For years, a manager of a voestalpine subsidiary assessed his division’s figures more positively than they actually were. In ten years, the incorrect bookings amounted to 100 million euros.
At least two people were involved: the former director of the company in question and an accountant, writes the ‘Oberösterreichische Nachrichten’ (OÖN), citing the annual report published on Wednesday.
“We can confirm the facts of deliberately incorrect accounting entries to improve results at a German company in the Metal Forming Division,” voestalpine said.
The case is currently being handled by a specialist consultant and a German law firm – this should last until August or September this year, according to the OÖN.
Incorrect bookings had no financial impact
The former director of the company in question, who was later also a board member of the Metal Forming Division, has no longer worked for the group since the autumn of 2023, voestalpine confirms. The incorrect bookings had no impact on cash and no outflow of funds took place, voestalpine said. But the 2022/23 balance sheet had to be corrected and voestalpine’s equity was reduced from 7.6 to 7.5 billion euros as of the balance sheet date of March 31, 2024. The financial consequences are fully included in the consolidated annual accounts for 2023/24, voestalpine emphasizes.
Source: Krone
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