14/05/2013 | Corporate News
Fair Value REIT-AG adjusts disclosure of minority interests at three subsidiaries
195Munich, May 14, 2013 – Fair Value REIT-AG reports on the necessary adjustment of minority interests at three subsidiaries as a result of increased participations of Fair Value REIT-AG effective as of December 31, 2012. The consolidated net income for 2012 was therefore reported EUR 0.27 million too low, while the consolidated net income in the interim financial report as of March 31, 2013, was recorded too high by the same amount.
Frank Schaich, CEO of Fair Value REIT-AG, explains the background to the adjustment: "The deviation is based on an entry error in the Group’s book-keeping. It corresponds with around 2% of the total sales of our Group over the year and is therefore minor. The adjustment led to a shift in the earnings shares of the minority interest at the subsidiaries between the years. The Group equity was therefore correctly measured as of the balance sheet date on March 31, 2013. We will document the required adjustments in subsequent financial reports accordingly."
2013
