BMW Income Statement Volkswagen Income Statement

EUR, '000 000 2016 2017 2018 2019 EUR, '000 000 2016 2017 2018 2019
Total Revenue 94,163.00 98,282.00 96,855.00 1,04,210.00 Total Revenue 2,17,267.00 2,29,550.00 2,35,849.00 2,52,632.00
Revenue 94,163.00 98,282.00 96,855.00 1,04,210.00 Revenue 2,17,267.00 2,29,550.00 2,35,849.00 2,52,632.00
Other Revenue, Total 0.00 0.00 0.00 0.00 Other Revenue, Total 0.00 0.00 0.00 0.00
Cost of Revenue, Total 75,442.00 78,329.00 78,477.00 86,147.00 Cost of Revenue, Total 1,74,901.00 1,84,816.00 1,88,335.00 2,02,660.00
Gross Profit 18,721.00 19,953.00 18,378.00 18,063.00 Gross Profit 42,366.00 44,734.00 47,514.00 49,972.00
Total Operating Expenses 84,777.00 88,383.00 87,922.00 96,799.00 Total Operating Expenses 2,10,164.00 2,15,732.00 2,21,929.00 2,35,672.00
Selling/General/Admin. Expenses, Total 9,158.00 9,560.00 9,568.00 9,367.00 Selling/General/Admin. Expenses, Total 30,976.00 29,592.00 29,891.00 29,263.00
Research & Development 0.00 0.00 0.00 0.00 Research & Development 0.00 0.00 0.00 0.00
Depreciation / Amortization 0.00 0.00 0.00 0.00 Depreciation / Amortization 0.00 0.00 0.00 0.00
Interest Expense (Income) - Net Operating (13.00) (36.00) (50.00) 33.00 Interest Expense (Income) - Net Operating 1,446.00 (339.00) 744.00 (2,208.00)
Unusual Expense (Income) (69.00) (59.00) (63.00) 124.00 Unusual Expense (Income) 1,150.00 1,148.00 936.00 (233.00)
Other Operating Expenses, Total 259.00 589.00 (10.00) 1,128.00 Other Operating Expenses, Total 1,691.00 515.00 2,023.00 6,190.00
Operating Income 9,386.00 9,899.00 8,933.00 7,411.00 Operating Income 7,103.00 13,818.00 13,920.00 16,960.00
Interest Income (Expense), Net Non-Operating 363.00 842.00 785.00 (67.00) Interest Income (Expense), Net Non-Operating 1,338.00 1,442.00 3,444.00 2,600.00
Gain (Loss) on Sale of Assets 0.00 0.00 0.00 0.00 Gain (Loss) on Sale of Assets 0.00 0.00 0.00 0.00
Other, Net (84.00) (66.00) (91.00) (226.00) Other, Net (1,149.00) (1,587.00) (1,721.00) (1,204.00)
Net Income Before Taxes 9,665.00 10,675.00 9,627.00 7,118.00 Net Income Before Taxes 7,292.00 13,673.00 15,643.00 18,356.00
Provision for Income Taxes 2,755.00 2,000.00 2,530.00 2,140.00 Provision for Income Taxes 1,912.00 2,210.00 3,489.00 4,326.00
Net Income After Taxes 6,910.00 8,675.00 7,097.00 4,978.00 Net Income After Taxes 5,380.00 11,463.00 12,154.00 14,030.00
Minority Interest (47.00) (86.00) (90.00) (107.00) Minority Interest (10.00) (10.00) (17.00) (143.00)
Equity In Affiliates 0.00 0.00 0.00 0.00 Equity In Affiliates 0.00 0.00 0.00 0.00
U.S GAAP Adjustment 0.00 0.00 0.00 0.00 U.S GAAP Adjustment 0.00 0.00 0.00 0.00
Net Income Before Extraordinary Items 6,863.00 8,589.00 7,007.00 4,871.00 Net Income Before Extraordinary Items 5,370.00 11,453.00 12,137.00 13,887.00
Total Extraordinary Items 0.00 0.00 (33.00) 44.00 Total Extraordinary Items 0.00 0.00 0.00 0.00
Net Income 6,863.00 8,589.00 6,974.00 4,915.00 Net Income 5,370.00 11,453.00 12,137.00 13,887.00
Total Adjustments to Net Income 0.00 0.00 0.00 0.00 Total Adjustments to Net Income (226.00) (274.00) (310.00) (541.00)
Income Available to Common Excluding Extraordinary Items 6,863.00 8,589.00 6,974.00 4,915.00 Income Available to Common Excluding Extraordinary Items 5,144.00 11,179.00 11,827.00 13,346.00
Dilution Adjustment 0.00 0.00 0.00 0.00 Dilution Adjustment 0.00 0.00 0.00 0.00
Diluted Net Income 6,863.00 8,589.00 6,974.00 4,915.00 Diluted Net Income 5,144.00 11,179.00 11,827.00 13,346.00
Diluted Weighted Average Shares 656.80 657.11 657.60 658.12 Diluted Weighted Average Shares 501.30 501.30 501.30 501.30
Diluted EPS Excluding Extraordinary Items 10.45 13.07 10.61 7.47 Diluted EPS Excluding Extraordinary Items 10.26 22.30 23.59 26.62
DPS - Common Stock Primary Issue 3.50 4.00 3.50 2.50 DPS - Common Stock Primary Issue 2.06 3.96 4.86 6.56
Diluted Normalized EPS 10.37 13.00 10.58 7.53 Diluted Normalized EPS 25.88 34.22 31.77 31.02

