K+S Says No Value Adjustments Required After German Watchdog’s Final Findings

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by Olivia Bougault

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K+S AG said late Thursday that it believes the final findings of the examination of the financial statements for 2019 and 2020 by the German accounting watchdog will not result in a valuation adjustment.

“According to K+S, the final findings do not result in any adjustment requirements for the valuation of a cash-generating unit of potash and magnesium products in the respective financial statements,” the German chemical company said.

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In preliminary findings, the German Financial Reporting Enforcement Panel, also known as the DPR, stated that the unit value of K+S had become significantly higher. These preliminary findings are not in the final findings issued by the German auditor on Thursday, it said.

However, the final findings of the DPR say that in the company’s 2019 financial statements, certain elements were not properly reported in connection with an impairment test conducted at its potash cash-generating unit and were in violation of financial disclosure rules. Is.

Regarding K+S’s 2020 interim statements, DPR said that K+S failed to conduct an impairment test on its potash cash-generating unit, which is also a violation of the rules.

“K+S is requested by the DPR to indicate whether the company agrees or disagrees with the findings by December 9, 2021,” K+S said. “If agreed, the proceedings will be terminated.”

Write to Olivia Bugault at [email protected]

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