22 Απριλίου σήμερα και όπως είχε υποσχεθεί η Volkswagen ανακοίνωσε τόσο την πρόοδο της για την έρευνα σχετικά με το dieselgate, όπως επίσης και τα οικονομικά της αποτελέσματα για το 2015.
Στα τέλη του Σεπτέμβρη του 2015, το εποπτικό συμβούλιο της Volkswagen είχε αναθέσει στην δικηγορική εταιρεία Jones Day να προχωρήσει σε μια ολοκληρωμένη έρευνα σχετικά με το dieselgate. Για τον σκοπό αυτό, συλλέχθηκαν περίπου 65 εκατομμύρια έγγραφα, εκ των οποίων περισσότερα από 10 εκατομμύρια προωθήθηκαν για εξέταση από τους δικηγόρους της Volkswagen. Υπήρξαν περίπου 450 συνεντεύξεις, ενώ υπάρχουν προγραμματισμένες ακόμη μερικές δεκάδες, με την Jones Day με βάση την τρέχουσα αξιολόγηση, να αναμένει πως η έρευνά της θα ολοκληρωθεί κατά το τέταρτο τρίμηνο του 2016. Ωστόσο η VW αναφέρει πως λόγω της νομικής κατάστασης, δεν μπορεί να προχωρήσει στην δημοσιοποίηση των προσωρινών αποτελεσμάτων της έρευνας, αλλά δεσμεύεται πως θα όταν η έρευνα ολοκληρωθεί θα δημοσιεύσει όλα τα αποτελέσματα.
Χθες η Volkswagen ήρθε σε συμφωνία με τις αρχές των Η.Π.Α, με τον γερμανικό κολοσσό να ανακοινώνει πως το 2015 είδε τα ενοποιημένα έσοδα από τις πωλήσεις των αυτοκινήτων της να αυξάνονται κατά 5,4% και έτσι ο κύκλος εργασιών της έφτασε τα 213,3 δισεκατομμύρια ευρώ. Τα λειτουργικά κέρδη προ φόρων έφτασαν τα 12,8 δισ. ευρώ, αλλά τα έξοδα του dieselgate και άλλων παραγόντων, συνολικού ύψους 16,9 δισ. ευρώ, έκαναν την εταιρία να παρουσιάσει ζημιές 4,1 δισ. ευρώ το 2015. Η πώληση των μετοχών της Suzuki πρόσθεσε 2,8 δισ. ευρώ στις καθαρές ταμειακές ροές, με την καθαρή ταμειακή ρευστότητα του VW Group να αυξάνεται στα 24,5 δισεκατομμύρια ευρώ, από τα 17,6 δισ. ευρώ που ήταν στα τέλη του 2014.
Από τα 16,9 δισ. ευρώ, τα 16,2 δισ. περιλαμβάνουν έξοδα για το dieselgate (κόστος ανακλήσεων, πρόστιμα και νομικές εκκρεμότητες). Αρχικά η VW είχε δεσμεύσει 6,7 δισ. ευρώ για να καλύψει τα έξοδα του dieselgate, αλλά τελικά αυτά δεν ήταν αρκετά. Σε ότι αφορά τις κινεζικές κοινοπραξίες της VW, λόγω των υψηλών έκτακτων επιβαρύνσεων να παρουσιάζουν ενοποιημένες ζημίες προ και μετά φόρων ύψους 1,3 δισεκατομμυρίων ευρώ και 1,4 δισεκατομμυρίων ευρώ, αντίστοιχα.
Ο Matthias Müller, ο CEO και πρόεδρος του Διοικητικού Συμβουλίου της VW είπε πως το 2015 οι δραστηριότητες του VW Group ήταν σε εξαιρετική κατάσταση και αν δεν υπήρχε το dieselgate, τότε θα μιλούσαμε για μια ακόμη επιτυχημένη χρονιά. Το Διοικητικό Συμβούλιο και το Εποπτικό Συμβούλιο θα προτείνουν στην Ετήσια Γενική Συνέλευση των μετόχων της Volkswagen στις 22 του Ιουνίου 2016 να καταβληθεί μέρισμα στους μετόχους της, ύψους 0,11 ευρώ ανά μετοχή και 0,17 ευρώ ανά προνομιούχο μετοχή.
