WOLF RECEIVABLES FINANCING 3 PLC

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

Ecovis Wingrave Yeats LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have concluded that should there be an economic downturn drastic enough to materially impair revenue receipts from the portfolio of Receivables, the credit enhancement provided to the Company is sufficient to cover the coupon interest due on the Senior Loan and Junior Loan and the expense obligations of the Company for a period in excess of 12 months following the date of approval of the annual report and financial statements. As at 31 December 2024 and at the date of signing, the Company is expecting to receive cash flows which are considerably higher than the Company's current and future liabilities. As at 31 December 2024, the cashflows expected to be received by the Company for the next 12 months are £37.6m. At this date, £36.7m Senior Loan was repaid in current period and the outstanding Senior Loan was £82.5m. £27.0m Senior loan is expected to be repaid in the next 12 months. In assessing whether the going concern basis is appropriate to adopt, the directors have undertaken a review of forecast cash flow models and scenarios for a period of 12 months from the date of approval of these financial statements. Based on the above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.”

Significant events

• “The Company was incorporated on 15 August 2023 to be used as a structured financing vehicle, to acquire the beneficial interest in a portfolio of receivables and their related rights. To fund the purchase of the receivables, the Company issued two tranches of notes, Rated Senior loan and Unrated Junior loan. In December 2023, the company issued Senior Notes (the "Senior Loan") with a nominal value of £119.2m at par. Junior Notes (the "Junior Loan") with a nominal value of £126.6m were issued at a discounted price of £23.7m. On 19th December 2023, the Class A note was admitted to trading on the Euronext Dublin and the Company ("the Issuer") sold 100% of the Class A note to institutional investors, and for Lowell to purchase 100% of the Class B notes, with Lowell performing debt collection services for the Company on the portfolio assets. On 29 December 2023, 95% of Class B note was sold to Alverstone European Opportunities Designated Activity Company and Denali European Opportunities Designated Activity Company as per Class B note purchase agreement.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.