GRENKELEASING AG Group Financial Report for the 1st Quarter 2014

Key Figures	2
Letter to Shareholders from the Board of Directors	4
The GRENKELEASING AG Share	5
Interim Management Report	6
Targets and Strategy	6
Macroeconomic and Sector-Specific Environment	7
New Business	7
Report on the Results of Operations	10
Report on Financial Position and Net Assets	12
Report on Risks, Opportunities, and Forecasts	13
Interim Consolidated Financial Statements	15
Notes to the Interim Consolidated Financial Statements	23
Calendar of Events and Contact Information	38

Key Figures GRENKE Group

	Jan. 1, 2014 to		Jan. 1, 2013 to
	Mar. 31, 2014	Change (%)	Mar. 31, 2013	Unit
New business
GRENKE Group Leasing + Factoring + Business start-up
financing incl. franchise partners	310,792	12.8	275,642	EURk
– of which Germany	92,612	1.0	91,712	EURk
– of which international	218,180	18.6	183,930	EURk
GRENKE Group Leasing	264,423	10.4	239,424	EURk
– of which international	193,175	18.3	163,226	EURk
– of which franchise international	4,361	–35.1	6,717	EURk
– of which Germany	66,887	–3.7	69,481	EURk
Western Europe (without Germany)*	90,212	13.1	79,795	EURk
Southern Europe*	62,133	22.4	50,778	EURk
Northern / Eastern Europe*	42,893	25.4	34,215	EURk
Other regions*	2,298	–55.4	5,155	EURk
GRENKE Group Factoring	43,488	23.3	35,261	EURk
– of which Germany	22,844	7.4	21,275	EURk
– of which franchise international	20,644	47.6	13,986	EURk
GRENKE Bank
Deposits	252,747	4.9	241,014	EURk
Business start-up financing volume	2,881	201.0	957	EURk
Contribution margin 2 (CM2) on new business
GRENKE Group Leasing	49,394	5.5	46,821	EURk
– of which international	39,061	10.2	35,439	EURk
– of which franchise international	1,001	–61.9	2,629	EURk
– of which Germany	9,332	6.6	8,753	EURk
Western Europe (without Germany)*	17,622	1.7	17,332	EURk
Southern Europe*	13,722	18.7	11,558	EURk
Northern / Eastern Europe*	8,208	17.3	6,996	EURk
Other regions*	510	–76.6	2,182	EURk
Further information leasing business
Number of new contracts	33,229	10.8	30,002	units
Share of IT products in lease portfolio	85	–2.3	87	percent
Share of corporate customers in lease portfolio	100	0.0	100	percent
Mean acquisition value	8.0	0.0	8.0	EURk
Mean term of contract	48	2.1	47	months
Volume of leased assets	3,133	15.8	2,705	EURm
Number of current contracts	382,469	13.9	335,860	units
*Regions: Western Europe (without Germany): Austria, Belgium, France, Luxembourg, the Netherlands, Switzerland

Southern Europe: Italy, Malta, Portugal, Slovenia, Spain

Northern / Eastern Europe: Denmark, Finland, Ireland, Norway, Sweden, UK / Czech Republic, Hungary, Poland, Romania, Slovakia Other regions: Brazil, Canada, Dubai, Turkey

GRENKE Group = GRENKE Consolidated Group including franchise partners

GRENKE Consolidated Group = GRENKELEASING AG and all consolidated subsidiaries and special-purpose entities according to IFRS

Key Figures GRENKE Consolidated Group

	Jan. 1, 2014 to		Jan. 1, 2013 to
	Mar. 31, 2014	Change (%)	Mar. 31, 2013	Unit
Key figures income statement
Net interest income	36,226	17.5	30,821	EURk
Settlement of claims and risk provision	11,843	8.8	10,885	EURk
Profit from insurance business	9,416	19.4	7,885	EURk
Profit from new business	11,101	9.3	10,157	EURk
Profit from disposals (income exceeding the calculated residual
value)	351	–61.6	914	EURk
Other operating income	785	4.5	751	EURk
Cost of new contracts	7,487	10.1	6,799	EURk
Cost of current contracts	2,271	8.7	2,089	EURk
Project costs and basic distribution costs	9,279	18.0	7,846	EURk
Management costs	5,571	20.2	4,634	EURk
Other costs	1,992	–2.4	2,042	EURk
Operating result	19,436	19.7	16,233	EURk
Other interest income (expense)	187	–15.8	222	EURk
Income / expenses from fair value measurement	35	–20.5	44	EURk
EBT (earnings before taxes)	19,284	20.1	16,055	EURk
Net Profit	14,505	26.2	11,491	EURk
Earnings per share (according to IFRS)	0.99	22.2	0.81	EUR
Further Information
Dividends	1.00	25.0	0.80	EUR
Embedded value, leasing contract portfolio (incl. equity before
taxes)	695	12.1	620	EURm

Embedded value, leasing contract portfolio (incl. equity after taxes)	630	11.9	563	EURm
Cost / income ratio	58.0	–2.4	59.4	percent
Return on equity (ROE) after taxes	12.8	15.3	11.1	percent
Average number of employees	852	9.2	780	employees
Staff costs	13,084	8.3	12,076	EURk
– of which total remuneration	10,731	7.9	9,943	EURk
– of which fixed remuneration	8,200	9.4	7,496	EURk
– of which variable remuneration	2,531	3.4	2,447	EURk

GRENKE Group = GRENKE Consolidated Group including franchise partners

GRENKE Consolidated Group = GRENKELEASING AG and all consolidated subsidiaries and special-purpose entities according to IFRS

Letter to Shareholders from the Board of Directors

Dear Shareholders,

Ladies and Gentlemen,

We have accomplished a successful start in the 2014 fiscal year with the performance of our first quarter. The GRENKE Group's new business grew 13 percent and thus was within our forecast range for the year of 13 to 16 percent. The international share of our new business proved to be particularly gratifying: a proportion of 70 percent was reached for the first time in the history of the GRENKE Group. While new business in Germany only recorded a modest level of growth, in our other important markets of France, the United Kingdom, Italy, and Spain, we experienced a particularly high level of demand for our financing solutions. In other regions, which mainly consist of our newly added countries of Brazil, Dubai, Canada, and Turkey, we act in a careful and cautious manner. Due to this development and as a result of our ongoing risk management and risk diversification, growth in those regions was purposely lowered in comparison to the prior year. The success resulting from this efficient sales management becomes apparent in our attractive contribution margin 2 generated by GRENKE Group Leasing. The CM2 margin amounted to 18.7 percent in the first quarter after 19.6 percent in the previous year and thus remained at a high level.

In order to densify our network, we have acquired the company of our former franchisee in Luxembourg in the first quarter, as planned, and have also opened an additional location in Saarbrücken as part of our cell division efforts.

Moreover, we are fully on track in terms of our earnings development: in the first quarter we were able to bolster our income from operating business by a total of 16 percent. Here we continued to benefit from the thriving development of our new business by way of the high contribution margins achieved in the past quarters. Our cost development is shaped by the expenses customary for expansion. Additionally, higher expenses were still recorded as a result of our recent acquisitions. Nevertheless, we were even able to achieve an above-average rise of 26 percent to EUR 14.5 million in GRENKE Consolidated Group's net profit. We can fully confirm our full year forecast of a net profit in the range of EUR 52 million to EUR 56 million.

Our share price also recorded encouraging performance in the course of the first quarter: the share price began the year at EUR 68.00 and, after the publication of our results for fiscal year 2013, climbed to reach an all-time high of EUR 80.00. We enjoy a solid reputation in the equity and debt capital markets and work diligently on continually strengthening our name and our business model even further.

For the current fiscal year, we have planned further steps for our growth: our entry into Chile and Croatia, and our various cell divisions should promote GRENKE Group's further expansion and reinforce its position as a globally operating company.

Baden-Baden, April 2014

Wolfgang Grenke

Chairman of the Board of Directors

The GRENKELEASING AG Share

After the unusual development experienced in the international capital markets in the second half of 2013, in the first quarter of 2014 market participants renewed their focus on macroeconomic risks. At the start of the year, concerns regarding the structural weaknesses of the emerging countries were amplified by a turnaround in US monetary policy and a reduction in the Federal Reserve's bond-buying programme. This brought higher risk to established countries and also led to a weaker growth outlook for corporate earnings. Suddenly, the share valuations no longer seemed inexpensive, but appeared to be too ambitious. The Crimea crisis contributed yet another burden to the stock markets in the course of the quarter.

As a result, in the first three months of 2014, the German capital market indices recorded a sideways trend amid considerable fluctuation. This was reflected most of all in the leading German stock market index (DAX), which on balance reported only a four-point increase after having reached an all-time high of 9,743 points in mid-January. Both the SDAX price index and the index of German financial shares in the Prime Standard segment (DAXsector Financial Services) performed better in the quarter and achieved increases of five percent and two percent, respectively.

Even more gratifying is the fact that last year's positive share price performance of the GRENKELEASING AG share has continued uninterrupted since early February. Favourable corporate announcements contributed to this performance, particularly the announcements concerning our fiscal year 2013 net profit achieving the upper end of our forecast range and the further growth in new business and net profit expected for fiscal year 2014. Finally, we accentuated our standing as one of the leading companies on the stock market through our scrip dividend offer, an instrument which is not yet widely known in Germany. In the course of the quarter, our share price gained a total of 17 percent and as per March 31, 2014 it had reached a price of EUR 79.80.

