Voestalpine Faces Criticism Over 100 Million Euro Incorrect Bookings: Annual General Meeting Exposes Balance Sheet Embellishments
The Voestalpine steel company faced criticism for incorrect bookings totaling around 100 million euros. This issue was only mentioned in the annual report and not addressed when the annual results were presented in early June. At the Annual General Meeting, Supervisory Board Chairman Wolfgang Eder expressed surprise at the public discussion surrounding the balance sheet embellishments.
Eder noted that mispostings over the past 12 years averaged 8.3 million euros per year, but the company generated 20 billion euros in EBITDA during the same period. Despite the incorrect bookings, the company’s stability was not compromised, and no funds were withdrawn. Eder, who is up for re-election, assured shareholders that the internal control system of the group remained intact.
CEO Herbert Eibensteiner acknowledged that communication could have been better regarding the incorrect bookings. He admitted that the company should have been more forthcoming about the issue. Despite acting legally and correcting the mispostings since 2012, the company faced criticism from shareholders and is under investigation by the Financial Market Authority.
The matter is currently being examined by a German law firm and auditors, with detailed information to be shared with the public once the investigations are complete. Shareholders expressed skepticism at
