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Volkswagen: Difference between revisions
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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. | 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 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 name=":0">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> | 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. | 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. | ||
==== Balance Sheet ==== | |||
The balance sheet esp. the balance sheet of volkswagen financial services seems solid at first glance. <ref name=":0" /> Shareholder equity increased by 18,673M EUR in 2021. Main increases incurred in intangible assets (esp. capitalized development costs, Page 275), increase in lease assets, investments and increase in cash. On the liability side there has been an increase in non current liabilities both for Volkswagen and Volkswagen Financial Services. | |||
== References == | == References == | ||