ADLER Group S.A.: Update on timeline of special investigation
- KPMG forensic report not finalized before Q2 2022
- Publication of 2021 financial statement postponed
- bulwiengesa confirms yielding portfolio market value measured by CBRE
Berlin, 28 January 2022 - ADLER Group S.A. ("ADLER") reports that a comprehensive review conducted by KPMG forensic on the allegations by a short seller is ongoing and expected to be finalized not before Q2 2022.
As the results of this comprehensive review are a prerequisite for the completion of the audit of the 2021 consolidated financial statements, ADLER Group announces that it is postponing the publication of its annual report, scheduled for March 31. ADLER established an action plan together with KPMG aiming to publish the 2021 financial statement as soon as possible; this plan is now being consistently executed.
Another confirmation of the value of ADLER Group's Real Estate portfolio was provided by the renowned consulting company bulwiengesa. In an in-depth portfolio plausibility check bulwiengesa calculates the fair value of ADLER Group's yielding property portfolio as of end of June 2021 and confirms reported market value of ca. 8.87 billion EUR.
The results of the plausibility check by bulwiengesa also confirm that the methods used by CBRE for the portfolio valuation of Adler Group are widely used and recognized valuation methods for real estate valuations, particularly for portfolios of this size. The report from bulwiengesa can be found on the Adler Group Investor Relations website via: https://bit.ly/220128_bulwiengiesa.
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