Obligation Eleven Group 13% ( LVX0000BDNT3 ) en EUR

Eleven Group

100 % ⇌

Lettonie

LVX0000BDNT3 ( en EUR )

13% par an ( paiement annuel )

31/10/2028

Prospectus brochure de l'obligation Eleving Group LVX0000BDNT3 en EUR 13%, échéance 31/10/2028

31/10/2026 ( Dans 264 jours )

Eleving Group est une société financière technologique offrant des services financiers numériques dans les marchés émergents, notamment des prêts, des paiements et des services de gestion de patrimoine.

Cet article se penche sur l'obligation de type financier, identifiable par son code ISIN LVX0000BDNT3, émise par Eleving Group. L'émetteur, Eleving Group, est une entité de services financiers diversifiés, reconnue pour ses activités dans les domaines des prêts automobiles, du leasing et de la microfinance à travers plusieurs marchés internationaux, et est établie en Lettonie, pays d'émission de ce titre de créance. Cette obligation est actuellement négociée sur le marché à 100% de sa valeur nominale, ce qui signifie qu'elle se traite au pair, et est libellée en euros (EUR), la devise de référence de la zone économique européenne. Elle offre un taux d'intérêt nominal particulièrement élevé de 13%, une caractéristique notable pour les investisseurs en quête de rendement significatif. La maturité de cette obligation est fixée au 31 octobre 2028, date à laquelle le capital sera remboursé aux porteurs, et les paiements d'intérêts sont prévus avec une fréquence annuelle, assurant un flux de revenus régulier pour les détenteurs de ce véhicule d'investissement. Cette émission représente donc une opportunité de placement dans une entité financière active, offrant des conditions de rendement claires et une échéance définie.

Prospectus dated 26 September 2023

Eleving Group
Luxembourg
Prospectus

Up to EUR 75,000,000.00
12% to 13.5% Senior Secured Bonds due 2028 (the "Bonds")
with a Term from 31 October 2023 until 31 October 2028
International Securities Identification Number (ISIN): DE000A3LL7M4
German Securities Code (Wertpapierkennnummer (WKN)): A3LL7M
Issue price of the Bonds: 100%
Subject to the Minimum Offer Condition (as defined below), Eleving Group (the "Issuer"), a public limited liability
company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg,
having its registered address at 8-10 Avenue de la Gare, L-1610 Luxembourg, Grand Duchy of Luxembourg
and registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés,
Luxembourg) under number B.174457, is expected to issue on or about 31 October 2023 (the "Issue Date")
between EUR 100.00 (the "Minimum Offer Amount") and up to EUR 75,000,000 (the "Maximum Offer
Amount") senior secured bonds due 31 October 2028 (the "Bonds") for an issue price of 100 per cent. of their
principal amount (the "Issue Price"). Unless previously redeemed, or purchased and cancel ed, the Bonds wil
bear interest from and including the Issue Date to, but excluding, 31 October 2028 (the "Maturity Date") at a
fixed rate of 12 to 13.5 per cent. per annum payable quarterly in arrears on 31 October, 31 January, 30 April
and 31 July each year and wil be redeemed at their principal amount on the Maturity Date. The nominal interest
rate is expected to be determined on or around 2 October 2023 in a first pricing notice (the "First Pricing
Notice"). The aggregate principal amount of the Bonds is expected to be determined on or around 20 October
2023 based on the subscription orders received in the course of the Retail Offering, the Institutional Offering
and the Exchange Offering (each as defined below) and is expected to be communicated to investors on or
around 20 October 2023 in a second pricing notice, which wil also contain an indication of the net proceeds of
the Offering (as defined below) as wel as an indication of whether investors who subscribed to Bonds, in the
context of the Institutional Offering, wil benefit from a discount in the Issue Price of the Bonds (the "Second
Pricing Notice" and together with the First Pricing Notice the "Pricing Notices"). The Pricing Notices wil be
published on the website of the Luxembourg Stock Exchange (www.luxse.com), the Nasdaq Riga Stock
Exchange (http://www.nasdaqbaltic.com), the Frankfurt Stock Exchange (www.boerse-frankfurt.de) and the
Issuer's website (https://eleving.com/investors/).
The Bonds constitute direct, general, unconditional, unsubordinated and secured obligations of the Issuer. The
Bonds wil at al times rank pari passu in right of payment with al other present and future unsecured obligations
of the Issuer and senior to al its existing and future subordinated debt. The Bonds are unconditional y and
irrevocably guaranteed on a joint and several basis by certain direct and indirect subsidiaries of the Issuer (the
"Guarantors") under the terms and conditions set forth herein (col ectively the "Guarantees" and each a
"Guarantee"). The Bonds are further secured by the Transaction Securities (as defined below) granted by
certain direct and indirect subsidiaries of the Issuer (the "Pledgors" and, together with the Guarantors, the
"Security Providers").
This document (the "Prospectus") constitutes a prospectus pursuant to Article 6 para. 3 of the Regulation (EU)
2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published
when securities are offered to the public or admitted to trading on a regulated market (the "Prospectus
Regulation"), in order for the Bonds to be admitted to trading on Frankfurt Stock Exchange's and Nasdaq Riga
Stock Exchange's regulated market, pursuant to Directive 2014/65/EU (as amended, "MiFID II"). References in
this Prospectus to a "Regulated Market" shal mean any regulated market as defined in MiFID II.
1

