349.3 million at the end of the previous fiscal year.
Cash flow from operating activities totalled EUR –38.9 million in the first quarter. Earnings before taxes of EUR 30.3 million
were offset by an outflow of funds in the amount of EUR 83.4 million for the purchase of lease receivables. In addition, a
cash outflow of EUR 47.3 million resulted from an increase in other assets, deferred lease payments and other liabilities.
Cash inflows of EUR 61.4 million as the single largest item resulted mainly from the sum of a change in refinancing liabilities, the deposit business and loans to franchisees. After interest and taxes paid and received, the net cash flow from
operating activities amounted to EUR –40.8 million compared to EUR 46.5 million in the previous year’s period.
11
Cash flow from investing activities included mainly payments for the purchase of office and operating equipment and
intangible assets in the amount of EUR 1.8 million, as well as cash of EUR 1.2 million acquired in the purchase of a
previous franchise company in Turkey. The net cash flow from investing activities amounted to EUR –0.6 million compared to EUR –8.8 million in the previous year’s period.
Total cash flows in the first three months came to EUR –42.9 million compared to EUR 38.3 million in the previous
year’s comparable period and included cash flows from financing activities consisting of a slight increase in bank
liabilities and the interest payment on hybrid capital (EUR 1.7 million).
Report on Risks, Opportunities and Forecasts
Opportunities and Risks
There has been no material change to the opportunities and risks in the reporting period compared to those presented
in our 2015 Annual Financial Report. We believe the opportunities for our further development significantly outweigh the
customary risks inherent in our business model.
Forecast
The current fiscal year has started off on a strong note. The new business in our Leasing segment grew 19 percent in
the first quarter and was fully in line with our expectations. GRENKE Group Factoring’s new business developed
somewhat slower in the reporting quarter than the rate projected for the full year. New business increased 16 percent
year-on-year and is currently below the targeted range of 30 to 35 percent. We are confident, however, that new business growth will accelerate in the further course of the year and meet our target. The 22 percent year-on-year increase
in our net profit in the reporting quarter places us squarely on track to reach our full-year net profit target of EUR 93 to
98 million. In the previous year, we generated a net profit of EUR 80.8 million.
12
Jan. 1, 2016 to
Jan. 1, 2015 to
Mar. 31, 2016
Mar. 31, 2015
Interest and similar income from financing business
63,137
57,252
Expenses from interest on refinancing and deposit business
11,384
12,772
Net interest income
51,753
44,480
15,672
14,939
Net interest income after settlement of claims and risk provision
36,081
29,541
13,207
11,261
14,309
11,812
EURk
Gains(+) / losses (–) from disposals
–23
733
Income from operating business
63,574
53,347
Staff costs
17,079
15,033
Depreciation and impairment
2,158
1,491
13,405
11,523
Other operating expenses
1,542
1,597
Other operating income
1,115
1,251
30,505
24,954
Selling and administrative expenses (not including staff costs)
Operating result
Result from investments accounted for using the equity method
Expenses / income from fair value measurement
Other interest income
–136
0
0
10
68
108
Other interest expenses
148
78
30,289
24,994
Income taxes
Net profit
7,764
6,591
22,525
18,403
Of which, attributable to:
Hybrid capital holders of GRENKELEASING AG
431
0
22,094
18,403
Earnings per share (basic) in EUR
1.50
1.25
Earnings per share (diluted) in EUR
1.50
1.25
Average number of shares outstanding (basic)
14,754,199
14,754,199
Average number of shares outstanding (diluted)
14,754,199
14,754,199
Shareholders of GRENKELEASING AG
13
Consolidated Statement of Comprehensive Income
EURk
Net profit
Jan. 1, 2016 to
Jan. 1, 2015 to
Mar. 31, 2016
Mar. 31, 2015
22,525
18,403
–48
–39
Items that may be reclassified to profit and loss in future periods
Appropriation to / reduction of hedging reserve (before taxes)
Income taxes
8
4
–40
–35