BMW Balance Sheet Volkswagen Balance Sheet

EUR, '000 000 2016 2017 2018 2019 EUR, '000 000 2016 2017 2018 2019
Total Current Assets 66,864 73,542 84,736 90,630 Total Current Assets 1,55,722 1,60,112 1,83,536 1,87,463
Cash and Short Term Investments 14,945 17,004 17,654 17,991 Cash and Short Term Investments 48,629 46,394 57,604 54,908
Cash 0 0 0 0 Cash 0 0 0 0
Cash & Equivalents 7,880 9,039 10,979 12,036 Cash & Equivalents 19,265 18,457 28,938 25,923
Short Term Investments 7,065 7,965 6,675 5,955 Short Term Investments 29,364 27,937 28,666 28,985
Total Receivables, Net 34,991 36,346 42,624 45,134 Total Receivables, Net 68,116 73,187 80,186 85,018
Accounts Receivables - Trade, Net 33,053 34,780 41,246 43,925 Accounts Receivables - Trade, Net 12,187 13,357 17,888 17,941
Total Inventory 11,841 12,707 14,248 15,891 Total Inventory 38,978 40,415 45,745 46,742
Prepaid Expenses 0 0 0 0 Prepaid Expenses 0 0 0 0
Other Current Assets, Total 5,087 7,485 10,210 11,614 Other Current Assets, Total (1) 116 1 795
Total Assets 1,88,535 1,95,506 2,08,938 2,28,034 Total Assets 4,09,732 4,22,193 4,58,156 4,88,071
Property/Plant/Equipment, Total - Net 55,749 54,728 58,060 65,854 Property/Plant/Equipment, Total - Net 92,472 94,497 1,01,175 1,15,090
 Property/Plant/Equipment, Total - Gross 97,377 97,388 1,01,155 1,10,615 Property/Plant/Equipment, Total - Gross 1,48,490 1,55,570 1,65,306 2,47,528
Accumulated Depreciation, Total (41,628) (42,660) (43,095) (44,761) Accumulated Depreciation, Total (94,456) (1,00,328) (1,07,675) (1,32,437)
Goodwill, Net 364 380 380 380 Goodwill, Net 23,558 23,442 23,317 23,247
Intangibles, Net 7,793 9,084 10,591 11,349 Intangibles, Net 39,041 39,977 41,296 42,967
Long Term Investments 5,811 5,828 4,373 5,272 Long Term Investments 18,380 18,446 16,925 16,162
Note Receivable - Long Term 48,032 48,321 48,313 51,030 Note Receivable - Long Term 70,803 75,908 81,776 90,036
Other Long Term Assets, Total 3,922 3,623 2,485 3,519 Other Long Term Assets, Total 9,756 9,811 10,131 13,106
Other Assets, Total 0 0 0 0 Other Assets, Total 0 0 0 0
Total Current Liabilities 67,989 71,765 71,411 82,625 Total Current Liabilities 1,77,515 1,60,389 1,67,968 1,67,924
Accounts Payable 9,226 10,604 9,669 10,182 Accounts Payable 22,794 23,046 23,607 22,745
