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German watchdog to examine accounts of miner K+S

FRANKFURT, Feb 17 (Reuters) - German minerals miner K+S said on Wednesday the country’s Audit Office for Accounting (DPR) is examining its financial reports after financial watchdog BaFin found impairment requirements may not have been determined correctly.

DPR is now looking at the reports for 2019 and the first half of 2020.

K+S had said in November that its assumptions for the long-term potash price were lower than previously expected and its cost of capital higher, resulting in a roughly 2 billion euro impairment.

“BaFin has concrete indications that this impairment requirement may not have been determined correctly and should have been recognized in full or in part at an earlier date”, K+S said. K+S will cooperate fully in the DPR probe and provide all necessary documents, the company said, adding that its board assumed that it will be able to invalidate BaFin’s findings. (Reporting by Arno Schuetze; editing by Jonathan Oatis)

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