–1,995
5,663
0
0
–1,995
5,663
Appropriation to / reduction of reserve for actuarial gains and losses (before taxes)
0
0
Income taxes
0
0
Appropriation to / reduction of reserve for actuarial gains and losses (after taxes)
0
0
Appropriation to / reduction of hedging reserve (after taxes)
Change in currency translation differences (before taxes)
Income taxes
Change in currency translation differences (after taxes)
Items that will not be reclassified to profit and loss in future periods
Other comprehensive income
–2,035
5,628
Total comprehensive income
20,490
24,031
Of which, attributable to:
Hybrid capital holders of GRENKELEASING AG
Shareholders of GRENKELEASING AG
431
0
20,059
24,031
14
EURk
Mar. 31, 2016
Dec. 31, 2015
142,956
186,453
Assets
Current assets
Cash and cash equivalents
Financial instruments that are assets
Lease receivables
Other current financial assets
3,567
250
1,039,245
1,004,360
52,216
63,828
Trade receivables
4,659
4,272
Lease assets for sale
7,537
7,073
17,107
17,569
Tax assets
Other current assets
Total current assets
159,517
143,788
1,426,804
1,427,593
1,905,275
1,849,812
Non-current assets
Lease receivables
Financial instruments that are assets
Other non-current financial assets
Investments accounted for using the equity method
167
27
46,563
47,195
5,233
5,368
Property, plant, and equipment
46,937
46,351
Goodwill
65,916
62,161
Other intangible assets
18,975
17,171
Deferred tax assets
20,700
17,649
Other non-current assets
1,285
1,203
Total non-current assets
2,111,051
2,046,937
Total assets
3,537,855
3,474,530
15
EURk
Mar. 31, 2016
Dec. 31, 2015
961,059
1,061,744
Liabilities and equity
Liabilities
Current liabilities
Financial liabilities
Liability financial instruments
520
2,124
Trade payables
16,092
10,489
Tax liabilities
15,258
10,107
Deferred liabilities
11,975
12,666
Current provisions
1,733
1,764
23,185
17,294
Other current liabilities
Deferred lease payments
Total current liabilities
58,380
82,908
1,088,202
1,199,096
1,782,030
1,630,600
Non-current liabilities
Liability financial instruments
Deferred tax liabilities
Pensions
Total non-current liabilities
1,331
1,316
52,217
48,619
4,310
4,245
1,839,888
1,684,780
Equity
Share capital
18,859
18,859
Capital reserves
116,491
116,491
Retained earnings
440,980
419,068
Other components of equity
Total equity attributable to shareholders of GRENKELEASING AG
Additional equity components *
Total equity
Total liabilities and equity
3,430
5,465
579,760
559,883
30,005
30,771
609,765
590,654
3,537,855
3,474,530
* Including an AT1 bond (hybrid capital), which represents an unsecured and subordinated bond of GRENKELEASING AG that is
reported as equity under IFRS.
16
EURk
Jan. 1, 2016 to
Jan. 1, 2015 to
Mar. 31, 2016
Mar. 31, 2015
30,289
24,994
2,158
1,491
Non-cash items contained in earnings and reconciliation to
cash flow from operating activities
+
Depreciation and impairment
–/+
Profit / loss from the disposal of property, plant, and equipment and intangible
assets
27
–6
–/+
Net income from non-current financial assets
80
–30
–/+
Other non-cash effective income / expenses
–1,517
5,192
+/–
Increase / decrease in deferred liabilities, provisions, and pensions
–658
69
–
Additions to lease receivables
–372,951
–313,259
+
Payments by lessees
286,396
249,000
+
Disposals / reclassifications of lease receivables at residual carrying amounts
–
Interest and similar income from leasing business
+/–
Decrease / increase in other receivables from lessees
–1,766
–5,438
+/–
Currency translation differences
14,630
–24,276
=
Change in lease receivables
–83,388
–101,746
+
Addition to liabilities from refinancing
469,588
276,286
–
Payment of annuities to refinancers
–428,566
–261,198
–
Disposal of liabilities from refinancing
–7,882
–7,204
+
Expenses from interest on refinancing and on deposit business
11,384
12,772
+/–
Currency translation differences
–7,661
14,713
=
Change in refinancing liabilities
36,863
35,369
+/–
Increase / decrease in liabilities from deposit business
14,383
–11,500
–/+
Increase / decrease in loans to franchisees
10,202
–4,197
51,789
48,345
–61,486
–56,118
Changes in other assets / liabilities
–/+
Increase / decrease in other assets
–18,056
21,391
+/–
Increase / decrease in deferred lease payments
