VW to Report Earnings April 28 After Scandal Triggered DelayChristoph Rauwald
Volkswagen reschedules shareholders meeting for June 22
VW had delayed events due to emissions-cheating scandal
Volkswagen AG set new dates for its annual earnings press conference and shareholders meeting, indicating the scandal-hit company has made progress in sorting through the financial issues that caused the company to postpone the events.
Europe’s largest automaker will host journalists and investors at its annual press conference on April 28 in Wolfsburg, Germany, while shareholders will gather in Hanover on June 22, the company said Friday in a statement. Last year’s earnings were initially scheduled for publication on March 10 and the shareholders meeting on April 21.
Volkswagen had taken the unusual step to delay the events as it struggled to deal with the fallout from the revelation in September that it deliberately cheated on emissions tests. Though the company has set aside 6.7 billion euros ($7.3 billion) last year to repair about 11 million vehicles around the world, it has said that sum won’t cover the full extent of damages, including fines and measures to restore trust among consumers. U.S. regulators rejected the carmaker’s initial proposal and talks about a solution are still ongoing.
PricewaterhouseCoopers, Volkswagen’s auditor, said in October that it couldn’t determine whether the company’s third-quarter provisions for the scandal were sufficient. Volkswagen needs auditors to sign off on the full-year report without caveats to avoid concern among ratings agencies, large investors and lenders.
Porsche Automobil Holding SE, the investment vehicle for the family that owns the majority of Volkswagen’s voting shares, scheduled its delayed annual press conference for April 29. The holding company’s shareholders will meet June 29 in Stuttgart.