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Volkswagen: Difference between revisions
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== Financial Analysis == | == Financial Analysis == | ||
Volkswagen appears to increase the amount of leasing vehicles in the last years substantially <ref>https://www.volkswagenag.com/presence/investorrelation/publications/annual-reports/2022/volkswagen/Y_2021_e.pdf Page 226</ref>. While there have been a depreciation of and impairment losses on lease assets of 9,339M EUR in 2021 Change in lease assets accounted for 16,205M EUR. That means | Volkswagen appears to increase the amount of leasing vehicles in the last years substantially <ref>https://www.volkswagenag.com/presence/investorrelation/publications/annual-reports/2022/volkswagen/Y_2021_e.pdf Page 226</ref>. | ||
'''2021''' | |||
While there have been a "depreciation of and impairment losses on lease assets" of 9,339M EUR in 2021 "Change in lease assets" accounted for 16,205M EUR. That means that Volkswagen increased their lease assets by 6,866M EUR according to it's cashflow statement. | |||
That is roughly in-line with the lease asset increase by 9,013M EUR from 50,686M EUR to 59,699M EUR according to Volkswagen Balance Sheet<ref>https://www.volkswagenag.com/presence/investorrelation/publications/annual-reports/2022/volkswagen/Y_2021_e.pdf Page 128</ref> | |||
That is similar to the 7,623M EUR increase in lease assets of Volkswagen financial services. A part of the lease asset increased seemed to be financed by debt. <ref>https://www.volkswagenag.com/presence/investorrelation/publications/annual-reports/2022/volkswagen/Y_2021_e.pdf Page 42</ref> | |||
The topic needs further studying in order to display increases in lease assets accurately but for now it's save to say that Volkswagen does indeed invests an substantial parts of it's profits into their lease vehicle fleet which decreases it's free cash flow and net cash flow. | |||
== References == | == References == | ||