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Adler Group (ETR:) SA: BaFin completes the audit of the consolidated financial statements of ADLER Real Estate AG (ETR:) 2019 to 2021
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EQS News: Adler Group SA / Key word(s): Other
Adler Group SA: BaFin closes audit of ADLER’s consolidated financial statements
Real Estate AG 2019 bis 2021 ab
27.12.2023 / 09:59 CET/CEST
The issuer/publisher is responsible for the content of the message.
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BaFin closes audit of ADLER Real Estate AG’s 2019 consolidated financial statements
until 2021
* Audit of the consolidated financial statements as of December 31, 2019, 2020 and 2021
Error detection
* No restatement or error correction of the consolidated financial statements
ordered and no fine imposed; The only sanction is today’s
Publication of the error determination by BaFin
* Adler continues to maintain the complete accuracy of the verified
consolidated financial statements for the 2019, 2020 and 2021 financial years
* Good and constructive dialogue with BaFin throughout
Examination process too complex despite differences of opinion
Facts
* After the minority shareholder squeeze-out took effect in October
ADLER Real Estate will no longer be listed on the stock exchange in 2023
Luxembourg/Berlin, December 27, 2023 – Adler Group SA announces,
that the Federal Financial Supervisory Authority (“BaFin”) has its
Audit of the consolidated financial statements and the combined management reports for the
Financial years 2019, 2020 and 2021 of ADLER Real Estate Aktiengesellschaft,
formerly listed subsidiary of the Adler Group (together with
Adler Group “Adler”). A corresponding publication
by BaFin took place today.
In connection with the completion of the audit, BaFin identified accounting errors
the consolidated financial statements and combined management reports for the
Financial years 2020 and 2021 determined. BaFin’s error determination
contains newly identified matters that are not yet in the
error determination for the 2019 financial year were included. The first
concerns the sale of shares in ACCENTRO Real Estate AG. Accordingly, it has
BaFin determined that the remaining purchase price claim amounted to €59
EUR million (including interest) was “significantly overvalued” because the
known significant credit and realization risks are not included
measurement of an allowance for expected credit losses
are. The second matter relates to the sale of a
Real estate portfolios to AB Immobilien BV BaFin determined that
the purchase price claim was set at nominal value, even though it was
The authority’s opinion is that the fair value is around EUR 18.9 million lower
fair value was to be assessed. BaFin also criticizes the lack of information
to secure an inter-company loan.
Regarding the determination of errors in connection with the real estate project
“Glasmacherviertel”, Adler emphasizes that this is not a new one
point, but simply a subsequent error in connection with
the identification of errors in the consolidated financial statements for the 2019 financial year, which
has already been published by BaFin. Adler has several times
publicly stated that they were making the assessment contrary to the
BaFin considers this to be appropriate and correct.
Against this background and with regard to those already submitted
Reasons for objection to the finding of errors in the consolidated financial statements
For the 2019 financial year, Adler is currently checking whether the error has been identified
should be proceeded.
Adler points out that BaFin’s error determination as well as that
Examination procedures that have now been completed have no influence on the validity
the consolidated financial statements of ADLER Real Estate AG as of December 31, 2019, 2020
and 2021 has. In addition, there was neither a reorganization nor one
Error correction of the consolidated financial statements was ordered and none were made
fines imposed.
Adler emphasizes the continued good and constructive dialogue with BaFin
throughout the examination process despite differing views
complex issues. The Adler Group subsidiary ADLER Real
After the squeeze-out of the minority shareholders has taken effect, the estate is in
October 2023 will no longer be listed and does not hold any securities
are listed on officially regulated stock exchanges.
“Even if we do not agree with BaFin’s findings of errors
We are pleased that we are combining the process with BaFin
were always able to conclude constructive and professional dialogue,”
comments Thomas Echelmeyer, CFO of the Adler Group.
Adler is convinced that BaFin has examined very thoroughly
The duration of the examination over two years already makes clear. Except those known
made – which Adler does not share – she has no further mistakes
noted. The allegations made by a short seller in October 2021
have therefore not been substantiated beyond the identified errors.
Contact
Investor Relations:
T +352 203 342 10
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December 27, 2023 CET/CEST publication of a corporate news/financial news,
transmitted by EQS News – a service of EQS Group AG.
The issuer/publisher is responsible for the content of the message.
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News/financial news and press releases.
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Language: German
Company: Adler Group SA
55 Allée Scheffer
2520 Luxemburg
Luxemburg
Phone: +352 278 456 710
Fax: +352 203 015 00
E-Mail: [email protected]
Internet: www.adler-group.com
ISIN: LU1250154413
WKN: A14U78
Indizes: FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT
Developed Europe Index, FTSE EPRA/NAREIT Germany Index
Stock exchanges: Regulated market in Frankfurt (Prime Standard);
Open market in Berlin, Düsseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange; London Stock Exchange
Luxembourg, SIX
EQS News ID: 1803925
End of message EQS News Service
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1803925 27.12.
2023-12-27 09:44:45
#EQSNews #Adler #Group #BaFin #completes #audit #consolidated #financial #statements #ADLER #Real #Estate #German #dpaAFX
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