Interim Management Report

Targets and Strategy

We consider ourselves a growth company and continually aim to expand our market leadership in the field of financial services to small and medium-sized enterprises (SMEs). As of today, we have already achieved this goal in terms of the individual countries we serve and the products we offer: in Germany and Switzerland we are the market leader in smallticket IT leasing and, on a European level, we are one of the primary providers of various financial services for SMEs. We have even successfully entered several countries and continents outside of Europe in the past several years.

A favourable competitive environment and an attractive risk-reward profile are the chief characteristics we consider when selecting new countries. We do not want to avoid risks altogether, but rather we strive to assess risk as appropriately as possible and achieve the appropriate margins by using our proven, long-standing, and continuously refined IT-based model for forecasting losses at the time of concluding the contract. In this way we ensure risks are sufficiently covered. Many providers have scaled back their involvement in small-ticket IT leasing or, in some cases, even exited the market entirely, especially during the recent financial market and sovereign debt crises. This has presented us with a number of attractive opportunities to consistently expand our position as a leading provider of efficient services in the areas of small-ticket IT leasing, factoring, and banking for SMEs. Next to entering new countries, our focus is largely on raising our penetration in existing markets: this is the reason we opened an additional location in our home market of Germany in the first quarter of the 2014 fiscal year after the successful market entrance in Brazil, Dubai, and Canada in the past two fiscal years.

Beyond our regional growth, we are continuously diversifying our product range and our offers for finance solutions. These include, for example, various financing, investment, and payment products provided by GRENKE BANK AG that address both commercial and private customers through the use of an online sales model. GRENKE Bank also finances business start-ups and provides development funds in collaboration with a growing number of development banks of the federal government and individual states. Currently, collaborations exist with KfW Mittelstandsbank, Investitionsbank Berlin (IBB), L-Bank in Baden-Württemberg, LfA Förderbank Bayern, NRW.BANK in North Rhine-Westphalia, and the Thüringer Aufbaubank. The development funds offered are targeted at small and mid-sized companies and members of selfemployed professions who finance new investments via leasing. Until now, 9,754 leasing contracts have been concluded as part of these collaborations. Moreover, the purchase of lower-volume receivables (factoring) in various European countries forms a permanent and very important component of our extensive product range.

The broad diversification of our portfolios across customers and industries and the low average volumes of our contracts characterise our business. We strive to avoid cluster risks, even when it concerns our sales partners. In terms of IT products, we are generally manufacturer-independent. We structure our factoring business and our banking services in a similar manner. And finally, we rely on the ongoing expansion of our broad range of refinancing instruments so that we are always able to take advantage of a variety of options when financing our growth.

Macroeconomic and Sector-Specific Environment

Traditionally, GRENKE Group's new business has been moderately dependent on the macroeconomic development of its individual target countries. General sector trends, such as the business policies of banks in the leasing business and increasing regulatory requirements in this sector, tend to be much more important. Potential changes in capital market and central bank interest rates have a limited impact on our refinancing costs since such changes are generally reflected in our conditions. Nevertheless, the time gap with which we adjust our conditions can have a temporary positive or negative effect on the profitability of our new business. We can use our broad range of refinancing instruments, which includes the option of obtaining bank deposits via the GRENKE Bank, in a flexible manner depending on the market situation and the expected development in interest rates.

New business

The first quarter of 2014 was also characterised by a sustained high level of growth: the GRENKE Group's new business volume – i.e. the total of the acquisition costs of newly purchased lease assets, factoring volume, and business start-up financing – grew 13 percent and amounted to EUR 310.8 million after EUR 275.6 million in the prior year. Particularly pleasing was the high international share of our new business which came to 70% for the first time in our history. Whereas our new business experienced only moderate growth of one percent in our home market of Germany, we were very successful in our second largest market, France, as well as in the United Kingdom, Italy, and Spain.

The new business of GRENKE Group Leasing expanded ten percent in the reporting quarter to EUR 264.4 million after EUR 239.4 million in the previous year. In Germany, we recorded a slight decline of four percent, which was more than offset by increases in our international markets: new business grew 13 percent in Western Europe (without Germany), 22 percent in Southern Europe, and even rose 25 percent in Northern/Eastern Europe. In the other regions, which primarily comprise the relatively new countries of Brazil, Dubai, Canada, and Turkey, we continue to act in a cautious manner. Hence, as a result of our careful observation of the market, we reduced new business volume by 55 percent compared to the prior year. In the first quarter, we received a total of 83,975 lease applications which went on to generate 33,229 new lease contracts. Of those, 67,433 lease applications and 25,727 new lease contracts were attributable to our international markets. The conversion rate of GRENKE Group Leasing based on the total number of lease applications amounted to 40 percent. The conversion rate in our international markets was 38 percent and was lower than the rate in the German market (45 percent).

The contribution margin (CM2) of the new business from GRENKE Group Leasing developed favourably. In the first quarter, the CM2 climbed six percent to EUR 49.4 million after EUR 46.8 million in the prior year. The development in Germany, where the CM improved seven percent despite a slight decline in new business, is particularly worth noting. Although, at 18.7 percent, the contribution margin 2 (CM2) was slightly below the previous year's level of 19.6 percent, it still remained at a high level as a result of our efficient sales management and the continued positive interest rate environment.

We were particularly successful with our factoring offers. With an increase in new business volume of 23 percent from EUR 35.3 million to EUR 43.5 million, the factoring business is meanwhile making a substantial contribution to the GRENKE Group's new business. This is largely being driven by the international business which recorded growth of 48 percent in the first quarter compared to the prior year. At seven percent, new business growth in our home market of Germany was lower but still at a satisfactory level. The income margin of 2.4 percent generated by GRENKE Group Factoring was slightly above the previous year's level of 2.3 percent. This margin is based on the average period for a factoring transaction of around 35 days after amounting to approximately 29 days in the prior year.

In the reporting quarter, GRENKE Bank's deposit volume grew five percent year-on-year to EUR 252.7 million. The volume of business start-up financing climbed considerably to EUR 2.9 million after EUR 1.0 million in the prior year. A variety of collaborations with development banks of the federal government and with individual states allow us to finance business start-ups and to provide small and mid-sized companies and members of self-employed professions access to development funds when they finance new investments via leasing.

Regions: Western Europe (without Germany): Austria, Belgium, France, Luxembourg, the Netherlands, Switzerland

Southern Europe: Italy, Malta, Portugal, Slovenia, Spain

Northern / Eastern Europe: Denmark, Finland, Ireland, Norway, Sweden, UK / the Czech Republic, Hungary, Poland, Romania, Slovakia Other regions: Brazil, Canada, Dubai, Turkey

Report on the Results of Operations

Selected information from the consolidated income statement

	Jan. 1, 2014 to	Jan. 1, 2013 to
EURk	Mar. 31, 2014	Mar. 31, 2013
Net interest income	36,226	30,821
Settlement of claims and risk provision	11,843	10,885
Net interest income after settlement of claims and risk provision	24,383	19,936
Profit from insurance business	9,416	7,885
Profit from new business	11,101	10,157
Profit from disposals	351	914
Income from operating business	45,251	38,892
Staff costs	13,084	12,076
Of which total remuneration	10,731	9,943
Of which fixed remuneration	8,200	7,496
Of which variable remuneration	2,531	2,447
Selling and administrative expenses (excluding staff costs)	10,901	8,859
Earnings before taxes	19,284	16,055
Net profit	14,505	11,491
Earnings per share (basic) in EUR	0.99	0.81
Earnings per share (diluted) in EUR	0.99	0.81

The profitability of the GRENKELEASING AG Consolidated Group (hereinafter referred to as "the GRENKE Consolidated Group") also continued undeterred in the first quarter of the new fiscal year. Net interest income increased by 18 percent compared to the first quarter of last year as a result of the high level of strong-margin new business generated in recent quarters and due to the continuing favourable interest rate environment that even brought a decline in interest expenses for refinancing.

Although in the same period of the previous year expenses for the settlement of claims and risk provision were already very low, they still only saw an increase of nine percent in the reporting quarter. The loss rate was 1.5 percent after 1.65 percent in the first quarter of 2013. Accordingly, net interest income after settlement of claims and risk provision had a gratifying improvement of 22 percent. Expenses for losses tend to be volatile, especially on a quarterly basis. Due to the continuing difficult economic situation in some of the European countries, the related risks remained.

We achieved strong growth in the profit from insurance, which increased 19 percent on a year-on-year basis. We were satisfied with the profit development from new business. Here we recorded an increase of nine percent in the reporting quarter. Profit from disposals, which is also highly volatile on a quarterly basis, declined 62 percent from the exceptionally high level of profits in the previous year. In total, the income from the operating business increased by 16 percent over the prior year.

Our expenses reflect our high growth. Staff costs in the first three months grew a moderate eight percent and depreciation and amortisation increased by 31 percent. This resulted primarily from the capitalisation of intangible assets in the wake of the recent acquisitions of the companies of former franchisees in the past quarters and from the scheduled depreciation of two buildings constructed during the past fiscal year. To promote the sustained high growth of our new business and in preparation for our further expansion, we had a 23 percent increase in selling and administrative expenses compared to the same period in the prior year.

While other operating expenses declined 16 percent compared to the previous year's level, other operating income increased five percent. The operating result surpassed the previous year's total by an impressive 20 percent. The net profit for the first quarter grew 26 percent as a result of a decline in the tax rate to 25 percent after 29 percent in the previous year. Accordingly, earnings per share amounted to EUR 0.99 after EUR 0.81 in the previous year.

