Obligation Grencke 0.957% ( XS1942594687 ) en EUR

Grencke

100 % ⇌

Allemagne

XS1942594687 ( en EUR )

0.957% par an ( paiement annuel )

28/01/2022 - Obligation échue

Prospectus brochure de l'obligation Grenke XS1942594687 en EUR 0.957%, échue

100 000 EUR

10 000 000 EUR

Grenke est une société allemande spécialisée dans le financement de matériel informatique et de technologies de l'information, proposant des solutions de location et de leasing.

Le marché financier a récemment acté la maturité et le remboursement intégral de l'obligation au code ISIN XS1942594687, émise par Grenke, une société allemande spécialisée dans les services financiers et le leasing d'équipements pour les petites et moyennes entreprises; ce titre, libellé en EUR et émis depuis l'Allemagne, a été remboursé à 100% de sa valeur nominale à sa date d'échéance du 28/01/2022, après avoir offert un taux d'intérêt annuel de 0,957%, et représentait une émission d'une taille totale de 10 000 000 EUR avec une taille minimale de souscription de 100 000 EUR.

Debt Issuance Programme Prospectus
dated 15 February 2018

This document constitutes two base prospectuses: (i) the base prospectus of GRENKE AG in respect of non-
equity securities within the meaning of Art. 22 No. 6(4) of the Commission Regulation (EC) No. 809/2004 of
29 April 2004, as amended ("Non-Equity Securities") and (ii) the base prospectus of GRENKE FINANCE PLC in
respect of Non-Equity Securities (together, "Debt Issuance Programme Prospectus" or the "Prospectus").

GRENKE AG
(Baden-Baden, Federal Republic of Germany)
as Issuer and, in respect of Notes issued by
GRENKE FINANCE PLC, as Guarantor
and
GRENKE FINANCE PLC
(Dublin, Ireland)
as Issuer
2,500,000,000
Debt Issuance Programme
(the "Programme")

Application has been made to list notes (the "Notes") to be issued under the Programme on the official list of and
to trade Notes on the regulated market Bourse de Luxembourg (which is a regulated market for the purposes of
the Markets in Financial Instruments Directive 2014/65/EU) (the "Regulated Market") of the Luxembourg Stock
Exchange. Notes issued under the Programme may also not be listed at all. The payments of all amounts due in
respect of Notes issued by GRENKE FINANCE PLC will be unconditionally and irrevocably guaranteed by
GRENKE AG.

Each Issuer has requested the Commission de Surveil ance du Secteur Financier of the Grand Duchy of
Luxembourg (the "CSSF") in its capacity as competent authority under the Luxembourg Law relating to
prospectuses for securities, as amended, (Loi relative aux prospectus pour valeurs mobilières, the "Luxembourg
Law"), which implements the Directive 2003/71/EC of the European Parliament and the Council of 4 November
2003, as amended (the "Prospectus Directive"), to approve this Prospectus, which constitutes a prospectus
within the meaning of Article 5.4 of the Prospectus Directive, and to provide the competent authorities in the
Federal Republic of Germany, the Republic of Austria, the Republic of Ireland, the United Kingdom of Great
Britain and Northern Ireland and The Netherlands with a certificate of approval attesting that the Prospectus has
been drawn up in accordance with the Luxembourg Law (each a "Notification"). Each Issuer may request the
CSSF to provide competent authorities in additional host Member States within the European Economic Area with
a Notification. By approving a prospectus, the CSSF shall give no undertaking as to the economic and financial
soundness of the operation or the quality or solvency of the issuer pursuant to Article 7(7) Luxembourg Law.

Arranger
Deutsche Bank

Dealers
Deutsche Bank
HSBC

This Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and on the website of GRENKE AG (http://www.grenke.de/en/investor-relations.html). This
Prospectus succeeds the Debt Issuance Programme Prospectus dated 15 February 2017 and is valid for a period
of 12 months after its approval.

