Volkswagen has postponed the release of its financial results and annual meeting with shareholders because of the diesel emissions scandal.

The German carmaker said it was still trying to establish the cost of the emissions affair, which could run into tens of billions of euros.

The company has admitted installing defeat devices in 11m vehicles to cheat diesel emissions tests. As a result, it faces the prospect of having to pay out fines and compensation to customers.

VW had been due to post results on 10 March and hold its annual meeting on 21 April.

The fallout from the scandal is also hurting sales of the company’s cars.

Sales of new VW-branded vehicles fell 14% year on year in the UK last month, reducing its market share in a country that has previously been one of the carmarker’s most successful markets.

Other brands owned by VW were also affected. Seat car sales fell 25%, while Skoda sales were down 2.4%. Audi sales, however, increased by 1.4%.

Group sales declined despite the overall new car market enjoying its strongest performance in January since 2005.

VW is yet to confirm a new date for releasing the results, but said in a statement: “Volkswagen will set a new date for the publication of the annual accounts for fiscal year 2015 due to remaining open questions and the resulting valuation calculations relating to the diesel emissions issue.

“In this regard, Volkswagen will achieve the best possible transparent and reliable outcome for its shareholders and stakeholders.”