This Prospectus has been approved by the Luxembourg Commission for the Supervision of the Financial Sector
(Commission de Surveil ance du Secteur Financier "CSSF"); the CSSF only approves this Prospectus as
meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus
Regulation; such approval should not be considered as an endorsement of the Issuer, the Guarantors or the
quality of the Bonds, that are subject to this Prospectus. Investors should make their own assessment as to the
suitability of investing in the Bonds. The CSSF has neither reviewed nor approved any information in relation to
the Institutional Offering.
Pursuant to Article 6 para. 4 of the Luxembourg Law of 16 July 2019 on prospectuses for securities (the
"Prospectus Law"), by approving the Prospectus, the CSSF does not take any responsibility for the economic
or financial soundness of the transaction and the Issuer's quality and financial solvency.
The Bonds shal be offered (i) by way of a public offer to retail investors in Estonia, Latvia, Lithuania, Luxembourg
and Germany (the "Retail Offering"), (i ) by way of an exempt offer exclusively to qualified investors within the
meaning of Article 2(e) of the Prospectus Regulation and other investors in compliance with Article 1(4) (a) and
(b) of the Prospectus Regulation in member states of the European Economic Area ("EEA") (the "Institutional
Offering" and, together with the Retail Offering, the "Cash Offering") and (i i) by way of a public exchange offer
(the "Exchange Offer ") addressed to the holders of the EUR 30,000,000.00, 11% senior, unsubordinated,
unsecured notes with ISIN number LV0000802452, issued by AS "mogo", an indirect subsidiary of the Issuer,
incorporated and operating under the laws of the Republic of Latvia, registered with the Commercial Register of
the Republic of Latvia under registration number 50103541751, with registered office at Skanstes iela 52, Riga,
LV-1013, Latvia ("AS mogo") (the "AS mogo Notes" and their holders the "AS mogo Holders") in relation to
their exchange with the Bonds, in accordance with the terms and conditions contained in the Exchange Offer
Invitation (as defined below) (the "Exchange Offering" and, together with the Retail Offering and the Institutional
Offering, the "Offering"). The division of Bonds between the retail and institutional investors has not been
predetermined.
The offer price per one Bond (the "Offer Price") is EUR 100.00 and the period during which the Bonds may be
subscribed for through the Cash Offering, in accordance with the Prospectus, starts on 2 October 2023 at 10:00
EET and ends on 20 October 2023 at 14:00 EET (the "Offer Period"). Investors who wish to acquire Bonds in
the context of the Retail Offering are required to subscribe to Bonds amounting to at least EUR 1,000 (the
"Minimum Investment Amount"). The Issuer reserves the right to cancel the Offering or change the terms and
conditions thereof as described in this Prospectus. The Issuer may decide that investors who subscribed to
Bonds, in the context of the Institutional Offering, wil benefit from a discount in the Offer Price of the Bonds.
Such discount wil be communicated to investors via the Second Pricing Notice. Concurrently, and in accordance
