Voestalpine faced criticism after it was revealed that the company had made incorrect bookings totaling around 100 million euros. The issue was first mentioned in the annual report but not addressed during the presentation of annual results in June. The matter became a significant topic at the Annual General Meeting, where Supervisory Board Chairman Wolfgang Eder expressed surprise at the public discussion.
Despite mispostings averaging 8.3 million euros per year over 12 years, the company generated 20 billion euros in earnings before interest, taxes, depreciation, and amortization (EBITDA) during the same period. Eder emphasized that the company has not been endangered by the incident and no funds were withdrawn. While communication could have been better, he assured that there are no fundamental doubts about the internal control system of the group.
The matter is still being examined by a German law firm and auditors, and once investigations are complete, the public will be informed in detail. Shareholders, including the Investors’ Association and the Financial Market Authority (FMA), expressed skepticism about the company’s communication. The livestream of the Annual General Meeting was cut short, and resolutions regarding the discharge of the Management Board and the Supervisory Board were postponed.
Voestalpine has taken steps to address