–24,604
62,641
+/–
Increase / decrease in other liabilities
–4,640
15,273
=
Cash flow from operating activities
–38,861
48,941
Continued on next page
17
EURk
–/+
Income taxes paid / received
–
Interest paid
+
Interest received
=
Net cash flow from operating activities
–
Payments for the acquisition of property, plant, and equipment
and intangible assets
–/+
Payments / proceeds from acquisition of subsidiaries and associated entities
+
Proceeds from the sale of property, plant, and equipment and intangible assets
=
Cash flow from investing activities
+/–
Borrowing / repayment of bank liabilities
+
Proceeds from cash capital increase
+
Net proceeds from hybrid capital
–
Interest payment on hybrid capital
–
Dividend payments
=
Cash flow from financing activities
Jan. 1, 2016 to
Jan. 1, 2015 to
Mar. 31, 2016
Mar. 31, 2015
–1,886
–2,446
–148
–78
68
108
–40,827
46,525
–1,828
–1,164
1,215
–7,709
15
47
–598
–8,826
251
581
0
0
0
0
–1,711
0
0
0
–1,460
581
Cash funds at beginning of period
Cash in hand and bank balances
–
Bank liabilities from overdrafts
=
Cash and cash equivalents at beginning of period
+/–
Change due to currency translation
=
Cash funds after currency translation
186,453
88,395
–875
–10,900
185,578
77,495
140
–809
185,718
76,686
142,956
115,905
Cash funds at end of period
Cash in hand and bank balances
–
Bank liabilities from overdrafts
–123
=
–939
Cash and cash equivalents at end of period
142,833
114,966
Change in cash and cash equivalents during the period (= total cash flow)
–42,885
38,280
Net cash flow from operating activities
–40,827
46,525
–8,826
+
Cash flow from investing activities
–598
+
Cash flow from financing activities
–1,460
581
=
Total cash flow
–42,885
38,280
18
Consolidated Statement of Changes in Equity
EURk
Retained
Total equity
earnings /
attributable to
Consoli-
shareholders of
Reserve for
Additional
Share
Capital
dated net
Hedging
actuarial
Currency
GRENKE-
equity
Total
capital
reserves
profit
reserve
gains / losses
translation
LEASING AG
components
equity
18,859
116,491
419,068
–25
–1,405
6,895
559,883
30,771
590,654
--
--
22,094
–40
--
–1,995
20,059
431
20,490
--
--
--
--
--
--
--
--
--
--
--
–182
--
--
--
–182
--
–182
--
--
--
--
--
--
--
–1,197
–1,197
18,859
116,491
440,980
–65
–1,405
4,900
579,760
30,005
609,765
18,859
116,491
355,389
–7
–920
3,174
492,986
0
492,986
--
--
18,403
–35
--
5,663
24,031
--
24,031
--
--
--
--
--
--
--
--
--
18,859
116,491
373,792
–42
–920
8,837
517,017
--
517,017
Equity as per
Jan. 1, 2016
Total comprehensive
income
Dividend payment
in 2016 for 2015
Cost of issuance of
hybrid capital
Interest payment on
hybrid capital (net)
Equity as per
Mar. 31, 2016
Equity as per
Jan. 1, 2015
Total comprehensive
income
Dividend payment
in 2015 for 2014
Equity as per
Mar. 31, 2015
19
Group Segment Reporting
EURk
January to March
Leasing segment
Banking segment Factoring segment
Total segments
Cons. effects
Cons. Group
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
Operating segment income
59,359
49,196
3,312
3,305
903
846
63,574
53,347
0
0
63,574
53,347
Segment result
28,222
22,605
2,343
2,520
–60
95
30,505
25,220
0
0
30,505
25,220
30,505
25,220
Reconciliation to consolidated
financial statements
Operating result
Result from investments accounted for
using the equity method
Other financial income
Taxes
–136
0
–80
–226
7,764
6,591
22,525
18,403
Net profit according to consolidated
income statement
As per March 31 (prev. year: Dec. 31)
Segment assets
3,442,899 3,383,835
614,205
600,052
29,514
31,248 4,086,618 4,015,135 –586,570 –575,823 3,500,048 3,439,312
Tax assets
37,807
35,218
Total assets according to consolidated
statement of financial position
Segment liabilities
3,537,855 3,474,530
2,893,014 2,852,323
531,407
525,705
22,764
22,945 3,447,185 3,400,973 –586,570 –575,823 2,860,615 2,825,150
Tax liabilities
67,475
58,726
Liabilities according to consolidated
statement of financial position
2,928,090 2,883,876
Leasing
The Leasing segment comprises all of the activities that are related to the Consolidated Group’s leasing business. The
service offer encompasses the provision of financing to commercial lessees, rental, insurance, service, and maintenance offerings, as well as the disposal of used equipment.
