The troubled German car company out with some figures/comments
- vs Q3 2014 +€2.971bln
- expects 2015 profit to be down significantly yy
- economic trends in Latin America and Eastern Europe will need to be continuously monitored
- 2015 sales revenue for the group expected to increase by 4%
- automotive division net cash flow increased to €11.8bln vs +5.5bln yy
- legal risks exist in connection with the diesel issue that cannot be assessed at present
- considerable financial charges may be incurred as the legal risks crystallise
- discussions underway with EU member states to ensure no legal action will be taken by public authorities beyond what has been agreed with Germany's KBA
CEO Muller says:
"We will do everything in our power to win back the trust we have lost"
May take a while but shares are now up 3.9% as markets pare back loss expectations
Volkswagen still with a lot of work to do to restore trust