Segment Development

Business segments

The reporting on segment development is aligned along the prevailing organisational structure within the GRENKE Consolidated Group. Accordingly, the operating segments are divided into Leasing, Banking, and Factoring based on the management of the Company's segments. A regional split of business activities is provided on a yearly basis as part of GRENKE's consolidated financial statements for each fiscal year. Separate financial information is available for the three operating segments.

Business Development

The information on the results of operations of the GRENKE Consolidated Group provided in the previous section also essentially applies to this section since the GRENKE Group Leasing segment continues to represent the most important earnings pillar for the GRENKE Consolidated Group.

Overall, the Leasing segment's operating segment income rose 15% year-on-year from EUR 35.9 million to EUR 41.2 million. The segment result increased from EUR 14.5 million to EUR 16.7 million and was in line with the trend in segment income. The operating segment income of the relatively new Factoring segment grew from EUR 0.4 million to EUR 0.5 million in the first three months. After the segment reported merely a breakeven result in the previous year's period, the Factoring segment contributed a positive but still minor amount of income of EUR 0.1 million to the Consolidated Group's operating result. The relatively new Banking segment developed exceptionally well: operating segment income grew strongly by 33 percent to EUR 3.5 million from EUR 2.6 million in the previous year, whereas the segment result improved by more than fifty percent to EUR 2.6 million after EUR 1.7 million. Since the beginning of our banking activities in early 2009, we have been able to grow this segment into a main earnings pillar.

Report on Financial Position and Net Assets

Selected information from the consolidated statement of financial position and the consolidated statement of cash flows

EURk	Mar. 31, 2014	Mar. 31, 2013
Current assets	1,088,517	1,104,995
thereof cash and cash equivalents	53,639	109,770
thereof lease receivables	800,773	775,167
Non-current assets	1,589,412	1,533,093
thereof lease receivables	1,421,239	1,374,702
Total assets	2,677,929	2,638,088
Current liabilities	909,423	880,293
thereof financial liabilities	803,658	778,979
Non-current liabilities	1,314,373	1,318,333
thereof financial liabilities	1,271,234	1,272,584
Equity	454,133	439,462
Equity ratio in percent	17.0	16.7
Total liabilities and equity	2,677,929	2,638,088
	Jan. 1, 2014 to	Jan. 1, 2013 to
	Mar. 31, 2014	Mar. 31, 2013
Cash flow from operating activities	–52,847	48,113
Net cash flow from operating activities	–57,219	43,475
Cash flow from investing activities	–2,635	–12,052
Cash flow from financing activities	–462	53,399
Total cash flow	–60,316	84,822

As per March 31, 2014 total assets of the GRENKE Consolidated Group increased by only two per cent in comparison to the end of the previous fiscal year. Equity grew three percent, bringing the equity ratio to 17.0 percent compared to 16.7 percent as per 31 December 2013. Once again, this ratio has exceeded our long-term target level of a minimum of 16 percent.

We are continuously working on fine-tuning our refinancing structure. On the one hand, we need to ensure sufficient funds are available to seize growth opportunities and, on the other hand, we strive to avoid having any excess liquidity that can only be invested at low interest rates. During the first quarter of the new fiscal year, the amount of cash and cash equivalents declined by EUR 56.1 million. As a result of our targeted management and in anticipation in March of our bond issue planned for April 2014, we only made limited use of the refinancing instruments available. A further reason for the decline mentioned was an outstanding collection of lease instalments, which was reporting date-related and resulted, among others, from the introduction of SEPA. Lease receivables remained the largest single item on the GRENKE Consolidated Group balance sheet and increased by three percent compared to the end of the previous year. Property, plant, and equipment only increased marginally by one percent in the first three months. Goodwill and other intangible assets also increased moderately by two percent.

With regard to refinancing and in the context of our debt issuance programme, we repaid a bond in full and on schedule with a volume of EUR 100.0 million in January 2014. This is in contrast to two new bonds which were issued by GRENKE FINANCE Plc., Dublin/Ireland, in February and March at a volume of EUR 30.0 million each and having terms of four and five years. Within our asset-backed commercial paper (ABCP) programmes, the programme with Portigon AG for the securitisation of German and Austrian lease receivables of EUR 40.0 million was replaced by a new agreement with Hessische Landesbank and a volume of EUR 100.0 million. The agreement took effect on March 4, 2014 and the first sale of receivables amounting to EUR 40.0 million was carried out on the same date. As per the reporting date, the total volume of the five existing ABCP programmes amounted to EUR 593.3 million. Other transactions took place in the area of the promissory note loans and commercial paper: in January, we issued a promissory note loan (PNL) with a volume of EUR 10.0 million and a term of five years. In February, an additional PNL was issued with a volume of CHF 4.8 million and a term of three years as were two commercial papers at a total volume of EUR 26.0 million.

In line with our intention mentioned above of employing some of the available cash and cash equivalents in the operating business, we did not refinance the full volume of the net new lease receivables provided in the first quarter. Accordingly, the cash flow from operating activities in the first quarter amounted to EUR –52.8 million. While the change in lease receivables resulted in a cash outflow of EUR 72.1 million, cash inflows from earnings before taxes came to EUR 19.3 million and cash inflows from the change in liabilities from the refinancing of lease receivables totalled EUR 22.5 million. Deferred lease payments decreased by EUR 7.4 million. After taxes paid in the amount of EUR 4.2 million and after interest paid and received, the net cash flow from operating activities amounted to EUR –57.2 million at the end of the first quarter.

Cash flow from investing activities for the quarter totalled EUR –2.6 million and mainly consisted of a payment for the purchase of operating and office equipment as well as intangible assets in the amount of EUR 1.3 million. The item also included a partial payment of EUR 1.5 million for the acquisition of the company of a former franchisee in Luxembourg. Overall, total cash flows for the quarter amounted to EUR –60.3 million.

Report on Risks, Opportunities, and Forecasts

Opportunities and Risks

The following report on opportunities and risks relates to the GRENKE Consolidated Group and its individual segments. The opportunities and risks which were presented in the 2013 annual financial report continue to be relevant. We continue to see opportunities in the future for our operating development that outweigh the risks inherent in our business model.

The demand for lease financing – as measured by the number of incoming applications described in the section on new business – remains high. This allows us to expand our new business and, at the same time, achieve risk-appropriate margins. Additional locations, branches, and franchise partners, the penetration of new regional sales markets, as well as the segmentation of our financial solutions on offer, are all expected to continue contributing to our growth in the future.

In terms of refinancing, we do not anticipate incurring any significant risk since the capital market always provides sufficient funds at commercially reasonable terms to issuers with a solid reputation, even in difficult market situations. Consequently, in the past, we have been able to repeatedly place new emissions successfully in all types of market situations. Moreover, our access to bank deposits through GRENKE BANK AG offers us an attractive source of refinancing which we utilise with a high degree of flexibility.

Our earnings development is largely impacted by losses, particularly in recessionary periods. Traditionally, losses show a certain degree of volatility over the course of the year and a time lag of about two years in comparison to the underlying transaction. Accepting such risk is a key element of our business model. The management of the GRENKE Consolidated Group strives to assess the risks as precisely as possible at the time of concluding the contract in order to set a sufficient premium for taking those risks.

The risk of rising interest rates continues to be of central importance to the GRENKE Consolidated Group. When refinancing the portfolio of lease receivables, there is only a limited amount of interest rate risk since these risks are hedged using derivatives to the extent that interest rates are variable. With the new business, however, risks can occur in principle from interest rate and spread changes. Therefore, the time lag after which the change in interest rates is passed on to customers may have a temporary influence on the profitability of the new business. Currently, however, there is no reason to assume a substantial change in the present low interest rate policies of the major central banks.

Forecasts

We have accomplished an excellent start in the current 2014 fiscal year by reporting a growth in new business volume in the GRENKE Group of 13 percent to EUR 310.8 million in the first quarter. The pace of expansion was in line with the forecast range of 13 to 16 percent and continues to clearly exceed our long-term growth target of ten percent per year. We are particularly pleased with the substantial 26 percent increase in the GRENKE Consolidated Group's net profit. Thus, we are at the upper end of the range expected for the full year. We fully confirm our 2014 outlook of a net profit for the GRENKE Consolidated Group in the range of EUR 52 million to EUR 56 million. In the previous fiscal year, we reached a net profit of EUR 47.0 million.

Attractive and risk-adequate CM2 margins will remain at the focal point of our management in the future: we focus on those markets in which we can enforce the appropriate margins for the amount of risk assumed and thus secure the profitability of the GRENKE Consolidated Group. We will take specific advantage of the different opportunities offered to us in the various countries both within and especially outside of Europe. Next to the further expansion of our network in our established markets, our agenda for the current fiscal year also includes our entrance into the Croatian market and the establishment of our first local presence in Chile.