with the Exchange Offer Invitation, the period during which the AS mogo Holders can submit their exchange
instructions and accept or reject the Exchange Offer starts on 26 September 2023 and ends on 13 October 2023
at 14:00 EET (the "Exchange Offer Period").
Application has been made for the notification of the approval by the CSSF of this Prospectus to the competent
authorities in Estonia, Latvia, Lithuania and Germany, i.e. to the Estonian Financial Supervisory Authority
(Finantsinspektsioon "EFSA"), to Bank of Latvia (formerly the Financial and Capital Market Commission of
Latvia) (Finansu un kapitla tirgus komisija "Bank of Latvia"), to the Bank of Lithuania (Lietuvos Bankas) and
to the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht
"BaFin") in accordance with Article 25 of the Prospectus Regulation. The approved Prospectus may be
downloaded from the Issuer's website (https://eleving.com/investors/) and the website of the Luxembourg stock
exchange (www.luxse.com). Simultaneously with the Offering, the Issuer wil apply to the Frankfurt Stock
Exchange for the Bonds to be listed and admitted to trading on Frankfurt Stock Exchange's Regulated Market
(General Standard), segment for bonds of Deutsche Börse AG. Application wil also be made to the Nasdaq
Riga Stock Exchange for the Bonds to be listed and admitted to trading on the Baltic Regulated Market of the
Nasdaq Riga Stock Exchange. The AS mogo Notes are already admitted to trading on the Baltic Regulated
Market of the Nasdaq Riga Stock Exchange.
This Prospectus shal be valid for admission to trading of the Bonds on a Regulated Market for 12 months after
the approval by the CSSF, i.e. until 26 September 2024, provided that it is completed by any supplement,
pursuant to Article 23 of the Prospectus Regulation, fol owing the occurrence of a significant new factor, a
material mistake or a material inaccuracy relating to the information included (including incorporated by
reference) in this Prospectus which may affect the assessment of the Bonds. After such date, the Prospectus
wil expire and the obligation to supplement this Prospectus in the event of significant new factors, material
mistakes or material inaccuracies wil no longer apply.
On 28 June 2023, Fitch Ratings a branch of Fitch Ratings Ireland Limited ("Fitch") affirmed the Issuer's Long-
Term Issuer Default Rating (IDR) at 'B-', with a Stable Outlook and a Long-Term Issuer Default Rating of `B`.
Fitch has also affirmed the Issuer's senior secured debt rating at 'B-' with a Recovery Rating of 'RR4'. Credit
ratings included or referred to in this Prospectus have been issued by Fitch which is established in the EU and
registered under Regulation (EC) No 1060/2009, as amended (the "CRA Regulation"). As such, Fitch is
included in the list of credit rating agencies published by the European Securities and Markets Authority (the
"ESMA") on its website (www.esma.europa.eu/supervision/credit-rating-agencies/risk) in accordance with the
CRA Regulation. A rating is not a recommendation to buy, sel or hold securities and may be subject to revision,
suspension or withdrawal at any time by the assigning rating agency.
2

