Adler Group: Investors punish real estate investors

Adler construction project from 2019

The real estate group is currently under pressure.

(Photo: imago images / IPON)

Dusseldorf, Frankfurt Investors have punished the real estate investor Adler Group for its 2021 annual balance sheet without a certificate: On Monday morning, the shares of the SDax-listed company fell by 42 percent after the start of trading.

The Adler Group published its consolidated balance sheet for the past year on Saturday. There, a negative annual result of 1.17 billion euros was reported in the profit and loss account. In the previous year, Adler had still generated a plus of 262 million euros.

And that’s not all: In a “disclaimer of opinion”, the auditors of KMPG noted that they will not certify the group’s annual financial statements. The investigators wrote that Adler management denied them access to certain information, including correspondence between related parties.

All members of the eight-strong Adler board of directors who had a mandate in 2021 offered to resign due to the lack of attestation, and the new head of the board of directors, Stefan Kristen, accepted them in four cases.

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