Adler Group SA, a Luxembourg-based real estate company active in Germany with a listing on the Frankfurt Stock Exchange, has been fined 30,000 euro by Luxembourg’s financial supervisor CSSF because it has not deposited an audited annual financial report for 2022.
Adler, as a Luxembourg firm, is subject to the country’s transparency law, CSSF said in a statement issued on Monday. Adler did not respond to a request for comment.
Adler on 24 July filed two unaudited annual statements for 2022 to the Luxembourg Business Register. In its annual accounts it has reported a net loss of 1.13 billion euro for 2022, following up on its net loss of 1.84 billion euro for 2021.
In Frankfurt trading on Tuesday, an Adler Group share was valued at a five-year low of 40 cents, down from a 52-week high of 2.85 euro. The firm is one of several German real estate companies that have hit on difficult times following the hikes in interest rates and that now struggle under a debt load built up when benchmark interest rates were still negative.
Adler Group owns and manages approximately 25,800 residential rental units, largely concentrated in Berlin (around 70% of properties) and North-Rhine Westphalia (around 25% of properties). Besides the residential rental portfolio, the firm owns a portfolio of development projects located in the largest cities of Germany. These development projects are primarily sold through either forward sales or upfront sales thereby generating funds to ultimately optimise the capital structure of the company.
Adler Group has called a annual shareholders meeting for 27 november in Luxembourg.