Investors should be aware, that an investment in the Bonds involves a risk and that, if certain risks, in
particular those described under "Risk Factors", occur, the investors may lose al or a very substantial
part of their investment.
The distribution of this Prospectus may be limited by certain legislation. Any person who enters into possession
of this Prospectus must take these limitations into consideration. The Bonds are not and wil not be registered,
particularly in accordance with the United States Securities Act of 1933, as amended (the "Securities Act") or
in accordance with securities law of individual states of the United States of America. Furthermore, they are not
permitted to be offered or sold within the United States of America, or for the account or benefit of a person from
the United States of America (as defined under Regulation S under the Securities Act), unless this ensues
through an exemption of the registration requirements of the Securities Act or the laws of individual states of the
United States of America or through a transaction, which is not subject to the aforementioned provisions.
3

TABLE OF CONTENTS
I. SUMMARY OF THE PROSPECTUS ................................................................. 8
Section 1 - Introduction and Warnings................................................................... 8
Section 2 The Issuer .......................................................................................... 8
Section 3 The Securities .................................................................................. 11
Section 4 Offering and Admission to Trading ................................................... 22
II.
RISK FACTORS ........................................................................................... 25
1.
RISK FACTORS RELATING TO THE ISSUER, THE GROUP AND OUR
BUSINESS .......................................................................................................... 25
a.
Risks relating to the Group's business activities and industry .................. 25
b.
Risks related to the Group's financial situation ........................................ 38
c. Legal and regulatory risk ............................................................................ 40
d.
Internal control risk .................................................................................. 43
2.
RISK FACTORS RELATING TO THE BONDS, THE TRANSACTION
SECURITIES, THE GUARANTEES, THE SECURITY AGENT AGREEMENT AND
THE EXCHANGE OFFER ................................................................................... 44
a.
Risks related to the nature of the Bonds .................................................. 44
b.
Risks related to the Transaction Securities, the Guarantees and the
Security Agent Agreement ................................................................................ 49
c. Risks relating to the Exchange Offer .......................................................... 54
III.
GENERAL INFORMATION .......................................................................... 56
Responsibility Statement ..................................................................................... 56
Authorisation ....................................................................................................... 56
Subject of this Prospectus ................................................................................... 56
Consent to the use of this Prospectus ................................................................. 56
Form of Bonds .................................................................................................... 57
References ......................................................................................................... 57
Hyperlinks ........................................................................................................... 57
Forward-looking Statements ............................................................................... 57
Third Party Information ........................................................................................ 58
Presentation of Financial Information .................................................................. 58
Further Information Regarding this Prospectus ................................................... 59
MiFID II Product Governance .............................................................................. 60
Documents Available for Inspection .................................................................... 60
IV.
USE OF NET PROCEEDS ........................................................................... 62
V.
CAPITALIZATION ........................................................................................ 63
VI.
SELECTED FINANCIAL INFORMATION AND OPERATING DATA ........... 64
1.
Selected Consolidated Statement of Comprehensive Income ................... 64
2.
Consolidated Statement of Profit and Loss and Other Comprehensive
Income ................................................................................................................ 65
3.
Selected Consolidated Statement of Financial Position ............................. 66
4.
Consolidated Statement of Financial Position ............................................ 66
5.
Selected Consolidated Statement of Cash Flows ...................................... 68
6.
Consolidated Statement of Cash Flows ..................................................... 69
7.
Key Financial Ratios .................................................................................. 72
8.
Other Financial Data (EBITDA).................................................................. 73
9.
Key Performance Indicators (unaudited) .................................................... 74
10. Independent Auditors ................................................................................ 80
11. Significant Changes in the Financial Position or Financial Performance .... 80
4