Payable/Accrued 0 0 0 0 Payable/Accrued 0 0 0 0
Accrued Expenses 4,331 2,359 4,214 0 Accrued Expenses 581 570 661 691
Notes Payable/Short Term Debt 3,852 4,461 2,480 2,615 Notes Payable/Short Term Debt 0 0 0 0
Current Port. of LT Debt/Capital Leases 36,818 36,266 35,699 42,329 Current Port. of LT Debt/Capital Leases 88,461 81,844 89,757 86,483
Other Current liabilities, Total 13,762 18,075 23,563 27,499 Other Current liabilities, Total 65,679 54,929 53,943 58,005
Total Liabilities 1,41,427 1,41,835 1,51,638 1,68,710 Total Liabilities 3,17,043 3,13,345 3,41,039 3,66,290
Total Long Term Debt 53,730 52,831 63,743 69,700 Total Long Term Debt 66,358 81,628 1,01,126 1,09,532
Long Term Debt 53,730 52,831 63,734 69,156 Long Term Debt 65,872 81,200 1,00,727 1,04,324
Capital Lease Obligations 0 0 9 544 Capital Lease Obligations 486 428 399 5,208
Deferred Income Tax 2,795 2,157 1,773 632 Deferred Income Tax 4,745 5,636 5,030 5,007
Minority Interest 255 436 529 583 Minority Interest 221 229 225 1,870
Other Liabilities, Total 16,658 14,646 14,182 15,170 Other Liabilities, Total 68,204 65,463 66,690 81,957
Total Equity 47,108 53,671 57,300 59,324 Total Equity 92,689 1,08,848 1,17,117 1,21,781
Redeemable Preferred Stock, Total 0 0 0 0 Redeemable Preferred Stock, Total 0 0 0 0
Preferred Stock - Non Redeemable, Net 0 0 0 0 Preferred Stock - Non Redeemable, Net 0 0 0 0
Common Stock, Total 657 658 658 659 Common Stock, Total 1,283 1,283 1,283 1,283
Additional Paid-In Capital 2,047 2,084 2,118 0 Additional Paid-In Capital 0 14,551 14,551 14,551
Retained Earnings (Accumulated Deficit) 44,445 52,899 57,980 59,828 Retained Earnings (Accumulated Deficit) 85,415 81,368 91,105 96,929
Treasury Stock - Common 0 0 0 0 Treasury Stock - Common 0 0 0 0
ESOP Debt Guarantee 0 0 0 0 ESOP Debt Guarantee 0 0 0 0
Unrealized Gain (Loss) 52 93 (1) 29 Unrealized Gain (Loss) (2) 257 (2) 60
Other Equity, Total (93) 21 (1,337) (1,192) Other Equity, Total 5,993 11,389 10,180 8,958
Total Liabilities & Shareholders' Equity 1,88,535 1,95,506 2,08,938 2,28,034 Total Liabilities & Shareholders' Equity 4,09,732 4,22,193 4,58,156 4,88,071
Total Common Shares Outstanding 657 658 658 659 Total Common Shares Outstanding 501 501 501 501
Total Preferred Shares Outstanding 0 0 0 0 Total Preferred Shares Outstanding 0 0 0 0

