Scandal-hit VW postpones earnings release, annual meeting

Volkswagen said Friday that the company’s “top priority in the United States is to identify an approved remedy for affected diesel vehicles”.

The company didn’t say when it will publish earnings for 2015, which were originally scheduled for March 10.

“Volkswagen Aktiengesellschaft will set a new date for the publication of the annual accounts for fiscal year 2015 due to remaining open questions and the resulting valuation calculations relating to the diesel emissions issue”, the company said in a statement to investors.

The delay is a further admission that Volkswagen doesn’t yet know the full financial fallout from the scandal.

Nevertheless, VW insisted Friday that group operating profits were expected to hold steady “within the expected range for fiscal year 2015”. Chief Executive Officer Matthias Mueller has cautioned that sum won’t suffice to cover the full extent of damages, including fines and measures to win back disgruntled customers.

The carmaker has struggled to come to an agreement with US regulators.

Volkswagen had produced a fix for its 2.0L engines in the USA, but the California Air Resources Board (CARB) rejected the company’s plan in January.

In Europe, VW is facing demands from the European Commission and lawmakers to consider compensating VW drivers in a way comparable with a scheme in the USA where the carmaker has promised goodwill packages worth $1,000 each to tens of thousands of owners of VW vehicles.

It was its first drop in VW-branded sales in 11 years as the company continues to cope with the emissions scandal.

The company is also pushing back its annual shareholder meeting, which was scheduled for April 21.

VW said it still aimed to provide a report on the investigation into the scandal by USA law firm Jones Day in the second half of April, adding the findings will clarify “the background and responsibilities” related to it. The shares rose 2.5 percent to 103.50 euros at 2:13 p.m.in Frankfurt.

“The complaint also asks the court to require that Volkswagen pay restitution to consumers materially harmed by its conduct”, said the Attorney General’s Office.