grenke around the globe
Please note that this website shows an excerpt from the grenke AG Annual Report 2024. The annual report, which is also available in the “Reports & Presentations” section of the grenke AG website, prevails.
Results 2024
Leasing new business
CM2 margin leasing new business
Group earnings
Cost-income ratio
Loss ratio
Equity ratio
Guidance 2025
Key Figure
2025
Leasing new buisness
3.2 - 3.4 EURbn
Group earnings
71 - 81 EURm
Assumptions
Underlying assumptions for this guidance:
Key Figures
2025
Contribution Margin (CM) 2 margin
> 16.5%
Loss rate
ca. 1.6%
Cost-income ratio
< 60%
Equity ratio
ca. 16%
Interactive key figures tool
Our interactive key figures tool provides a graphical and tabular presentation of our key figures for new business, the income statement, the balance sheet and the cash flow statement. All data is also available for Excel download.
Download consolidated financial statements
Find the notes to the consolidated financial statements and all consolidated financial statement tables for the 2024 financial year in one file here.
Selected notes to the income statement
Interest and similar income from financing business
Interest and similar income from financing business break down as follows:
EURk
2024
2023
Interest income from leasing business
556,148
449,571
Interest and similar income from factoring business
13,353
13,465
Interest income from bank’s lending business
4,847
4,376
Total
574,348
467,412
Interest expenses from refinancing including deposit business
Interest expenses from refinancing, including deposit business, break down as follows:
EURk
2024
2023
Interest expenses
from refinancing
(excl. deposit business)
181,279
104,646
Interest expenses from deposit business
36,332
24,233
Total
217,611
128,879
Profit from service business
The line item profit from service business contains income and expenses from service and protection business (the processing of property insurance policies within the scope of leasing business), as well as income and expenses from operating leases. The effect from hyperinflation results from the application of IAS 29 “Financial Reporting in Hyperinflationary Economies” in the context of leasing business in Turkey.
The income and expenses from service business break down as follows:
EURk
2024
2023
Revenue from service and protection business
161,598
146,726
Expenses from service and protection business
14,217
11,918
Profit from service and protection business
147,381
134,808
Revenue from operating leases
24,381
25,191
Depreciation of lease assets from operating leases
27,858
29,405
Effect of high inflation
2,496
4,515
Profit from operating leases
– 981
301
Total
146,400
135,109
Profit from new business
The profit from new business is comprised as follows:
EURk
2024
2023
Capitalised initial
direct costs
36,800
24,591
Revenue from lease down payments
13,139
12,433
Service fees for making lease assets available for use
10,374
9,139
Net commission income from lending and factoring business
768
393
Other
– 1
4
Profit from
new business
61,080
46,560
Based on the calculations specific to the lease agreement, mainly initial direct costs, revenue from lease down payments and service fees for making lease assets available for use are recorded in the profit from new business. Initial direct costs primarily include commissions paid to resellers, bonus payments, variable remuneration components and other initial direct costs incurred in connection with the conclusion of the lease. The presentation of capitalised initial direct costs is on a gross basis, which means the costs incurred are still included within the corresponding items of the income statement.
Gains (+) / losses (–) from disposals
EURk
2024
2023
Capital gains / losses from disposal after end of the basic lease term
14,044
6,424
Capital losses from the mutually agreed early dissolution of contracts
– 2,214
– 3,827
Profit
11,830
2,597
The gains / losses from disposals consist of gains and losses from the termination of lease contracts after the agreed basic lease term and gains / losses from the premature mutual termination of contracts. The income components of subsequent business are reported as interest and similar income from financing business within the framework of finance leases.
Staff costs
In the 2024 reporting year, the grenke Group’s headcount (excluding the Board of Directors) averaged 2,295 employees (previous year: 2,158). Additionally, the Consolidated Group employed 77 trainees (previous year: 58).