RESPONSIBILITY STATEMENT
GRENKE AG (until 10 May 2016: GRENKELEASING AG), with its registered office in Baden-Baden,
Federal Republic of Germany ("GRENKE AG", an "Issuer" or the "Guarantor", and together with its
consolidated subsidiaries and structured entities the "GRENKE Group") and GRENKE FINANCE PLC, with
its registered office in Dublin, Ireland ("GRENKE FINANCE PLC", an "Issuer" and, together with GRENKE
AG, the "Issuers") are solely responsible for the information given in this Prospectus and for the information
which wil be contained in the Final Terms (as defined below).
Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the
information contained in this Prospectus for which it is responsible is, to the best of its knowledge, in
accordance with the facts and contains no omission likely to affect its import.
NOTICE
This Prospectus should be read and understood in conjunction with any supplement to the Prospectus and
with any other document incorporated herein by reference. Full information on the Issuers and any tranche
of Notes is only available on the basis of the combination of this Prospectus and the relevant final terms
(the "Final Terms").
The Issuers accept responsibility for the information contained in this Prospectus and have confirmed to the
dealers set forth on the cover page (each a "Dealer" and together the "Dealers") that this Prospectus
contains all information with regard to the Issuers and the Notes which is material in the context of the
Programme and the issue and offering of Notes thereunder, that the information contained in this
Prospectus with respect to the Issuers and the Notes is accurate and complete in all material respects and
is not misleading; that any opinions and intentions expressed herein with respect to the Issuers and the
Notes are honestly held; that there are no other facts, the omission of which would make this Prospectus as
a whole or any of such information or the expression of any such opinions or intentions misleading in any
material respect; and that the Issuers have made all reasonable enquiries to ascertain all facts material for
the purposes aforesaid.
Each of the Issuers and the Guarantor have undertaken with the Dealers to publish a supplement to this
Prospectus or to publish a new Prospectus subject to applicable laws if and when the information herein
should become materially inaccurate or incomplete or in the event of any significant new factor, material
mistake or inaccuracy relating to the information included in this Prospectus which is capable of affecting
the assessment of the Notes and, where approval by the CSSF of any such document is required, upon
such approval having been given.
No person has been authorised to give any information which is not contained in or not consistent with this
Prospectus or any other information supplied in connection with the Programme and, if given or made, such
information must not be relied upon as having been authorised by or on behalf of either Issuer or any of the
Dealers.
This Prospectus is valid for twelve months after its approval and it and any supplement to the Prospectus as
well as any Final Terms reflect the status as of their respective dates of issue. The offering, sale or delivery
of any Notes may not be taken as an implication that the information contained in such documents is
accurate and complete subsequent to their respective dates of issue or that there has been no adverse
change in the financial condition of the Issuers since such date or that any other information supplied in
connection with the Programme is accurate at any time subsequent to the date on which it is supplied or, if
different, the date indicated in the document containing the same.
To the extent permitted by the laws of any relevant jurisdiction, neither the Arranger nor any Dealer nor any
other person mentioned in this Prospectus, excluding the Issuers, is responsible for the information
contained in this Prospectus or any supplement to this Prospectus, or any Final Terms or any other
document incorporated herein by reference.
Any investment in Notes issued by GRENKE FINANCE PLC does not have the status of a bank
deposit and is not within the scope of the deposit protection scheme operated by the Central Bank
of Ireland.
The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of Notes in
certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final
Terms come are required to inform themselves about and observe any such restrictions. For a description
2