VII. SELECTED PORTFOLIO INFORMATION ................................................... 81
1.
Loan Portfolio ............................................................................................ 81
2.
Total Loan Portfolio by Loan Balance ........................................................ 82
3.
Total Loan Portfolio by Stages for which the Repayment of Loans are
Delayed ............................................................................................................... 82
4.
Sale of Repossessed Vehicle from Agreement Termination Date .............. 83
5.
Classification of our Loan Portfolio ............................................................ 83
6.
Performing Loan Portfolio by Product ........................................................ 83
7.
Non-performing Loan Portfolio by Product ................................................. 83
8.
Al owance for Loan Losses ........................................................................ 84
9.
Significant changes in the financial performance and position of the Group84
VIII.
BUSINESS ................................................................................................ 85
1.
Overview ................................................................................................... 85
2.
Strategy ..................................................................................................... 87
3.
Key Strengths ............................................................................................ 88
4.
Products .................................................................................................... 92
a.
Financial Leasing a product provided under the MOGO brand in all the
vehicle financing markets and premium car leasing under the PRIMERO brand
in certain markets, e.g. Latvia and Moldova ...................................................... 92
b.
Leaseback a product provided under the MOGO brand in all the vehicle
financing markets .............................................................................................. 94
c. Used Car Rent a product provided under the RENTI brand in the Latvian
and Lithuanian markets ..................................................................................... 96
d.
Consumer Loans a product provided under KREDO, TIGO and SEBO
brands in Albania, North Macedonia and Moldova respectively ........................ 96
5.
Geographic Markets .................................................................................. 97
IX.
MARKETING .............................................................................................. 101
1.
Marketing Organization and Development ............................................... 101
2.
Potential Customers ................................................................................ 102
3.
Below the Line (BTL) Marketing Channels ............................................... 102
a.
Search Engine Marketing ...................................................................... 102
b.
Paid Social Media Ads .......................................................................... 102
c. Display Ads .............................................................................................. 102
d.
E-mail and SMS Marketing .................................................................... 103
e.
Affiliate Marketing .................................................................................. 103
4.
Above the Line (ATL) Marketing Channels .............................................. 103
5.
User Experience (UX) .............................................................................. 104
X.
UNDERWRITING AND REVIEW ................................................................ 105
1.
Overview of the Underwriting and Review Process.................................. 105
2.
Loan Application Processing ................................................................... 105
3.
Risk Evaluation and Scoring .................................................................... 106
4.
Vehicle Inspection (in case of the Financial Leasing and the Leaseback) 106
5.
Final Loan Approval and Loan Issuance .................................................. 106
XI.
PORTFOLIO MANAGEMENT .................................................................... 107
XII. INFORMATION TECHNOLOGY ................................................................ 111
XIII.
CREDIT AND RISK MANAGEMENT ...................................................... 113
1.
Risk Management ................................................................................... 113
2.
Risk Management Process ...................................................................... 113
a.
Financial Risk ........................................................................................ 113
5

b.
Legal Risk ............................................................................................. 115
c. Operational Risk ....................................................................................... 115
d.
Reputational Risk .................................................................................. 115
XIV.
COMPETITION ....................................................................................... 116
XV. INTELLECTUAL PROPERTY .................................................................... 120
XVI.
REGULATORY FRAMEWORK ............................................................... 122
XVII.
INFORMATION ABOUT THE ISSUER ................................................... 128
1.
General Information about the Issuer ...................................................... 128
2.
Share Capital and Shareholders of the Issuer ......................................... 130
XVIII. INFORMATION ABOUT THE GROUP AND THE GUARANTORS ......... 132
1.
History of the Group ................................................................................ 132
2.
Beneficial ownership ................................................................................ 132
3.
Issuer and Subsidiaries ........................................................................... 133
4.
Information about the Guarantors ............................................................ 135
(1)
AS "mogo" (Latvia) ................................................................................ 135
(2)
Primero Finance OÜ (Estonia) (previously "mogo OÜ") ......................... 139
(3)
UAB "mogo LT" (Lithuania).................................................................... 142
(4)
Mogo LLC (Georgia).............................................................................. 148
(5)
Mogo IFN SA (Romania) ....................................................................... 154
(6)
O.C.N. "MOGO LOANS" S.R.L. (Moldova) ............................................ 158
(7)
MOGO Universal Credit Organization LLC (Armenia) ............................ 161
(8)
AS Renti (Latvia) ................................................................................... 165
(9)
OCN SEBO CREDIT SRL (Moldova) .................................................... 169
(10)
Kredo Finance Shpk (Albania) ........................................................... 173
(11)
Finance Company FINTEK DOO Skopje (formerly known as Finance
Company TIGO FINANCE DOOEL Skopje) (North Macedonia) ...................... 177
(12)
AS Eleving Solis (Latvia) (previously "AS Mogo Africa") ..................... 181
5.
Organization Structure ............................................................................. 185
6.
Properties of the Group ........................................................................... 185
7.
Employees .............................................................................................. 185
8.
Material Agreements ............................................................................... 187
a.
AS mogo Notes due 31 March 2024 ...................................................... 187
b.
Eleving Group Subordinated Bonds due 29 December 2031 ................. 187
c. Eleving Group Bonds 2021/2026 .............................................................. 187
d.
Mintos ................................................................................................... 187
e.
Ardshinbank (Armenian Bank) ............................................................... 200
f. AS "Citadele banka" (Latvian Bank) .......................................................... 200
g.
AS "Citadele banka" hedge facility (Latvia) ............................................ 200
h.
Bank Reshenie (Belarus Bank) ............................................................. 200
i. Risk Management Services OÜ (Credit Derivative Transaction (Credit
Default Swap)) ................................................................................................ 201
j. Shareholders' Agreement between AS Eleving Stella and AS Signet Bank

