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K + S: DPR presents final findings – no need for value adjustment

Thursday, 11/25/2021 10:23 PM from

dpa-AFX

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An Esco location in the Rhineland. Esco is a subsidiary of K + S. (Symbol photo) © Michael-Victor-Photo / iStock Editorial / Getty Images Plus / Getty Images

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KASSEL (dpa-AFX) – The fertilizer group K + S can breathe a sigh of relief in view of the doubts of the financial supervisory authority Bafin about the balance sheet for 2019 and the first half of 2020. The final findings of the German Audit Office for Accounting (DPR) commissioned by the supervisors did not trigger any value adjustments, the company announced on Thursday evening. In an initial reaction, the K + S share price rose by almost two percent on the Tradegate trading platform.

The background is the suspicion of the Bafin that a billions in depreciation of the Hessians, which took place in autumn 2020 because of the fall in fertilizer prices, may have been too low. In February, the supervisors commissioned the FREP to examine the relevant balance sheets. In the opinion of K + S, the final determinations did not result in any need for adjustments to the valuations of the cash-generating unit Potash and Magnesium Products (CGU Potash), the statement said.

The preliminary findings on the consolidated financial statements as of December 31, 2019, that the value in use of CGU Kali was not determined reliably and significantly too high and thus the recoverability was not proven, were no longer included in the final findings of FREP. The preliminary FREP determination regarding the abridged consolidated financial statements as of June 30, 2020, that the recoverability of the net assets of the CGU Kali had not been proven, was no longer included in the final determinations.

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