Because too many open questions complicate the accounting, the carmaker has to postpone its annual accounts and the annual shareholder meeting. The later dates were essential because “open issues related to the consequences of the exhaust subject matter and the resulting valuation issues,” Volkswagen said on Friday in Wolfsburg.
For originally planned for March and April scheduled dates it’ll ” promptly “provide alternatives. A VW spokesman said that the whole process of financial statements and the following Annual General Meeting to “four to six weeks” move. but details are still unclear
MANY OPEN CONSTRUCTION
In addition, VW reiterated that 2015 earnings before interest and taxes (EBIT) is expected “in the previous year.” – but before so-called special items such as the made-billion dollar provision for the affair. The prognosis is known since October.
Volkswagen looks in the exhaust scandal to many open sites. This includes the question of when and how the group can rectify almost 600 000. rigged cars in the US. The authorities there had recently rejected a first recall plan and called for improvements. In the US, VW also threatens the surrender of some 100 000 cars. many legal risks In addition, not long to assess.
EDUCATION OF SCANDAL AND THE DEBT QUESTION
The price of the VW preference share was again slipped on Friday shortly below the mark of 100 euros, showed but after the announcement of the shifted dates stable to positive. In a first reaction was, however, initially gone for a short time straight down. The value of non-voting preferred securities has lost around a third since the crisis erupted in the fall.
The group had originally planned to present its annual accounts in Berlin on March 10 and on April 21, its general meeting in Hannover hold. At the shareholder meeting, the carmaker also wanted Standings announce to investigate the scandal and the question of guilt. This timescale remained preserved despite the displacement. The planning run in the direction of second half of April.
ALSO PORSCHE MOVES
The VW holding company Porsche SE, which holds 50 percent of voting rights in Europe’s largest carmaker, also shifts the notion of their financial statements. So far, Porsche SE had assumed a consolidated profit after tax of 0.8 billion euros to 1.8 billion euros, 2015. On Friday, the company reiterated that forecast is under reservation.
The annual press conference of Porsche SE had been scheduled for 15 March and the Annual General Meeting scheduled for May 4. The holding company for its work in preparing the accounts submission of Wolfsburg.
DATE FOR ANNUAL RESULTS INVALID
The planned for the end of April deadline to VW for the first quarter is now obsolete , VW has already removed him from the Financial Calendar. The date set finally on the financial statements, a spokesman said. The confirmation of the new supervisory board boss Hans Dieter Pötsch by the shareholders at the general meeting is consequently also moved. The cost of cancellations of appointments held in a “manageable”, the spokesman said, without giving details. For the AGM Volkswagen contracts concluded with the trade fair in Hannover. Its annual balance sheet was originally VW show in its own premises in Berlin. The spokesman said that there until further notice at the two places.
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