(260446434) qualitative and quantitative analysis of volkswagen

7/22/2019 (260446434) Qualitative and Quantitative Analysis of Volkswagen

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QUALITATIVE AND QUANTITATIVEANALYSIS OF

VOLKSWAGEN

Authors (Universitat de

ar!e"ona#$ %ristina G&'e u"e

Gona)a *estre Ga"o+,

-au"a .osse""& Garri)a

EDITO.$ /ordi *arti -ide"aserra

(D0t1 %o'0ta2i"itat3 Universitat ar!e"ona#


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Volkswagen Group

Analyzing the company

Paula Rossell, Gonzaga Mestre y Cristina Gmez

INDEX

13


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QU ALIT ATIVE AN ALYSI S

PART I : Volk swag en analyze

1. Introduction..................................................................................................................4

2. Volkswagen AG...........................................................................................................

! Porsc"e case: its relation wit" Volkswagen................................................................1#

#. $%& 'e'(ers...........................................................................................................14

4. Volkswagen e)olution................................................................................................1*

*. +"are"olders.............................................................................................................1

. +take"olders..............................................................................................................1

,. Volkswagen $+R.......................................................................................................2

. /ocation.....................................................................................................................21

0. %'erging 'arkets.....................................................................................................22

FIN ANCI AL ALN ALYSI S ( EURO STO XX50 Vol ksw agen eol!"# on$

PART I I: Risk analysis

1. +"ort ter' risk......................................................................................................... 22

2. /ong ter' risk ..........................................................................................................2*

#. Volkswagen Reort Risk...........................................................................................2

Researc" and de)elo'ent risk ......................................................................2,

Procure'ent risk................................................................................................2,

Production risk .................................................................................................2,

Risks arising ro' c"anges in de'and ............................................................2


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3uality risk ........................................................................................................20

Personnel risk ...................................................................................................20

IT risk ................................................................................................................#

4. +trategies or "edging inancial risks ........................................................................#

PART I II : Pr o it a(ilit y analysis

1. +ales..........................................................................................................................#4

2. $ost o goods sold.....................................................................................................#4

#. argin Ratio..............................................................................................................#4

4. Turno)er Ratio...........................................................................................................#*

*. Iso-Proita(ility...........................................................................................................#

. Return on %5uity........................................................................................................#,

,. Return on %5uity 6%7&R% TA8%+...........................................................................#

. &ti'u' 212...........................................................................................................4

0. Return on Assets ......................................................................................................41

1. Real Ta9 Rate..........................................................................................................42

11. Value-Added............................................................................................................4#

12. R&A +ol)ency Ratio and $as" $ycle....................................................................44

$ o n c lus io n s ...................................................................................................................4*

6i( lio g r a " y ...................................................................................................................4


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QUALITATIVE ANALYSIS

%ART I& Volksw agen anal'e)* In"+o,!-"#on

;T"e Volkswagen Grou is one o t"e leading auto'o(ile 'anuacturers worldwide and

t"e largest auto'o(ile roducer in %uroe. Its twel)e ascinating (rands oer 'o(ility

in e)ery )e"icle class to 'eet t"e "ig"est e9ectations all around t"e world+ociety or t"e rearation o t"e Ger'an Peole?s

$ar>@ (y t"e Nazi Deutsche Arbeitsfront =Ger'an /a(our 7ront@. T"e urose o t"e

co'any was to 'anuacture t"e Volkswagen car originally reerred to as t"e Porsc"e

Tye t"en t"e Volkswagen Tye 1 and co''only called t"e Volkswagen 6eetle.

T"is )e"icle was designed (y 7erdinand Porsc"e?s consulting ir' and t"e co'any

was (acked (y t"e suort o Adol Bitler.

Curing t"e +econd Dorld Dar t"e 'anuactory ne9t to 7allersle(en (egan to roduce

'ilitary cars and also lying (o'(s used (y t"e Allied orces. uc" o t"e workorce at

t"e lant was sla)e la(or ri'arily ro' %astern %uroe.

Ater t"e war in %uroe in Eune 104* t"e 6ritis" Ar'y Royal %lectrical and ec"anical

%ngineers =R%%@ took control o actory and restarted roduction. As art o t"e

Industrial lans or Ger'any large arts o Ger'an industry including Volkswagen

were to (e dis'antled. Total Ger'an car roduction was set at a 'a9i'u' o 1F ot"e 10# car roduction nu'(ers. T"e co'any sur)i)ed (y roducing cars or t"e

6ritis" Ar'y and in 104 t"e 6ritis" Go)ern'ent "anded t"e co'any (ack o)er to

t"e Ger'an state w"ere it was 'anaged (y or'er-&el c"ie Beinric" ord"o.

As art o t"e Industrial lans or Ger'any large arts o Ger'an industry includingVolkswagen were to (e dis'antled. Total Ger'an car roduction was set at a 'a9i'u'o 1F o t"e 10# car roduction nu'(ers. T"e co'any sur)i)ed (y roducing cars ort"e 6ritis" Ar'y and in 104 t"e 6ritis" Go)ern'ent "anded t"e


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co'any (ack o)er to t"e Ger'an state w"ere it was 'anaged (y or'er-&el c"ie

Beinric" ord"o.

Production o t"e Tye Volkswagen =re-designated Tye 1@ started slowly ater t"e

war due to t"e need to re(uild t"e lant and (ecause o t"e lack o raw 'aterials (utroduction grew raidly in t"e 10*s and 10s. T"e co'any (egan introducing new

'odels (ased on t"e Tye 1 all wit" t"e sa'e (asic air-cooled rear-engine rear-dri)e

lator'.

In 10 uon t"e lotation o art o t"e Ger'an ederal go)ern'ent?s stake in t"e

co'any on t"e Ger'an stock 'arket its na'e (eca'e Volkswagenwerk

Aktiengesellsc"at =usually a((re)iated to Volkswagenwerk AG@.

&n 1 Eanuary 10* Volkswagenwerk ac5uired Auto Hnion G'(B ro' its arent

co'any Cai'ler-6enz. T"e new su(sidiary went on to roduce t"e irst ost-war Audi

'odels t"e Audi 71# series s"ortly aterwards. Anot"er Ger'an 'anuacturer +H

otorenwerke AG was 'erged into Auto Hnion on 2 August 100 creating a new

co'any Audi +H Auto Hnion AG =later rena'ed AHCI AG in 10*@.

/#ss#on

T"e Grous goal is to oer attracti)e sae and en)iron'entally sound )e"icles w"ic"

can co'ete in an increasingly toug" 'arket and set world standards in t"eir

resecti)e class. At t"e sa'e ti'e t"e ir' wants to 'eet t"e needs o its custo'ers

and t"e 'arket t"roug" e9cellence in care 5uality ser)ice and costs wit" "ig"ly

trained "u'an resources.