Number of employees
2024
2023
Europe
2,160
2,036
of which in Germany
982
912
of which in France
218
194
of which in Italy
202
208
Other countries
135
122
grenke Consolidated Group
2,295
2,158
The average number of employees (excluding the Board of Directors) in full-time equivalents was 2,196 (previous year: 2,068).
Staff costs consisted of the following:
EURk
2024
2023
Salaries
162,617
144,468
Social security and pension expenses
35,592
31,539
Total
198,209
176,007
Severance payments totalling EUR 2,477k (previous year: EUR 2,157k) are included in salaries.
Staff costs do not include government grants of EUR 0k (previous year: EUR 84k). The grants recorded in the previous year were related to the use of training subsidies in various countries.
For the existing defined benefit pension plans, a net pension expense of EUR 692k (previous year: EUR 496k) was recognised in staff costs for the 2024 financial year.
Expenses by category were as follows:
EURk
2024
2023
Staff costs
198,209
176,007
Own work capitalised
892
555
Total staff costs
199,101
176,562
Selling and administrative expenses
Selling and administrative expenses are divided into the following categories:
EURk
2024
2023
Operating expenses
30,301
31,738
Consulting and
audit fees
17,553
17,117
Distribution costs
(excl. commissions and bonuses)
24,450
17,287
Administrative expenses
24,773
21,099
Other taxes
5,162
4,964
IT project costs
14,795
13,384
Remuneration of the supervisory committees
855
876
Total
117,889
106,465
Information technology (IT) project costs that were not capitalised as development costs occurred as a result of the involvement of external expertise, particularly for process optimisation projects of the central and standardised IT processes. The costs are at the same level as for the previous year as a result of activities related to the Digital Excellence Programme, which included the design and implementation of automated processes in the areas of customer verification and money laundering, as well as the gradual establishment of a suitable cloud infrastructure.
Expenses by category were as follows:
EURk
2024
2023
Selling and administrative expenses
117,889
106,465
Expenses from service and protection business
14,217
11,918
Commissions and bonuses paid to dealers and recorded in profit from new business
75,901
64,975
Total selling and administrative expenses
208,007
183,358
Depreciation, amortisation and impairment
EURk
2024
2023
Other intangible assets
5,132
6,732
Operating and office equipment
4,634
4,845
Office buildings
1,172
1,156
Rights of use
13,983
13,735
Financial assets
0
0
Total
24,921
26,468
For expenses from impairment of property, plant and equipment and other intangible assets, please refer to Notes 5.6 to 5.8. For the depreciation of right-of-use assets recognised under IFRS 16 as a lessee, please refer to Note 5.10.
Expenses by category were as follows:
EURk
2024
2023
Depreciation and amortisation
24,921
26,468
Depreciation and amortisation of operating leases recorded in the profit from service business
27,858
29,405
Depreciation and amortisation of operating leases recorded in the risk provisions of leasing business
81
92
Total depreciation and amortisation
52,860
55,965
Settlement of claims and risk provision
The expenses from the settlement of claims and risk provision break down as follows:
EURk
2024
2023
Claims settlement and risk provisioning in leasing business
135,123
86,879
Impairment in leasing business
42,457
– 8,469
Settlement of claims in leasing business
92,231
95,083
Depreciation of terminated operating leases
81
92
Expenses from disposal of residual carrying amounts under operating leases
354
173
Claims settlement and risk provisioning in bank’s lending business
– 7,329
– 5,842
Impairment in bank’s lending business
– 7,848
– 13,970
Settlement of claims in lending business
519
8,128
Claims settlement and risk provisioning in factoring business
1,193
7,874
Impairment in factoring business
– 751
7,039
Settlement of claims in factoring business
1,944
835
Settlement of claims and risk provisioning in trade receivables
2,025
1,918
Impairment in trade receivables
1,811
1,528
Settlement of claims in trade receivables
214
390
Total
131,012
90,829
thereof impairment
35,669
– 13,872
Impairment of goodwill
The recognised impairment of goodwill is as follows:
EURk
2024
2023
Impairment of goodwill (ES)
4,415
600
Total
4,415
600
The goodwill of the cash-generating unit Spain was fully impaired in the 2024 financial year. For further information on the recognised goodwill, please refer to Note 5.7. Concerning goodwill impairment of the cash-generating unit Spain, see Note 5.7.2.2.
