Volkswagen AG (ETR: VOW3) said on Friday that it would delay to release its annual earning report and pushed back its shareholders’ meeting due to the emissions scandal since September.
The earning report was originally scheduled for March 10. The company said that they would announce a new date as soon as possible. The company also changed the date for annual shareholders meeting, which originally scheduled for April 21.
The company said that the delay was due to the difficulty to prepare financial statements relating to the emissions scandal. They said that there were remaining open questions and the resulting valuation calculations relating to the diesel emission issue.
“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. “Maybe they need more time for the auditors to finalize work or realized they need to prepare for higher provisions.”
According to Bloomberg, the company has already revised its earnings targets and set aside 6.7 billion euros ($7.5 billion) to cover the cost of repairs for about 11 million vehicles around the world. The company also has to pay billion of dollars in fines and settlements. Analysts say that it is hard to predict the exact cost. What’s worse, the company is still figuring out how to meet tough pollution regulation in the U.S., where authorities rejected the carmaker’s first proposal.
But the company still expected that its operating result for 2015 woould be at the level of 2014, within the range of forecasts.
“By taking this step Volkswagen wants to provide the greatest amount of clarity and reliability in the interests of its shareholders and stakeholders,” the company said in a statement.