of the restrictions on offers, sales and deliveries of Notes and on the distribution of the Prospectus or any
Final Terms and other offering material relating to the Notes applicable in the United States of America, the
European Economic Area in general, the United Kingdom, Ireland, France and Japan see "Selling
Restrictions" below. In particular, the Notes have not been and will not be registered under the United
States Securities Act of 1933, as amended, and are subject to tax law requirements of the United States of
America; subject to certain exceptions, Notes may not be offered, sold or delivered within the United States
of America or to U. S. persons.
The Final Terms in respect of any Notes may include a legend entitled "MiFID II Product Governance"
which will outline the target market assessment in respect of the Notes and which channels for distribution
of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a
"distributor") should take into consideration the target market assessment; however, a distributor subject to
Directive 2014/65/EU (as amended, "MiFID II") is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the target market assessment) and
determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any
Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the
Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the
MiFID Product Governance Rules.
If the Final Terms in respect of any Notes include a legend entitled "PROHIBITION OF SALES TO EEA
RETAIL INVESTORS", the Notes are not intended to be offered, sold or otherwise made available to and
should not be offered, sold or otherwise made available to any retail investor in the European Economic
Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client
as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive
2002/92/EC (as amended, the "Insurance Mediation Directive"), where that customer would not qualify as
a professional client as defined in point (10) of Article 4(1) of MiFID II; or (ii ) not a qualified investor as
defined in the Prospectus Directive. Consequently no key information document required by Regulation
(EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise
making them available to retail investors in the EEA has been prepared and therefore offering or selling the
Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the
PRIIPs Regulation.
The language of this Prospectus is English. The German versions of the English language Terms and
Conditions and Guarantee are shown in this Prospectus for additional information. As to form and content,
and all rights and obligations of the Holders and the Issuer under the Notes to be issued, German is the
controlling legally binding language if so specified in the Final Terms. In respect of the Guarantee, the
German language version is always controlling and legally binding as to form and content, and all rights and
obligations of the Holders and the Guarantor thereunder. The Issuer confirms that in such case the non-
binding English text of the Terms and Conditions correctly and adequately reflects the binding German
language version of the Terms and Conditions.
Each Dealer and/or each further financial intermediary subsequently reselling or finally placing
Notes issued under the Programme is entitled to use the Prospectus as set out in "Consent to the
Use of the Prospectus" below.
Neither this Prospectus nor any Final Terms may be used for the purpose of an offer or solicitation
by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to
whom it is unlawful to make such an offer or solicitation.
Neither this Prospectus nor any Final Terms constitutes an offer or invitation by or on behalf of the
Issuers or the Dealers to any person to subscribe for or to purchase any Notes.
In connection with the issue of any Tranche of Notes under the Programme, the Dealer or Dealers (if
any) named as the stabilising manager(s) (or persons acting on behalf of any stabilising
manager(s)) in the applicable Final Terms may over-allot Notes or effect transactions with a view to
supporting the price of the Notes at a level higher than that which might otherwise prevail. However,
stabilisation may not necessarily occur. Any stabilisation action may begin at any time after the
adequate public disclosure of the terms of the offer of the relevant Tranche of Notes and, if begun,
may cease at any time, but it must end no later than the earlier of 30 days after the issue date and 60
days after the date of the allotment of the relevant Tranche of Notes. Any stabilisation action or
3

over-allotment must be conducted by the relevant stabilising manager(s) (or persons acting on
behalf of any stabilising manager(s)) in accordance with all applicable laws and rules.
Any websites included in the Prospectus, except for the website www.bourse.lu in the context of the
documents incorporated by reference, are for information purposes only and do not form part of the
Prospectus.
Amounts payable under Floating Rate Notes are calculated by reference to (i) EURIBOR (Euro Interbank
Offered Rate) which is provided by the European Money Markets Institute (EMMI) or (ii) LIBOR (London
Interbank Offered Rate) which is provided by the ICE Benchmark Association (IBA). As at the date of this
Prospectus, both EMMI and IBA do not appear on the register of administrators and benchmarks
established and maintained by the European Securities and Markets Authority (ESMA) pursuant to Article
36 of the Benchmarks Regulation (Regulation (EU) 2016/1011) ("BMR"). As far as the Issuers are aware,
the transitional provisions in Article 51 of the BMR apply, such that EMMI and IBA are not currently required
to obtain authorisation or registration (or, if located outside the European Union, recognition, endorsement
or equivalence).

FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement
that does not relate to historical facts and events. They are based on analyses or forecasts of future results
and estimates of amounts not yet determinable or foreseeable. These forward-looking statements are
identified by the use of terms and phrases such as "anticipate", "believe, "could", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will" and similar terms and phrases, including references and
assumptions. This applies, in particular, to statements in this Prospectus containing information on future
earning capacity, plans and expectations regarding GRENKE Group's business and management, its
growth and profitability, and general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the
Issuers make to the best of their present knowledge. These forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results, including GRENKE Group's financial
condition and results of operations, to differ materially from and be worse than results that have expressly
or implicitly been assumed or described in these forward-looking statements. GRENKE Group's business is
also subject to a number of risks and uncertainties that could cause a forward-looking statement, estimate
or prediction in this Prospectus to become inaccurate. Accordingly, investors are strongly advised to read
the following sections of this Prospectus: "Risk Factors", "GRENKE AG as Issuer and Guarantor" and
"GRENKE FINANCE PLC as Issuer". These sections include more detailed descriptions of factors that
might have an impact on GRENKE Group's business and the markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not
occur. In addition, neither the Issuers nor the Dealers assume any obligation, except as required by law, to
update any forward-looking statement or to conform these forward-looking statements to actual events or
developments.
4

TABLE OF CONTENTS

Summary
.............................................................................................................................................. 7
Section A
Introduction and Warnings .................................................................................................... 7
Section B
Issuer and Guarantor ............................................................................................................ 8
Section B
Issuer .................................................................................................................................. 12
Section C
Securities ............................................................................................................................ 14
Section D
Risks ................................................................................................................................... 17

Risks specific to GRENKE AG as Issuer and Guarantor .................................................... 17

Risks specific to GRENKE FINANCE PLC as Issuer .......................................................... 21

Risks specific to the Securities ............................................................................................ 24
Section E
Offer .................................................................................................................................... 26
German Translation of the Summary ................................................................................................... 27
Abschnitt A Einleitung und Warnhinweise .............................................................................................. 27
Abschnitt B Emittentin und Garantin ...................................................................................................... 28
Abschnitt B Emittentin ............................................................................................................................ 32
Abschnitt C Wertpapiere ......................................................................................................................... 34
Abschnitt D Risiken ................................................................................................................................ 38

Risiken, die der GRENKE AG als Emittentin und Garantin eigen sind ............................... 38

Risiken, die der GRENKE FINANCE PLC als Emittentin eigen sind .................................. 42

Risiken, die den Wertpapieren eigen sind ........................................................................... 44
Abschnitt E Angebot ............................................................................................................................... 47
Risk Factors ............................................................................................................................................ 48
Risk Factors regarding GRENKE AG as Issuer and Guarantor ............................................................... 48
Risk Factors regarding GRENKE FINANCE PLC .................................................................................... 54
Risk Factors regarding the Notes ............................................................................................................. 57
GRENKE AG as Issuer and Guarantor ................................................................................................. 61
Selected Financial Information ................................................................................................................. 61
Consolidated Liabilities and Equity of GRENKE AG ................................................................................ 61
History and Development of GRENKE AG ............................................................................................... 62
Investments ............................................................................................................................................ 63
Known Trends .......................................................................................................................................... 63
Business Overview and Principal Markets ............................................................................................... 63
Organisational Structure ........................................................................................................................... 64
Acquisitions ............................................................................................................................................ 65
Material adverse change in the prospects of the Issuer ........................................................................... 66
Administrative, Management and Supervisory Bodies ............................................................................. 66
Conflict of Interests ................................................................................................................................... 67
Board Practices ........................................................................................................................................ 67
Controlling Persons .................................................................................................................................. 67
Historical Financial Information ................................................................................................................ 67
Auditors
............................................................................................................................................ 68
Legal, Arbitration and Other Proceedings ................................................................................................ 68
Significant Change in GRENKE AG's Financial or Trading Position ........................................................ 68
Share Capital ............................................................................................................................................ 68
Articles of Association .............................................................................................................................. 68
Rating
............................................................................................................................................ 69
GRENKE FINANCE PLC as Issuer ........................................................................................................ 70
Selected Financial Information ................................................................................................................. 70
Liabilities and Equity of GRENKE FINANCE PLC .................................................................................... 70
History and Development of GRENKE FINANCE PLC ............................................................................ 71
Investments ............................................................................................................................................ 71
Business Overview ................................................................................................................................... 71
Organisational Structure ........................................................................................................................... 71
Material adverse change in the prospects of the Issuer ........................................................................... 71
Administrative, Management and Supervisory Bodies ............................................................................. 72
Conflict of Interests ................................................................................................................................... 72
Board Practices ........................................................................................................................................ 72
Controlling Persons .................................................................................................................................. 72
5