V#s#on

Volkswagen )ision is to continue (eing recognized as a deined co'any in t"e'arket and (eco'e t"e leader in t"e sale and distri(ution sare arts ac"ie)ing t"e

econo'ic ser)ice e9cellence de)elo'ent and growt" t"at "a)e always c"aracterized

t"e ir'.


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* Volkswagen A1

T2e 3+an,

Curing its "istory Volkswagen "as de)eloed our logos:

7 ir st lo g o

T"e irst logo was t"e result o an internal co'etition in

Volkswagen oices w"ic" was won (y 7ranz Rei'siess wit"

"is design o a >V> o)er a >D>. Its angles were 'atc"ed and

co'le'ented to or' a )ery consistent sign wit" t"e azi

sy'(olis' o Ger'any. 6ecause o t"at t"e (lades were

si'ly a reresentation o t"e azi +wastika stylized to not

(reak t"e (alance o t"e circular design t"at si'ulates a gear.

G e r' an / a (o u r 7 r o n t

Dit" t"e aroac" o t"e +econd Dorld Dar t"e i'age "ad

a 'inor c"ange w"ic" consisted in re'o)ing t"e (lades to

gi)e 'ore e'"asis to t"e gear corresonding to t"e i'age

o t"e >/a(our 7ront Ger'an> w"o was now in c"arge o t"e

roduction o t"e car.

Post-war

Ater t"e +econd Dorld Dar and under t"e control o t"e

6ritis" Volkswagen renews its i'age according to t"e

situation and t"e interests o its new 'anager. T"e c"ange

was s'aller (ut )ery noticea(le (ecause it (eca'e t"e irstinstance o t"e Volkswagen?s logo t"at we can associate

wit" t"e (rand as we know it today. T"e gears were re'o)ed

and a container circle was set to raise t"e i'ortance o t"e

V and D (y gi)ing a solid concet o t"e ir'. T"e D

roortions were c"anged too.


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o w a d a y s

Al'ost "al a century later a new )ersion o t"e logo was

created (y etalCesign. It is co'osed (y a #C Cesign tye:

a (lue (ackground and a 'etallic )olu'e edge t"at ro)idest"e (ase o t"e V and D 'erged wit" a circle around t"e'.

S!3g+o!4s an, las" la!n-2es

Volkswagen acti)ities 'ay ocus on t"e auto'o(ile (ut t"e Volkswagen Grou is ar

'ore t"an Just a car'aker: a wide )ariety o 'o(ility-related ser)ices round o its

ortolio.

T "e G r o u c o ' ris e s tw e l)e (rands ro' se)en %uroean countries: Volkswagen

Passenger $ars Audi +%AT KL&CA 6entley 6ugatti /a'(org"ini Porsc"e Cucati

Volkswagen $o''ercial Ve"icles +cania and A.

%ac" (rand "as its own c"aracter and oerates as an indeendent entity on t"e

'arket. T"e roduct sectru' ranges ro' 'otorcycles to low-consu'tion s'all cars

and lu9ury )e"icles. In t"e co''ercial )e"icle sector t"e roducts include ranges ro'

ick-us (uses and "ea)y trucks.

In addition t"e Volkswagen Grou oers a wide range o inancial ser)ices including

dealer and custo'er inancing leasing (anking and insurance acti)ities and leet

'anage'ent.

)* Vol ksw agen %assenge+ Ca+ s

Volkswagen Passenger $ars 'aintains acilities

in 14 countries w"ere it roduces )e"icles orcusto'ers in 1*# nations.

Curing t"e year 211 t"e Grous core (rand

resented a range o inno)ati)e and en"anced

)e"icles. T"e 'ost recognized was t"e uM odel

(ecause it oers t"e 'a9i'u' sace wit"in t"e

'ini'u' di'ension. T"is way Volkswagen enters
http://www.volkswagenag.com/content/vwcorp/content/en/brand_and_product.htmlhttp://www.volkswagenag.com/content/vwcorp/content/en/brand_and_product.html


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into t"e s'all car seg'ent. &n t"e ot"er "and t"ey redesign t"e icons car 6eetle and

i'ro)e t"e new Gol $a(riolet.

In 212 Volkswagen Passenger $ars deli)ered *.,4 'illion )e"icles setting a new

record.

* A!,#

Audi is one o t"e worlds leading 'anuacturers o re'iu' cars and "as (een art o

t"e Volkswagen Grou since 10*. Today t"e co'any 'akes )e"icles ranging ro'

co'act to to-o-t"e range 'odels.

In 211 introduced t"e Audi 3#

w"ic" co'(ines t"e dyna'ics o a

co'act car wit" t"e saciousness

and )ersatility o an +HV.

7urt"er'ore t"ey created t"e ne9t

generation o t"e oular and

re'iu' seg'ent series Audi A.

T"ey also launc"ed t"e Audi 3* in a

ull "y(rid )ersion and t"e suersorts cars R GT $ouN R GT

+yder t"e A / D12 3uattro lu9ury saloon and t"e sorty R+ # +ort(ack.

In 212 Audi deli)ered 'ore t"an 1.4** 'illion cars setting a new record.

* SE AT

+%AT looks (ack on a "istory

sanning o)er years. A 'e'(er

o t"e Volkswagen Grou since

10 t"e +anis" car'aker today

designs de)elos and

'anuactures cars and co'onents

at its roduction sites in 6arcelona

artorell and Prat.


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Curing 211 +eat (rand e9anded its 'odel range to include a s'all car: t"e +%AT

ii. In 212 +%AT deli)ered 'ore t"an #21 )e"icles to its custo'ers.

6* 7 8 OD A

Kkoda "as (een a (rand 'e'(er o t"e Volkswagen

a'ily or 2 years.

Curing 211 Kkoda resented t"e $itigo and t"e Raid

two )e"icles t"at e9tend t"e (rands 'odel range. Dit"

t"e launc" o t"e $itigo Kkoda entered into t"e s'all

car seg'ent oering a res" e9terior design and a s'art

interior solution.

5* 9en"l e '

6entley otors was ounded (y D.&.

6entley in 1010 and "as (een art o

t"e Volkswagen Grou since 100. At

its "ead5uarters in $rewe t"e %nglis"

car'aker 'anuactures lu9ury cars t"atco'(ine cutting-edge auto'oti)e

tec"nology wit" t"e ulti'ate in

crats'ans"i.

T"e 6ritis" lu9ury (rand 6entley resented in 211 t"e new generation o t"e

$ontinental GT $a(riolet. T"eir 'ain o(Jecti)e was to con)ert it into a 'ore elegance

and lu9ury car o t"e 'odel range.