Interim Consolidated Financial Statements

Consolidated Income Statement

	Jan. 1, 2014 to	Jan. 1, 2013 to
EURk	Mar. 31, 2014	Mar. 31, 2013
Interest and similar income from financing business	50,292	45,625
Expenses from interest on refinancing and deposit business	14,066	14,804
Net interest income	36,226	30,821
Settlement of claims and risk provision	11,843	10,885
Net interest income after settlement of claims and risk provision	24,383	19,936
Profit from insurance business	9,416	7,885
Profit from new business	11,101	10,157
Profit from disposals	351	914
Income from operating business	45,251	38,892
Staff costs	13,084	12,076
Depreciation and impairment	1,495	1,139
Selling and administrative expenses (not including staff costs)	10,901	8,859
Other operating expenses	1,120	1,336
Other operating income	785	751
Operating result	19,436	16,233
Expenses / income from fair value measurement	35	44
Other interest income	101	90
Other interest expenses	288	312
Earnings before taxes	19,284	16,055
Income taxes	4,779	4,564
Net profit	14,505	11,491
Of which, attributable to:
non-controlling interests	0	--
shareholders of GRENKELEASING AG	14,505	--
Earnings per share (basic) in EUR	0.99	0.81
Earnings per share (diluted) in EUR	0.99	0.81
Average number of shares outstanding (basic)	14,700,000	14,124,323
Average number of shares outstanding (diluted)	14,700,000	14,124,323

Consolidated Statement of Comprehensive Income

	Jan. 1, 2014 to	Jan. 1, 2013 to
EURk	Mar. 31, 2014	Mar. 31, 2013
Net profit	14,505	11,491
Items that may be reclassified to profit and loss in future periods
Appropriation to / reduction of hedging reserve (before taxes)	21	268
Income taxes	–2	–16
Appropriation to / reduction of hedging reserve (after taxes)	19	252
Change in currency translation differences (before taxes)	189	–783
Income taxes	0	0
Change in currency translation differences (after taxes)	189	–783
	208	–531
Items that will not be reclassified to profit and loss in future periods
Appropriation to / reduction of reserve for actuarial gains and losses (before taxes)	0	0
Income taxes	0	0
Appropriation to / reduction of reserve for actuarial gains and losses (after taxes)	0	0
	0	0
Other comprehensive income	208	–531
Total comprehensive income	14,713	10,960
Of which, attributable to:
non-controlling interests	0	0
shareholders of GRENKELEASING AG	14,713	10,960

Consolidated Statement of Financial Position

EURk	Mar. 31, 2014	Dec. 31, 2013
Assets
Current assets
Cash and cash equivalents	53,639	109,770
Financial instruments that are assets	1,546	2,123
Lease receivables	800,773	775,167
Other current financial assets	78,021	77,546
Trade receivables	4,166	4,395
Lease assets for sale	9,716	9,418
Tax assets	15,187	14,176
Other current assets	125,469	112,400
Total current assets	1,088,517	1,104,995
Non-current assets
Lease receivables	1,421,239	1,374,702
Financial instruments that are assets	468	590
Other non-current financial assets	36,120	28,882
Property, plant, and equipment	40,361	40,067
Goodwill	54,357	52,747
Other intangible assets	13,215	12,917
Deferred tax assets	22,771	22,337
Other non-current assets	881	851
Total non-current assets	1,589,412	1,533,093
Total assets	2,677,929	2,638,088

Consolidated Statement of Financial Position

EURk	Mar. 31, 2014	Dec. 31, 2013
Liabilities and equity
Liabilities
Current liabilities
Financial liabilities	803,658	778,979
Liability financial instruments	2,583	2,942
Trade payables	12,912	10,747
Tax liabilities	8,536	4,110
Deferred liabilities	7,296	7,688
Current provisions	1,969	1,821
Other current liabilities	14,750	8,932
Deferred lease payments	57,719	65,074
Total current liabilities	909,423	880,293
Non-current liabilities
Financial liabilities	1,271,234	1,272,584
Liability financial instruments	567	768
Deferred tax liabilities	40,336	42,576
Pensions	2,172	2,168
Non-current provisions	64	237
Total non-current liabilities	1,314,373	1,318,333
Equity
Share capital	18,790	18,790
Capital reserves	112,757	112,757
Retained earnings	320,569	306,064
Other components of equity	2,059	1,851
Total equity attributable to shareholders of GRENKELEASING AG	454,175	439,462
Non-controlling interests	–42	--
Total equity	454,133	--
Total liabilities and equity	2,677,929	2,638,088

Consolidated Statement of Cash Flows

		Jan. 1, 2014 to	Jan. 1, 2013 to
	EURk	Mar. 31, 2014	Mar. 31, 2013
	Earnings before taxes	19,284	16,055
	Non-cash items contained in earnings and reconciliation to cash flow from
	operating activities
+	Depreciation and impairment	1,495	1,139
– / +	Profit / loss from the disposal of property, plant, and equipment and intangible assets	19	0
– / +	Net income from non-current financial assets	187	222
– / +	Non-cash changes in equity	157	–215
– / +	Other non-cash effective income / expenses	26	0
+ / –	Increase / decrease in deferred liabilities, provisions, and pensions	–437	236
–	Additions to lease receivables	–274,155	–243,545
+	Payments by lessees	215,732	189,112
+	Disposals / reclassifications of lease receivables at residual carrying amounts	41,086	38,788
–	Interest and similar income from financing business	–50,292	–45,625
+ / –	Decrease / increase in other receivables from lessees	–3,593	–7,251
+ / –	Currency translation differences	–836	4,728
=	Change in lease receivables	–72,058	–63,793
+	Addition to liabilities from refinancing	411,446	434,199
–	Payment of annuities to refinancers	–87,407	–84,872
–	Disposal of liabilities from refinancing	–316,277	–290,382
+	Expenses from interest on refinancing and on deposit business	14,066	14,804
+ / –	Currency translation differences	683	–1,239
=	Change in refinancing liabilities	22,511	72,510
+ / –	Increase / decrease in liabilities from deposit business	–2,908	31,652
– / +	Increase / decrease in loans to franchisees	–612	570
	Changes in other assets / liabilities
– / +	Increase / decrease in other assets	–20,411	–18,863
+ / –	Increase / decrease in deferred lease payments	–7,355	10,501
+ / –	Increase / decrease in other liabilities	7,255	–1,901
=	Cash flow from operating activities	–52,847	48,113

continued on next page

Consolidated Statement of Cash Flows

		Jan. 1, 2014 to	Jan. 1, 2013 to
	EURk	Mar. 31, 2014	Mar. 31, 2013
– / +	Income taxes paid / received	–4,185	–4,416
–	Interest paid	–288	–312
+	Interest received	101	90
=	Net cash flow from operating activities	–57,219	43,475
–	Payments for the acquisition of property, plant, and equipment and intangible assets	–1,275	–1,372
– / +	Payments / proceeds from acquisition of subsidiaries	–1,446	–10,748
+	Proceeds from the sale of property, plant, and equipment and intangible assets	86	68
=	Cash flow from investing activities	–2,635	–12,052
+ / –	Borrowing / repayment of bank liabilities	–462	–292
+	Proceeds from cash capital increase	0	53,691
–	Dividend payments	0	0
=	Cash flow from financing activities	–462	53,399
	Cash funds at beginning of period
	Cash in hand and bank balances	109,770	116,707
–	Bank liabilities from overdrafts	–432	–637
=	Cash and cash equivalents at beginning of period	109,338	116,070
+ / –	Change due to currency translation	–2	189
=	Cash funds after currency translation	109,336	116,259
	Cash funds at end of period
	Cash in hand and bank balances	53,639	201,649
–	Bank liabilities from overdrafts	–4,619	–568
=	Cash and cash equivalents at end of period	49,020	201,081
	Change in cash and cash equivalents during the period (= total cash flow)	–60,316	84,822

	Net cash flow from operating activities	–57,219	43,475
+	Cash flow from investing activities	–2,635	–12,052
+	Cash flow from financing activities	–462	53,399
=	Total cash flow	–60,316	84,822

Consolidated Statement of Changes in Equity

							Total equity
							attributable to
			Retained earnings/				shareholders	Non
	Share	Capital	Consolidated	Hedging	Reserve for actuar	Currency	of GRENKE	controlling	Total
EURk	capital	reserves	net profit	reserve	ial gains / losses	translation	LEASING AG	interests	equity
Equity as per
Jan. 1, 2014	18,790	112,757	306,064	–57	–438	2,346	439,462	--	439,462
Total comprehensive
income			14,505	19	0	189	14,713	0	14,713
Dividend payment in
2014 for 2013			0						0
Changes in the
scope of consoli
dation								–42	–42
Equity as per
Mar. 31, 2014	18,790	112,757	320,569	–38	–438	2,535	454,175	–42	454,133
Equity as per
Jan. 1, 2013	17,491	60,166	270,812	–445	–494	3,443	350,973		350,973
Total comprehensive
income			11,491	252		–783	10,960		10,960
Dividend payment in
2013 for 2012			0				0		0
Capital increase
(issuance of shares)	1,299	52,591					53,890		53,890
Equity as per
Mar. 31, 2013	18,790	112,757	282,303	–193	–494	2,660	415,823		415,823

Consolidated Group Segment Report

EURk	Leasing segment		Banking segment		Factoring segment		Total segments				Consolidation effects Consolidated Group
January to March	2014	2013	2014	2013	2014	2013	2014	2013	2014	2013	2014	2013
Operating segment income	41,234	35,884	3,505	2,638	512	370	45,251	38,892	0	0	45,251	38,892
Segment result	16,740	14,530	2,583	1,696	113	7	19,436	16,233	0	0	19,436	16,233
Reconciliation to consoli
dated financial statements
Operating result											19,436	16,233
Other financial income											–152	–178
Taxes											4,779	4,564
Net profit according to
consolidated income
statement											14,505	11,491
As per March 31
Segment assets	2,581,623	2,403,769	411,191	356,663	12,131	12,899	3,004,945	2,773,331	–364,974	–277,614	2,639,971	2,495,717
Reconciliation to consoli
dated financial statements
Tax assets											37,958	26,828
Total assets according to
consolidated statement of
financial position											2,677,929	2,522,545

Business Segments

Reportable Segments

The Leasing segment comprises all of the activities that are related to the Consolidated Group's leasing business. The service offer encompasses the provision of financing to commercial lessees, rental, insurance, service, and maintenance offerings, as well as the disposal of used equipment.

