Consus Real Estate has to make high write-downs. „The consideration of the updated business plan and the reassessment of the default risks lead to one-time, non-cash-effective value adjustments and negative equity of Consus as of June 30, 2022 of around 760 million euros to 800 million euros,” said the real estate company during the night to Saturday.
In May, the company had already reported the loss of more than half of its share capital, citing write-downs on investments and loans to affiliated companies as the reason. There was already a reference to negative equity, but not to its possible amount: „Based on the current calculations, the company’s equity would be negative as of December 31, 2021 due to the depreciation and the resulting loss absorption on the basis of existing profit and loss transfer agreements,” says Consus in May.
The next steps are now being examined together with the main shareholder, the Adler Group. Among other things, the takeover of financial liabilities of Consus by the Adler Group SA in return for the issue of hybrid financial instruments is under discussion.