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Prospectus Dated June 14, 2019

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Prospectus Dated June 14, 2019 Prospectus dated June 14, 2019 Prospectus for the public offering of 50,000,000 existing ordinary bearer shares (auf den Inhaber lautende Stammaktien ohne Nennbetrag) with no par value (Stückaktien) from the holdings of the Existing Shareholder, and of 7,500,000 existing ordinary bearer shares (auf den Inhaber lautende Stammaktien ohne Nennbetrag) with no par value (Stückaktien) from the holdings of the Existing Shareholder in connection with a possible over- allotment and at the same time for the admission to trading on the regulated markets (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and the regulated market (reglerad marknad) of Nasdaq Stockholm (börsen), with simultaneous admission to the sub-segment of the regulated market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and the Large Cap segment of Nasdaq Stockholm (börsen) of 500,000,000 existing ordinary bearer shares (auf den Inhaber lautende Stammaktien ohne Nennbetrag) with no par value (Stu¨ ckaktien) (existing share capital), each such share with a notional value of EUR 1.00 and full dividend rights as of January 1, 2019 of TRATON SE Munich, Germany Price Range: EUR 27.00 – EUR 33.00 International Securities Identification Number (ISIN): DE000TRAT0N7 German Securities Code (Wertpapierkennnummer, WKN): TRAT0N Common Code: 196390065 Ticker Symbol: 8TRA Joint Global Coordinators Citigroup Deutsche Bank Goldman Sachs International J.P. Morgan Joint Bookrunners BofA Merrill Lynch Barclays BNP PARIBAS SEB UniCredit Bank AG Co-Lead Managers COMMERZBANK HSBC Société Générale Landesbank Baden- Württemberg TABLE OF CONTENTS Page SUMMARY OF THE PROSPECTUS ................................................. 1 A – Introduction and Warnings ...................................................... 1 B – The Issuer .................................................................... 2 C – Securities .................................................................... 13 D – Risks ........................................................................ 14 E – Offer ........................................................................ 16 GERMAN TRANSLATION OF THE SUMMARY OF THE PROSPECTUS – ZUSAMMENFASSUNG DES PROSPEKTS ......................................... 25 A – Einleitung und Warnhinweise .................................................... 25 B – Emittent ..................................................................... 26 C – Wertpapiere .................................................................. 40 D – Risiken ...................................................................... 42 E – Angebot ..................................................................... 45 1 RISK FACTORS ................................................................... 54 1.1 Risks Relating to the Group’s Business and Industry ................................ 54 1.2 Risks Related to the Group’s General Operations .................................. 68 1.3 Legal, Regulatory and Tax Risks ................................................. 73 1.4 Risks Related to the Group’s separation from the Volkswagen Group .................. 81 1.5 Risks Related to the Group’s Shareholder Structure ................................ 82 1.6 Risks Related to the Shares and the Listing ....................................... 85 2 GENERAL INFORMATION .......................................................... 88 2.1 Responsibility for the Contents of this Prospectus .................................. 88 2.2 Purpose of this Prospectus ..................................................... 88 2.3 Forward-Looking Statements ................................................... 89 2.4 Presentation of Financial Information ............................................. 90 2.5 Sources of Market Data ........................................................ 90 2.6 Documents Available for Inspection .............................................. 91 2.7 Note on Currency ............................................................. 92 2.8 Measures not defined by IFRS (Non-GAAP Measures and Alternative Performance Measures) ................................................................... 92 2.9 Negative Numbers and Rounding ................................................ 93 2.10 Time Specifications ........................................................... 93 2.11 Enforcement of Civil Liabilities .................................................. 93 3 PRE-IPO REORGANIZATION ........................................................ 94 3.1 Sale of Power Engineering Entities .............................................. 94 3.2 Power Engineering Sale Process ................................................ 95 3.3 Share Purchase Agreements ................................................... 95 3.4 Key Elements of the Share Purchase Agreements .................................. 95 3.5 Transitional Services Agreements ............................................... 97 3.6 Trademarks .................................................................. 97 3.7 Other IP rights ............................................................... 97 3.8 IT Separation ................................................................ 98 3.9 Pensions .................................................................... 98 4 THE OFFERING ................................................................... 99 4.1 Subject Matter of the Offering .................................................. 99 4.2 Price Range, Offer Period, Offer Price and Allotment and Payment .................... 99 4.3 Expected Timetable for the Offering ............................................. 101 4.4 Information on the Shares ...................................................... 101 4.5 Identification of Target Market .................................................. 103 4.6 Transferability of Shares ....................................................... 103 4.7 Existing Shareholder .......................................................... 103 4.8 Allotment Criteria ............................................................. 103 4.9 Cornerstone Investor .......................................................... 104 4.10 Stabilization Measures, Over-Allotments and Greenshoe Option ...................... 104 4.11 Lock-Up and Limitations on Disposal ............................................. 105 4.12 Admission to the Frankfurt Stock Exchange, Nasdaq Stockholm and Commencement of Trading ..................................................................... 105 4.13 Designated Sponsor .......................................................... 106 4.14 Interests of Parties Participating in the Offering .................................... 106 i 4.15 Additional Information for Retail Investor Participation in the Public Offering in Sweden . 107 5 PROCEEDS OF THE OFFERING AND COSTS OF THE OFFERING AND LISTING ............ 109 6 REASONS FOR THE OFFERING AND LISTING AND USE OF PROCEEDS ................. 110 7 DILUTION ........................................................................ 111 8 DIVIDEND POLICY ................................................................ 112 8.1 General Provisions Relating to Profit Allocation and Dividend Payments ................ 112 8.2 Dividend Policy and Earnings per Share ........................................... 113 8.3 2019 Dividend ............................................................... 114 9 CAPITALIZATION, INDEBTEDNESS AND STATEMENT ON WORKING CAPITAL ........... 115 9.1 Capitalization ................................................................. 115 9.2 Indebtedness ................................................................ 115 9.3 Indirect and Contingent Indebtedness ............................................ 116 9.4 Statement on Working Capital .................................................. 116 9.5 Termination of Domination and Profit and Loss Transfer Agreement with Volkswagen AG......................................................................... 116 9.6 No Significant Change ......................................................... 116 10 SELECTED CONSOLIDATED FINANCIAL AND OTHER INFORMATION ................... 117 10.1 Consolidated Income Statement Data ............................................ 118 10.2 Consolidated Balance Sheet .................................................... 119 10.3 Selected Consolidated Cash Flow Statement Data ................................. 121 10.4 Other Selected Financial Information ............................................. 121 10.5 Key Performance Indicators and Alternative Performance Measures ................... 124 11 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ........................................................ 126 11.1 Overview ................................................................... 126 11.2 Basis of Presentation .......................................................... 127 11.3 Key Factors Affecting the Results of Operations ................................... 129 11.4 Explanation of Income Statement Items .......................................... 136 11.5 Results of Operations – Income Statement ....................................... 138 11.6 Discussion of Balance Sheet ................................................... 149 11.7 Liquidity and Capital resources .................................................. 152 11.8 Quantitative and Qualitative Disclosures
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