Latest news with #Grenke
Yahoo
19-05-2025
- Business
- Yahoo
Grenke Q1 2025 earnings drop by 48.5% amid rising expenses
German leasing company Grenke has announced a 48.5% decline in its first-quarter (Q1) earnings for 2025 to €10.2m ($11.4m). The decrease was the result of a rise in expenses related to the settlement of claims and risk provisions, which are expected to also impact Q2 earnings. Interest income for Grenke rose by €27.7m, a 20.9% increase, reaching €159.8m in Q1 2025 compared to €132.1m in Q1 2024. However, interest expenses from refinancing the leasing business also increased by €13.9m to €60m, up from €46.1m in the same period last year. Consequently, Grenke's net interest income, which is the net difference between interest income and interest expenses, rose by 16% to €99.8m. The company also saw a boost in income from its operating business, increasing by €22.1m to €155m, due to growth in new business and service business profits. Operating expenses for Grenke rose by €10.8m year-on-year to €88.0m, with staff costs totalling €51.9m. Grenke's cost-income ratio was 56.8% in Q1 2025, compared with 58.1% in Q1 2024 and below its target threshold of less than 60% for the 2025 financial year. The average number of employees at Grenke, measured in full-time equivalents, increased by 6.5% to 2,296. Grenke CEO Sebastian Hirsch said: "We have laid the foundation for a long-term, sustainable increase in our profitability. We are in an excellent position to not only unlock the vast growth potential of global small-ticket leasing but also to translate that growth into rising profits." Due to a high number of insolvencies, the result from the settlement of claims and risk provision amounted to €47.6m in Q1 2025, similar to the latter half of 2024. The loss rate was under 1.9%, compared with 1.1% in Q1 2024. The operating result for Grenke was €14m, down from €24.9m in Q1 2024, with group earnings at €10.2m compared to €19.8m previously. Leasing new business grew by 10.6% in Q1 2025, reaching €740.6m, leading to an increase in lease receivables to €6.7bn by the end of the quarter. Grenke's equity ratio stood at 16% as of 31 March 2025, consistent with its target of approximately 16%. Grenke CFO Martin Paal said: "In the first quarter, our operating income grew at a faster pace than our costs. We are confident about the rest of the year, particularly given our earnings strength, which is increasingly evident in the income statement, and are maintaining our forecast." The company expects leasing new business volume for 2025 to be between €3.2bn and €3.4bn, with group earnings projected to range from €71m to €81m. "Grenke Q1 2025 earnings drop by 48.5% amid rising expenses" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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First Post
06-05-2025
- Entertainment
- First Post
FIDE CEO rekindles memories of 'jeansgate scandal' while taking a fresh dig at Carlsen: 'Does it look appropriate?'
World No 1 Magnus Carlsen's ongoing feud with world governing body FIDE shows no signs of thawing with CEO Emil Sutovsky targeting the Norwegian icon as well as Freestyle Chess for the attire of top players the Grenke Chess Freestyle Open. read more Magnus Carlsen hasn't shared the best of relations with FIDE CEO Emil Sutovsky since the 'jeansgate' scandal in December. Image credit: Freestyle Chess/FIDE The ongoing feud between Magnus Carlsen and FIDE rages on and shows no signs of a thaw with Emil Sutovsky, the CEO of what is the governing body for the sport, taking a fresh dig at the Norwegian Grandmaster as well as the Freestyle Chess Grand Slam Tour recently. Sutovsky took to social networking platform X to air his grievances regarding the attires of top players during the prize ceremony of the Grenke Chess Freestyle Open in Karlsruhe, Germany. STORY CONTINUES BELOW THIS AD World No 1 Carlsen was among the participants in the event that offered Freestyle Chess Tour points as well a spot in the upcoming Grand Slam event in Las Vegas in July. And he ended up winning the event with a perfect score of 9/9. Sutovsky questions attire at Grenke Chess Freestyle Open prize ceremony The players who were on stage with Freestyle Chess co-founder Jan Henric Buettner however, were seen wearing casual attire – which is in stark contrast to the formal clothes worn by those competing at FIDE events such as the World Championship, Candidates among others. 'Now a serious question - as we get back to review the dress code for FIDE events this year,' Sutovsky wrote on X on Friday. 'Do you, as a spectator, feel it really does not matter?' 'I think Grenke was a great event with hundreds of amateurs - but I am talking specifically about the top players. The photo is from the prize giving ceremony. Does it look appropriate? And if you were the host/organizer, would you have welcomed similar attire? 'Apart of spectators we will obviously inquire the opinion of hosting country, sponsors, broadcasters. And then we try to see what players think about it. But first thing first,' the 47-year-old Azerbaijani-born Israeli GM added. Now a serious question - as we get back to review the dress code for FIDE events this year. Do you, as a spectator, feel it really does not matter? I think Grenke was a great event with hundreds of amateurs - but I am talking specifically about the top players. The photo is… — Emilchess (@EmilSutovsky) April 25, 2025 STORY CONTINUES BELOW THIS AD Sutovsky's comments brought back memories of the infamous 'Jeansgate' scandal that took place in the World Rapid and Blitz Championships in New York City in December. Five-time Classical world champion Carlsen had courted controversy after showing up wearing a pair of jeans, violating the tournament's dress code in the process. Also Read | Carlsen's infamous jeans that took the chess world by storm sold for a whopping Rs 31 lakh Carlsen refused to change his denims despite repeatedly being told to do so right away by the chief arbiter, which led to him pulling out of the Rapid championship halfway through the event. The 34-year-old, however, would return for the Blitz championship, where he would find himself embroiled in another controversy by sharing the title with Russian GM Ian Nepomniachtchi. STORY CONTINUES BELOW THIS AD
Yahoo
29-04-2025
- Business
- Yahoo
Grenke reports decline in Q1 earnings amid higher risk provision costs
