At a shareholders’ meeting on Friday, Volkswagen said it would push back publication of 2015 results due to remaining open questions and the resulting valuation calculations relating to the diesel emissions issue and delay its annual general meeting.
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The German carmaker said Friday it would give new dates for the earnings release, formerly slated for March 10, and for its shareholder gathering originally set for April 21.
Before special items Volkswagen anticipates the operating result for the group at the level of the prior year within the expected range for fiscal year 2015.
Volkswagen (VOWG_p.DE) has postponed publication of its financial results for 2015 and delayed its annual shareholders’ meeting as the German carmaker struggles to put an exact price on its diesel emissions scandal.
The lawsuit says Volkswagen launched the emissions fraud in 2005 and used it to gain 70 percent of the US market for new diesel passenger cars by 2014. Volkswagen submitted a plan for its larger 3-liter diesel engines this week, and USA authorities have yet to respond.
The lawsuit was filed in Detroit on behalf of the U.S. Environmental Protection Agency, which worked with the California Air Resources Board in exposing the violations a year ago.
“It’s an unusual step, but considering the complexity of this issue it’s probably understandable”, said Juergen Pieper, a Frankfurt-based analyst with Metzler Bank.
The company has already been forced to take a charge of 6.7 billion euros related to the cost of recalling and fixing as many as 11 million vehicles.
“Underlying operations have not seen a notable deterioration as a result of the diesel scandal and accompanying negative headlines”, said Ellinghorst who has a “buy” rating on VW stock.
New Jersey is suing Volkswagen over what it said was a “massive” fraud – after the company allegedly sold diesel vehicles with software that deactivated on-board emission controls except during emissions testing.
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