Adler drops after Consus loss notification

Adler SA

17/05/2022 08:23

** Shares in Adler  ADJ.DE  slump 6%, with a local trader
pointing to a loss notification by its unit Consus Real Estate
 CC11.DE , indicating that the value adjustment in the 2021
annual financial statements will lead to a negative equity
position  urn:newsml:reuters.com:*:nFWN2X81QQ
    ** As a result of the impairment of the goodwill resulting
from the acquisition of Consus Real Estate in the FY 2021
consolidated financial statements for Adler Group, it is most
likely that Consus will also make impairments of investments and
loans to affiliated companies, Adler says in a statement
    ** "Not totally unexpected, but should act negative," the
trader says
    ** Adler is the majority shareholder of Consus, with a stake
of over 90%
    ** Short seller Fraser Perring's Viceroy Research said in
October that Adler's balance sheet had been artificially
inflated, prompting German financial watchdog BaFin to examine
the company's financial reports  urn:newsml:reuters.com:*:nFWN2R40RS  urn:newsml:reuters.com:*:nL8N2UL5T7
    ** Adler had rejected the allegations



 (Reporting by Linda Pasquini)
 ((Linda.pasquini@thomsonreuters.com))