VW postpones 2015 results, AGM as scandal effects unclear


German carmaker Volkswagen said it would push back publication of 2015 results and its annual shareholders' meeting as it continues to grapple with effects of its emissions test-rigging scandal.
More than four months after the scandal broke in the United States, Volkswagen (VW) still lacks a technical solution for almost 600,000 diesel cars and is facing a growing number of legal allegations.

Top players on VW's supervisory board have been meeting more frequently lately to discuss the crisis, including how to account for the scandal in the carmaker's annual results which originally were due to be released in full on March 10.

The inner circle of the 20-member supervisory board on Wednesday discussed to what extent Volkswagen would need to incorporate provisions for the scandal in the 2015 results, a person familiar with the matter told Reuters.

VW said on Friday it would set new dates for the 2015 results and its annual shareholders' meeting, initially planned for April 21, citing "remaining open questions and the resulting valuation calculations relating to the diesel emissions issue".

Europe's largest automaker said it expects an operating group result before special items that is "at the level of the prior year within the expected range for fiscal 2015".
VW said it still aimed to provide a report to clarify "the background and responsibilities" related to the emissions scandal in the second half of April.


Source: Reuters

Comments