Q2 2024 Grenke AG Earnings Call Transcript
Key Points
- Grenke AG (WBO:GLJ) achieved a record level in its leasing new business, indicating strong demand and growth potential.
- The company has successfully increased its efficiency, contributing to a positive development in profit.
- Grenke AG's digitalization program is playing a pivotal role in enhancing efficiency across the value chain.
- The company opened a second subsidiary in the US, highlighting its expansion efforts and potential for growth in the US market.
- Grenke AG's return on equity before tax improved to 8.5% from 7.8% in the first half of 2023, showing increased profitability.
- There is a slight increase in insolvencies among small and medium enterprises, which could impact Grenke AG's risk provisioning.
- The company's loss rate normalized to 1.1%, reflecting challenging market conditions and a slight rise in insolvencies.
- Grenke AG's cost structure increased slightly, primarily due to rising staff costs.
- The macroeconomic environment remains challenging, with potential impacts on customer investment behavior.
- The company anticipates further bond issuance, which could be influenced by market conditions and affect future financing costs.
Ladies and gentlemen, thank you for standing by, and we will now start with the Grenke AG conference call. Throughout today's recorded call. (Operator Instructions)
I would now like to turn the conference over to Anke Linnartz.
Welcome, ladies and gentlemen, and thank you for joining our Q2 earnings call. My name is Anke Linnartz I'm Head of IR, and I'm here today with our CEO, Dr. Sebastian Hirsch, and our CFO, Dr. Martin Paal, who will start with the presentations. first, Sebastian and Martin and right after which we will enter in our Q&A session. (Operator Instructions)
I would like to pass the call on to Sebastian Hirsch.
Thank you, Anke, and also a warm welcome from my side to our earnings call and thanks for joining us.
Ladies and gentlemen, we are on track with our ambitious targets for 2024. Not only did our leasing new
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