The Banking segment comprises the activities of GRENKE BANK AG, which regards itself as a financing partner particularly to small- and medium-sized companies. Additionally, GRENKE BANK AG cooperates with development banks in providing financing to this clientele in the context of business start-ups. Furthermore, fixed-term deposits are offered to investors via its internet presence. The bank's business is focused primarily on German customers. In addition, GRENKE BANK AG supports the refinancing of GRENKE Consolidated Group's leasing business through intra-group purchases of lease receivables.

The Factoring segment contains the activities of GRENKEFACTORING GmbH, which performs traditional factoring services and which is focused on small-ticket factoring in Germany.

Notes to the Interim Consolidated Financial Statements

Accounting Policies

The interim consolidated financial statements of GRENKELEASING AG (hereafter also referred to as "GRENKE Consolidated Group") as per March 31, 2014 meet the requirements of the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and adopted by the EU, as did the consolidated financial statements as per December 31, 2013. The provisions on interim reporting set out in IAS 34 were applied accordingly. All interim financial statements of the companies included in the consolidated financial statements of the GRENKE Consolidated Group have been prepared using uniform accounting policies.

Since interim reporting is based on the consolidated financial statements, detailed information on accounting and consolidation policies can be found in the notes to the consolidated financial statements for the year ended December 31, 2013. The accounting policies used are the same as those used in the previous year with the exception of the new standards that have become mandatory, which are presented briefly in the paragraph below.

The interim consolidated financial statements and the interim management report as per March 31, 2014 were neither subject to an audit nor an audit review by an auditor.

Mandatory New Accounting Standards

On May 29, 2013, the IASB published amendments to IAS 36 "Impairment of Assets". The amendments must be adopted for the first time in fiscal years beginning on or after January 1, 2014. Early adoption is permitted. The European Union has adopted the amendments to IAS 36 into EU law in the Official Gazette on December 20, 2013. GRENKELEASING AG has applied these amendments in advance as per December 31, 2013. With the amendments to IAS 36, the IASB has limited the scope of disclosure requirements introduced by IFRS 13 regarding the recoverable amount. At the same time, the scope of disclosure requirements in the notes has been expanded in the case of impairment or a reversal of impairment. According to the current amendment to IAS 36, the recoverable amount must only be disclosed if impairment or a reversal of impairment has occurred in the current period. This amendment clarifies the disclosure requirements regarding the recoverable amount.

In May 2011, the IASB released three new standards regulating the recognition of the investments of a reporting entity in its consolidated financial statements. IFRS 10 "Consolidated Financial Statements" introduces a uniform consolidation model for all entities on the basis of control and replaces the regulations of IAS 27 "Consolidated and Separate Financial Statements" and SIC-12 "Consolidation – Special Purpose Entities". IFRS 11 "Joint Arrangements" covers the recognition of joint arrangements. These occur when two or more parties have joint control. The first-time adoption of these provisions had no impact on the consolidated financial statements of GRENKELEASING AG. The scope of consolidation remained unchanged with regard to this amendment.

IFRS 11 has no effect on the consolidated financial statements of GRENKELEASING AG as no companies of the GRENKE Consolidated Group have investments in joint arrangements.

IFRS 12 "Disclosure of Interests in Other Entities" expands the disclosure requirements for investments in other companies. This involves the compilation of existing disclosures from several standards that have already been published in IFRS 12. The disclosure requirements are expanded significantly. Following the amendment, the amended IAS 27 "Separate Financial Statements" now only includes regulations for separate financial statements and is therefore not relevant to the consolidated financial statements.

In October 2012, the IASB published amendments to the transitional provisions of the amended IFRS 10, 11, and 12. Exceptions and simplifications were published regarding restated comparative figures, as well as disclosure requirements of comparative information regarding non-consolidated structured entities for the first-time adoption of IFRS 12. The amendment has no effect on the consolidated financial statements.

With the amendment of the above standards, the IASB also amended IAS 28 "Investments in Associates". This standard is not relevant to the GRENKE Consolidated Group since it holds no investments in associates.

The amendments to IAS 32 were published by the IASB in December 2011. These changes are intended to clarify existing inconsistencies via amendments to the application guidelines. However, the existing basic regulations concerning the offsetting of financial instruments remain unchanged. These amendments have no impact on the consolidated financial statements.

On June 27, 2013, the IASB published amendments to IAS 39 "Financial Instruments: Recognition and Measurement" with the title "Novation of Derivatives and Continuation of Hedge Accounting". The changes are intended to clarify situations in which a derivative, which has been designated as a hedging instrument, is transferred from one counterpart to a central counterparty as a consequence of laws or regulations. The amendments allow for the continued recognition of the hedging transaction independent of the novation, which would not have been permissible without the amendment. This change has no impact on the GRENKE Consolidated Group. As a result of the settlement of derivative transactions of a Consolidated Group company which is not defined as a financial counterparty, and due to the low level of derivative business involved, these transactions are not subject to the EU regulation of the European Market Infrastructure Regulation (EMIR). Thus, these derivatives are not required to be settled via a central counterparty.

Use of Assumptions and Estimates

The main estimating uncertainties and the associated disclosure requirements are in the following areas:

Determination of impairments for non-performing lease receivables on the basis of the recoverability rate from terminated lease contracts or contracts in arrears
Use of estimated residual values at the end of the lease term to determine the present value of lease receivables
Recognition of lease assets for sale at estimated residual values

Lease receivables from terminated lease contracts or contracts in arrears are carried at nominal value less appropriate bad debt allowances. The amount of bad debt allowances is determined using percentages and processing categories. Percentages are calculated using statistical methods. They are reviewed once a year for validity. Processing statuses are grouped together in processing categories which are set up with a view to risk.

The following table lists the processing categories:

Category	Description
0	Current contract not in arrears
1	Current contract in arrears
2	Terminated contract with serviced instalment agreement
3	Terminated contract (recently terminated or court order for payment applied for)
4	Legal action (pending or after objection to court payment order)
5	Order of attachment issued / Debt-collecting agency commissioned
6	Statement in lieu of oath (applied for or issued) and insolvency proceedings instituted but not completed
7	Derecognised
8	Being settled (not terminated)
9	Discharged (completely paid)

Impairment is assumed for categories 2 to 7 as the contracts have been terminated due to defaults in payment. The allowance rates range between 5% and 100%. Estimated residual values are used to determine the present value of lease receivables. Non-guaranteed residual values are used to calculate lease receivables in accordance with the definition in IAS 17. Estimated residual values comprise anticipated sales proceeds and any revenues generated in a renewal period. They are determined on the basis of past experience and statistical methods.

Based on experience and dependent upon the terms of the lease, residual values of additions up until the end of 2006 ranged between 11% and 15% of historical cost. In fiscal year 2007, due to an improvement in forecasting capabilities for the statistical population, this allocation could be further broken down into more detailed maturity groups. For additions from 2007 to 2008, the residual values range between 7.7% and 28.4% of historical cost depending upon the duration of the lease. Residual values of between 6.5% and 28.4% were used for additions from 2009. For additions after April 1, 2011, residual values of between 6.5% and 23.5% were applied and continue to be valid.

Proceeds are at best estimated based on statistical analyses. If the post-transaction recoverable amount is lower than expected (from sale and subsequent lease), the lease receivables are impaired. However, an increase in the recoverable amount remains unrecognised.

Lease assets for sale are measured on the basis of the average sales proceeds per age group realised in the past fiscal year in relation to the original cost. Lease assets for sale are measured at historical residual values taking their actual saleability into account. As per the end of the reporting period, the residual values used had amounted to between 3.1% and 18.2% of the historical cost (previous year: between 3.6% and 16.7%). If a sale is considered unlikely due to the condition of the asset, the asset is impaired in profit and loss.

Lease Receivables

EURk	March 31, 2014	March 31, 2013
Change in lease receivables from current contracts (performing lease receivables)
Balance at beginning of period	2,043,904	1,771,673
– Non-cash effective change during the period	–26	0
+ Cash effective change during the period	68,465	56,541
Lease receivables (current + non-current) from current contracts at end of period	2,112,343	1,828,214
Changes in lease receivables from terminated contracts / contracts in arrears
(non-performing lease receivables)
Gross receivables at beginning of period	217,110	198,623
– Accumulated valuation allowances at beginning of period	–111,145	–96,368
= Non-performing lease receivables at beginning of period	105,965	102,255
+ Additions to gross receivables during the period	15,095	17,475
– Disposals of gross receivables during the period	9,696	7,831
+ Disposal of accumulated valuation allowances during the period	6,054	17,637
– Addition of accumulated valuation allowances during the period	7,749	20,030
Non-performing lease receivables at end of period	109,669	109,506
Lease receivables (carrying amount, current and non-current) at beginning of period	2,149,869	1,873,928
Lease receivables (carrying amount, current and non-current) at end of period	2,222,012	1,937,720

Financial Liabilities

The GRENKE Consolidated Group's financial liabilities comprise liabilities from the refinancing of the leasing business, bank liabilities, and liabilities from deposit business.

