Strategic Reorganisation

CREDITSHELF: STRATEGIC REORGANISATION

• Various strategic agreements not fulfilled by main shareholder Obotritia Capital KGaA
• Elimination of key foundations for positive going concern forecast
• EBIT forecast for 2023 will not be met due to impairment losses
• Strategic repositioning by way of a protective shield procedure
• Operating business to continue unchanged.

Frankfurt am Main, 1 February 2024 - creditshelf is repositioning itself as part of a protective shield procedure.

The Management Board of creditshelf AG, following unsuccessful negotiations with its main shareholder Obotritia Capital KGaA, today concluded that Obotritia will not meet its contractual obligations towards creditshelf and its main financing vehicles after the expiry of a deadline. Specifically, this concerns the non-payment of a) a loan tranche from the shareholder loan framework agreement that was legally committed by Obotritia and duly drawn down by creditshelf and b) a junior tranche that was legally committed by Obotritia and duly drawn down by the financing vehicle Silver Bullet Funding DAC.

As a result of the non-fulfilment by the main shareholder described above, the Management Board no longer considers the reliability of the hard letter of comfort issued by Obotritia to be predominantly probable and, in addition, no longer considers the key assumptions for creditshelf's positive going concern forecast to be fulfilled. The EBIT forecast of EUR -2 to -1 million will not be achieved because of the events described and, in particular, the necessary write-downs on assets as a direct consequence of the discontinuation of the positive going concern forecast. According to preliminary figures, sales for the 2023 financial year of around EUR 4.3 million are within the forecast range (EUR 4-5 million), while EBIT will amount to around EUR -6.5 to -5.5 million according to an initial estimate.

To secure its future, creditshelf will shortly apply for protective shield proceedings in accordance with section 270d InsO. After examination, the protective shield proceedings offer the best opportunity for a legally secure strategic reorganisation and a future with a new shareholder structure. The company is in advanced negotiations with investors for the continuation of the intact and demonstrably profitable business model.

The operating business will continue unchanged regardless of these developments. Existing loan agreements and servicing for existing investors are not affected, and creditshelf will continue to process the high demand for new business from its SME corporate customers in the usual way - quickly, digitally and individually.

Communications & IR:

creditshelf Aktiengesellschaft
Alexander Plenk, CFA
Head of HR, Finance & Capital Markets
Mainzer Landstrasse 33a
60329 Frankfurt
Phone: +49 348 7724 10
ir@creditshelf.com
www.creditshelf.com

About creditshelf

creditshelf is the next generation digital corporate financier. Founded in 2014 and headquartered in Frankfurt am Main, the company arranges bank-independent, flexible financing solutions via a steadily growing network. In doing so, creditshelf combines complementary needs: While SMEs can easily access attractive financing alternatives, institutional investors can invest directly in German SMEs and cooperation partners can support their clients as innovative providers of new credit solutions. The core of creditshelf’s business model is a unique, data-driven risk analysis as well as unbureaucratic, fast and digital processes. The entire value chain comes from one single source. The creditshelf platform is used to select suitable loan projects, analyze the creditworthiness of potential borrowers, provide credit scoring as well as risk-adequate pricing. For these services, creditshelf receives fees from both borrowers and investors.

creditshelf has been listed in the Prime Standard segment of the Frankfurt Stock Exchange since 2018. The experts of the creditshelf team have years of experience in SME financing and are trusted partners and visionaries for tomorrow’s entrepreneurs.