Other operating result
Other operating result consists of other operating income and other operating expenses.
Other operating income is structured as follows:
EURk
2024
2023
Revenue from overdue payment fees
1,885
1,433
Maintenance revenues
669
863
Other revenue from lessees
568
860
Revenue from the disposal of merchandise
111
67
Change in inventory
6
– 38
Previous period income
1,032
1,129
Proceeds account management
130
156
Rental income
99
94
Capital gains from the disposal of non-current assets
71
400
Reversal of other provisions
1,389
1,778
Government grants
126
167
Other items
1,817
1,936
Total
7,903
8,845
Other operating expenses is structured as follows:
EURk
2024
2023
Currency translation differences
10,230
12,400
Revenue deductions
6,087
5,085
Non-deductible input tax
421
177
Capital losses from the disposal of operating and office equipment
81
40
Expenses from previous periods
5
3
Other items
665
656
Total
17,489
18,361
Income taxes
EURk
2024
2023
Current taxes
34,640
24,059
Corporate and trade taxes (Germany)
18,385
842
International income taxes
16,255
23,217
Deferred taxes
– 15,396
– 370
Germany
7,167
– 10,503
International
– 22,563
10,133
Total
19,244
23,689
Current taxes include tax expenses of EUR 13,636k from previous years (previous year: EUR 623k).
The reconciliation of the expected applicable tax rate of grenke AG to the effective tax rate based on earnings before taxes (100 percent) is as follows:
Applicable tax rate
2024
2023
Trade tax
14.13%
14.13%
Corporate income tax
15.00%
15.00%
Solidarity surcharge
0.83%
0.83%
Expected average
tax rate grenke AG
29.96%
29.96%
Non-deductible expenses
4.54%
7.13%
Changes due to international taxes
– 2.32%
– 10.26%
Effective changes in
tax rates
0.42%
0.09%
Utilisation of non-capitalised loss carryforwards
– 18.01%
– 1.11%
Tax-free income
2.05%
2.42%
Effect of non-tax deductible goodwill impairment
1.48%
0.16%
Tax reductions due to tax-free income
– 8.14%
– 6.22%
Back payments and
tax refunds from
previous years
15.25%
0.56%
Tax credits
0.00%
0.00%
Other
– 3.70%
– 1.27%
Effective average tax rate for the Consolidated Group
21.53%
21.46%
Earnings per share
Group earnings attributable to the shareholders of grenke AG in the amount of EUR 65,446k (previous year: EUR 83,248k) is the basis for the calculation of both diluted and basic earnings per share. There was no dilutive effect in the 2024 financial year or in the previous year. Earnings per share for the reporting year amounted to EUR 1.44 (previous year: EUR 1.79).
Shares
2024
2023
Shares outstanding at beginning of period
46,495,573
46,495,573
Average number of shares outstanding at end of period
45,462,141
46,495,573
Shares outstanding at end of period
44,177,878
46,495,573
EURk
2024
2023
Net profit attributable to grenke AG ordinary shareholders
65,446
83,248
Net profit attributable to grenke AG hybrid capital holders
10,498
9,068
Profit / loss attributable to non-controlling interests
– 5,786
– 5,602
Group earnings
70,158
86,714
Downloads
Reports & Presentations
Find out more about our reports here.
Save the date now! Calendar 2025
Stay up to date and meet us at an event.
Always stay tuned
You have questions? We have the answers. Get in touch with us or sign up for our IR newsletter.