EURk	March 31, 2014	Dec. 31, 2013
Financial liabilities
Current financial liabilities
Liabilities from the refinancing of the leasing business	663,437	663,486
ABS / ABCP related liabilities	173,347	177,047
Bonds, revolving facilities, debentures, and private placements	408,369	404,594
Committed development loans	18,217	16,506
Sales of receivables agreements	63,504	65,339
Current liabilities from deposit business	134,948	114,292
Current bank liabilities	5,273	1,201
thereof current account liabilities	4,620	432
Total current financial liabilities	803,658	778,979
Non-current financial liabilities
Liabilities from the refinancing of the leasing business	1,152,764	1,130,208
ABS / ABCP related liabilities	237,075	209,775
Bonds, debentures, and private placements	806,346	811,873
Committed development loans	29,296	24,154
Sales of receivables agreements	80,047	84,406
Non-current liabilities from deposit business	117,782	141,345
Non-current bank liabilities	688	1,031
Total non-current financial liabilities	1,271,234	1,272,584
Total financial liabilities	2,074,892	2,051,563

ABS Bond

On February 4, 2010, an ABS bond amounting to EUR 160,000k was placed via the special-purpose entity GOALS FINANCING 2009 LIMITED (GOALS 2009-1). The contracts with GOALS FINANCING 2009 LIMITED allowed the GRENKE Consolidated Group to sell further lease agreements on a revolving basis for a total of three years and up to a maximum volume of EUR 300,000k. The interest rate is variable at three-month EURIBOR plus a spread ranging between 1.25% and 3.5% depending on the tranche. Three tranches of bonds with different ratings (risk classes) were issued by the SPE. The size of the highest rated tranche is a reflection of the quality of the leasing portfolio and the internal risk management and directly impacts the cost of this type of financing. Of this bond, 76.5% (EUR 122,400k) was given the highest rating by Standard & Poor's (AAA) and FITCH (AAA). The wholly-owned subsidiary of GRENKELEASING AG, GRENKE FINANCE Plc., Dublin/Ireland, subscribed on a pro rata basis to the second tranche and fully subscribed to the last tranche (nominal amount: EUR 24,200k) of the ABS bond. As a result, the Consolidated Group received a cash inflow of only EUR 135,800k. The carrying amount of the total liability was EUR 62,868k as per the end of the reporting period (previous year: EUR 136,103k).

ABCP Programmes

The GRENKE Consolidated Group has several asset-backed commercial paper programmes (ABCPs) with a total volume of EUR 593,333k as per the end of the reporting period. An overview of the programmes as per the end of the reporting period is as follows:

	Initiating	Lease receivables eligible	Programme volume in	Programme volume in
ABCP programme / SPE	bank	for refinancing	EURk as per Mar. 31, 2014	EURk as per Dec. 31, 2013
		German and Austrian
Compass Variety Funding Limited	Portigon	lease receivables	--	40,000
		German and Austrian
Opusalpha Purchaser II Limited	HeLaBa	lease receivables	100,000	--
		German and French
Kebnekaise Funding Limited	SEB AB	lease receivables	110,000	110,000

CORAL PURCHASING Limited	DZ-Bank	German lease receivables	150,000	150,000
Elektra Purchase No. 25 Limited /
(FCT GK 2)	UniCredit	French lease receivables	100,000	100,000
Regency Assets Limited /
(FCT GK 3)	HSBC	French lease receivables	133,333	133,333
Total			593,333	533,333

The ABCP programmes grant GRENKE FINANCE Plc., Dublin/Ireland, and Grenke Investitionen Verwaltungs KGaA the right to refinance or to sell receivables to the respective programmes for a certain period of time. The cap on the purchase volume is determined by the volume of the programme, which is normally backed by the organising bank in the form of a liquidity commitment in the corresponding amount. As per the reporting date, a total volume of EUR 347,554k (previous year: EUR 286,759k) at carrying amount was utilised.

The programme commitment for the Kebnekaise Funding Limited ABCP programme will run until November 30, 2014 and the programme commitment for the CORAL Purchasing Limited ABCP programme until September 3, 2014. The programme commitment for the Elektra Purchase No. 25 ABCP programme will run until July 15, 2014.

In the first quarter of 2014, the new Opusalpha Purchaser Limited II ABCP programme was initiated with Landesbank Hessen-Thüringen (shortened: HeLaBa). The programme volume amounts to EUR 100,000k and allows Grenke Investitionen Verwaltungs KGaA to sell German and Austrian receivables.

The ABCP programme Compass Variety Funding Limited with Portigon (formerly WestLB) was closed as per February 17, 2014.

To reflect the current legal conditions in France for the securitisation of French lease receivables (separate French securitisation act), a French securitisation vehicle (FCT = fonds commun de titrisation à compartiments/French issuer) was established in 2009. The FCT initially consisted of just one so-called compartment ("FCT GK 1"). A second compartment was established on January 18, 2011 ("FCT GK 2"). "FCT GK 2" is refinanced through the issue of FCT notes which are 100% subscribed by SPE Elektra Purchase No. 25 Limited. A third compartment was founded on March 26, 2013 ("FCT GK 3"). This third compartment is refinanced through the issue of so-called FCT senior notes and FCT subordinated notes. The FCT senior notes are 100% subscribed by Regency Assets Limited and the FCT subordinated notes are 100% subscribed by GRENKE FINANCE Plc., Dublin/Ireland. Within the FCT, the individual compartments are kept strictly separate from one another ("ring-fenced") and they all exclusively serve to finance French lease receivables. Both of the latter compartments are included in the scope of consolidation.

As per the reporting date, 58.57% of the refinancing framework of the ABCP programmes was utilised (previous year: 53.77%). The corresponding amount of receivables is assigned by way of collateral.

Sales of Receivables Agreements

Such agreements are currently in place with Stadtsparkasse Baden-Baden Gaggenau, Sparkasse Karlsruhe, UBS AG in Switzerland, the Commerzbank subsidiary mBank S.A. (formerly BRE-Bank S.A.) and DZ Bank AG S.A. Oddzial w Polsce (formerly DZ Bank Polska) in Poland, and Norddeutsche Landesbank for receivables in the UK. The existing agreements allow for revolving sales of new receivables up to a maximum amount of: Stadtsparkasse Baden-Baden Gaggenau EUR 10,000k; Sparkasse Karlsruhe EUR 10,000k; UBS AG CHF 50,000k; mBank S.A. PLN 50.000k, DZ Bank AG S.A. Oddzial w Polsce PLN 50.000k, Norddeutsche Landesbank GBP 70,000k.

Bonds, Debentures, and Private Placements

In the first quarter of 2014, two new promissory note loans with a volume of EUR 10,000k each and two new bonds with a volume of EUR 30,000k each were issued by GRENKE FINANCE Plc., Dublin/Ireland. All loans and bonds bear fixed interest rates.

The promissory note loan launched on January 31, 2014 has a term of five years and the interest coupon amounts to 2.25%. The promissory note loan launched on February 13, 2014 and maturing on August 13, 2015 is a prolongation of the promissory note loan which ran from August 13, 2012 until February 13, 2014. The interest coupon amounts to 1.162%.

The bond with a term running from February 21, 2014 to February 28, 2018 has an interest coupon of 1.90%. The bond running from March 4, 2014 until March 4, 2019 has an interest coupon of 2.17%.

In March 2014, three bullet promissory note loans with a total volume of EUR 34,500k were redeemed as scheduled.

In the first quarter of 2014, we issued a promissory note loan denominated in Swiss franc for the first time. The promissory note loan in an amount of CHF 4,800k, which is owed by GRENKELEASING AG, Zurich/Switzerland, will be redeemed by twelve quarterly instalments in the amount of CHF 400k each plus interest.

Development Loans

NRW.Bank

On February 18, 2010, GRENKELEASING AG and GRENKE BANK AG entered into a cooperation agreement with NRW.Bank, the development bank of the state of North Rhine-Westphalia. This opens up a new opportunity for incorporating development funding into lease financing. The refinancing of lease agreements takes place through the purchase of receivables by GRENKE BANK AG. These lease agreements are available exclusively for investment plans of commercial enterprises and members of self-employed professions located in North Rhine-Westphalia with annual sales of up to EUR 500 million.

GRENKE BANK AG was granted a global loan of EUR 15,000k by NRW.Bank for precisely this purpose. The loan was drawn down for the first time in the amount of EUR 7,500k on March 22, 2010. The interest rate related to the 6-month Euribor plus a margin of 0.21% and a term of three years. The second draw-down of a further EUR 7,500k on November 25, 2010 also had a reference interest rate of 6-month Euribor and a bullet maturity of three years, the margin is 0.19%. Hence, the volume of EUR 15,000k of the first global loan is fully utilised. On March 22, 2013, the first draw-down in an amount of EUR 7,500k was redeemed as scheduled and on November 25, 2013, the second draw-down in an amount of EUR 7,500k was redeemed as scheduled.

On July 28, 2011, GRENKELEASING AG and GRENKE BANK AG together with NRW.Bank, the development bank of the state of North Rhine-Westphalia, continued and expanded the cooperation, which concluded on February 18, 2010 by issuing another global loan totalling EUR 15,000k. This second loan was first drawn down in the amount of EUR 7,500k with a bullet maturity of three years on August 29, 2011. The interest rate relates to the 6-month Euribor plus a margin of 0.07%.

The second draw-down of EUR 7,500k took place on August 3, 2012 with a term of 4 years. The loan will be redeemed by semi-annual instalments. Hence, the second global loan is fully utilised up to the planned volume of EUR 15,000k. The interest rate over the total term amounts to 0.82%.

