44 Events after the balance sheet date
In January 2021, Volkswagen AG called a hybrid note with a principal amount of €1.25 billion, which had been placed in 2014 via Volkswagen International Finance N.V., Amsterdam, the Netherlands (issuer). The note, including all unpaid interest accrued up to that point, will be repaid in March 2021. Once called, the note has to be classified as debt in accordance with IAS 32, thus reducing equity and the liquidity of the Volkswagen Group.
On January 26, 2021, the Executive Boards of MAN SE and MAN Truck & Bus SE and the employee representatives signed an agreement covering the key points of a comprehensive realignment of MAN Truck & Bus SE. The agreement reached provides for restructuring of all areas of the MAN Truck & Bus business. The planned measures include reconfiguring the development and production network, with a strong focus on future technologies, as well as cutting around 3,500 jobs across all divisions in Germany by the end of 2022.
The cost of all restructuring measures (including as yet unspecified measures in connection with the production network) over the entire restructuring period is currently expected to be in the upper three-digit million range. Most of the cost will be attributable to HR measures.