German leasing company Grenke has reported a significant drop in first-quarter earnings for 2025, citing increased expenses related to the settlement of claims and risk provision. Preliminary figures show that group earnings after taxes fell to €10.2m ($11.6m), compared to €19.8m in the same period last year. Despite the earnings decline, the company's operating result before settlement of claims and risk provision rose by 20%, increasing from €55.7m in Q1 2024 to €67m in Q1 2025. Grenke also reported an improvement in its cost-income ratio, which fell to 56.8% from 58.1% a year earlier. However, expenses for settlement of claims and risk provision surged to €47.6m, up from €26.7m in the previous year's period. The board of directors reiterated its earlier guidance from last month, stating that these higher expenses would weigh on Group earnings in the first half of the year. However, the company maintained its full-year forecast, supported by high-margin new business and solid operating income in the first quarter. Grenke said it plans to publish its full quarterly statement, including final figures, on 15 May 2025. Earlier this month, Grenke highlighted a 10.6% increase in new leasing business, totalling €740.6m. The company's profitability, as measured by Contribution Margin 2 (CM2), also experienced a substantial increase of 15.6%, reaching €130.3m. IT equipment leases, including laptops and software, remained the dominant category, representing 29.3% of all contracts. Grenke is a financing partner for small and medium-sized enterprises. It offers 'flexible, fast, and convenient' small-ticket leasing and banking services. Founded in 1978, the group employs approximately 2,200 staff and operates in more than 30 countries. "Grenke reports decline in Q1 earnings amid higher risk provision costs" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Hindustan Times
28-04-2025
- Entertainment
- Hindustan Times
Shots fired at Magnus Carlsen as FIDE CEO serves jeans controversy reminder with brutal dig: ‘Does it look appropriate?'
Magnus Carlsen's jeans controversy during the World Rapid and Blitz Championships in New York last year was a sensational affair. The World No. 1 played the initial rounds of the Rapid tournament wearing jeans, which are prohibited under tournament regulations. The Norwegian was given the opportunity to immediately change his attire, but he disagreed with the chief arbiter. In response, he was disqualified for the future pairings of the day. Carlsen was allowed to return the next day, but instead he withdrew from the tournament. At the last minute, FIDE managed to get him for the Blitz tournament, where he once again courted controversy in the final as he shared the title with Russian Ian Nepomniachtchi. Fast forward to April 2025, FIDE CEO Emil Sutovsky reminded chess fans that he hasn't forgotten about the jeans controversy, and took another dig at Carlsen. Carlsen was recently in action at the Grenke Chess Freestyle Open 2025, where he came out on top with a perfect 9/9 score. Posting a photo of the Grenke prize ceremony, Sutovsky questioned the dress code of the top GMs on the stage, along with Jan Henric Buettner. He wrote, 'Now a serious question - as we get back to review the dress code for FIDE events this year. 'Do you, as a spectator, feel it really does not matter? 'I think Grenke was a great event with hundreds of amateurs - but I am talking specifically about the top players. The photo is from the prize giving ceremony. Does it look appropriate? And if you were the host/organizer, would you have welcomed similar attire? 'Apart of spectators we will obviously inquire the opinion of hosting country, sponsors, broadcasters. And then we try to see what players think about it. But first thing first. He concluded, 'What's your take?' Recently, Carlsen publicly stated that his ugly war with FIDE was over, but he would prefer maintaining distance from the international body. Speaking to Reuters, he said, 'I'm not really very interested in what FIDE are doing. I'm sort of trying to do my things, being with the Esports World Cup, Freestyle.' 'FIDE's crown jewel is the classical world championship, right? That's what gives FIDE legacy and legitimacy, and none of us are going after that,' he added.
Yahoo
04-04-2025
- Business
- Yahoo
Teylor expands European footprint with Grenke factoring acquisition
Swiss fintech firm Teylor has announced the acquisition of Grenke AG's entire factoring division, further expanding its SME financing platform across Europe. The financial terms of the deal were not disclosed. The move follows Teylor's acquisition of SME lending platform Creditshelf in May 2024. In the initial phase, Teylor will acquire Grenke's factoring businesses in Germany, the United Kingdom, Ireland, Poland, and Hungary. The company also plans to take over the Italian and Portuguese entities in the medium term. Last year, these seven entities collectively disbursed nearly €1 billion in factoring volume. The transaction is subject to regulatory approvals in Germany and Hungary, with completion expected later in 2025. Teylor has been offering factoring products in Germany through a partnership with Grenke since June 2023. Grenke decided in early 2024 to refocus on its core leasing business and divest its factoring operations, creating an opportunity for Teylor to establish its own factoring division. 'This acquisition marks a significant strategic milestone for Teylor,' said Patrick Stäuble, founder and CEO of Teylor AG. 'By expanding into new markets and strengthening our factoring offering, we are reinforcing our position as the leading European platform for SME financing.' Grenke AG CEO Dr. Sebastian Hirsch added: 'We are confident that Teylor is the right partner to take our factoring business forward, allowing us to focus on our core leasing operations while securing a strong future for our factoring teams.' Teylor plans to integrate each acquired unit into its platform over the coming months and roll out its full suite of SME financing products in these markets. By mid-2026, the Teylor Platform will be available in all seven countries, operating under the Teylor brand. The acquisition was financed without a capital increase, reflecting Teylor's strong core business. The company is receiving legal and integration support from White & Case and A&O Shearman, with Rothschild & Co advising on strategic initiatives. "Teylor expands European footprint with Grenke factoring acquisition" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
