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Adler Group S.A.: Statement of the Chairman of Adler Group about the decision of KPMG

05/17/2022 | 08:21am

DGAP-News: Adler Group S.A. / Key word(s): Statement
Adler Group S.A.: Statement of the Chairman of Adler Group about the decision of KPMG

17.05.2022 / 14:19
The issuer is solely responsible for the content of this announcement.

Statement of the Chairman of Adler Group about the decision of KPMG

Ladies and Gentlemen!

This morning, I mentioned to the media and investors in our governance update that Adler Group S.A. would like to reappoint KPMG Luxembourg as auditors for our Company's annual financial statement at its Annual General Meeting on June 29, 2022. Following the last conference call, KPMG informed us that they are not available as auditors to Adler Group in the future.

This decision by KPMG comes as a great surprise to us and is disappointing as well as irritating. We, and by that I mean all members of the Board of Directors of our Company, have had "very professional discussions" with those responsible at KPMG in recent weeks, just as I stated in good faith this morning. Finally, it is our clearly stated goal, starting with the 2022 half-year financial statements, to take all steps to cure the disclaimer of opinion issued by KPMG for the 2021 financial statements in order to obtain an unqualified audit opinion for 2022.

We now will go down this path with another auditor, that - by the very nature of an audit - will of course first have to get familiarized with our company. This will take a certain amount of time, which we would have liked to have saved by having KPMG carry out a professional and, of course, independent audit that is also rich in detail because of the work they have done so far.

It is important for us to emphasize once again that Adler Group certainly had its discussions and disagreements with the forensic department of KPMG during the special investigation, because the timely publication of our 2021 consolidated financial statement was jeopardized by the temporal sprawl of the special investigation. This would have led to a breach of bond conditions, which we had to avoid at all costs in the interest of the company and its stakeholders. However, and completely independent of this, is the fact that we had worked very professionally with the KPMG auditors and wanted to continue doing so.

In this respect, we very much regret the decision by KPMG. The fact that I misjudged KPMG's clear indications of a continuation of the cooperation this morning, which I thought were certain, is my responsibility. We will not be able to name a new auditor in the invitation to the Annual General Meeting. We have however immediately started the search for a new auditor after KPMG's information.

Sincerely yours,

Prof. Dr. A. Stefan Kirsten


Investor Relations:
P +352 278 456 710
F +352 203 015 00

17.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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Language: English
Company: Adler Group S.A.
1B Heienhaff
1736 Senningerberg
Phone: +352 278 456 710
Fax: +352 203 015 00
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
EQS News ID: 1354645

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1354645  17.05.2022 

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