Banking
The Banking segment comprises the activities of GRENKE BANK AG, which regards itself as a financing partner particularly to small- and medium-sized companies (SMEs). Additionally, GRENKE BANK AG cooperates with development banks in providing financing to this clientele in the context of business start-ups. Furthermore, fixed-term deposits
are offered via its internet presence. The bank’s business is focused primarily on German customers.
Factoring
The Factoring segment contains traditional factoring services focused on small-ticket factoring. Within non-recourse
factoring, the segment offers both notification factoring, where the debtor is notified of the assignment of receivables,
and non-notification factoring, where the debtor is not notified accordingly. The segment also offers collection services
(recourse factoring) where the customer continues to bear the credit risk.
20
ADDITIONAL INFORMATION ON THE
Accounting Policies
This quarterly statement of GRENKELEASING AG was prepared according to International Financial Reporting Standards (IFRS), as applicable in the EU. The accounting policies applied for the annual financial statements as per
December 31, 2015, continue to apply. An audit review was not conducted.
Lease Receivables
EURk
Mar. 31, 2016
Mar. 31, 2015
2,758,660
2,354,439
86,381
96,307
2,845,041
2,450,746
Changes in lease receivables from current contracts
(performing lease receivables)
Balance at beginning of period
+ Change during the period
Lease receivables (current + non-current) from current contracts
at end of period
Changes in lease receivables from terminated contracts/contracts in arrears
(non-performing lease receivables)
221,847
223,257
+ Additions to gross receivables during the period
21,103
20,501
– Disposals of gross receivables during the period
11,026
15,519
Gross receivables at end of period
231,924
228,239
Impairment at beginning of period
Gross receivables at beginning of period
126,335
121,598
+ Additions of accumulated impairment during the period*
20,003
11,002
– Disposals of accumulated impairment during the period
13,893
11,698
132,445
120,902
Carrying amount of non-performing lease receivables at beginning of period
95,512
101,659
Carrying amount of non-performing lease receivables at end of period
99,479
107,337
2,854,172
2,456,098
2,944,520
2,558,083
Impairments at end of period
Lease receivables (carrying amount, current and non-current)
at beginning of period
Lease receivables (carrying amount, current and non-current)
at end of period
* Item contains exchange rate differences in the amount of EUR 427k (previous year: EUR 924k).
21
Financial Liabilities
EURk
Mar. 31, 2016
Dec. 31, 2015
Asset-Based
163,603
192,971
Senior Unsecured
553,294
637,002
Committed development loans
32,646
28,814
Liabilities from deposit business
210,057
200,997
1,459
1,960
Current financial liabilities
Other bank liabilities
thereof current account liabilities
Total current financial liabilities
123
875
961,059
1,061,744
Non-current financial liabilities
Asset Based
Senior Unsecured
342,974
341,503
1,217,821
1,075,495
Committed development loans
67,604
65,295
Liabilities from deposit business
153,631
148,307
Total non-current financial liabilities
1,782,030
1,630,600
Total financial liabilities
2,743,089
2,692,344
Asset Based Financial Liabilities
Structured Entities
The following consolidated structured entities were in place as per the reporting date: Opusalpha Purchaser II Limited,
Kebnekaise Funding Limited, CORAL PURCHASING Limited, FCT "GK" COMPARTMENT "G2" (FCT GK 2), and FCT
"GK" COMPARTMENT "G3" (FCT GK 3). All structured entities have been initiated as asset-backed commercial paper
(ABCP) programmes.
EURk
Mar. 31, 2016
Dec. 31, 2015
Programme volume
593,333
593,333
Utilisation
431,122
442,373
Carrying amount
365,722
377,331
91,169
108,861
274,553
268,470
thereof current
thereof non-current
22
Sales of Receivables Agreements
Mar. 31, 2016
Dec. 31, 2015
EURk
25,000
25,000
GBPk
80,000
80,000
PLNk
60,000
60,000
CHFk
50,000
50,000
Programme volume in EURk
185,901
194,218
Utilisation in EURk
140,855
157,143
Carrying amount in EURk
Programme volume in local currency
140,855
157,143
thereof current
72,434
84,110
thereof non-current
68,421
73,033
Senior Unsecured Financial Liabilities
The following table provides an overview of the carrying amounts of the individual categories of refinancing instruments:
EURk
Mar. 31, 2016
Dec. 31, 2015
Bonds
1,094,640
1,044,164
thereof current
134,397
234,135
thereof non-current
960,243
810,029
Promissory notes
357,388
361,515
thereof current
104,271
99,684
thereof non-current
253,117
261,831
Commercial paper
158,000
196,000
Revolving credit facility
115,547
65,557
111,084
61,922
thereof current
thereof non-current
4,463
3,635
Money market trading
34,494
34,892
Accrued interest
11,048
10,369
The following table provides an overview of the refinancing volumes of the individual instruments:
Mar. 31, 2016
Dec. 31, 2015
1,500,000
1,500,000
Commercial paper EURk
250,000
250,000
Revolving credit facility EURk
125,000
125,000
Revolving credit facility PLNk
25,000
25,000
Money market trading EURk
35,000
35,000
Bonds EURk
23
Bonds
In the fiscal year to date, two new bonds were issued with volumes of EUR 26,000k and EUR 125,000k. One bond with
a volume of EUR 100,000k was redeemed on schedule.