:* 9!ga""#

7or 'ore t"an 1 years 6ugatti "as (een synony'ous wit" aest"etic and

tec"nologically e9cetional cars. In 100 t"e legendary (rand (eca'e art o t"e

Volkswagen Grou. +ince roduction started in 2* t"e 6ugatti Veyron 1.4 and its

si(lings Grand +ort +uer +ort and Vitesse are 'anuactured in t"e co'anys

acility in ols"ei' Alsace.


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6ugattis key )alues ;Art 7or' Tec"ni5ue< co'e to lie in its roducts. $urrently t"e

6ugatti Veyron 1.4 Grand +ort Vitesse wit" a total o 2 kD =12 "@ is t"e astest

oen to car e)er (uilt in series roduction.

;* La


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deli)ered 141 cars setting a new record. $urrent 'odels are t"e Porsc"e 011

$ayenne Pana'era 6o9ster and $ay'an. In addition to Destern %uroe t"e

co'anys key sales 'arkets are t"e H+A and $"ina.

>* D!-a"#

T"e Italian 'otorcycle (rand

Cucati was ounded in 102 and

"as (een art o t"e Volkswagen

Grou since 212. T"e co'anys

reutation is (ased on its

legendary success on t"e

racetrack. It roduces to-o-t"e-

range 'otorcycles in 6ologna. In

212 Cucati roduced 'ore t"an

41 'otorcycles.

)0* Vol ksw agen Co


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))* S-a n # a

+cania was one o t"e irst co'anies in

t"e world to 'ake co''ercial )e"icles and

"as (een a 'e'(er o t"e Volkswagen

Grou since 2. T"is long-standing

+wedis" (rand 'anuactures "ea)y trucks

(uses and engines at nine roduction sites

in si9 countries.

In 211 +cania resented an inno)ation in t"e ield o truck engines: wit" t"e new %uro 'odel t"ey ac"ie)ed to cut t"e e'issions wit" t"e sa'e uel eiciency as t"e

re)ious generation o engines. In 212 +cania deli)ered and took care o o)er 4

co''ercial )e"icles to custo'ers in 'ore t"an 1 'arkets.

)* / AN

T"e A Grou is one o %uroes leading industrial layers in transort-related

engineering. As a sulier o trucks (uses diesel engines tur(o 'ac"inery andsecial gear units A e'loys aro9i'ately *2* eole worldwide. Its di)isions

"old leading ositions in t"eir resecti)e 'arkets.

A "as (een in (usiness or

o)er 2* years. In 211

Volkswagen increased its e5uity

interest in A +% t"e **.0F o

t"e )oting rig"ts and *#.,1F o

t"e s"are caital and t"ereore

consolidated anot"er successul

(rand in t"e Grou. A +% is a

co'any and a (rand t"at oers

trucks and (uses ower engineering

And inancial ser)ices (usiness.


14/50

?Rela"#ons2#4 Volkswagen@%o+s-2e

Volkswagen and Porsc"e "a)e (een always stretc" related. Porsc"e was ounded in

10#1 (y 7erdinand Porsc"e w"o was t"e designer o t"e irst car o Volkswagen t"e

V1 'odel or co''only known as ;6eetle


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Ater "is resignation (ot" a'ilies signed a truce. In 20 Volkswagen (oug"t t"e 40F

o s"ares o Porsc"e or less t"an 4 'illion dollars. T"is rate o s"ares increased in

t"e last years in order to reac" a artial integration o Porsc"e into t"e Volkswagen

Grou.

6* CEO

/anage


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* Volkswagen eol!"#on

Sales an, +een!es eol!"#on&

As it is s"own in t"e re)ious grag" t"ere is a ositi)e tendency in general ter's in

sales and re)enues.

S!3s#,#a+#es

As we can igure out we ind

'ore t"an a "al o t"e

su(sidiaries in %uroe and is

interesting t"at only t"e 2F islocated in t"e H+A.


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5* S2a+e2ol,e+s

T"e t"ree 'ost i'ortant s"are"olders are:

Porsc"e as it "as (een e9lained re)iously in t"e relations"i owns t"e *.,#F.T"e Go)ern'ent o Land Niedersachsen "as t"e 2F.

3atar "olding //$ "as t"e 1,F.

:* S"ake2ol,e+s

S"+a"eg#- ,#alog!e w#"2 s"ake2ol,e+s

At Volkswagen working toget"er to or' national and international (usiness networks

is a unda'ental art o t"e on-going dialogue "eld wit" key cororate grous and

stake"olders. T"eir role is to contri(ute its tec"nical and social e9ertise to t"is

dialogue and suort countless roJects.

Coco''unity dialogue> is a stake"older oru' set u to ensure t"at interaction and

inor'ation s"aring (etween t"e local co''unity and Volkswagen is c"aracterised (ya sense o trust.


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T"eir o(Jecti)e is to create transarency and de)elo 'utual understanding and trust.

T"is is oten a good way o deusing any otential conlicts o interest in a le)el-"eaded

'anner ro' t"e outset.

/a#n s"ake2ol,e+s o Volkswagen

T"e 'ain stake"olders t"at we "a)e analysed are t"e ollowings:

Cl# en" s

T"e range o 'odels t"at Volkswagen Grou roduces is )ery wide. T"is way t"e

clients t"at t"e co'any "as are really nu'erous and dierent. De can ind ri)ate

clients wit" a )aried urc"asing ower and co'anies dedicated to distinct sectorsQ

so'e o t"e' use t"eir cars in t"e roduction rocess =transort o raw 'aterials and

assenger@ and ot"ers use t"e' as a 'ean o transort.

S!44l# e+s

F#-osa&

7icosa is t"e oicial sulier and tec"ni5ue s"are"older o t"e 'aJority o t"e

worldwide car 'anuactories. Its roducts are Rear-)iew +yste's Ve"icle

$o''unication +yste's Ad)anced Cri)er Assistance +yste's %lectro'o(ility

+yste's Gears"it +yste's Parking 6rake +yste's Cri)e $a(les +yste's or

7luids Air Intake +yste's Industrial Ve"icle $o'onents and +yste's or Coors and

+eats.

9os-2&

7or nearly 12* years 6osc" "as ensured t"e continued )ia(ility o indi)idual 'o(ility:

clean and econo'ical sae and co'orta(le. De are a relia(le and inno)ati)e sulier

and a trusted artner to t"e glo(al auto'oti)e industry.

6osc" auto'oti)e tec"nology is di)ided in: Gasoline and Ciesel +yste's $"assis

+yste's $ontrol %lectrical Cri)ers +tarter otors and Generators $ar ulti'edia

and Auto'oti)e %lectronics.


19/50

S#e


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A co'any will only (e a(le to sur)i)e in t"e ace o international co'etition i it "as a

to tea' c"aracterised (y a "ig" le)el o co'etence dedication in)enti)eness and

itness.

