At the ailing Adler Group, the leverage (LTV) continued to rise in the first quarter.
The LTV ratio at the end of the first quarter was 52 percent, at the end of December the real estate investor had reported 50.9 percent, as announced on Monday.
As a result of the sale of apartment packages, operating income (FFO 1) shrank to around EUR 29 (32) million in the quarter.
According to its own statements, the Adler Group still has around 27,000 apartments.
In mid-May, Adler admitted that the subsidiary Consus Real Estate was in trouble.
The Adler Group itself is under pressure due to the KPMG auditors' refusal to attest for the 2021 annual financial statements.
The group is now also looking for a new auditor for 2022, because KPMG is not available for this.
In the quarterly report, CEO Thierry Beaudemoulin assured that this corresponds to the actual circumstances.
Without a certificate from an auditor, the head of the board of directors, Stefan Kirsten, complained that the Adler Group was cut off from the banking and capital markets.
The turbulence was also triggered by allegations by the Viceroy company of short seller Fraser Perring that Adler had deficiencies in the valuation of real estate, some of which had been artificially inflated.
The auditors of KPMG Forensic had investigated the allegations and stated that they had not found any systematic fraud, but had found deficits - and complained about the lack of important information.
The financial supervisory authority BaFin also looks into the real estate investor's books.
The Adler Group had sold apartments to reduce its debts, which went to its competitor LEG Immobilien, among others.