Ωστόσο θα μειώσει κατά 25% τα bonus των μεγαλοστελεχών του, ενώ αλλάζει και τον τρόπο πληρωμής των μελών του διοικητικού συμβουλίου, με το 30% να γίνεται τρία χρόνια μετά, με το ποσό αυτό να μετατρέπεται σε εικονικές προνομιούχες μετοχές, που θα καταβληθούν στο ακέραιο εφόσον η τιμή της προνομιούχου μετοχής αυξηθεί κατά τουλάχιστον 25% κατά το τέλος της περιόδου διατήρησης, σε σύγκριση με την αρχική τιμή αναφοράς. Συνολικά, η μεταβλητή αμοιβή ενός τακτικού μέλους του Διοικητικού Συμβουλίου θα μειωθεί κατά 39% από 5,3 εκατομμύρια ευρώ το 2014 σε 3,2 εκατ. ευρώ το 2015. Το ποσό των μεταβλητών αποδοχών που θα καταβληθεί για το 2015 θα είναι περίπου 1 εκατομμύριο ευρώ χαμηλότερα από το ποσό των 2,2 εκατ. ευρώ ή κατά 57% χαμηλότερο από το ποσό που καταβλήθηκε το 2014. Παράλληλα, ο πρόεδρος του εποπτικού συμβουλίου, Hans Dieter Pötsch, κατόπιν δικού του αιτήματος, δήλωσε επίσης ότι παραιτείται αναδρομικά από μέρος των μεταβλητών αποδοχών του για το οικονομικό έτος 2015 που ανέρχονται σε 2,3 εκατ. ευρώ.
Για το 2016 το VW Group εκτιμά πως οι πωλήσεις των αυτοκινήτων του θα κυμανθούν στο ίδιο επίπεδο με αυτές του 2015, και ανάλογα με τις οικονομικές συνθήκες – ιδιαίτερα στη Νότια Αμερική και στη Ρωσία – με την εξέλιξη της συναλλαγματικής ισοτιμίας και υπό το πρίσμα του ζητήματος των εκπομπών, το Διοικητικό Συμβούλιο αναμένει ότι τα έσοδα των πωλήσεων του Volkswagen Group μπορεί να μειωθούν κατά 5% σε σχέση με το 2015. Αυτό μεταφράζεται σε πτώση 5% με 6% των λειτουργικών κερδών του VW Group.
H Porsche SE, που κατέχει το 30,8% των μετοχών του VW Group σε ανακοίνωσή της έκανε γνωστό πως λόγω του dieselgate έχασε περίπου 1.361.000.000 ευρώ, με την εταιρία να παρουσιάζει ζημιές μετά φόρων ύψους 273 εκατ. ευρώ, αλλά λόγω του μερίσματος που πήρε από την VW κατά το οικονομικό έτος 2015, για το οικονομικό έτος 2014, τελικά θα παρουσιάσει κέρδη ύψους 871 εκατ. ευρώ. Γι’αυτό και προτείνει να δώσει μέρισμα 0,204 ευρώ ανά μετοχή και 0,21 ευρώ ανά προνομιούχο μετοχή στους μετόχου της.
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Statement by Volkswagen AG regarding the status of the comprehensive investigation in connection with the diesel matter
At the end of September 2015, the Supervisory Board of Volkswagen Aktiengesellschaft assigned law firm Jones Day with a comprehensive investigation in connection with the diesel matter. This investigation is already far advanced and is being pursued intensely. For this purpose, approximately 65 million documents were submitted for electronic review, of which more than 10 million were forwarded for review by Volkswagen’s lawyers. Around 450 interviews have also been conducted about the diesel matter; dozens of additional interviews are planned. Based on the current assessment, Jones Day expects the investigation to conclude in the fourth quarter of 2016.
