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Identify and critically appraise the different components of a financial report, and assess the adequacy of current international financial reporting requirements for a greater understanding of company performance

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Shareholders and lenders, whilst not being the
only stakeholders, provide capital to companies because they seek a return
commensurate with the level of risk that they are willing to take.

It is within this context that Volkswagen AG,
registered in Germany, manufactures and sells vehicles.

The price of Volkswagen AG’s ordinary shares have
experienced a mixed performance over recent years and after the global
recession the company has not returned to its share price high of late 2009.

Recent share price performance can be seen on the
graph below:

Assignment 1 Shareholders and lenders, whilst not being the only stakeholders.0/msohtmlclip1/01/clip_image002.jpg” alt=”Chart forvolkswagen ag (vow.de)”>

However, as can be seen from the brief article overleaf,
there may be some good news for Volkswagen:

VW
cracks 6m in eight months

.proquest.com/abiglobal/indexinglinkhandler/sng/au/Roberts,+Graeme/$N?accountid=10472″ title=”Click to search for more items by this author”>Roberts, Graeme. .proquest.com/abiglobal/pubidlinkhandler/sng/pubtitle/just+-+auto+global+news/$N/406370/PrintViewFile/1432387344/$B/1408C9E92C055DA5E69/1?accountid=10472″ title=”Click to search for more items from this journal”>just – auto global news [Bromsgrove]
13 Sep 2013.

Volkswagen Group has sold over 6m vehicles in the first eight
months of a year for the first time.

Sales from January to August 2013 rose 4.5% to 6.17m though
August volume inched up just 0.1% to 720,400 units.

“The Volkswagen Group is in robust shape despite the
economic uncertainty, and our development in the period to August remained
satisfactory,” sales chief Christian Klingler said. “Notwithstanding
the difficult conditions, we still expect deliveries for the full year to
exceed the prior year level.”

For full details, click on ‘press release’.

Press release follows:

Volkswagen Group delivers over 6 million vehicles in period to
August

* 4.5 percent increase in January – August deliveries to 6.17
million units*

* Situation in August on difficult world markets remained stable
with deliveries running at 720,400 units (+0.1 percent)*

* Group Board Member for Sales Christian Klingler:
“Satisfactory development despite economic uncertainties. Still expect to
grow worldwide deliveries for full year.”

Wolfsburg, September 13, 2013 – For the first time the
Volkswagen Group delivered over 6 million vehicles in the first eight months of
a year. The company grew deliveries from January to August 2013 to 6.17
(January-August 2012: 5.91; +4.5 percent)* million vehicles. Deliveries in the
month of August remained stable at 720,400 units (August 2012: 719,500; +0.1
percent)*. “The Volkswagen Group is in robust shape despite the economic
uncertainty, and our development in the period to August remained satisfactory.
For the first time, we delivered over six million vehicles to customers in the
first eight months of a year,” Group Board Member for Sales Christian
Klingler said in Wolfsburg on Friday, and added: “Notwithstanding the
difficult conditions, we still expect deliveries for the full year to exceed
the prior-year level.”

The Group brands delivered a total of 2.39 (2.47; -3.3 percent)
million vehicles to customers on the overall European market from January to
August. In Western Europe (excluding Germany), 1.22 (1.25; -2.7 percent)
million customers took possession of a new vehicle. 757,300 (792,300; -4.4
percent) vehicles were delivered on the home market of Germany. The Group
handed over 415,000 (426,700; -2.7 percent) vehicles to customers in the
Central and Eastern Europe region in the period to August, of which 199,800
(206,800; -3.4 percent) units were delivered in Russia.

Trends varied in the Americas. Deliveries in the North America
region in the period to August grew by 10.9 percent to 593,700 (535,300)
vehicles, of which 414,800 (379,900; +9.2 percent) units were handed over to
customers in the United States. The Volkswagen Group delivered 605,600
(678,500; -10.8 percent) vehicles in the South America region during the same period,
of which 447,600 (518,700; -13.7 percent) units were handed over to customers
in Brazil.

Group delivery figures for the Asia-Pacific region remained
encouraging. 2.30 (1.98; +16.2 percent) million vehicles were handed over to
customers there in the first eight months. In China (excluding Hong Kong), the
region’s largest single market, deliveries topped the two million mark for the
first time in an eight-month period, with 2.05 (1.74; +17.9 percent) million
customers taking possession of a new vehicle. In India 63,600 (77,400; -17.9
percent) customers took delivery of a new Group model.