$o'etence is created ro' good (asic training and a lie-long willingness to learn.

Cedication ideally 'eans entrereneurial t"inking and actions not only (y

'anage'ent sta. Acti)e contri(ution o ideas and articiation are e9ected o all

'e'(ers o sta.

Co


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(illions o dollars in loans ro' t"e $anadian and H+ go)ern'ents negotiated

concessions wit" la(our unions and Jettisoned (rands. T"e auto giant went t"roug" a

si9-week eriod o (ankrutcy rotection in 20Q it issued an initial u(lic oering and

returned to t"e stock 'arket in 21.

Da# co'anies.

;* Volkswagen CSR

Volkswagen grou "as always taken into account its social resonsi(ility into its

culture.7or e9a'le in t"e 10,s a cororate oundation in 6razil w"ic" ro'oted education

and "ealt" o t"e regions was located in one o Volkswagen industries. A ew years

later t"e $o''unity Trust was ounded in +out" Arica wit" si'ilar goals. T"ese two

e9e'lars o Volkswagen Grou roJects tyiy t"e "iloso"y and unda'ental (elies

o its social co''it'ent. T"ere are two core ele'ents at work "ere:
http://en.wikipedia.org/wiki/Multinational_corporationhttp://en.wikipedia.org/wiki/Multinational_corporationhttp://en.wikipedia.org/wiki/Multinational_corporationhttp://en.wikipedia.org/wiki/Automakerhttp://en.wikipedia.org/wiki/Automobile_manufacturerhttp://en.wikipedia.org/wiki/Automobile_manufacturerhttp://en.wikipedia.org/wiki/Automobile_manufacturerhttp://en.wikipedia.org/wiki/Automobile_manufacturerhttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/Volkswagen_Grouphttp://en.wikipedia.org/wiki/List_of_companies_by_revenuehttp://en.wikipedia.org/wiki/List_of_companies_by_revenuehttp://en.wikipedia.org/wiki/List_of_companies_by_revenuehttp://en.wikipedia.org/wiki/List_of_companies_by_revenuehttp://en.wikipedia.org/wiki/List_of_companies_by_revenuehttp://en.wikipedia.org/wiki/Scion_(automobile)http://en.wikipedia.org/wiki/Lexushttp://en.wikipedia.org/wiki/Lexushttp://en.wikipedia.org/wiki/Daihatsuhttp://en.wikipedia.org/wiki/Hino_Motorshttp://en.wikipedia.org/wiki/Hino_Motorshttp://en.wikipedia.org/wiki/Multinational_corporationhttp://en.wikipedia.org/wiki/Automakerhttp://en.wikipedia.org/wiki/Automobile_manufacturerhttp://en.wikipedia.org/wiki/Automobile_manufacturerhttp://en.wikipedia.org/wiki/Automobile_manufacturerhttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/Volkswagen_Grouphttp://en.wikipedia.org/wiki/List_of_companies_by_revenuehttp://en.wikipedia.org/wiki/Scion_(automobile)http://en.wikipedia.org/wiki/Lexushttp://en.wikipedia.org/wiki/Lexushttp://en.wikipedia.org/wiki/Daihatsuhttp://en.wikipedia.org/wiki/Hino_Motors


22/50

1@ $ontinuity not suericial ollowing o as"ion.

2@ Dorking to create sustaina(le structural de)elo'ents at t"eir sites as sources o

econo'ic and social sti'ulus and oortunities or stake"olders.

/ong (eore $+R e)ol)ed into a strategic asect o cororate olicy Volkswagen was

associated wit" t"e goal o 'arrying entrereneurial sel-interest wit" "ilant"roic

'oti)es.

It is t"is cororate culture w"ic" allows t"e Volkswagen Grou to integrate traditional

entrereneurial (usiness )alues wit" a 'odern understanding o resonsi(ility and

sustaina(ility.

T"is ra'ework relects t"e c"allenges o t"e 21st century in articular t"ose o

resource conser)ation and cli'ate rotection as well as intra- and inter-generational

air lay.

In conclusion t"e di)erse $+R roJects initiated (y t"e Volkswagen Grou on a glo(al

scale 'ust all satisy t"ese keys:

Are in accordance wit" t"e Grous rinciles w"ile addressing seciic local or

regional issues. %9ress t"e di)ersity wit"in t"e Grou as well as t"e social en)iron'ent wit"in w"ic"

t"e roJects take lace.

&riginate ro' an intense stake"older dialogue wit" local layers t"ose acti)ely

in)ol)ed in roJect realisation.

ProJect 'anage'ent takes lace locally and is t"e resonsi(ility o t"e units acti)e at

t"at location.

=* Lo-a"#on

T"e Grou oerates 1 roduction lants in 10 %uroean countries and a urt"er eig"t

countries in t"e A'ericas Asia and Arica. %)ery weekday t"e co'any roduce

a(out #,, )e"icles and work in )e"icle-related ser)ices or ot"er ields o (usiness.

T"e Volkswagen Grou sells its )e"icles in 1*# countries.


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>* E


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FINANCIAL ALNALYSIS

EURO STOXX50 Volksw agen eol!"#on$o'aring t"e e)olution during t"e last our years o t"e %urosto99* 'arket and t"e

Volkswagen Grous stocks we o(ser)e t"at Volkswagen "as increased its )alue on

t"e stock'arket #1 o)er a 'ean o 1101. D"ereas t"e %urosto99* "as increased

2#42 o)er its own 'ean =2.20@. +o in conclusion t"e growt" o "as aected in a

ossiti)e way t"e e)olution o t"e %urosto99*.

1. Risk analysis

2. Proita(ility analysis

%ART II& R#sk anal 's#sRisk is t"e uncertainty associated wit" any in)est'ent. T"is 'eans t"at risk is t"e

c"ance t"at an in ) est' e n t ?s actual re t urn will (e dierent t"an e9ected. In ot"er

words risk is t"e ossi(ility t"at s"are"olders will lose 'oney w"en t"ey in)est in a

co'any t"at "as de(t i t"e co'any?s cas" low ro)es inade5uate to 'eet itsinancial o(ligations. +o a unda'ental idea in inance is t"e relations"i (etween risk

and return. T"e greater t"e a'ount o risk t"at an in)estor is willing to take on t"e

greater t"e otential return. T"e reason or t"is is t"at in)estors need to (e

co'ensated or taking on additional risk

)* S2o+" "e+< +#sk

S ol e n - ' R a" #os

0)

$. Assets 1,,4

$. /ia(ilities 4

Bo+k#ng Ca4#"al

Solen-' Ra"#o
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25/50

T"e Dorking $aital o any co'any 'easures t"e caa(ility o co)ering t"e s"ort

ter' de(ts wit" t"e current assets. As we can see on t"e data Volkswagen Grou "as

inancial caacity to 'eet its s"ort-ter' de(t =D$U@.