On March 25, 2013, the third global loan in the amount of EUR 15,000k was concluded between GRENKELEASING AG, GRENKE BANK AG, and NRW.BANK, the development bank of the state of North Rhine-Westphalia. The loan was first drawn down in an amount of EUR 7,500k on November 25, 2013. The loan will be redeemed by semi-annual instalments and the interest rate over the entire term amounts to 0.562%.

The second draw-down of an additional EUR 7,500k took place on March 24, 2014. The loan will be redeemed by semiannual instalments and has a term of 4 years. The interest rate over the total term amounts to 0.780%.

Thüringer Aufbaubank

On January 16, 2012, GRENKELEASING AG and GRENKE BANK AG entered into a cooperation agreement with Thüringer Aufbaubank (TAB), the development bank of the state of Thuringia, similar to the agreement with NRW.Bank. The refinancing of lease agreements takes place through the purchase of receivables by GRENKE BANK AG. These lease agreements are available exclusively for investments made by small and medium-sized enterprises and self-employed professionals located in Thuringia with annual sales of up to EUR 500 million.

GRENKE BANK AG was granted a global loan of EUR 5,000k by TAB for precisely this purpose. The loan was drawn down for the first time in the amount of EUR 2,500k on August 3, 2012 with a term of 4 years. The loan is redeemed retroactively on a yearly basis at fixed instalments. The interest rate over the total term amounts to 1.385%. The second drawdown of an additional EUR 2,500k took place on March 22, 2013 with a term of 3 years. The loan is redeemed retroactively on a yearly basis at fixed instalments. The interest rate over the total term amounts to 1.153%.

On September 27, 2013, a third global loan in an amount of EUR 5,000k was concluded between GRENKE BANK AG and TAB. As per the time this report was prepared, this loan had not yet been drawn down. A specific interest rate will not be determined until the amount of the first borrowing limit has been drawn down.

Investitionsbank Berlin

On June 6, 2012, GRENKELEASING AG and GRENKE BANK AG also entered into a cooperation agreement with Investitionsbank Berlin (IBB), the development bank of Berlin. The refinancing of lease agreements takes place through the purchase of receivables by GRENKE BANK AG. These lease agreements are available exclusively for investments made by small and medium-sized enterprises and self-employed professionals located in Berlin with annual sales of up to EUR 500 million.

GRENKE BANK AG was granted a global loan of EUR 5,000k by IBB for this purpose. The loan was drawn down for the first time in the amount of EUR 2,500k on April 2, 2013 with a term of 3 years. The loan will be redeemed retroactively on a semi-annual basis at fixed instalments. The interest rate over the total term amounts to 0.968%. The second draw-down of an additional EUR 2,500k took place on October 25, 2013 with a term of 3 years. The loan will be redeemed retroactively on a semi-annual basis at fixed instalments. The interest rate over the total term amounts to 1.04%.

LfA Förderbank Bayern

On January 30, 2013, GRENKELEASING AG and GRENKE BANK AG have established a further cooperation agreement with LfA Förderbank Bayern by means of a global loan in the amount of EUR 25,000k. Through this collaboration, small and medium-sized enterprises and self-employed professionals located in Bavaria can access development funds for investments via leasing. The lease agreements are available exclusively for investment plans of commercial enterprises and members of self-employed professions with annual sales of up to EUR 500 million located in Bavaria. The refinancing of lease agreements takes place through the purchase of receivables by GRENKE BANK AG. This loan had not yet been drawn down.

L-Bank

Since the beginning of 2011, GRENKE BANK AG also offers the business start-up programme "ERP Gründungskredit Startgeld" of L-BANK, the State bank of Baden-Württemberg, next to the "KfW-Startgeld" of KfW-Mittelstandsbank. The loans are refinanced directly by the respective bank.

Revolving Credit Facility

In the context of five revolving credit facilities with a total volume of EUR 125,000k available to GRENKE FINANCE Plc., Dublin/Ireland, the GRENKE Consolidated Group has the possibility to take on short-term funds with a minimum amount of EUR 5,000k and a term of usually one month at any time.

The facility with HSBC with a volume of EUR 15,000k was prolonged at the beginning of July 2013 and will run until the end of June 2014. The facility with Nord LB with a volume of EUR 20,000k from the first quarter of 2013 was prolonged in March 2014 for the first time. This facility will run until March 2015. The facilities with SEB, Deutsche Bank, and DZ-Bank, which have been in place for several years, have a volume of EUR 30,000k each and have the following terms: SEB (until March 2015), Deutsche Bank (until September 2014), DZ-Bank (until October 2014).

As per March 31, 2014 the revolving credit facilities were utilised in the amount of EUR 50,000k (previous year: EUR 75,000k).

Money Market Trading

GRENKE FINANCE Plc., Dublin/Ireland and GRENKELEASING AG Switzerland have a non-committed money market facility totalling EUR 25,000k from Bayerische Landesbank. As per March 31, 2014, this credit line was utilised in the amount of EUR 13,000k (previous year: EUR 25,000k). A further money market facility in the amount of EUR 10,000k is in place with Norddeutsche Landesbank. As per March 31, 2014 this line was not utilised (previous year: EUR 10,000k). A further money market facility in the amount of EUR 10,000k is in place with Commerzbank AG. As per March 31, 2014 this line was not utilised (previous year: EUR 5,000k).

Commercial Papers

The GRENKE Consolidated Group has the possibility of issuing commercial paper of up to a total volume of EUR 250,000k with a term of between 1 and 364 days. As per March 31, 2014 the commercial paper programme was utilised in the amount of EUR 46,000k (previous year: EUR 20,000k).

Disclosures on Financial Instruments

Fair value hierarchy

The GRENKE Consolidated Group uses observable market data, as far as possible for determining the fair value of an asset or a liability. Based on the input parameters used in the valuation methods, the fair values are assigned to different levels in the fair value hierarchy:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: measurement procedures in which all input factors are directly or indirectly observable and have a significant effect on the fair value recognised;
Level 3: measurement procedures which use input factors that have a significant effect on the fair value recognised and are not based on observable market data.

If the input factors used to determine the fair value of an asset or a liability may be assigned to different levels in the fair value hierarchy, then the measurement at fair value is completely assigned to the level in the fair value hierarchy which corresponds to the lowest input factor material to performing the overall measurement.

The GRENKE Consolidated Group recognises reclassifications between the different levels of the fair value hierarchy at the end of the reporting period in which the change has occurred. In the reporting period, there were no reclassifications between the three levels of the measurement hierarchy.

Financial Instruments Recognised at Fair Value

In the reporting period, all derivative financial instruments, which include interest rate derivatives (interest rate swaps) and forward exchange contracts, are recognised at fair value in the GRENKE Consolidated Group. All derivative financial instruments are assigned to level 2 of the fair value hierarchy.

	Fair value	Carrying amount	Fair value	Carrying amount
EURk	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2013
Financial Assets
Interest rate derivatives without hedging
relationship	1,090	1,090	1,623	1,623
Forward exchange contracts	924	924	1,090	1,090
Total	2,014	2,014	2,713	2,713
Financial Liabilities
Interest rate derivatives with hedging
relationship	56	56	73	73
Interest rate derivatives without hedging
relationship	1,162	1,162	1,730	1,730
Forward exchange contracts	1,932	1,932	1,907	1,907
Total	3,150	3,150	3,710	3,710

The following table presents the carrying amounts and fair values of financial assets and financial liabilities by category of financial instruments which are not measured at fair value. The table does not contain information on the fair value of financial assets and financial liabilities if the carrying amount represents an appropriate approximation to the fair value. This includes the following line items of the statement of financial position: cash and cash equivalents, trade receivables, non-performing lease receivables, and trade payables. All primary financial instruments are assigned to level 2 of the fair value hierarchy except for exchange-listed bonds which are included in refinancing liabilities and which are assigned to level 1 of the fair value hierarchy. As per the reporting date, the carrying amount of exchange-listed bonds was EUR 851,650k and their fair value amounted to EUR 873,185k. All financial assets are allocated to the loans and receivables measurement category except for performing lease receivables. All financial liabilities are allocated to the other financial liabilities measurement category.

	Fair value	Carrying amount	Fair value	Carrying amount
EURk	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2013
Financial assets
Lease receivables (performing)	2,337,017	2,112,343	2,260,874	2,043,904
Other financial assets	114,965	114,141	107,124	106,428
Financial liabilities
Refinancing liabilities	1,833,485	1,816,201	1,810,517	1,793,694
Liabilities from deposit business	259,218	252,730	262,492	255,637
Bank liabilities	5,996	5,961	2,270	2,232

Measurement Methods

Forward exchange contracts and interest rate derivatives assigned to level 2 of the fair value hierarchy are measured using the market-to-market method or the discounted present value model. Here, the present value of estimated future cash flows is used. Input factors include available interest rates at the end of the term in the traded currencies using the own counterparty risk (Debt Value Adjustment [DVA]) or the counterparty's credit risk (CVA [Credit Value Adjustment]) derived from available credit default swap (CDS) quotes.

Selling and Administrative Expenses (Not Including Staff Costs)

The Consolidated Group's investment in information technology (IT) resulting from IT project costs which cannot be capitalised, is reported separately within selling and administrative expenses for reasons of improved presentation and comparability. These expenses arise in particular through projects for the process optimisation of the central and standardised IT processes as a result of the involvement of external expertise.

EURk	Jan. 1. – Mar. 31, 2014 Jan. 1. – Mar. 31, 2013
IT project costs	468	61

Income Taxes

The main components of the income tax expense in the consolidated income statement are:

EURk	Jan. 1. – Mar. 31, 2014 Jan. 1. – Mar. 31, 2013
Income taxes
Current tax expense	7,822	6,431
Deferred taxes	–3,043	–1,867
Income tax expense	4,779	4,564

Other Financial Obligations

As per the end of the reporting period, there were no obligations to purchase property, plant, and equipment (previous year: EUR 287k).