After a thorough examination of the legal situation, the Supervisory Board and the Management Board of Volkswagen have nevertheless had to recognize that a disclosure of interim results of the investigation at this point in time would present unacceptable risks for Volkswagen and, therefore, cannot take place now. This decision is based on the assessment of the U.S. law firms retained by Volkswagen (Sullivan & Cromwell and Jones Day), which have both strongly advised against such a disclosure independently of each other.
Volkswagen regrets that it has had to move away from the original plan to disclose interim results of the investigation by the end of April. The reasons lie in the following developments in proceedings involving Volkswagen in connection with the diesel matter in the United States:
- Volkswagen’s complex negotiations with a large number of parties in the United States (including private plaintiffs and multiple U.S. regulators, including the Environmental Protection Agency (EPA), the California Air Resources Board (CARB), the Federal Trade Commission, the Attorneys General of each of the 50 states, and, in particular, the U.S. Department of Justice) have entered a decisive phase sooner than anticipated and require Volkswagen to maintain the highest degree of confidentiality. The extensive and confidential nature of these negotiations and Volkswagen’s cooperation with the Department of Justice restrict Volkswagen´s ability to comment further on necessarily tentative results of the continuing investigation.
- The further disclosure or characterization of interim results, which are currently available, would likely prejudice the rest of the investigation at this time, in particular because individuals who have yet to be questioned could align their statements with the contents of the interim report.
- In counsel’s view, a disclosure would also significantly impair Volkswagen’s cooperation with the Department of Justice and weaken Volkswagen’s position in any remaining proceedings.
- In counsel’s view, such disclosure could also jeopardize the credit that Volkswagen may expect to receive in the event of its full cooperation with the Department of Justice. According to Volkswagen’s legal advisers, this could have very substantial negative financial consequences.
lf a full settlement can be achieved with the Department of Justice, the Supervisory Board and the Management Board currently expect that a detailed statement of the facts of this matter will be made public in the U.S. at that time. This is because the settlement of a criminal investigation with the Department of Justice is customarily accompanied by a detailed statement of facts, agreed to by the parties.
Volkswagen explicitly regrets that it is not able to publish interim results by the end of April as initially planned. However, due to the reasons outlined above, the Management Board and the Supervisory Board see themselves forced to refrain from a disclosure in the interest of the company.
Volkswagen Reports Robust Operations in Fiscal Year 2015 – Special Items Impact on Result for the Year
- Consolidated sales revenue up 5.4 percent year-on-year to EUR 213.3 billion
- Operating profit before special items slightly higher than prior-year figure at EUR 12.8 billion
- Negative earnings before and after tax owing to substantial special items of EUR 16.9 billion
- Net liquidity in Automotive Division increases to EUR 24.5 (17.6) billion
- Dividend of €0.11 per ordinary share and €0.17 per preferred share proposed
The Volkswagen Group’s operations developed very robustly in fiscal year 2015 in spite of the emissions issue. Consolidated sales revenue rose by 5.4 percent to EUR 213.3 billion on the back of improvements in the mix in the automotive business and the strong performance of the Financial Services Division, alongside positive exchange rate effects. The solid development of sales revenue is not reflected in the relevant earnings figures: the operating result, which had amounted to EUR 12.7 billion in 2014, stood at EUR –4.1 billion in 2015. This figure includes negative special items totaling EUR 16.9 billion. At EUR 12.8 billion, the operating profit before extraordinary charges was slightly higher than the prior-year figure.
The largest share of the special items amounting to €16.2 billion comprises provisions for the emissions issue, among other things for pending technical modifications and customer-related measures as well as global legal risks. This takes account of the identifiable risks in the 2015 annual financial statements in connection with the emissions issue.
The share of operating profit attributable to the Chinese joint ventures, whose business is not included in the Group’s sales revenue and operating result, marginally exceeded the excellent prior-year figure following a strong fourth quarter and on account of exchange rate effects. Due to the high extraordinary charges, the Volkswagen Group recorded a consolidated loss before and after tax of EUR 1.3 billion and EUR 1.4 billion, respectively.