201
k. Subordinated bonds ................................................................................. 201
l. AS mogo Notes ........................................................................................ 201
m.
Mogo Auto Limited notes ....................................................................... 202
9.
Related Party Transactions ..................................................................... 202
a.
Loans with Related Parties .................................................................... 202
10. Legal Proceedings ................................................................................... 204
11. Expected Financing of the Group's Activities ........................................... 204
12. Credit Rating ........................................................................................... 204
6

13. Recent Events and Trends ...................................................................... 205
a.
General ................................................................................................. 205
b.
Sale of Subsidiaries............................................................................... 205
c. Covid-19 Developments ........................................................................... 205
d.
Integration of SIA EC Finance Group .................................................... 206
XIX.
MANAGEMENT ...................................................................................... 207
1.
Management ........................................................................................... 207
2.
Corporate Governance ............................................................................ 209
3.
Audit Committee ...................................................................................... 210
4.
Interest of Directors and Officers ............................................................. 210
5.
Litigation Statement about Directors and Officers .................................... 210
6.
Change of Control over the Group ........................................................... 210
XX. TERMS AND CONDITIONS ....................................................................... 211
XXI.
EXCHANGE OFFER ............................................................................... 262
XXII.
GUARANTEE .......................................................................................... 274
XXIII. ADDITIONAL INFORMATION ON THE GUARANTEES, THE
TRANSACTION SECURITIES AND THE SECURITY AGENT ............................ 287
XXIV. TAXATION .............................................................................................. 289
XXV. SUBSCRIPTION, SALE AND OFFER OF THE BONDS ......................... 301
XXVI. LIMITATIONS ON VALIDITY AND ENFORCEABILITY OF THE
GUARANTEES, TRANSACTION SECURITY DOCUMENTS AND THE BONDS
AND CERTAIN INSOLVENCY CONSIDERATIONS ............................................ 309
XXVII.
SELLING RESTRICTIONS .................................................................. 331
XXVIII.
GLOSSARY ......................................................................................... 333
XXIX. DOCUMENTS INCORPORATED BY REFERENCE ............................... 335