BMW Cash Flow Statement Volkswagen Cash Flow Statement

EUR, '000 000 2016 2017 2018 2019 EUR, '000 000 2016 2017 2018 2019
Net Income/Starting Line 6,910 8,675 7,064 5,022 Net Income/Starting Line 7,292 13,673 15,643 18,356
Cash From Operating Activities 3,211 5,973 5,026 3,579 Cash From Operating Activities 9,430 (1,186) 7,272 17,984
Depreciation/Depletion 4,998 4,822 5,113 6,017 Depreciation/Depletion 17,207 18,296 18,723 20,474
Amortization 0 0 0 0 Amortization 3,586 3,734 3,668 3,665
Deferred Taxes 85 (559) 312 (1,176) Deferred Taxes 0 0 0 0
Non-Cash Items (7,670) (6,230) (5,957) (2,882) Non-Cash Items 6,967 (9,298) 97 1,672
Cash Receipts 0 0 0 0 Cash Receipts 0 0 0 0
Cash Payments 0 0 0 0 Cash Payments 0 0 0 0
Cash Taxes Paid 2,417 2,301 1,972 3,389 Cash Taxes Paid 3,315 3,664 3,804 2,914
Cash Interest Paid 118 165 136 199 Cash Interest Paid 0 0 0 0
Changes in Working Capital (1,112) (735) (1,506) (3,402) Changes in Working Capital (25,622) (27,591) (30,859) (26,183)
Cash From Investing Activities (5,863) (6,163) (7,363) (7,284) Cash From Investing Activities (20,679) (16,508) (21,590) (21,146)
 Capital Expenditures (5,823) (7,112) (7,777) (6,902) Capital Expenditures (13,152) (13,052) (13,729) (14,230)
Other Investing Cash Flow Items, Total (40) 949 414 (382) Other Investing Cash Flow Items, Total (7,527) (3,456) (7,861) (6,916)
Cash From Financing Activities 4,393 1,572 4,296 4,790 Cash From Financing Activities 9,712 17,625 24,566 (865)
Financing Cash Flow Items (98) (127) (111) (166) Financing Cash Flow Items (4) 1 (27) 1,368
Total Cash Dividends Paid (2,121) (2,324) (2,630) (2,366) Total Cash Dividends Paid (364) (1,332) (2,375) (2,899)
Issuance (Retirement) of Stock, Net 0 0 0 0 Issuance (Retirement) of Stock, Net 0 3,473 1,491 0
Issuance (Retirement) of Debt, Net 6,612 4,023 7,037 7,322 Issuance (Retirement) of Debt, Net 10,080 15,483 25,477 666
Foreign Exchange Effects 17 (223) (19) (28) Foreign Exchange Effects (91) (727) (173) 243
Net Change in Cash 1,758 1,159 1,940 1,057 Net Change in Cash (1,628) (796) 10,075 (3,784)
Beginning Cash Balance 0 7,880 9,039 10,979 Beginning Cash Balance 0 19,253 18,863 29,707
Ending Cash Balance 0 9,039 10,979 12,036 Ending Cash Balance 0 18,457 28,938 25,923
Free Cash Flow 0 (1,139) (2,751) (3,323) Free Cash Flow 0 (14,238) (6,457) 3,754
Free Cash Flow Growth 0 0 (142) (21) Free Cash Flow Growth 0 0 55 158
Free Cash Flow Yield 0 0 (6) (13) Free Cash Flow Yield 0 0 (9) 7

Formulas from: https://www.accaglobal.com/vn/en/student/exam-support-resources/fundamentals-exams-study-resources/f2/technical-articles/ratio-analysis.html

BMW financial statements: https://www.investing.com/equities/bay-mot-werke-financial-summary
Volkswagen financial stements: https://www.investing.com/equities/volkswagen-ag-financial-summary
Company Performance Ratios
2016 2017 2018 2019
Profitability

BMW 8% 8% 6% 5%
ROCE (ROI) Return on capital employed (ROCE) = operating profit / (non-current liabilities +total equity) %
Volkswagen 3% 5% 5% 5%

BMW 10% 10% 9% 7%

ROS Return on sales (ROS) = operating profit / revenue %
Volkswagen 3% 6% 6% 7%

BMW 20% 20% 19% 17%

Gross margin Gross margin = gross profit/ revenue %
Volkswagen 19% 19% 20% 20%

Liquidity

BMW 98% 102% 119% 110%

Current ratio Current ratio = current assets / current liabilities
Volkswagen 88% 100% 109% 112%

BMW 0.81 0.85 0.99 0.90

Quick ratio Quick ratio= (current assets – inventory) / current liabilities
Volkswagen 0.66 0.75 0.82 0.84

Activity

BMW 78% 79% 70% 72%

Asset turnover Asset turnover = revenue / (non-current liabilities + total equity)
Volkswagen 94% 88% 81% 79%

BMW 135.63 134.98 160.63 158.08

Receivables days Receivables days = receivables / credit sales × 365 days
Volkswagen 118.95 120.70 126.56 130.08

BMW 57.29 59.21 66.27 67.33

Inventory days Inventory days = inventory / cost of sales × 365 days
Volkswagen 81.34 79.82 88.66 84.18

BMW 44.64 49.41 44.97 43.14

Payables days Payable days = payables / purchases (or cost of sales) × 365 days
Volkswagen 47.57 45.51 45.75 40.96

Solvency

BMW 156% 131% 140% 145%

Debt-to-equity ratio Debt-to-equity = non-current liabilities / ordinary shareholders funds %
Volkswagen 151% 141% 148% 163%

BMW -722.00 -274.97 -178.66 224.58

Interest cover Interest cover = operating profit / finance costs
Volkswagen 4.91 -40.76 18.71 -7.68