Anot"er way to calculate t"is relations"i is o(taining t"e +ol)ency Ratio. In t"at caseall results are "ig"er t"an 1. T"ereore as we "a)e redicted wit" t"e Dorking $aital

our co'any is sol)ent in t"e s"ort ter'.

oreo)er t"is caacity "as increased o)er t"e years.

0)

$. Assets 1,,4

+tocks 2,4$. /ia(ilities 4

In t"is second ratio we analyze t"e caacity o t"e co'any to co)er t"e s"ort ter'

de(t wit" t"e current assets wit"out taking into account t"e in)entories =stocks@. As we

can see t"e results are "ig"er t"an 1 so Volkswagen Grou is a(le to co)er its

i''ediately de(ts.

0)

$as" 14

$. /ia(ilities 4

A-#, "es"

Dit" t"e acid test we analyze t"e caa(ility t"at t"e co'any "as to co)er its current

lia(ilities wit" its cas". As we can see Volkswagen can co)er only a 2F o its current

lia(ilities. T"at 'eans t"is co'any "as not 'uc" cas".

L#!#, #" ' R a" #os

0)

Recei)a(les 100

+ales 102,

Ag 4e+#o, o -as2


26/50

T"e a)erage eriod o cas" is t"e nu'(er o days t"at t"e co'any takes to con)ert its

sales in cas". Volkswagen s"ows t"at it "as an a)erage o 2, days in get its sales

in cas".

0)

Paya(les 44#*1

$ost o goods sold 1*,*1

Initial stock 2,**1

7inal stock 2,4

Purc"ases 1*41

Ag 4e+#o, o 4a'


27/50

6366 56366 46366


28/50

Volkswagen is situated in a ositi)e relations"i (etween t"e +ol)ency Ratio and t"e

$as" $ycle. T"at 'eans t"at is a non-risk co'any (ecause is sol)ent and "as

li5uidity.

* Long "e+< +#sk

0)

Total assets #044

%5uity 12*

Lee+age Ra"#o

T"e /e)erage Ratio 'easures t"e caa(ility t"at t"e co'any "as to co)er its e5uitywit" t"e total assets. In t"e case o Volkswagen is lower t"an a ,F =around a 4F@

w"ic" 'eans t"at t"e co'any doesnt "a)e any risk in t"e long ter'.

&(ser)ing t"ese co'anies ro' t"e %urosto99 * Volkswagen is t"e t"ird one wit"t"e "ig"est le)erage ratio. T"at is (ecause t"e co'any is )ery sol)ent in t"e longter'.


29/50

6* Volkswagen R#sk Re4o+"

Volkswagens sustaina(le success deends on "ow ro'tly t"ey identiy t"e risks

arising ro' t"eir oerating acti)ities and "ow orward-looking t"ey are in 'anaging

t"e'. T"e Volkswagen Grous internal control syste' and a co're"ensi)e risk

'anage'ent syste' "el t"e co'any deal wit" t"ese risks in a resonsi(le 'anner.

S4e-##- +#sks

/a-+oe-ono


30/50

likely to increase urt"er. anuacturers will resond (y oering rice discounts in order

to 'eet t"eir sales targets t"ere(y utting t"e entire sector under ressure articularly

in Destern %uroe t"e H+A and $"ina.

Resea+-2 an, ,eelo4


31/50

led to a decline in lant and workorce caacity utilization w"ic" in e9tre'e cases e)en

resulted in actory closures. 7or se)eral reasons t"e Volkswagen Grou was a(le to

address t"is risk successully and t"us kee caacity utilization at its %uroean

locations largely unc"anged:

- 7irstly t"e Volkswagen Grou (eneits ro' its (road roduct range so t"at declines

in indi)idual )e"icle seg'ents can (e oset elsew"ere.

- +econdly t"eir resence in al'ost all t"e worlds 'arkets also "els t"e' to a(sor(

luctuations in de'and in one region wit" t"eir glo(al and le9i(le roduction network.

e)ert"eless Volkswagen is (eing aected (y t"e de)iation o t"e de'and wit" resect

to t"e original lan (etween dierent )e"icle e5ui'ent eatures in t"e s"ort ter'

w"ic" can cause (ottlenecks. T"at?s w"y t"ey "a)e )arious tools t"at ena(le suc"c"anges in de'and as early as ossi(le introduce aroriate 'easures to adJust

caacity and t"us 'ini'ize t"e suly risk during eaks in de'and or indi)idual

)e"icle eatures.

+ecial risks 'ay arise during large roJects. T"ese result in articular ro' contracting

deiciencies 'iscosting ost-contracting c"anges in econo'ic and tec"nical

conditions and oor eror'ance on t"e art o su(contractors. De counter t"ese risks

(y eror'ing aroriate roJect controls t"roug"out all roJects.

R#sks a+#s#ng +o< -2anges #n ,e


32/50

In addition to (uyer reluctance as a result o t"e crisis a co'(ination o )e"icle ta9es

(ased on $&2 e'issions X like t"ose already structured in so'e %uroean countries X

and "ig" oil and energy rices is causing a s"it in de'and towards s'aller seg'ents

and engines in indi)idual 'arkets. Volkswagen Ag counter t"e risk t"at suc" a s"it will

negati)ely i'act t"e co'any earnings (y constantly de)eloing new uel-eicient

)e"icles and alternati)e dri)e tec"nologies on t"e (asis o our dri)etrain and uel

strategy. In t"e raidly e9anding 'arkets o Asia and %astern %uroe risks arise due

to go)ern'ent inter)ention in t"e or' o ta9 increases or e9a'le w"ic" could

reduce ri)ate consu'tion.

Q!al#"' +#sk

+ustained "ig" de'and in t"e Volkswagen Grous key 'arkets oses articularc"allenges or 5uality assurance. 3uality assurance is o unda'ental i'ortance

esecially in t"e growing auto'oti)e 'arkets o 6razil Russia India and $"ina or

w"ic" dedicated )e"icles are de)eloed and w"ere local 'anuacturing oerations and

suliers "a)e (een esta(lis"ed. Volkswagen Grou analyse t"e conditions seciic to

eac" 'arket and t"us ensure growt" in t"ese regions.

Volkswagen Grous need or "ig"-grade sulier co'onents o i'ecca(le 5uality is

rising due to growing roduction )olu'es increasing co'le9ity and t"e use o t"eGrous toolkit syste'. To ensure roduction and "ence 'eet custo'er e9ectations it

is e9tre'ely i'ortant t"at t"eir own lants and t"eir suliers deli)er on ti'e. T"e

introduction o an internally-tested risk 'anage'ent syste' at suliers is an i'ortant

ste towards ensuring long-ter' 5uality and suly caa(ility early on in t"e suly

c"ain. 3uality assurance t"us "els to ulil custo'er e9ectations and conse5uently

(oost our $o'anys reutation sales igures and earnings.

