Adler Group S.A. / LU1250154413

Adler Group S.A. publishes annual reports for 2022 and 2023 with unqualified audit opinions

Adler Group S.A. / Key word(s): Annual Report/Personnel


30.09.2024 / 09:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Positive going concern following the comprehensive recapitalisation CFO Thomas Echelmeyer to step down to open the perspective for a long-term succession Thorsten Arsan to follow as new CFO and member of the Senior Management with immediate effect Chairman Stefan Brendgen: “Publishing our audited reports with unqualified audit opinions for 2022 and 2023 without any restatements proves the quality of our work and our numbers. Adler Group can execute its strategy in the interest of all stakeholders.” CEO Thierry Beaudemoulin: “The outlook for our sector is much better than two years ago. The audit results and the new financial structure provides us with a solid foundation for the next years. As we phase out our project developments, we are focussing on our residential yielding assets. We now have less imminent pressure to assess disposals, we will continue to be an active partner in the market.”
Luxembourg, 30 September 2024 – Adler Group S.A. ("Adler Group") published today its consolidated financial statements and annual accounts for the years ending 2022 and 2023. The audits were completed with unqualified audit opinions for both years. The audits have been undertaken by AVEGA Révision for the Luxembourg-based Adler Group S.A. and by three other audit firms for the audit of the sub-areas relevant to the Group, a so-called "component audit": Rödl & Partner for Adler Real Estate AG (now Adler Real Estate GmbH), Morison Köln AG for Consus Real Estate AG, and Domus Steuerberatungs-AG und Wirtschaftsprüfungsgesellschaft for the financial statements of the German Adler Group property companies. Chairman Stefan Brendgen commented on the audit results: “We managed to overcome a totally unprecedented situation in Germany of being a stock-listed company – not having an auditor and having to publish two unaudited annual reports in a row. And publishing our audited numbers now without any restatements in the 2022 and 2023 accounts proves the quality of our work and the quality of our numbers. It was in our own interest to provide all data requested by the audit firms even beyond the level required for a usual financial audit. We did not want to leave any question unanswered. The result of the audit process is now the reward for this considerable effort. The entire Adler Group is very relieved by the outcome and thankful to all parties involved, in particular our teams and the four auditor firms.” The publication of the audited annual reports follows the announcement from 19 September 2024 regarding the completion of the comprehensive recapitalisation. The recapitalisation allowed the auditors to assess the current situation and capital structure of Adler Group as basis for the going concern of the company and its business. CEO Thierry Beaudemoulin commented on the business implications: “This publication comes at a good time: Central banks around the world have and will continue to ease their interest rate regime and inflation has come down significantly. This is all very good news for the real estate industry and for Adler Group, too. As we announced recently with our Q2 2024 figures, our portfolio value decline has significantly decelerated, and we expect a stabilisation in the valuation of our yielding assets. Together with the new financial structure and the going concern, it provides us with a solid foundation for the years to come. While we now have less immediate pressure to assess portfolio disposals, Adler Group will continue to be an active partner in the market.” Following the successful audit process and the restructuring, CFO Thomas Echelmeyer will open the perspective for a long-term succession for the Group’s CFO position and retire from the Board of Directors and Senior Management of Adler Group with immediate effect. He will remain with the company until the end of the year allowing a smooth transition period over to the new Group CFO Thorsten Arsan, who will join the Senior Management team as of 1 October 2024. Mr Arsan is a finance and real estate expert with more than 20 years’ experience in the industry. Chairman Brendgen commented on the change: “Thomas Echelmeyer led the audit process for Adler Group besides the completion of the comprehensive recapitalisation and the operational finance business over the last two years. Adler Group owes a lot to him, and I am personally grateful for his immense efforts, since he joined Adler Group in June 2022. With the audit results published, Thomas has reviewed his personal perspective and decided to step down as CFO and Board Member and opened us the opportunity for a long-term succession with Thorsten Arsan.”   Webcast A webcast for analysts and investors will be held today, Monday, 30 September 2024, at 15:00 CEST / 14:00 BST. (There will be a separate invitation for a press call at 14:00 CET.) The webcast (listen-only) is available at the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=hYYOHrO3 Or register for the audio conference at the following link: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=3070668&linkSecurityString=7060c5480   Contact: Investor Relations:
T [phone]
[e-mail]

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30.09.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language:	English
Company:	Adler Group S.A.
	55 Allée Scheffer
	2520 Luxembourg
	Luxemburg
Phone:	[phone]
Fax:	[phone]
E-mail:	[e-mail]
Internet:	www.adler-group.com
ISIN:	LU1250154413
WKN:	A14U78
Indices:	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
EQS News ID:	1997851

End of News	EQS News Service

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1997851  30.09.2024 CET/CEST