Adler Group S.A.: Rödl & Partner to audit ADLER Real Estate AG's 2022 annual and consolidated financial statements

PRESS RELEASE

Rödl & Partner to audit ADLER Real Estate AG's 2022 annual and consolidated financial statements

• Appointment sought in the near future

• Chairman of the Board Prof. Dr. A. Stefan Kirsten: "With Rödl & Partner, we have been able to gain an excellent auditing company with proven expertise."

• Appointment is another important step for Adler towards stabilisation and risk reduction

• Auditor for consolidated financial statements of Adler Group S.A. still to be appointed

Luxembourg/Berlin (24 April 2023) – Rödl & Partner will audit the annual and consolidated financial statements of ADLER Real Estate AG for the year 2022, subject to an appointment being sought in the near future. The renowned auditing firm has informed the company today of its willingness to carry out the audit. ADLER Real Estate AG thus complies with the legal requirements in Germany.

The declared willingness of Rödl & Partner is subject to the appointment being approved by a general meeting of shareholders, which is to be convened immediately, or by the registration court. Adler expects the appointment to be made quickly.

The search for an auditor for the group parent company and for the entire Adler Group S.A. is still in progress.

This puts an end to months of uncertainty for ADLER Real Estate AG, since the previous auditor withdrew its mandate for the vast majority of the Adler group of companies in May 2022, and no other auditor has agreed to audit the Adler Group's consolidated financial statements, despite a tender procedure, numerous individual approaches and a court order.

"With Rödl & Partner, we have been able to gain an excellent auditing company with proven expertise as auditor of ADLER Real Estate AG. The company's bodies will initiate the appointment immediately. In the course of the deadlines extended in our restructuring plan with the core group of bondholders until September 2024, there is sufficient time for an independent audit," explains Chairman of the Board of Adler Group S.A., Prof. Dr. A. Stefan Kirsten.

Rödl & Partner and Adler have discussed the key issues of the audit in a workshop beforehand. Adler had already stated on several occasions that it would make far-reaching concessions to any auditor - such as releasing the auditor from its duty of confidentiality.

Prof. Kirsten adds: "The audit of the financial statements is an integral part of the accounting and reporting processes. Adler thus takes another important step towards stabilisation and risk reduction in Germany. I would like to expressly thank Lead Partner Martin Wambach of Rödl & Partner for this. My special thanks also go to the Board of Directors of the Institute of Public Accountants (IDW), who made a significant contribution to the forthcoming appointment of Rödl & Partner as auditor by moderating discussions with several suitable auditing firms. It now remains our task as Adler's Board of Directors to find an auditor for the Luxembourg parent company as well.”

Thomas Echelmeyer, CFO of Adler, explains: "With Rödl & Partner, we have found an outstanding team to independently audit the financial statements of ADLER Real Estate AG with professional competence. Rödl & Partner has extensive expertise in the real estate sector as well as in the areas of compliance and governance". In recent months, Adler has repeatedly pointed out that it has extensively revised compliance and governance and adapted them to modern structures.

Contact

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