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Financial Analysis

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TABLE OF CONTENTS Introduction ......................................................................................................................................3 Main body ........................................................................................................................................3 Financial statement framework explanation ................................................................................3 Different methods of ratio analysis ..............................................................................................4 Ratio analysis ...............................................................................................................................5 Sales analysis ...............................................................................................................................8 Share price activity analysis.......................................................................................................10 Conclusion .....................................................................................................................................10 recommendations to potential investors.........................................................................................11 Appendix ........................................................................................................................................12 References ......................................................................................................................................14

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ILLUSTRATION INDEX Illustration 1: Sales analysis of Volkswagen .................................................................................11 Illustration 2: Sales analysis of Vauxhall.......................................................................................11

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INDEX OF TABLES Table 1: Sales values of Volkswagen and Vauxhall ......................................................................10 Table 2: Ratio computation of Volkswagen ..................................................................................14 Table 3: Ratio computation of Vauxhall ........................................................................................14

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INTRODUCTION Financial statement analysis is a process and it is used for the evaluating financial facts and figures to make effective economic decisions. This analysis is one of the most appropriate tools for the users of financial statements because it provides clear description about circumstances and performance of the entity (Sisaye and Birnberg, 2010). This aspect is supported by trends and proportion analysis. Present project report is focused on evaluation of financial statements of Volkswagen. It is a German car manufacturer company established in the year 1946. Company is able to make continuous increase in their sales and profitability figures by their effective operations. Management of the company is engaged in manufacturing, designing and distribution of vehicles. Along with this, company is also providing financial services to their customers. Volkswagen is providing more than 100 production facilities across 27 countries. In accordance with the report of Fortune Global 500 it ranked 9th in 2013. Further, in 2014, it had reached production output of 10.14 million vehicles. By considering competitive market, top competitors of company are Vauxhall, Toyota, Bugatti and Skoda. In order to analyze financial position of the company inter and intra comparison will be used in this report. Inter comparison of financial value will be done by considering financial statements of Vauxhall. Further, intra comparison will be done through trend analysis by computation of ratios of previous three years.

MAIN BODY Financial statement framework explanation Financial statement analysis can be defined as procedure used for analyzing and assessment of organization's financial statement to attain understanding regarding risk, profitability, financial performance and business model. Major objective of financial statement analysis is to make decision regarding investment in securities of the company. In accordance with the view point of Kastantin, frame work of financial statement analysis comprises of following six steps: 

Statement of objective and context- Framework is developed by determining of objectives. By this aspect, form of presentation of information is clarified. This step is

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accomplished on the basis of available time and resources (Kastantin, 2005). Objective of present financial statement analysis is to make investment decision by comparing the financial figures of Volkswagen and Vauxhall. 

Collection of data- Data for the financial evaluation of corporate entities can be collected through annual financial statements, industry reports and presentations provided by economy on sector (Shim and et.al., 2008). For competitive analysis in present report, annual reports published by the organizations will be used.

Processing of data- In order to convert collected data into information, processing step is essential for the analysts (Theeke and Mitchell, 2008). For this aspect, ratios are required to be computed and same should be presented in the form of suitable exhibit such as graphs.

Analysis and interpretation of data- Collected data is analyzed to draw suitable conclusion and it even provide appropriate recommendations to the users. This aspect will be supported by ratio computation (Wahlen and et.al., 2011).

Reporting of calculations and recommendations- On the basis of ratio computation and interpretation, report will be prepared for

investors and potential investors of the

company to assist them in investment decisions. 

Periodical repetitions of analysis- Above described steps are periodically repeated to make changes in conclusions and the provided recommendations.

Different methods of ratio analysis According to the accounting handbook of Beenhakker, ratio can be defined as numerical expression which is used to set quantitative relationship between two members (Beenhakker, 2006). Further, ratio analysis is a procedure used for the interpretation of numerical relationship between financial values of the company. Following methods can be used for analyzing ratios-

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Horizontal analysis Horizontal analysis is also known as intra firm analysis. In this method, comparison of same ratios is done over a period of time. This analysis provides information of two grounds i.e. stability and trend in the financial figures (Friedlob and Schleifer, 2003). With this analysis, clarification regarding stability in track record is provided. In addition to this, it also unveils the trend developed by the financial performance of the company. Cross Sectional analysis Cross Sectional analysis is used to make comparison of financial performance of one company with another. Selected company can be either from the same industry or from different industry (Berman, Knight and Case, 2006). This analysis helps in understanding performance of company in relation to its peers. In addition to this, it also relinquishes the impact of business cycles. Cross Sectional analysis can be conducted by considering industry average or value of competing firms or by selecting the company with the best practices. Avail online assignment writing service at pocket friendly rates from Instant Assignment Help UAE. Visit now for amazing offers.


