- Volkswagen postpones Annual General Meeting and its annual press conference at four to six weeks.
- The reason the company is “open issues related to the consequences of the exhaust subject matter and the resulting valuation issues” at.
annual General Meetings and annual press conferences are usually fixed dates to the companies preparing for months, some managers are looking forward, others are annoyed by the compulsory courses. be moved That this data happens very rarely – and needs good reasons. About a year ago, as the German Bank postponed its annual press conference the next quarter, we wanted to take more time to announce a new strategy.
On Friday Volkswagen announced that because of the exhaust affair submission the annual balance sheet for 2015 as well as the annual General Meeting will move. Actually, the financial statements should be presented at the Annual Press Conference on March 10; the annual meeting of shareholders was scheduled for 21 April. Now, it is said in Wolfsburg, both appointments are to move to “four to six weeks”.
In the financial statements should as much as possible be reingepackt
reason, VW, are “open questions related to the consequences of the gas issue and the resulting evaluation questions”. What is it with these outstanding issues is exactly about the group, however, not informed. It said only, the financial statements need “more time”. VW must recall eleven million diesel cars and had been added in mid-September to have tampered with nitrogen oxide exhaust gas measurements with the aid of software. Consequently, the group lawsuits and damage claims in Europe and the US is exposed; especially in the US where the fraud was uncovered, threatening heavy fines from the authorities, but also by customers.
Months ago VW had placed 6.7 billion euros for callbacks to the side and therefore a multi-billion dollar quarter loss posted. How much damage will be but actually end, no one can say at present. Clear is probably only: The 6.7 billion euros last autumn should also not nearly enough to finance the damage caused by the affair damage
diesel affair now VW has to be saved from himself
US customers scored 1000 dollars in compensation, German buyers a plastic tube: the price of Volkswagen’s brazen – not only towards the clients.
From the Group’s sources said now, because of several ongoing discussions in the United States it has become necessary to collect even a “more information”. Insiders report that it was seeking, nor be recorded as many necessary provisions in the financial statements 2015 – to be mainly “better positioned” in the current year. The issue should have been discussed at a meeting of the VW board Bureau this Wednesday: How much money the company must set aside in its balance sheet to be prepared for all possible demands? The debate, report consolidated circles, is not yet over and would be deepened in the next few weeks.
A point that is not entirely irrelevant for the past year for the profit and loss account, because could it depend in the end whether VW lands because of the affair in the red. VW announced this with only that one for 2015 earnings before interest and taxes (EBIT) expected “on the previous year”. Special charges as billion provisions for the exhaust affair are probably not yet included. Another topic at the meeting of the Supervisory Board top of Wednesday to have been the question of whether board members have to give up their multi-million dollar bonuses, 2015. This discussion was still in progress, it is.
In April VW will give the results of the internal investigation known
In addition to the financial consequences of the affair, the carmaker is in the middle in the Dealing with the events. Thus, the current state of internal investigations should be topic during the meeting of shareholders in April. Maintains, VW and will announce in the second half of April an interim status of the investigation. At the center is the question of who knew about the manipulation.
In addition to dealing with the past the group currently employ quite daily problems. Thus, the trader out of Wolfsburg showed alerted on Friday. The VW crisis has now begun to affect them. “The order volume is declining, partly of all assemblies away”, said the head of the metal employers’ association in Lower Saxony, Volker Schmidt. His association represents the VW suppliers in Lower Saxony. Background was a survey of more than 100 VW-supplier-farms in January. There is a “dividing line” felt that is proceeding clearly between the component deliveries for diesel and gasoline. In addition, the companies complained about the lack of information from the group. “The suppliers are suffering from the situation that they received no information, no explanations. From this ignorance arises great uncertainty,” said Schmidt.
VW got to feel in January, the consequences of diesel affair. The core brand VW sold in Germany only 47 150 cars, which were almost nine percent less than in the previous month. Experts believe that the brand will have a hard time in the coming months -. Are recalled in the middle of a time when millions of cars
After the exhaust scandal – the VW customers need to know about the recall
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