7

I.
SUMMARY OF THE PROSPECTUS
Section 1 - Introduction and Warnings
Introduction
The securities
12% to 13.5% senior secured bonds due 31 October 2028 for an aggregate principal amount of
up to EUR 75,000,000.00 issued on 31 October 2023 with ISIN DE000A3LL7M4.
The issuer
The Issuer is Eleving Group, a public limited liability company (société anonyme) incorporated
and existing under the laws of the Grand Duchy of Luxembourg, registered with Luxembourg
trade and companies register (Registre de Commerce et des Sociétés, Luxembourg) under
number B.174457 and having its registered office at 8-10, Avenue de la Gare, L-1610
Luxembourg, Grand Duchy of Luxembourg. Its telephone number is +352 26 18 61 and its fax
number is +352 26 84 54 10. The Issuer's legal identifier (LEI) is 894500N14T2GUDX0FL66.
Competent authority approving the Prospectus and date of approval
In order for the Bonds to be offered and admitted to trading on Frankfurt Stock Exchange's
Regulated Market (as defined below) and on Nasdaq Riga Stock Exchange's Regulated Market
this Prospectus has been approved on 26 September 2023 by the Luxembourg Commission for
the Supervision of the Financial Sector (Commission de Surveil ance du Secteur Financier 
"CSSF"), with address at 283, route d'Arlon, L-1150 Luxembourg, Grand Duchy of Luxembourg.
Its telephone number is +352 26 25 1 - 1 (switchboard), its fax number is +352 26 25 1 2601
and its email is [email protected]. References in this Prospectus to a "Regulated Market" shal
mean any regulated market as defined in Directive 2014/65/EU.
Warnings
This summary should be read as an introduction to the Prospectus.
Any decision to invest in the securities should be based on a consideration of the Prospectus
as a whole by the investor.
The investor could lose all or part of the invested capital.
Where a claim relating to the information contained in the Prospectus is brought before a court,
the plaintiff investor might, under national law, have to bear the costs of translating the
Prospectus before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled the summary including any
translation thereof, but only where the summary is misleading, inaccurate or inconsistent, when
read together with the other parts of the Prospectus, or where it does not provide, when read
together with the other parts of the Prospectus, key information in order to aid investors when
considering whether to invest in such securities.
Section 2 The Issuer
Who is the issuer of the securities?
Domicile, legal form, LEI, relevant jurisdiction
Eleving Group, a public limited liability company (société anonyme) incorporated and operating
under the laws of the Grand Duchy of Luxembourg, registered with Luxembourg trade and
companies register (Registre de Commerce et des Sociétés, Luxembourg) under number
B.174457 and having its registered office at 8-10, Avenue de la Gare, L-1610 Luxembourg,
Grand Duchy of Luxembourg is the Issuer. Its telephone number is +352 26 18 61 and its fax
number is +352 26 84 54 10. The Issuer's legal identifier (LEI) is 894500N14T2GUDX0FL66.
As at the date of this Prospectus, the parent company of the Group (as defined below) is the
Issuer.
Principal activities
8

The Issuer is the holding company of group companies (the "Group") specialized in providing
vehicle and consumer financing services. The Group is comprised of a number of fast-growing
financial technology companies operating in three continents, Europe, Africa and Asia.
The principal business of the Group is divided into two business segments: (i) Eleving Vehicle
Finance and (i ) Eleving Consumer Finance. Eleving Vehicle Finance provides financing
products in 11 countries through a wide range of sales channels: an online platform managed
by Eleving, third party online car sales portals, physical branches and physical used car dealers.
Eleving Vehicle Finance fills a funding gap, providing innovative financial solutions across the
globe, which contribute to the empowerment of diverse communities, including local
entrepreneurs. Eleving Consumer Finance, with more than 100 branches across Moldova, North
Macedonia and Albania, offers flexible financial products, from credit lines to installment loans,
with a focus on providing access to substantial amounts of money to customers that meet the
Group's credit assessment benchmarks.
Major shareholders
The following table sets out the relevant shareholding of the Issuer as at the date of this
Prospectus:
Details of the holder entity Number of shares %
Beneficial owner
1 SIA "ALLPES Capital"
43,691,654
43.67%
Aigars Kesenfelds
2 AS Novo Holdings
14,563,759
14.56%
Alberts Pole
3 AS Obelo Capital
14,563,960
14.56%
Mris Keiss
4 SIA EMK Ventures
14,563,960
14.56%
Kristaps Ozols
5 Other Shareholders
12,666,667
12.66%
N/A