Historical Financial Information ................................................................................................................ 72
Auditors
............................................................................................................................................ 72
Legal and Arbitration Proceedings ........................................................................................................... 73
Significant Change of GRENKE FINANCE PLC's Financial or Trading Position ..................................... 73
Share Capital ............................................................................................................................................ 73
Memorandum of Association .................................................................................................................... 73
Rating
............................................................................................................................................ 73
Consent to the Use of the Prospectus ................................................................................................. 74
General Description of the Programme ................................................................................................ 75
Issue Procedures .................................................................................................................................... 76
Terms and Conditions of the Notes ...................................................................................................... 78
Option I - Terms and Conditions that apply to Notes with fixed interest rates .......................................... 78
Option II - Terms and Conditions that apply to Notes with floating interest rates ..................................... 98
Terms and Conditions of the Notes German Language Version .................................................. 118
Option I - Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung ................................ 119
Option II - Anleihebedingungen für Schuldverschreibungen mit variabler Verzinsung ........................... 141
Form of Guarantee and Negative Pledge ........................................................................................... 163
Form of Final Terms ............................................................................................................................. 171
Description of Rules Regarding Resolution of Holders ................................................................... 187
Taxation
.......................................................................................................................................... 189
General Information ............................................................................................................................. 201
Selling Restrictions ................................................................................................................................. 201
Use of Proceeds ..................................................................................................................................... 204
Listing and Trading Information .............................................................................................................. 204
Interest of Natural and Legal Persons involved in the Issue/Offer ......................................................... 204
Authorisation .......................................................................................................................................... 204
Documents on Display ......................................................................................................................... 206
Documents Incorporated by Reference ............................................................................................. 207
Cross Reference List of Documents Incorporated by Reference ........................................................... 207
Availability of Documents Incorporated by Reference ............................................................................ 209
Names and Addresses ......................................................................................................................... 210

6

SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are numbered
in Sections A E (A.1 E.7).
This summary (the "Summary") contains all the Elements required to be included in a summary for this type
of Notes and Issuer. Because some Elements are not required to be addressed, there may be gaps in the
numbering sequence of the Elements.
Even though an Element may be required to be inserted in the Summary because of the type of Notes and
Issuer, it is possible that no relevant information can be given regarding the Element. In this case, a short
description of the Element is included in the Summary with the mention of "not applicable".
[The Summary contains options, characterised by square brackets or typesetting in italics (other than the
respective translations of specific legal terms), and placeholders regarding the Notes to be issued under the
Programme. The summary of the individual issue of Notes wil include the options relevant to this issue of
Notes as determined by the applicable Final Terms and will contain the information, which had been left
blank, as completed by the applicable Final Terms.]1
Element
Section A Introduction and warnings

