GrenkeLeasing has reported after-tax profit of €13.1 million in
the first half of 2009, compared to €16.3 million in the first half
of 2008.

The group, which took the decision to decrease new business at
the end of 2008, saw its equity ratio rise to 17.4 percent. Its
directors said they expected the business to return to growth mode
in the second half of this year.

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“Our business model is proving to be highly robust in the
current financial crisis and the timely focus on liquidity,
profitability and strengthening the balance sheet has shown the
desired effect,” the company’s directors said.

“With the current good equity and liquidity position, we are now
well equipped to exploit the available opportunities for profitable
growth of new business.”

For its fiscal year 2009, it said it expects absolute growth of
5 to 10 percent in the contribution margin for new business and
overall earnings after taxes in the region of €25 to €28
million.

Jason T Hesse

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