Massive losses at the subsidiary Consus lead to value adjustments

Berlin, Dusseldorf The top manager of the real estate group Adler, Stefan Kirsten, has concreted plans on how he wants to lead the badly hit company out of the crisis. The group’s biggest problem child, the project developer Consus, wants to support Adler as cash-neutral as possible, Kirsten explained to journalists on Tuesday. He “fundamentally ruled out” any possible liquidation of Consus. Only hours before, Consus had informed about massive losses and necessary value adjustments.

Kirsten presented the auditor Thomas Echelmeyer as the new interim CFO of the Adler Group and announced that shareholders should not receive any dividends for the past financial year. The board of directors will propose this to the general meeting in a few weeks, said Kirsten. He justified the recommendation with the attestation for the 2021 annual financial statements recently refused by the auditors of KPMG.

Meanwhile, KPMG competitor PwC is said to be developing a “robust compliance function” for Adler. In a special investigation, KPMG recently identified clear weaknesses in the real estate group “in terms of compliance and good corporate governance”.