Ad-hoc | 6 May 2002 14:47

Grenke Leasing AG english

GRENKELEASING reports Conclusion of an Asset-Backed Commercial Paper Programme Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Baden-Baden, May 6, 2002: GRENKELEASING reports Conclusion of an Asset-Backed Commercial Paper Programme GRENKELEASING AG has concluded an accounts receivable purchase agreement with the asset-backed commercial paper programme “Compass”, sponsored by WESTDEUTSCHE LANDESBANK GIROZENTRALE. Within the framework of the programme, leasing contracts up to a volume of EUR 250m can be refinanced at a favourable interest rate on a revolving basis. The Board of Management GRENKELEASING AG, Rheinstrasse 219, 76532 Baden-Baden – Renate Hauss Tel: 07221/5007-204 Fax: 07221/5007-203 E-mail: investor@grenke.de Internet: http://www.grenkeleasing.de end of ad-hoc-announcement (c)DGAP 06.05.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: “This agreement allows us to widen an important basis for our success. Its conclusion secures the financing of the still dynamic rise in new business in the medium term. What is more, we find it important to be able to fall back upon several sources in seeking to fulfil our refinancing needs”, explained Wolfgang Grenke, Chairman of the Board of GRENKELEASING AG. GRENKELEASING AG has already had indirect access to the capital market via an asset-backed commercial paper programme since 1999. The contractual partner for this first programme, which is to be expanded, was and continues to be Deutsche Bank AG. GRENKELEASING closed the first quarter of 2002 with earnings totalling EUR 65m (compared to EUR 53.5m in the previous year) in new business – i.e. the total acquisition costs of newly purchased leased assets. Its new business thus rose by 21.1 percent. The margin of new business (contribution margin 1), from which stems the financial result over the life of a contract and which is thus a measure of profitability, grew by 26.8 percent compared to the previous year. GRENKELEASING presently maintains 18 domestic branch offices. Its successful foreign business – it presently has nine foreign branch offices, with three branch offices in France, and a respective subsidiary in Switzerland, Austria, Italy, the Czech Republic, Spain, and the Netherlands – is to be further expanded. In this respect the company can also fall back upon the services of its Internet subsidiary WEBLEASE NETBUSINESS AG, which now supports the Internet offering of GRENKELEASING in seven countries. Information on the company and its products is available on the Internet under http://www.grenkeleasing.de and http://www.weblease-europe.com. ——————————————————————————– WKN: 586590; ISIN: DE0005865901; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 061447 Mai 02