Promissory Notes
In the fiscal year to date, one new promissory note has been issued with volumes of EUR 10,000k. Promissory notes
with volumes of EUR 11,833k and CHF 2,000k were redeemed on schedule.
Committed Development Loans
The following table shows the carrying amounts of the utilised development loans at various development banks.
EURk
Mar. 31, 2016
Dec. 31, 2015
NRW.Bank
32,232
28,518
Thüringer Aufbaubank
10,011
7,520
Investitionsbank Berlin
5,179
5,473
LfA Förderbank Bayern
18,332
20,787
Investitionsbank des Landes Brandenburg
KfW
Landeskreditbank Baden-Württemberg – Förderbank
2,154
2,163
29,862
27,365
2,361
2,170
119
113
Accrued interest
In the reporting period, new loans were issued totalling EUR 13,726k and loans with a total volume of EUR 7,602k were
redeemed on schedule.
Acquisitions in Fiscal Year 2016
GC Leasing Ofis Donanimlari Kiralama Limitd Sirketi., Istanbul/Turkey
On March 31, 2016, GRENKELEASING AG gained control of the interests in GC Leasing Ofis Donanimlari Kiralama
Limitd Sirketi., Istanbul/ Turkey, and therefore included the entity in the consolidated financial statements as per the
reporting date for the first time. Prior to the acquisition, GC Leasing Ofis Donanimlari Kiralama Limitd Sirketi., Istanbul/
Turkey, was active within GRENKELEASING AG’s franchise system specialising in the sale of small-ticket leases with a
strong focus on IT and IT equipment.
The purchase price allocation is preliminary because not all relevant information was available as per the date of firsttime consolidation. The preliminary purchase price allocation resulted in goodwill of EUR 3,933k. The first-time consolidation did not affect the Consolidated Group’s net profit as per the reporting date. The total consideration for the business combination is expected to amount to EUR 1,700k and will consist solely of cash. The amount has not yet been
recognised. Total cash of EUR 1,215k was acquired in the context of the first-time consolidation.
24
Contingent Liabilities
GRENKELEASING AG, as guarantor for individual franchise companies, provided financial guarantees of EUR 58.1
million (previous year as per December 31, 2015: EUR 42.2 million), which represents the maximum default risk. The
actual utilisation of the guarantees by the guarantee recipients was lower and amounted to EUR 35.0 million (previous
year as per December 31, 2015: EUR 31.6 million).
25
CALENDAR OF EVENTS
May 3, 2016
2016 Annual General Meeting, Baden-Baden
July 28, 2016
Financial Report for the 2nd Quarter and Half-Year of 2016
October 28, 2016
Quarterly Statement for the 3rd Quarter of 2016
CONTACT INFORMATION
Renate Hauss
Corporate Communications
Telephone: +49 7221 5007-204
Fax:
Email:
+49 7221 5007-4218
[email protected]
Figures in this quarterly statement are generally presented in thousands and millions of euro. Due to rounding, differences as against the actual number in euro may emerge in individual figures. Naturally, such differences are not of a
significant nature. For better readability, gender-specific differentiation was avoided and the terms used refer equally to
both genders.
The report is published in German and as an English translation. In the event of any conflict or inconsistency between
the English and the German versions, the German original shall prevail.
26
GRENKELEASING AG
Headquarters
Neuer Markt 2
76532 Baden-Baden
Germany
www.grenke-group.com
Phone +49 7221 5007-204
+49 7221 5007-4218
Fax
[email protected]

Quarterly Statment for the 1st Quarter 2016 GRENKE AG Group

Transcription

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