Outline of developments at Group brands

The Volkswagen Passenger Cars brand delivered 3.84 (3.72; +3.1
percent) million vehicles worldwide from January to August. The brand developed
particularly well in China, where 1.56 (1.31; +18.4 percent) million units were
handed over to customers, and in Mexico, where 92,100 (77,800; +18.3 percent)
customers took possession of a new Volkswagen.

Audi delivered 1.03 (0.96) vehicles worldwide in the period to
August; this not only represented an increase of 7.2 percent, but was also a
new record for this period. The premium brand from Ingolstadt benefited inter
alia from significant growth in China, where 310,300 (259,700; +19.5 percent)
vehicles were handed over to customers. The brand also grew deliveries in the
United States by 14.7 percent compared with the same prior-year period, handing
over 101,300 (88,400) automobiles.

The sports car manufacturer Porsche, which became a Volkswagen
Group brand on August 1, 2012, delivered a total of 106,800 vehicles in the
first eight months. At 32,500 units, the Asia-Pacific region accounted for the
largest share, with a further 31,400 units handed over to customers in the
North America region.

The SKODA brand delivered 598,400 (633,300; -5.5 percent)
vehicles worldwide from January to August. The company handed over 393,200
(415,000; -5.2 percent) models on the overall European market. 156,300
(159,400; -1.9 percent) vehicles were delivered in China during the same
period.

SEAT delivered 234,200 (210,100; +11.4 percent) vehicles
worldwide in the period to August. The company handed over 191,700 (176,700;
+8.5 percent) vehicles to customers on the overall European market.
Developments on the German market were particularly encouraging, with
deliveries there increasing by 26.4 percent to 50,600 (40,000) units.

Volkswagen Commercial Vehicles continued to record stable
development in the period to August, delivering 358,400 (362,200; -1.1 percent)
vehicles. 104,200 (106,100; -1.8 percent) vehicles were delivered to customers
in Western Europe (excluding Germany) under difficult market conditions. In
contrast, deliveries in the South America region developed well, with customers
taking delivery of 104,100 (96,100; +8.2 percent) units.

*) including deliveries by the Porsche brand from August 1,
2012; excluding MAN and Scania

Original source: VW

Credit: Graeme Roberts

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Copyright Aroq Limited Sep 13, 2013

It is possible to see a great deal of background
information on Volkswagen AG at the corporate website:

.volkswagenag.com/content/vwcorp/content/en/homepage.html”>http://www.volkswagenag.com/content/vwcorp/content/en/homepage.html

In addition, there are almost limitless articles
concerning Volkswagen AG within the DMU library databases.

You are required to do as follows:


Task One

Using the Annual Report and Accounts of VOLKSWAGEN
AG:

(available at:
.volkswagen.co.uk/about-us/company/annual-reports”>http://www.volkswagen.co.uk/about-us/company/annual-reports)

You should:

(a) Evaluate the performance of VOLKSWAGEN in the
following areas, using ratio analysis:


Profitability


Liquidity/Solvency


Working capital
efficiency


Long term
financial structure


Investors’
perspective

You should
summarise your findings and make particular
reference
to the interests of the different stakeholders of the company.

i)
You may use
earlier years’ financial accounts to supplement your analysis if you wish to be
specific with certain trends that you have identified.

ii)
In addition you
could also consider the performance of VOLKSWAGEN in comparison with its peer
group of competitors.

Note: Any accounting ratios for VOLKSWAGEN
mustbe calculated (and workings
shown) and notextracted from
external databases, although, further analysis may be supported by downloading
ratios from external databases for competitor companies.

(60%
weighting)

Task Two

Considering your response to Task One and any other, well-researched, ‘fundamental’ information that may impact on
VOLKSWAGEN, you are required to provide advice, accompanied by rationale, as to
whether you would recommend a buy, sell or hold (if they are already owned)
policy for investors/potential investors in VOLKSWAGEN shares.

Note that the ‘fundamental’ information may relate
to the car manufacturing industry, in general, as well as to VOLKSWAGEN,
specifically.

1.
Identify and
critically appraise the different components of a financial report, and assess
the adequacy of current international financial reporting requirements for a
greater understanding of company performance

2.
Analyse and
interpret financial data and information, evaluate their relevance and
validity, and synthesise a range of information in the context of business
situations

3.
Demonstrate the
ability to use conventional management accounting and financial management
techniques to produce appropriate information for management to aid planning, control and decision making

4.
Evaluate the
usefulness of contemporary management accounting techniques in measuring
business performance

5.
Critically
appraise management accounting techniques with respect to their effectiveness
and identify any weaknesses inherent in their use



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