“The Volkswagen Group’s operations are in great shape, as the figures before special items for the past fiscal year clearly show,” explained the Chairman of the Board of Management, Matthias Müller. “Were it not for the sizable provisions we made for all repercussions of the emissions issue that are now quantifiable, we would be reporting on yet another successful year overall. The current crisis – as the figures presented today also reveal – is having a huge impact on Volkswagen’s financial position. Yet we have the firm intention and the means to handle the difficult situation we are in using our own resources,” Müller added.
The Volkswagen Group’s financial situation is favorable. The sale of the shares in Suzuki, among other things, added a total of EUR 2.8 billion to the Automotive Division’s net cash flow, lifting it to EUR 8.9 billion. Net liquidity in the Automotive Division rose to EUR 24.5 (17.6) billion.
After considering all the circumstances, the Board of Management and Supervisory Board will propose to the Annual General Meeting of Volkswagen Aktiengesellschaft on June 22, 2016 that a dividend be paid. This is proposed to be €0.11 per ordinary share and €0.17 per preferred share.
The Board of Management estimates that, on the whole, deliveries to customers of the Volkswagen Group in fiscal year 2016 will be on a level with the past year due to volume growth in China. Depending on the economic conditions – particularly in South America and Russia – and the exchange rate development and in light of the emissions issue, the Board of Management expects that sales revenue for the Volkswagen Group may be down by as much as 5 percent on the previous year. In terms of the Group’s operating profit, the Board of Management anticipates an operating return on sales of between 5.0 and 6.0 percent.
“This year we are again operating in an exceedingly challenging environment in which global demand for new vehicles is declining, exchange rates and interest rates remain highly volatile and competition in many of our markets is intensifying. Added to this is the emissions issue, the extensive clarification of which will also be a dominant feature of the Volkswagen Group’s work in the current year,” Chief Financial Officer Frank Witter explained. “Regardless of this, we are confident that the Volkswagen Group will make good progress on its chosen path.”
Volkswagen presents 2015 consolidated financial statements:
Charts can be found in the attached file.
Prospects for 2016:
The Volkswagen Group’s brands will press ahead with their product initiative in 2016, modernizing and expanding their offering by introducing new models. Our goal is to offer all customers the mobility and innovations they need, sustainably strengthening our competitive position in the process.
We expect that, on the whole, deliveries to customers of the Volkswagen Group in 2016 will be on a level with the previous year amid persistently challenging market conditions, with a growing volume in China.
In addition to the emissions issue, the highly competitive environment as well as interest rate and exchange rate volatility and fluctuations in raw materials prices all pose challenges. We anticipate a positive effect from the efficiency programs implemented by all brands and from the modular toolkits. Depending on the economic conditions – particularly in South America and Russia – and the exchange rate development and in light of the emissions issue, we estimate that 2016 sales revenue for the Volkswagen Group may be down by as much as 5 percent on the prior-year figure. In terms of the Group’s operating profit, we anticipate an operating return on sales of between 5.0 and 6.0 percent in 2016.
In the Passenger Cars Business Area we expect a sharp decrease in sales revenue, with an operating return on sales in the region of 5.5 – 6.5 percent. With sales revenue in the Commercial Vehicles Business Area likely to remain essentially unchanged, the operating return on sales should be between 2.0 and 4.0 percent. We expect sales revenue in the Power Engineering Business Area to be perceptibly lower than the prior-year figure, with a significantly reduced operating profit. For the Financial Services Division, we are forecasting sales revenue and operating profit at the prior-year level. Disciplined cost and investment management and the continuous optimization of our processes are integral elements of the Volkswagen Group’s strategy.
The Annual Media Conference and Investor Conference will be held in Wolfsburg on April 28, 2016.