Sum
100,050,000
100%

The portion of the share capital of the Issuer held by other shareholders is controlled by current
and former employees of the Issuer.
Key managing directors
The Issuer is currently managed by a board of directors composed of two directors of category
A and two directors of category B and being: Mr. Modestas Sudnius, A director, Maris Kreics, A
director, Sébastien Jean-Jacques Joseph Ghislain François, B director and Attila Senig, B
director, al appointed for a period ending at the annual general meeting of the Issuer to be held
in 2026.
Statutory auditor
The statutory auditor (réviseur d'entreprises agréé) of the Issuer for the financial year ending 31
December 2022 is BDO Audit (société anonyme), incorporated under the laws of Luxembourg,
having its registered office at 1, rue Jean Piret, L-2350 Luxembourg, Grand Duchy of
Luxembourg and registered with the Luxembourg trade and companies register under number
B.147570.
What is the key financial information regarding the Issuer ?
The tables below present the key selected consolidated financial information for the Issuer as
of and for (i) the financial years ended 31 December 2022 and 31 December 2021 derived from
the Issuer's audited consolidated financial statements as of and for the financial year ended 31
December 2022 (including restated comparative financial information for the financial year
ended 31 December 2021) prepared in accordance with the International Financial Reporting
Standards as adopted by the European Union ("IFRS"), and (i ) the six-month periods ended 30
June 2023 and 30 June 2022 derived from the unaudited consolidated interim financial
statements as of and for the six-month period ended 30 June 2023 prepared in accordance with
IFRS.
Selected consolidated statement of comprehensive income data of the Issuer (in Million EUR)
9

EUR
01.01.2022-
01.01.2021-
01.01.2023-
01.01.2022-
31.12.2022
31.12.2021
30.06.2023
30.06.2022
(audited)
(audited)
(unaudited)
(unaudited)
Total
23.83
9.65
9.79
11.06
comprehensive
income for the
year/period

Selected consolidated statement of financial position data of the Issuer (in Mil ion EUR, except
percentages)
EUR
01.01.2022-
01.01.2021-
01.01.2023-
01.01.2022-
31.12.2022
31.12.2021
30.06.2023
30.06.2022
(audited)
(audited)
(unaudited)
(unaudited)
Total liabilities
306.98
290.69
319.93
315.41
Total equity and
361.36
322.08
378.64
358.10
liabilities
Total equity and
63.97
41.58
77.1
58.37
subordinated
liabilities
Total equity
45.49
24.28
58.71
42.68
attributable to
equity holders of
the parent
company

Selected consolidated statement of cash flows data of the Issuer (in Million EUR)
EUR
01.01.2022-
01.01.2021-
01.01.2023-
01.01.2022-
31.12.2022
31.12.2021
30.06.2023
30.06.2022
(audited)
(audited)
(unaudited)
(unaudited)
Net cash flows
(856.58)
(22.19)
7.93
(13.76)
to/from
operating
activities
Net cash flows
9.06
12.47
2.18
19.46
to/from financing
activities
Net cash flows
(4.6)
10.53
(5.27)
(2.49)
to/from investing
activities

What are the key risks that are specific to the Issuer ?
1.
Risk relating to the Group's business activities and industry
Difficulties in assessing the credit risk of potential customers: Despite the credit scoring as wel
as vehicle valuation models of the Group, Group companies may be unable to correctly evaluate
the current financial condition of each prospective customer and determine his or her
creditworthiness and/or value of the collateral. The Group's financing decisions are based partly
on information provided by applicants. Prospective customers may fraudulently provide
inaccurate information which, if not detected, may result in inaccurate credit scoring of the
Group's customers. Any failure to correctly assess the credit risk of potential customers, due to
failure of the Group's customer evaluation or due to incorrect information fraudulently provided
by customers, may have a material adverse effect on the Group's business, financial condition,
results of operations, prospects or cash flows and may even invoke regulatory sanctions
(including imposition of fines and penalties, suspension of operations, or revocation of the
Group's licenses).
10