Acquisitions

Acquisitions in Fiscal Year 2013

For information regarding business combinations in the previous year, please refer to the notes to the Company's consolidated financial statements as per December 31, 2013.

Acquisitions in Fiscal Year 2014

GCLUX Location S.à.r.l., Munsbach/Luxembourg

On March 31, 2014, which is both the date of the purchase agreement and the date of acquisition, GRENKELEASING AG acquired 56% of the voting shares in GCLUX Location S.à.r.l., Munsbach/Luxembourg.

Prior to the acquisition, GCLUX Location S.à.r.l., Munsbach/Luxembourg was active within GRENKELEASING AG's franchise system specialising in the sale of small-ticket leases with a strong focus on IT and IT equipment. Since not all of the relevant information needed for determining the final purchase price allocation is yet available, the fair value of the assets and liabilities are preliminary and may be subject to adjustments as a result of additional information gained in the acquisition process.

The following information relates to the preliminary fair value of the significant categories of the identifiable assets and liabilities at the date of acquisition of the company: intangible assets EUR 383k, lease receivables EUR 111k, other assets EUR 208k, deferred tax liabilities EUR 149k, and other liabilities EUR 648k. Intangible assets are largely attributable to non-contractual relationships of resellers with clients and non-competitive clauses. Of the lease receivables with a gross amount of EUR 225k, an amount of EUR 114k is impaired and is not expected to be recovered. Other liabilities include intra-group liabilities and consist of a risk allocation (EUR 394k) and a current liability (EUR 61k). The intra-group liabilities were eliminated as a result of the consolidation and therefore are not reported in the consolidated statement of financial position. The deferred tax liabilities resulted from the revaluation and identification of assets in the course of the purchase price allocation. The purchase price allocation which is still preliminary resulted in goodwill of EUR 1,559k which is expected to be not tax deductible. Goodwill includes intangible assets which could not be separately identified such as employees and expected synergy effects. The company's contribution to consolidated net income, including the effects from purchase price allocation, has been negligible due to the short period of time that the company has been part of the GRENKE Consolidated Group. As a result of the first-time consolidation as per the reporting date, there was no impact on the consolidated net income. The total consideration paid for the business combination amounted to EUR 1,506k and consisted solely of cash. Cash acquired with the business combination amounted to EUR 60k. All costs related to the acquisition were recognised in profit and loss. Non-controlling interests are measured at the proportionate fair value of acquired assets and assumed liabilities.

By way of a purchase agreement dated March 27, 2014, GRENKELEASING AG acquired an additional 44% of the voting shares in GCLUX Location S.à.r.l., Munsbach/Luxembourg. Control was assumed on April 14, 2014. Therefore, following the reporting date, GRENKELEASING AG held 100% of the voting shares in this company. The total consideration paid for the additional shares amounted to EUR 1,005k.

Dividend payment

On April 10, 2014, the Annual General Meeting adopted the resolution on the appropriation of GRENKELEASING AG's unappropriated surplus for fiscal year 2013 in the amount of EUR 14,790,501.93. The Annual General Meeting approved the proposal of the Board of Directors and the Supervisory Board, resolving to appropriate the unappropriated surplus as follows:

Unappropriated surplus for 2013	EUR 14,790,501.93
Distribution of a dividend of EUR 1.00 per share for a total of 14,700,000 no-par value shares	EUR 14,700,000.00
Profit carryforward (to new account)	EUR 99,501.93

The dividend will be paid to the shareholders of GRENKELEASING AG on May 6, 2014.

In the previous year, the Annual General Meeting adopted the proposal of the Board of Directors and the Supervisory Board, resolving and performing the appropriation of the unappropriated profit for 2012 as follows:

EUR 18,151,428.39
EUR 11,760,000.00
EUR 6,300,000.00
EUR 91,428.39

The dividend was paid to the shareholders of GRENKELEASING AG on May 8, 2013.

Related Party Disclosures

The Supervisory Board of GRENKELEASING AG concluded a phantom stock agreement with Board of Directors members Mr. Gilles Christ, Mr. Jörg Eicker, Mr. Mark Kindermann, and Ms. Antje Leminsky.

Under this agreement, Mr. Gilles Christ, Mr. Jörg Eicker, Mr. Mark Kindermann, and Ms. Antje Leminsky each receive entitlements to payments (tranche) for fiscal years 2013, 2014, and 2015 equal to the increase in value of 15,000 shares, 30,000 shares, 4,000 shares, and 15,000 shares, respectively, in GRENKELEASING AG in relation to a defined basic share price. The basic share price is the arithmetic mean of the XETRA closing prices on all trading days from December 1 to December 23 of the respective prior year. The basic share price was EUR 52.01 for the year 2012 and EUR 73.13 for the year 2013. The maximum payment arising from this agreement is limited to EUR 300,000, EUR 600,000, EUR 100,000, and EUR 300,000 for the three tranches. The participants in the programme are required to invest the respective net amount paid plus a personal contribution of 25% of that amount in GRENKELEASING AG shares. The Company is entitled but not required to render the payment, in whole or in part, in shares rather than in cash for one or more tranches. In this case, the personal contribution is not applicable. The shares are subject to a vesting period of four years.

A proportionate amount of EUR 6k has been expensed for the first quarter of 2014. In fiscal year 2013, an amount totalling EUR 1,288k was paid out under the phantom stock agreement to the persons mentioned above.

Employees

In the interim reporting period, the GRENKE Consolidated Group had an average of 852 employees (previous year: 780), not including the Board of Directors.

Events after the Balance Sheet Date

On April 8, 2014 GRENKE FINANCE Plc., Dublin/Ireland, issued a bond in the amount of EUR 125 million under the Debt Issuance Programme with a payment date of April 17, 2014. The bond has a term of 3.5 years and an interest coupon of 1.625% p.a.

The Annual General Meeting on April 10, 2014 approved the proposal of the Board of Directors and Supervisory Board for the appropriation of the unappropriated surplus.

As per the acquisition date of April 14, 2014 GRENKELEASING AG acquired an additional 44% of the voting shares of GCLUX Location S.à.r.l., Munsbach/Luxembourg and, as per this date, 100% of the voting shares are held in this company.

Calendar of Events

April 29, 2014	Publication of Financial Report for the 1st Quarter of 2014
July 25, 2014	Publication of Financial Report for the 2nd Quarter and the Half-Year of 2014
October 28, 2014	Publication of Financial Report for the 3rd Quarter and the First Nine Months of 2014

Contact Information

Renate Hauss Corporate Communications

Phone: +49 7221 5007-204 Fax: +49 7221 5007-4218

Email: [email protected]

Figures in this report are usually presented in thousands and millions of euro. Due to rounding, differences as against the actual number in euro may emerge in individual figures. Naturally, such differences are not of a significant nature.

The report is published in German and as an English translation. In the event of any conflict or inconsistency between the English and the German versions, the German original shall prevail.

Headquarters GRENKELEASING AG Neuer Markt 2 76532 Baden-Baden Germany

Phone: +49 7221 5007-204 Fax: +49 7221 5007-4218 E-mail: [email protected]

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Grenke AG — Interim / Quarterly Report 2014

189_10-q_2014-04-29_5923fd4b-6c73-4db8-a046-4ba95aab24d8.pdf

GRENKELEASING AG Group Financial Report for the 1st Quarter 2014

Contents

Key Figures GRENKE Group

GRENKE Group = GRENKE Consolidated Group including franchise partners

Key Figures GRENKE Consolidated Group

Letter to Shareholders from the Board of Directors

Dear Shareholders,

The GRENKELEASING AG Share

Interim Management Report

Targets and Strategy

Macroeconomic and Sector-Specific Environment

New business

Report on the Results of Operations

Selected information from the consolidated income statement

Segment Development

Business segments

Business Development

Report on Financial Position and Net Assets

Report on Risks, Opportunities, and Forecasts

Opportunities and Risks

Forecasts

Interim Consolidated Financial Statements

Consolidated Income Statement

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Financial Position

Consolidated Statement of Cash Flows

Consolidated Statement of Cash Flows

Consolidated Statement of Changes in Equity

Consolidated Group Segment Report

Business Segments

Reportable Segments

Notes to the Interim Consolidated Financial Statements

Accounting Policies

Mandatory New Accounting Standards

Use of Assumptions and Estimates

Lease Receivables

Financial Liabilities

ABS Bond

ABCP Programmes

Sales of Receivables Agreements

Bonds, Debentures, and Private Placements

Development Loans

NRW.Bank

Thüringer Aufbaubank

Investitionsbank Berlin

LfA Förderbank Bayern

L-Bank

Revolving Credit Facility

Money Market Trading

Commercial Papers

Disclosures on Financial Instruments

Fair value hierarchy

Financial Instruments Recognised at Fair Value

Measurement Methods

Selling and Administrative Expenses (Not Including Staff Costs)

Income Taxes

Other Financial Obligations

Acquisitions

Acquisitions in Fiscal Year 2013

Acquisitions in Fiscal Year 2014

GCLUX Location S.à.r.l., Munsbach/Luxembourg

Dividend payment

Related Party Disclosures

Employees

Events after the Balance Sheet Date

Calendar of Events

Contact Information

More from Grenke AG

Grenke AG Interim / Quarterly Report 2014