Adler - comment

Who sent our analysis to KPMG? The €412m of value adjustments and €600-700m total are shockingly precisely the figures on our page two - even if we then subtracted goodwill as well. But we have to concede that we arrived at those valuations on slightly different assets… Still, while the KPMG report predictably raises a multitude of technical questions, it ultimately substantiates the value in the business and allows Adler to move forward as a going concern - as per our position all along. One downer is that, unlike Corestate, Adler will have to put up with a qualified audit opinion.