%e+sonnel +#sk

T"e indi)idual skills and tec"nical e9ertise o t"eir e'loyees are a 'aJor actor

contri(uting to t"e Volkswagen Grous success. T"eir ai' o (eco'ing t"e to

e'loyer in t"e auto'oti)e industry i'ro)es Volkswagens c"ances o recruiting and

retaining t"e 'ost talented e'loyees.


33/50

6y continuously e9anding t"eir recruit'ent tools and (oosting training rogra's

articularly at t"eir international locations t"ey are a(le to ade5uately address t"e

c"allenges osed (y growt" on t"e "u'an resources side.

T"eir rogra' is (ased on t"e tande' rincile i.e. knowledge and e9ertise aretranserred ro' erson to erson. T"ey counter t"e risk t"at knowledge will (e lost as

a result o e'loyee luctuation and retire'ent wit" intensi)e training. T"ey "a)e also

e9anded t"eir (ase o senior e9erts in t"e Grou to ensure t"at t"e )alua(le

knowledge o secialists retiring ro' Volkswagen is transerred to ot"er e'loyees.

IT +#sk

At Volkswagen a glo(al co'any geared towards urt"er growt" t"e inor'ation

tec"nology =IT@ used in all di)isions Grou-wide is assu'ing an increasingly i'ortant

role. IT risks include unaut"orized access to sensiti)e electronic cororate data as well

as li'ited syste's a)aila(ility as a conse5uence o downti'e or natural disasters.

Volkswagen Grou addresses t"e risk o unaut"orized access to cororate data (y

using irewall and intrusion re)ention syste's and a dual aut"entication rocedure.

T"ey ac"ie)e additional rotection (y restricting t"e allocation o access rig"ts to

syste's and inor'ation and (y keeing (acku coies o critical data resources. 7or

t"is t"ey use tec"nical resources t"at "a)e (een tried and tested in t"e 'arketad"ering to standards alica(le t"roug"out t"e $o'any. 6y i'le'enting redundant

IT inrastructures t"ey rotect t"e'sel)es against risks t"at occur in t"e e)ent o a

syste's ailure or natural disaster.

* S"+a"eg#es o+ 2e,g#ng #nan-#al +#sks

In t"e course o t"eir (usiness acti)ities inancial risks 'ay arise ro' c"anges in

interest rates e9c"ange rates raw 'aterials rices or s"are and und rices.anage'ent o inancial and li5uidity risks is t"e resonsi(ility o t"e central Grou

Treasury deart'ent w"ic" 'ini'izes t"ese risks using nonderi)ati)e and deri)ati)e

inancial instru'ents. T"e 6oard o anage'ent is inor'ed o t"e current risk

situation at regular inter)als.

T"ey "edge interest rate risk w"ere aroriate in co'(ination wit" currency risk and

risks arising ro' luctuations in t"e )alue o inancial instru'ents (y 'eans o interest

rate swas cross-currency swas and ot"er interest rate contracts wit" 'atc"ing


34/50

a'ounts and 'aturity dates. T"is also alies to inancing arrange'ents wit"in t"e

Volkswagen Grou.

7oreign currency risk is reduced in articular t"roug" natural "edging i.e. (y le9i(ly

adating t"eir roduction caacity at t"eir locations around t"e world esta(lis"ing newroduction acilities in t"e 'ost i'ortant currency regions and also rocuring a large

ercentage o co'onents locally currently or instance in India Russia t"e H+A

$"ina and e9ico. T"ey "edge t"e residual oreign currency risk using "edging

instru'ents. T"ese include currency orwards currency otions and cross-currency

swas. T"ey use t"ese transactions to li'it t"e currency risk associated wit"

orecasted cas" lows ro' oerating acti)ities and intragrou inancing in currencies

ot"er t"an t"e resecti)e unctional currency. T"e currency orwards and currency

otions can "a)e a ter' o u to si9 years. T"ey use t"e' to "edge t"eir rincialoreign currency risks associated wit" orecasted cas" lows 'ostly against t"e euro

and ri'arily in H+ dollars sterling $"inese ren'in(i Russian ru(les +t"eydis"

kronor e9ican esos Australian dollars and Lorean won.

In urc"asing raw 'aterials risks arise relating to t"e a)aila(ility o raw 'aterials and

rice trends. T"ey li'it t"ese risks 'ainly (y entering into orward transactions and

swas. T"ey "a)e used aroriate contracts to "edge so'e o t"eir re5uire'ents or

co''odities suc" as alu'inu' coer lead latinu' r"odiu' alladiu' and coal

o)er a eriod o u to se)en years. +i'ilar transactions "a)e (een entered into or t"e

urose o sule'enting and i'ro)ing allocations o $&2 e'ission certiicates.

T"ey ensure t"at t"e $o'any re'ains sol)ent at all ti'es (y "olding suicient

li5uidity reser)es t"roug" conir'ed credit lines and t"roug" t"eir tried-and-tested

'oney 'arket and caital 'arket rogra's.

$redit lines ro' (anks are generally only e)er used wit"in t"e Grou to co)er s"ort-

ter' working caital re5uire'ents. ProJects are inanced (y a'ong ot"er t"ings loansro)ided at a)ora(le interest rates (y de)elo'ent (anks suc" as t"e %uroean

In)est'ent 6ank =%I6@ t"e International 7inance $ororation =I7$@ and t"e %uroean

6ank or Reconstruction and Ce)elo'ent =%6RC@ or (y national de)elo'ent (anks

suc" as Lreditanstalt Yr Diederau(au =LD@. T"is e9tensi)e range o otions 'eans

t"at t"e li5uidity risk to t"e Volkswagen Grou is e9tre'ely low.


35/50

R#sks a+#s#ng +o< #nan-#al #ns"+!


36/50

%ART III& %+o#"a3#l#" ' anal 's #sT"e roita(ility analysis o a co'any is a class o inancial 'etrics t"at are used to

assess a (usiness?s a(ility to generate earnings as co'ared to its e9enses andot"er rele)ant costs incurred during a seciic eriod o ti'e. In order to o(tain t"is

inor'ation co'anies study dierent tyes o ratios: 'argin ratio turn o)er ratio

R&% R&A etc. 7or 'ost o t"ese ratios "a)ing a "ig"er )alue relati)e to a

co'etitor?s ratio or t"e sa'e ratio ro' a re)ious eriod is indicati)e t"at t"e

co'any is doing well.