Ratio analysis Activity ratios Activity ratios are computed to assess the cash or sales conversion ability of commercial organization from different assets. Higher activity ratio shows increased efficiency of business organization. Activity ratios of Volkswagen and Vauxhall is as follows2014 2013 Volkswagen Vauxhall Volkswagen Vauxhall Total Assets Turnover Ratio Inventory Turnover ratio 

2012 Volkswagen Vauxhall

0.58

0.88

0.61

0.93

0.62

1.02

5.27

10.42

5.63

9.79

5.49

9.61

Total asset turnover ratio- By considering total turnover ratios of Volkswagen reducing trend can be noticed. It is due to difference in proportion of increase in sales and assets of business (Financial Statement Analysis, 2015). Increase in assets is comparatively higher while sale is increasing from lower percentage. It is because; company was not providing eco-friendly products due to which sales reduced (Campbell, 2009). On the other hand, total asset turnover ratio of Vauxhall is also showing reducing trend. This trend arises due to fluctuating pricing strategy which had made reduction in the efficiency of business.



Inventory turnover ratio- Inventory turnover ratio of Volkswagen is showing fluctuating trend while Vauxhall is showing increasing trend. Reason of fluctuation is changing sales of business (Robb and Robinson, 2012). Despite of fault of eco-friendly products, company was able to maintain growth in sales of business due to which this ratio is showing increasing trend.

Liquidity ratios Computation of liquidity ratio is done to show ability of business entity to pay current obligations. Ideal current ratio is 2:1 and quick ratio is 1:1. Ratio less than ideal ratio shows deficiency of assets or inefficiency of company in paying its current obligations (Roy and Cheruvu, 2009). On the other hand, higher current ratio is also not favorable because it shows inappropriate allocation of resources in business. 2014 2013 Volkswagen Vauxhall Volkswagen Vauxhall

2012 Volkswagen Vauxhall

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Current ratio Quick ratio 

1.00 0.76

1.27 1.07

1.03 0.79

1.31 1.08

1.30 1.02

1.07 0.8

Current ratio- Current ratio of both the companies is less than ideal ratio. However, Vauxhall has better liquidity in comparison to Volkswagen. Current ratio of both the companies is low because companies are car manufacturing companies. Due to this aspect, they require less liquidity in comparison to the other sectors (Lim and et.al., 2013). However, there is continuous reduction in Volkswagen current obligations as current liabilities are drastically increasing. In addition to this, competing firms are taking market share of the company due to this aspect goodwill among suppliers and bank institutions has been reduced

Quick ratio- Similar to the current ratio, quick ratio of the company is showing reducing trend. Quick ratio of Vauxhall is representing that company has better liquidity in comparison to Volkswagen (Brooks and et. al. 2012). It is because their quick ratio is near to ideal. Company had made appropriate allocation of resources to achieve their aims and objectives in an effective manner.

Solvency ratios Solvency ratio of company shows efficiency in formation of capital structure. Business organizations are required to form effective financial structure to make reduction in their financial cost (Peters, 2011). For this aspect, they are required to set balance between proportion of debt and equity. Solvency ratios of Volkswagen and Vauxhall is as follows2014 2013 Volkswagen Vauxhall Volkswagen Vauxhall Debt equity ratio Time interest ratio 

2012 Volkswagen Vauxhall

0.85

2.16

0.76

1.44

0.86

1.63

131.76

9.8

175.87

16.01

129.47

12.55

Debt equity ratio- This ratio depicts gearing position of the firm. By considering approach of financial analysts, low gearing ratio is beneficial for the company. It is because, high gearing shows higher proportion of debt and it can lead to the situation of solvency (Clandia and et. al., 2014). By comparison of debt equity ratio of both the

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companies it can be noticed that Volkswagen has better gearing than Vauxhall. Main reason of this ratio is increase in goodwill and brand value. However, there is minor fluctuation due to redemption of debt and increase in equity. 

Time interest ratio- Times interest ratio depicts that Volkswagen is performing exceptionally well. In comparison to Vauxhall, Volkswagen is having approximately ten times higher efficiency in payment of debt (Krzysko and Marciniak, 2001). This is due to increase of 3.5 per cent in sales i.e. 98.7bn compared with year-ago period as total vehicle deliveries climbed 5 per cent and had reached the level of 4.8m. On the other hand, time interest ratio of company is showing fluctuating trend. This is a negative aspect for the investors.

