Our client is an internationally structured company developing residential property in Germany and Austria. With more than 5,000 flats on about 170 properties, mainly in Vienna and Berlin, it is one of the most successful companies in this sector.
In 2014, expansion is to be emphasised as a strategic issue. To finance this, a bond issue will be floated on the capital market.
In order to raise new funding structures, a new bond should be listed for trading on the German securities market. An application for listing requires audited balances which have thus far not been available. We were asked to perform the audits for 16 companies in Germany by our partners from ECOVIS Austria.
The mandate hit us during the peak auditing season. During the course of our work it became clear that not only the previous year but even the year before that was needed, and urgently at that because a non-extendable deadline had to be met.
For the bond issue audit, we formed a task force out of existing staff using overtime to complete this assignment. Our client did the same with its own staff so that all needed documents, files, etc. could be worked on and exchanged nearly 24/7. All audits were ready in time to be filed and forwarded to our client.
The client has filed the application for a bond listing in Germany. Therefore, further audits on business operations in course until the final listing (comfort letter/bring-down letter) will be needed and prepared in our office. Supporting our client during this rather difficult and pressing time has formed a strong relationship. We are looking forward to assisting in the whole process and to new assignments in the nearer future.