)* Sales

T"e 'ean o Volkswagen sales ro' 2# to 212 is ))=);:;0. Its standard

de)iation is 6)=>;. It 'eans t"e sales o t"e Grou "a)e increased in a 5G;;H.

* Cos" o goo,s sol,

T"e costs o Volkswagen "a)e a 'ean o =506)50. Its standard de)iation is

5:6>5 wit" an increase in a 5)H.

$o'aring t"e ercentages o sales and cost o goods sold we can see t"at t"e irst

one "as a "ig"er increase t"an t"e second one. +o i t"ey dont "a)e a roortional

relations"i.

6* /a+g#n Ra"#o


37/50

T"e argin is a ratio o roita(ility calculated as net inco'e di)ided (y sales. It

'easures "ow 'uc" o e)ery dollar o sales a co'any actually kees in earnings.

In t"e re)ious gra" it "as (een reresented t"e argin ratios o a ew co'anies o

t"e %urosto99 * during t"e year 211. okia is t"e only one w"o o(tained a negati)e'argin -# and t"e co'any wit" t"e "ig"est 'argin ratio is estlN wit" 140.

Volkswagen is t"e t"ird co'any wit" t"e lowest 'argin ratio w"ic" 'eans t"at

Volkswagen doesnt kee in earnings all w"at t"ey "a)e o(tained t"roug" sales. In

ot"er words Volkswagen in)ests t"e 'ost art o its earnings in new Assets and ay

di)idends to its s"are"olders.

* T!+noe+ Ra"#o

T"e turno)er ratio is t"e result o di)iding sales (etween total assets. It 'easures "ow

'uc" "as in)ested in assets or eac" euro earned t"roug" sales.

538666

539666

534666

536666

637666

638666

63966

6634666

63666

6

!urnover

Turnover

In 211 Volkswagen "as o(tained t"e ort" osition in ter's o turno)er ratio. T"e"ig"est turno)er during t"is eriod is or Indite9 wit" 14 and t"e lowest is or I(erdrola


38/50

wit" ## oints. +o as Volkwsagen only in)est 2 oints in Assets t"e rest o t"e

earnings o(tained wit" sales are destined to di)idends ay'ents.


39/50

7inally co'aring Volkswagen wit" its 'ain co'etitor w"ic" is 6D it can (e

o(ser)ed t"at 6D "as a "ig"er 'argin and a lower turno)er. +o or eac" euro t"at

6D o(tains t"roug" sales kees a "ig"er roortion in reser)es t"an Volkswagen.

And t"ereore 6D in)est a lower ercentage o its earning in sales t"an Volkswagen.

5* Iso@%+o#"a3#l#"'

636866

636=66

"S#$PR#%"!A&"'"!(

=356>

636966

Margin636

437=>

6398>

4654

4655

4656

466;

6366 6356 6346 63


40/50

Margin

63466

635=6

63566

636=6

63666

"S#$PR#%"!A&"'"!(

a:er

ASF

.e0so"

LV*@

*W

Noia

Te"e+&ni!

a InditeB

I2erdro"a

63666 63=66 53666

53=66

C636=6

Vo"sa)en

Sie'ens

!urnoverDanone

:* Re"!+n on E!#"'

T"e Return on %5uity =R&%@ is t"e a'ount o net inco'e returned as a ercentage os"are"olders e5uity. It 'easures a cororation?s roita(ility (y re)ealing "ow 'uc"

roit a co'any generates wit" t"e 'oney s"are"olders "a)e in)ested.

R&% is e9ressed as a ercentage and calculated as:

Re"!+n on E!#"' Ne" In-o


41/50

Volkswagen R&% "as a ositi)e tendency since 20 until t"e 'o'ent wit" t"e

e9cetion o 21 in w"ic" t"e R&% was o 1,F.

$o'aring Volkswagen wit" t"e rest o %urosto99 * co'anies in 211 ICIT%8 "ad

t"e "ig"est R&% wit" #20F and &LIA "ad t"e lowest R&% wit" -01,F. T"ea)erage in t"at year was a(out 1*F. T"is 'eans t"at Volkswagen "ad a lower R&%

t"an t"e a)erage wit" )))H. In ot"er words s"are"olders would ro(a(ly in)est in

ot"er co'anies rat"er t"an in Volkswagen.

In 212 ICIT%8 "as ket t"e "ead o t"e ranking wit" a R&% o #1,*F. T"e a)erage

was a(out 1F and in t"at case Volkswagen "ad a "ig"est R&% t"an t"e a)erage

wit" )>6)H.

=36

93=

936


42/50

0)

Interest =#1.12@ 24,

$. /ia(ilities 4

on-$. /ia(ilities 140**

Total lia(ilities 22,10

L 0F

% 40F

%5uities 12*

/ia(ilitiesOe5uities 2,

E=L-%@O=/IA6O%3@ 14,

E!lia(O%5 41

ROE3"

+ince 20 Volkswagen "as reduced its Return on %5uities (eore ta9es alt"oug" ro'

21 until t"e 'o'ent "as (een increasing. T"is growt" o t"e R&%(t is due to t"e act

t"at t"e $ost o $aital =L@ "as (een reducing a'ong t"e years. +o w"en L decreases

lia(ilitiesOe5uities "a)e a lower i'act reducing t"e R&A.

%"SCA' "MPAC!

5534?>

4=366>

46366>

5=366>

56366

>

5;3

55395>

?37;>

543=4>

5436?>

.OE2t

.OE

=366>

6366

>

537?>

C637=>

4654 4655 4656 466;


43/50

7iscal i'act is t"e dierence (etween R&%(t and R&%. In ot"er words it is t"e ta9es

t"at t"e co'any ays or eac" euro t"at "as (een in)ested. T"is gra" s"ows t"e

nor'al (e"a)iour o t"e dierence o t"ese two )alues R&% (eore ta9es is always


44/50

"ig"er t"an R&% ater ta9es. Bowe)er in 21 (ot" )alues are retty close due to t"e

stee reduction in t"e sales and t"e conse5uent dro o t"e net inco'e.

Its i'ortant to re'e'(er t"at 20 was t"e irst year ater t"e (urst o t"e "ousing

(u((le. T"ats t"e reason w"y esecially in t"e ollowing year were 'ore reluctant to

send 'oney in elastic goods.

L

T"e cost o caital and t"e lending sensi(ility o creditors "a)e an in)erse relation.D"en t"e (ank sensi(ility increases it 'eans t"at t"e co'any is doing a good Jo(

and in)estors trust itQ and as a conse5uence t"e cost o caital decreases. +o as

o(ser)ed in t"e ta(le t"e sensiti)ity o in)estors "as increased signiicantly since 20

until 212 =ro' 2 to 14,@. T"is act is due to t"e increase o sales during t"ese

years. T"ereore t"e cost o caital or Volkswagen is today 'uc" lower t"an our

years (eore.