Negative results of Volkswagen AG weight on results of Porsche SE
Dividend proposal of Euro 0.21 per preference share / Full annual report for fiscal year 2015 will be presented on 29 April 2016
Stuttgart, 22 April 2016. Volkswagen AG, Wolfsburg, informed that, primarily due to negative effects of the emissions issue, it will report a group loss after tax for fiscal year 2015 of Euro 1.361 billion. As a consequence of the capital stake of 30.8 percent which Porsche Automobil Holding SE, Stuttgart (“Porsche SE”), holds in Volkswagen AG, the negative group results announced will have a corresponding negative effect on the group results of Porsche SE. Taking into account this development, Porsche SE’s group loss before tax will presumably amount to Euro 456 million for fiscal year 2015. Due to a positive effect from tax refunds, the group loss after tax will presumably amount to Euro 273 million. The net profit in the separate financial statements of Porsche SE will presumably amount to Euro 871 million due to the dividend received from Volkswagen AG in fiscal year 2015 for fiscal year 2014.
The executive board intends to propose to the annual general meeting – subject to corresponding resolutions of the supervisory board – a dividend payout of Euro 0.204 per ordinary share and of Euro 0.21 per preference share. On 25 April 2016, the supervisory board of Porsche SE is expected to decide on the approval of separate and consolidated financial statements and its dividend proposal to the annual general meeting.
The full annual report for fiscal year 2015 of Porsche SE is scheduled for release on the occasion of the annual press and analyst conference on 29 April 2016 in Stuttgart.
Significant reduction in variable Board of Management remuneration
In the light of the current overall situation of the Volkswagen Group, the Supervisory Board and the Board of Management of Volkswagen Aktiengesellschaft have agreed on a reduction in variable Board of Management remuneration for the 2015 fiscal year.
In an intensive decision-making process over the past few weeks, justified public expectations and contractual conditions have been weighed up against each other.
The remuneration of Board of Management members at Volkswagen was based on the considerable economic success of the company over a series of years. The remuneration system at Volkswagen considers a long-term approach. Financial developments in 2015 stand out as an exception from this series and lead to an automatic reduction in the amount to be paid.
As a result of the current performance figures, which are poorer, there will be a reduction in the variable remuneration covering several years and also in the individual performance-related bonus component. The same applies to the four-year long-term incentive component, which will be 25 percent lower than for the previous year.
This effect will also be felt over the next few years.
In addition to this calculated reduction in the variable components of Board of Management remuneration, the Supervisory Board has accepted the proposal made by the Board of Management to reduce the Board’s contractual rights to remuneration still further on a voluntary basis.
Furthermore, at the suggestion of the Board of Management, it has been decided that the variable remuneration for current Board of Management members will initially not be paid in full. The payment of 30 percent will be postponed for three years. This amount is to be converted into virtual preference shares and will only be paid in full if the price of the preference share rises by at least 25 percent at the end of the retention period, compared with the initial reference price.
This will present both a risk and an incentive for the Board of Management as further parts of the remuneration will be linked to the future business success of the Volkswagen Group.
In total, the variable remuneration of an ordinary member of the Board of Management will fall by 39 percent (from €5.3 million in 2014 to €3.2 million in 2015). The amount of variable remuneration actually paid for 2015 will be about €1 million lower than this figure (€2.2 million) or 57 percent lower than the amount paid for the previous year.
This remuneration proposal takes into account the current crisis and also considers that the business of the Group may develop successfully in the future.
The Chairman of the Board of Management of Volkswagen Aktiengesellschaft, Matthias Müller, emphasized: “The Board of Management is making tremendous efforts to reinforce the trust of customers, to motivate the workforce and to safeguard employment at all locations. The proposal concerning remuneration has therefore been made unanimously by the Board of Management. This arrangement expresses the commitment of the Board of Management to the company, its employees and its customers.”
The Chairman of the Supervisory Board, Hans Dieter Pötsch, also stated that he was retroactively waiving part of his variable remuneration for the 2015 fiscal year amounting to €2.3 million at his own request.
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