Adler Group S.A.: Statement on the loss notification of Consus Real Estate AG pursuant to § 92 (1) AktG
May 17, 2022 at 01:18 am
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Adler Group S.A.: Statement on the loss notification of Consus Real Estate AG pursuant to § 92 (1) AktG
17.05.2022 / 07:16
The issuer is solely responsible for the content of this announcement.
Adler Group S.A.: Statement on the loss notification of Consus Real Estate AG pursuant to § 92 (1) AktG
Luxembourg, 17 May 2022 ? As a result of the impairment of the goodwill resulting from the acquisition of Consus Real Estate AG ("Consus") in the consolidated financial statements for the 2021 financial year of Adler Group S.A. ("Adler"), it is most likely that Consus will also make impairments of investments and loans to affiliated companies due to increased construction costs and a significant reduction in the expected project development volume. This has led to a loss notification by Consus pursuant to Section 92 par. 1 of the German Stock Corporation Act (AktG), as the company's balance sheet equity (HGB) amounts to less than half of the share capital.
Adler is aware of its responsibility as the majority shareholder of Consus ? with a stake of more than 90% ? and will work towards the strengthening and continuation of Consus in the interest of all stakeholders of Adler and Consus. Against this background, Adler is in principle prepared to evaluate measures to strengthen the equity of Consus.
Contact
Investor Relations:
P +352 278 456 710
F +352 203 015 00
E investorrelations@adler-group.com
17.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
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Language:
English
Company:
Adler Group S.A.
1B Heienhaff
1736 Senningerberg
Luxemburg
Phone:
+352 278 456 710
Fax:
+352 203 015 00
E-mail:
investorrelations@adler-group.com
Internet:
www.adler-group.com
ISIN:
LU1250154413
WKN:
A14U78
Indices:
SDAX, FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange, SIX
Adler Group SA, formerly known as ADO Properties, is a Luxembourg-based real estate company. The Company operates in Germany, in the residential real estate field with approximately 70,000 residential units, and a development pipeline of approximately 10,000 new flats in Germany. The Company focuses on asset and portfolio management, property and facility management and developing residential properties throughout Germany. The Company operates through two business segments: Residential property management and development. Residential property management offers renting and managing residential properties, the management of tenancy agreements and marketing of residential units with the focus on optimization of rental income. The development side of the business splits into build-to-sell projects and build-to-hold projects.