=* O4"#


45/50

Volkswagen oti'u' oint o le)erage =lia(ilitiesOe5uities@ is 1*, during 212 to

o(tain t"e 'a9i'u' Return on %5uities (eore ta9es.

>* Re"!+n on Asse"s

T"e Return on Assets =R&A@ is an indicator o "ow roita(le a co'any is relati)e to

its total assets and tells you w"at earnings are generated ro' in)ested caital.

R&A is e9ressed as a ercentage and calculated as:

Re"!+n on Asse"s E9ITJTo"al Asse"s

Taking into account t"at %6IT "as to (e ro' #1O12 o t"e re)ious year and Total

Assets ro' 1O1 o t"e year we are calculating.

0)

%6IT =#1O12@ 112,1

Total Assets =1O1@ #044

ROA

In t"e sa'e way t"at R&% "as (een aected (y t"e glo(al inancial crisis esecially in

t"e year 21 t"e R&A "as also e9eri'ented an i'ortant decrease. In t"at year

Volkswagens R&A was 0F w"ic" is 1 oints a(o)e t"e a)erage =2,F@.

63576

63586

63596

5534?>

*)&!"MPAC!

5436?>

63546

63566

63676

63686

63696

63646

63666

?37;>

4375>

C

637=>

63;

.OE2t

.OA

4654 4655 4656 466;


46/50

Ce(t i'act is t"e dierence (etween R&%(t and R&A. Dit" t"ese gra" we can see

"ow our lia(ilities aect our roits. Dit"out lia(ilities t"e R&% would (e as t"e R&A.

+o t"anks to t"e lia(ilities wit" less e5uity t"an assets we can o(tain 'ore roits. It is

called le)erage and it gi)es co'anies a way to "a)e 'ore roits.

To conclude t"is section we "a)e seen t"at t"e de(t i'act in t"e co'any is 'uc"

t"an t"e inancial i'act.

)0* Real Ta Ra"e

T"e real ta9 rate is t"e a)erage rate at w"ic" a co'any "as its re-ta9 roits ta9ed. It

is calculated (y di)iding total ta9 e9ense =ta9ation@ (y ta9a(le inco'e =%6T@.

0)

Ta9ation #

%6T 2*40#

Real "a +a"e


47/50

63

63466

635=6 .ea" taB rate

63566

636=6

63666 4654 4655 4656 466;

As it can (e o(ser)ed in t"e irst gra" t"e %6T "as increased considera(ly since

20. +eciically it "as 'ultilied (y itsel se)eral ti'es ro' 12 'illion to 2**

'illion. Bowe)er t"e ta9 "as increased less t"an roortionally er"as due to so'e

in)est'ent o roits in so'et"ing ree o ta9es suc" as t"e ir' dedication to R S C in

ecological cars or in)est'ents t"at t"e state is trying to ro'ote.

+o as t"e second gra" s"ows =Real Ta9 Rate@ t"e ta9 rate "as declined since 20.

%)ery year Volkswagen is aying ewer ta9es t"an roortionally to its %6T. De "a)e

to consider t"at t"ey are aying ew ta9es due to t"e di'ension and t"e ower o t"e

co'any. To get an idea o "ow ew t"ey ay is i'ortant to 'ention t"at "ysical

eole ay a #F o IRP7 =wit"out taking into account t"e e9enses and dereciation

costs o eac" indi)idual@ (esides aying a 21F o VAT or eac" good (oug"t wit" t"e

re'aining inco'e.

))* Val!e@A,,e,

Value-Added is w"at e'loyees contri(ute in t"e co'any. It is t"e result o adding

%6ITCA and cost o e'loyees.


48/50

%6ITCA

$&+T &7 %P/&Z%%+

Val!e@A,,e,

E9ITDAJVal!e@A,,e,

+ince 20 t"e co'any "as increased its Value-Added. T"ats due to t"e growt" o

t"e co'any all o)er t"e world in t"e last years in econo'ical =%6ITCA@ and "u'an

ter's =cost o e'loyees@.

63=6

)&"!*AValue$Ae

6396

63


49/50

Con-l !s# ons

In conclusion Volkswagen "as (een aected (y t"e inancial crisis (ut at t"e sa'eti'e "as (een a(le to adat its resources and caa(ilities to t"e glo(al situation

succeeding ro' t"is econo'ical dro. +o ater doing t"is analysis it can (e said t"at is

a good co'any to in)est and we reco''end it or se)eral reasons:

- It "as a good R&A and is roita(le wit" its assets.

- It "as a low cas" cycle roducing aster t"an 'ost o its co'etitors.

- It "as a "ig" sol)ency ratios to ace long ter' de(ts.

- Its lia(ilities allow t"e grou to grow (ut wit"out taken too 'uc" risk


50/50

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"tt : OO www. sa-eug eot -citroen.co'

"tt : OO www. g '. co'

"tt : OO www. dai'ler. co'Oco'any

"tt : OO www. t oyota. co'

"tt : OO www.' ic"elin.co'

"tt : OO www. sie'ens. co'Oentr yO ccOenO

"tt : OO www. (osc".co'

"tt : OO ww w . n o k ia.c o 'Oe s -esO
https://amadeus.bvdinfo.com/version-2013418/Report.serv?_CID=89&context=1PZ18SX6F1R7Q9Z&SeqNr=0https://amadeus.bvdinfo.com/version-2013418/Report.serv?_CID=89&context=1PZ18SX6F1R7Q9Z&SeqNr=0https://amadeus.bvdinfo.com/version-2013418/Report.serv?_CID=89&context=1PZ18SX6F1R7Q9Z&SeqNr=0https://amadeus.bvdinfo.com/version-2013418/Report.serv?_CID=89&context=1PZ18SX6F1R7Q9Z&SeqNr=0http://www.nokia.com/es-es/http://www.nokia.com/es-es/http://www.nokia.com/es-es/https://amadeus.bvdinfo.com/version-2013418/Report.serv?_CID=89&context=1PZ18SX6F1R7Q9Z&SeqNr=0https://amadeus.bvdinfo.com/version-2013418/Report.serv?_CID=89&context=1PZ18SX6F1R7Q9Z&SeqNr=0http://www.volkswagenag.com/content/vwcorp/content/en/homepage.htmlhttp://www.bmwgroup.com/e/0_0_www_bmwgroup_com/home/home.htmlhttp://www.psa-peugeot-citroen.com/http://www.gm.com/http://www.daimler.com/companyhttp://www.toyota.com/http://www.michelin.com/http://www.siemens.com/entry/cc/en/http://www.bosch.com/http://www.nokia.com/es-es/

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