The company wants to radically shrink. The group is currently burdened with billions in debt.
(Photo: Handelsblatt/Nagel)
Munich The top management of the real estate group Adler would have preferred to avoid the subject of the balance sheet at the balance sheet press conference. “We will refrain from presenting the results for 2022 in detail,” said CFO Thomas Echelmeyer on Tuesday. He then pointed out that the group’s annual financial statements had not yet been audited.
Only when asked did Echelmeyer and Chairman of the Board Stefan Kirsten explain in more detail how the dramatic group loss of almost 1.7 billion euros came about. In particular, the value adjustments on the real estate had “had a negative impact”.
“The markets have turned negative, there is a storm,” said Kirsten. According to the group, the valuations of the residential and development portfolios, which were 760 million euros lower, had the greatest impact. There are also adjustments to financial assets (535 million euros) and write-downs on the subsidiary Consus (91 million euros). Kirsten referred to 45 million euros in legal and consulting fees that he “would have liked to have kept”.
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