A.1
Warnings
Warning that:
this Summary should be read as an introduction to the
Prospectus;
any decision to invest in the Notes should be based on
consideration of the Prospectus as a whole by the investor;
where a claim relating to the information contained in the
Prospectus is brought before a court, the plaintiff investor
might, under the national legislation of the Member State,
have to bear the costs of translating the Prospectus, before
the legal proceedings are initiated; and
civil liability attaches only to the Issuers who have tabled the
Summary including any translation thereof, but only if the
Summary is misleading, inaccurate or inconsistent when
read together with the other parts of the Prospectus or 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 Notes.
A.2
Consent to the use of the
[Each Dealer and/or each further financial intermediary
Prospectus
subsequently reselling or finally placing the Notes is entitled to
use the Prospectus for the subsequent resale or final placement
of the Notes during the offer period for the subsequent resale or
final placement of the Notes from [] to [], provided however,
that the Prospectus is still valid in accordance with Article 11(2)
of the Luxembourg act relating to prospectuses for securities
(Loi relative aux prospectus pour valeurs mobilières), as
amended, which implements Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003
(as amended).
The Prospectus may only be delivered to potential investors
together with all supplements published before such delivery.
Any supplement to the Prospectus is available for viewing in
electronic form on the website of the Luxembourg Stock
Exchange (www.bourse.lu) and on the website of GRENKE AG
(http://www.grenke.de/en/investor-relations.html).
When using the Prospectus, each Dealer and/or relevant further

1 To be deleted in the issue-specific Summary.
7

financial intermediary must make certain that it complies with al
applicable laws and regulations in force in the respective
jurisdictions.
In the event of an offer being made by a Dealer and/or a
further financial intermediary the Dealer and/or the further
financial intermediary shall provide information to investors
on the terms and conditions of the Notes at the time of that
offer.]
[Not applicable. No consent has been given.]

Element
Section B [Issuer] [Guarantor]

B.1
Legal and commercial
GRENKE AG
name
B.2
Domicile / Legal form /
GRENKE AG was incorporated in the Federal Republic of
Legislation / Country of
Germany as a stock corporation under German Law and
incorporation / Legal
operates under German Law. The registered office is located at
Entity Identifier (LEI)
Neuer Markt 2, 76532 Baden-Baden, Federal Republic of
Germany. GRENKE AG's Legal Entity Identifier (LEI) is
529900BHRYZ464GFD289.
B.4b
Known trends affecting
The markets for lease assets in the IT-sector are subject to price
the Issuer and the
and
business
competition.
In
addition,
the
current
industries in which it
macroeconomic events may lead to reduced levels of investment
operates
in IT and therefore reduced new leasing business. Additionally,
rising insolvencies may lead to less demand to new leasing
business. The already experienced decline in prices for IT-
products can impact GRENKE AG's earnings. No assurance can
be given that other competitors in the leasing sector will not seek
access to this market segment and thus not impact the earnings
situation of GRENKE AG.
B.5
Description of the Group
GRENKE AG is the ultimate parent company of GRENKE
and the Issuer's position
Group.
within the Group
B.9
Profit forecast or
Not applicable. No profit forecast or estimate has been included.
estimate
B.10
Nature of any
Not applicable. The audit opinions with respect to the
qualifications in the audit
consolidated financial statements of GRENKE AG as of and for
report on historical
the financial years ended 31 December 2017 and 2016 do not
financial information
include any qualifications.
8

B.12
Selected historical key financial information
The following table shows selected financial information of GRENKE AG extracted or derived
from the audited consolidated financial statements as of and for the financial year ended
31 December 2017 (including the retrospectively adjusted comparative prior-year financial
information as of 31 December 2016 due to a change in the accounting of deferred taxes
(partial offsetting) in accordance with the provisions of IAS 8.41 et sequ.). These consolidated
financial statements have been prepared on the basis of the International Financial Reporting
Standards, as adopted by the EU, ("IFRS") and the additional requirements of German
commercial law pursuant to Section 315e(1) German Commercial Code (HGB).

Consolidated Statement of Financial Position Data of GRENKE AG
31 Dec. 2017 31 Dec. 2016

(in thousand)
Total assets ............................................................................
4,842,205
3,964,568
Current and non-current lease receivables.............................
3,966,735
3,270,110
Current and non-current financial liabilities - asset-based,
senior unsecured and committed development loans ............
3,272,815
2,702,143
Total equity .............................................................................
856,569
690,420

Consolidated Liabilities and Equity of GRENKE AG
31 Dec.
31 Dec.

