May 5, 2020 / 5:35 AM / a month ago

BRIEF-Grenke Says It Will Update 2020 Guidance When Effect Of Pandemic Is Known

May 5 (Reuters) - Grenke AG:

* 2020 GUIDANCE TO BE UPDATED AS SOON AS EFFECTS OF COVID-19 PANDEMIC CAN BE MORE CONCRETELY DETERMINED

* Q1 NET PROFIT REACHES EUR 23.7 MILLION (-29.8%)

* NET PROFIT REACHES EUR 23.7 MILLION (-29.8%)

* NEW DIVIDEND PROPOSAL OF EUR 0.80 PER SHARE (PREVIOUSLY EUR 0.88)

* COMPANY PLANS TO OFFER SHAREHOLDERS OPTION TO RECEIVE A SCRIP DIVIDEND

* ANNUAL GENERAL MEETING NOW SCHEDULED FOR AUGUST 6, 2020

* EXPENSES FOR SETTLEMENT OF CLAIMS AND RISK PROVISION INCREASED SIGNIFICANTLY BY 79.4% IN Q1 OF 2020 AND REACHED EUR 50.8 MILLION (Q1 2019: EUR 28.3 MILLION)

* THIS RISE RESULTED FROM EXPECTATION OF HIGHER LOSSES DUE TO COVID-19 PANDEMIC (Reporting by Berlin Speed Desk)

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