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Potash miner K+S reports German audit office's preliminary findings from investigation

·1-min read

(Reuters) - Germany's audit office for accounting has informed minerals company K+S of preliminary findings in a probe of the company's financial statements, K+S said on Thursday.

The German Financial Reporting Enforcement Panel (DPR) issued a preliminary opinion that material assumptions underlying the value in use determined for an impairment test of the company's potash and magnesium products cash-generating unit were not appropriate, K+S said.

"Following its own comprehensive review and the involvement of external advisers, K+S considers these to be unfounded," the company said.

K+S said it has provided the DPR with additional information while proceedings are ongoing.

(Reporting by David Latona and Antonis Pothitos; Editing by Jane Merriman)

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