Adler - comment

Bafin have continued their process on a very narrow path, having found Adler guilty of making a “mistake” in the 2019 accounts wrt. the valuation of the Gerresheimer asset. This alone does not formally invalidate the accounts, but it could yet send ripple effects through the structure as the subsequent three-way merger/acquisition was based on that balance sheet, which showed a better LTV as a result of profits recognised on the asset. For what it’s worth, Adler chose to believe that Bafin are mistaken about their assessment and have taken to litigation against Bafin on the basis of several audits and independent valuations of the site. We have previously written about how Adler should resolve the issue, but that may still be some months away.