Thursday, October 1, 2015

EU development bank sour: VW received billion for “green” technology – Handelsblatt

Trees on VW plant Salzgitter

€ 1.8 billion loans from the European Investment Bank

(Photo: AP)

Brussels The exhaust scandal of Volkswagen makes now also within the European Investment Bank (EIB) in Luxembourg for a headache. “We are very concerned about the allegations, including the evidence that VW executives have behaved inappropriately and possibly criminal,” said a representative of the development bank Handelsblatt. About the possible consequences to speak, but was still too early. One was with the carmaker in conversation, to “make an overall picture” itself.

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information from the According to Bank are currently a total of Volkswagen contracted from EIB loans amounting to 1.8 billion euros. An additional 500 million euros in loans from the EIB are already approved in principle but not yet paid to VW. The EIB requires Volkswagen now information about what was conveyed to the already granted loans in detail.

Much of the loans granted by the EIB to VW loan will promote activities and resources for the development of low-emission and fuel-efficient powertrains and components, and for investment for the introduction of appropriate vehicles and their production.

The years loans granted are part of a funding program to support investment in research, development and innovation with the aim of reducing emissions and improving energy efficiency in the European transport sector.

So VW could the” Diesel Gate “costs shoulders

  • “9″

    The exhaust scandal scrapes not only on the image of the Volkswagen -Konzerns – he is likely to be particularly expensive. The most important questions and answers about the cost of the scandal and how VW could lift

    Source:. Dpa

  • In addition observers puzzled now. Is not yet known: Volkswagen has traveled 6.5 billion euros for costs from the exhaust scandal. The money is probably intended primarily for technical re-equipment of cars with manipulation software, as Chief Financial Officer Hans Dieter Pötsch, according to the journal “Auomobilwoche” recently declared before VW managers. It is unclear what penalties come on VW. For this purpose, at least three other possible cost pools should come: penalties, damages, attorney’s fees. How much will these issues can currently only be roughly estimated. The Landesbank Baden-Württemberg currently anticipates a loss of 47 billion euros for the Group. A possible loss of image and thus to a decline in auto sales is not yet included. However, the cost will probably not arise at once, but spread over years.

  • Comparatively much. VW has acquired a stately capital buffers in recent years. At mid-year, the Group had around EUR 18 billion cash in the account. That’s more than all DAX companies such as Adidas or Lufthansa are worth individually on the stock exchange. “As a rule of thumb can VW which use half to settle possible costs,” says Nord LB analyst Frank Schwope. There are also at VW still quick sale investments over EUR 15 billion and estimated at least 5 billion euros from the sale of interests in the former partners Suzuki and at a Dutch leasing company.

  • That’s very unlikely. VW could borrow through bonds and loans of money, even if some of the CRAs had their credit evaluations of the Group’s most recently adjusted. When it eventually came to shove, Volkswagen could still sell his silverware. The easiest way could be probably the luxury brands Bentley, Bugatti and Lamborghini in the Group take out. Nord LB analyst Schwope estimates the potential sales proceeds for the three brands and the motorcycle manufacturer Ducati at 5 to 10 billion euros. A sale of the truck manufacturer MAN and Scania even 30 to 35 billion euros could be achieved according to his calculations. The most precious jewel in the collection, the sports car maker Porsche likely that VW shareholders wish to make little.

  • Only limited. A capital – that is, the issue of new shares – is not as easy as in other corporations at VW. Thus, the Porsche and Piëch families and the Land of Lower Saxony does not lose its power as a shareholder in the group, their respective share of the ordinary shares may not decrease greatly. Especially Niedersachsen but likely currently hardly have an interest to purchase additional common shares and to put money into the VW group. VW could therefore probably spend a maximum of new preference shares, which are shares without voting rights at the general meeting of the Group. According to the Stock Corporation Act, the number of preferred shares may not exceed the number of ordinary shares, however. VW could therefore no more than approximately 114 million new shares and thus collect on the basis of current prices around 11 billion euros.

  • In general, set austerity measures in major corporations in the first employees at: Less content, hiring freezes, to job cuts and layoffs. At Volkswagen, this would, however, not so simple. The employee representatives have in Wolfsburg significantly more power than in other groups. One would be the reduction of planned investments. Here Volkswagen vying to put a sum of more than 100 billion euros in locations, models and technologies to of 2019. According to expert Schwope VW could here cutbacks, thus saving EUR 2 billion a year, mainly in spending on research and development. Only: Then there is the danger of being left behind by the competition. The timing would be extremely unfavorable – the auto industry is by digitization and electric drive before a break



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