2017
2016

(in thousand)
Current liabilities

Financial liabilities - asset-based, senior unsecured and

committed development loans .............................................................................
984,121
996,632
Current liabilities from deposit business ..............................................................
274,721
228,125
Deferred lease payments ....................................................................................
36,421
31,908
Miscellaneous current liabilities1) .........................................................................
95,031
71,847
Total current liabilities ..........................................................................................
1,390,294
1,328,512
Non-current liabilities

Financial liabilities - asset-based, senior unsecured and

committed development loans .............................................................................
2,288,694
1,705,511
Non-current liabilities from deposit business .......................................................
244,487
188,963
Deferred tax liabilities ..........................................................................................
55,932
44,630
Miscellaneous non-current liabilities2) ................................................................
6,229 ..
6,532
Total non-current liabilities ...................................................................................
2,595,342
1,945,636
Equity

Share capital ........................................................................................................
44,313
18,881
Capital reserves ................................................................................................
93,611 ...

119,043
Retained earnings ...............................................................................................
592,771
498,807
Other components of equity ...............................................................................
-2,261
1,148
Additional equity components3) ............................................................................
128,135
52,541
Total equity ..........................................................................................................
856,569
690,420
Total liabilities and equity ....................................................................................
4,842,205
3,964,568
1) Miscellaneous current liabilities comprise current other bank liabilities, current liability financial instruments,
9

trade payables, tax liabilities, deferred liabilities, current provisions and other current liabilities.
2) Miscellaneous non-current liabilities comprise non-current liability financial instruments, pensions and other
non-current liabilities.
3) Including an AT1 bond (hybrid capital), which represents an unsecured and subordinated bond of GRENKE
AG that is reported as equity under IFRS.

Consolidated Income Statement Data of GRENKE AG
1 Jan. 2017 to 1 Jan. 2016 to

31 Dec. 2017 31 Dec. 2016
(in thousand, unless

otherwise indicated)
Net interest income ...........................................................................................
246,597
217,790
Settlement of claims and risk provision ...............................................................
55,467
55,089
Net interest income after settlement of claims and risk

provision.............................................................................................................
191,130
162,701
Profit from service business.................................................................................
70,562
59,279
Profit from new business .....................................................................................
68,983
58,799
Gains(+)/losses(-) from disposals ................................................................
- ........
8,212
-5,985
Income from operating business .....................................................................
322,463
274,794
Staff costs ............................................................................................................
86,162
70,624
Selling and administrative expenses (not including staff

costs) ...................................................................................................................
67,737
58,380
Earnings before taxes .......................................................................................
157,727
134,536
Net profit .............................................................................................................
124,982
103,234
Earnings per share (basic/diluted; after 1:3 stock split) in ................................
2.74
2.29

Statement of no material There has been no material adverse change in the prospects of
adverse change
GRENKE AG since the date of its last published audited
consolidated financial statements, 31 December 2017.
Significant change in the Not applicable. There has been no significant change in the
financial
or
trading financial or trading position of GRENKE AG since 31 December
position
2017.
B.13
Recent events
Not applicable. There are no recent events particular to
GRENKE AG which are to a material extent relevant to the
evaluation of its solvency.
B.14
Please see Element B.5
Statement of dependency Not applicable. GRENKE AG is not dependent upon other
upon other entities within entities within the GRENKE Group.
the group
B.15
Principal activities
GRENKE AG is a specialised service provider for the financing
of mainly IT Products such as notebooks, personal computers,
monitors and other peripheral units, servers, software,
telecommunication and copying equipment as well as medical,
wellness and cleaning equipment, small machinery and security
equipment.
B.16
Controlling Persons
According to No. 2.3 of the Guide to the Equity Indices of
Deutsche Börse AG the shareholder structure is as follows:
Grenke Beteiligung GmbH & Co. KG:
42.66%
Freefloat:
57.34%
In July 2014, Mr and Mrs Grenke, together with their sons Moritz
Grenke, Roland Grenke, and Oliver Grenke (the "Grenke
family"), have established a family company under the name of
Grenke Beteiligung GmbH & Co. KG, to which the Grenke family
10