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Volkswagen in position to issue bonds: CFO

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Volkswagen Group's finance chief said the auto maker is once again in a position to issue bonds, now that the company has released audited full year results.

[FRANKFURT] Volkswagen Group's finance chief said the auto maker is once again in a position to issue bonds, now that the company has released audited full year results.

"We have taken an important step with the issuance of audited results, we will now consider timing," Frank Witter said, adding that he did not think the company would issue a new bond before the end of May.

Speaking at a conference to discuss full year results, Witter further said he expected the VW brand to swing to an operating profit in the first quarter after recording a 127 million euros (S$194 million) operating loss in the final quarter of 2015.

Separately, Volkswagen's Chief Executive Matthias Mueller said the VW brand had been using discounts and incentives to prop up sales.

Discounts have risen by 10 per cent in the first quarter of 2016, compared with the final quarter of 2015, but incentives still remain 10 per cent below those offered by competitors, Mueller said.

REUTERS