5 Events after the end of the business year 2007
At the beginning of the business year 2008, the Compass ABCP program managed by WestLB was opened for the Spanish subsidiary Universal Lease Iberia S.A. This facilitated the securitization of Spanish renting receivables and open residual values to a total volume of € 200 million. According to the transaction structure, Universal Lease Iberia Finance S.L. holds the rental objects as a special-purpose company. The rental objects and the corresponding liability items are still disclosed in GFKL Financial Services AG’s consolidated balance sheet. On the first date of sale (January 8, 2008), renting receivables and open residual values to a total cash value of € 55.9 million were securitized. Universal Lease Iberia S.A. sold the rental objects to Universal Lease Iberia Finance S.L. The income from securitization was used to pay off existing liabilities.
In January 2008, GFKL acquired the remaining share of 25% in GENEVA-ID GmbH held by Wiese Consulting GmbH (cf. legal basis).
As of January 31, 2008, Dr. Daniel von Borries resigned his office as a member of the Supervisory Board.
