The real estate group Adler Group, which has been confronted with serious allegations, presented figures for the past year on Saturday despite the refusal note from the auditor KPMG. This is intended to fulfill the reporting obligations in accordance with the terms of their outstanding bonds, as the company had already announced on Saturday night. The operating profit increased, but the bottom line was a loss of almost 1.2 billion euros due to depreciation, after plus 191 million euros a year ago.
Investors shouldn’t put much stock in the figures, however. Adler had already announced on Friday evening that, according to its own statements, KPMG was not in a position to issue an audit opinion for the consolidated and individual financial statements for 2021 after the end of the audit. As a result, several members of the Board of Directors resigned on Saturday. Stefan Kirsten, Chairman of the Board of Directors, said he wanted to eliminate the reasons for the refusal of the audit opinion as quickly as possible. “We are targeting an unqualified audit opinion for 2022.” Short buyer Fraser Perring’s investment firm Viceroy made serious allegations against Adler for the first time in October. This involved, among other things, the valuation of real estate projects. Since then, Adler has repeatedly rejected the criticism.