Profitability ratios Computation of this ratio depicts capability of company in earning high ratios. Higher ratio shows efficiency of the company in managing their operational activities for earning high revenue (Lampe and Hofmann, 2013). These ratios include three different ratios which are gross profit, operating profit and net profit ratio. With the help of these ratios, performance of the company is analyzed at different levels after incurring its expenses related to cost of goods sold, Avail online assignment writing service at pocket friendly rates from Instant Assignment Help UAE. Visit now for amazing offers.


operational expenses and interest and taxes paid.

Profitability ratios of Volkswagen and

Vauxhall is as follows2014 2013 Volkswagen Vauxhall Volkswagen Vauxhall Gross profit ratio Operating profit ratio Net profit ratio 

2012 Volkswagen Vauxhall

18.04%

8.86%

18.07%

11.62%

18.25%

7.10%

6.27% 5.47%

0.98% 2.53%

5.92% 4.64%

3.30% 3.44%

6.20% 11.36%

19.94% 4.03%

Gross profit ratio- Gross profit ratio of Volkswagen depicts that company had maintained stability in profitability. It is neither showing drastic decrease nor increase. Volkswagen earning review shows that growth in the revenue of the company is strong. However, it is not increasing due to reduction in sales volume of company by 2.7%. On the other hand, gross profit ratio of Vauxhall is highly fluctuating (Pock, 2007). Fluctuation in sales is due to inefficiency in management strategies of the company. It is because; management of company is not able to handle their brand value. Due to this aspect, their biggest improvement of scrapping brands like Saab is not providing effective contribution in the profitability of the organization.

Operating profit ratio- Similar to the gross profit ratio, there are no drastic changes in the operating profit ratio of Volkswagen. However, in comparison to previous year company is able to make increase of 5% i.e. 3.59 billion euros (Khamees, Al-Fayoumi and AlThuneibat, 2010). In accordance with their financial report, effective product mix of the company is able to make increase in the profits of the company (Weaver and Weston, 2007). On the other hand, operating profit ratio of company is continuously reducing due to their poor performance. This aspect can be noticed by the report provided by the Richard Bremner. It is due to previous losses of business.

Net profit ratio- Net profit ratio of the Volkswagen is showing fluctuating trend while reducing trend can be noticed by considering values of Vauxhall. Due to legislator aspect of eco-friendly products in 2013 there was drastic fall in the value of profit of Volkswagen. However, in 2014, they were able to make improvement in this situation by their effective product mix. Vauxhall had faced 14% fall in net profits during the first

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three months of 2013 due to their poor operating strategies (Vauxhall-Opel 2015 profits under threat, 2015). Mintel explanation In accordance with the Mintel analysis, performance of Volkswagen is comparatively better than Vauxhall. It is because, company is earning higher profits and they are able to generate better returns for the shareholders. By comparing performance of both the companies, it can be noticed that Vauxhall is not able to make appropriate utilization of assets. By considering this aspect, it can be concluded that performance of Vauxhall is less efficient in comparison to Volkswagen.

Sales analysis Sales analysis is important aspect of financial evaluation of the company. It is because, it shows growth and profit opportunities of the cited organization. In addition to this, horizontal and cross sectional analysis of the company provides effective comparison of financial organizations. By considering this information, potential investors of the company will be able to make viable decision regarding investment. Table 1: Sales values of Volkswagen and Vauxhall 2014

2013

2012

Volkswagen

202458

197007

192676

Vauxhall

155929

155427

152256

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f(x) = -4891x + 207162.33 R² = 1

204000 202000 200000 198000 196000 194000 192000 190000 188000 186000 2014

2013

2012

Illustration 1: Sales analysis of Volkswagen

f(x) = -1836.5x + 158210.33 157000 156000 155000 154000 153000 152000 151000 150000 2014

2013

2012

Illustration 2: Sales analysis of Vauxhall

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By considering sales analysis of Volkswagen and Vauxhall it can be noticed that performance of Volkswagen is comparatively better (Annual report of Volkswagen, 2014). It is because; revenue of the organization is increasing in the increasing rate. It is because; three car models of the company are listed in top ten global cars (Weaver and Weston, 2007). Due to this aspect, there is drastic improvement in sales value of the company. Sales of Vauxhall is also increasing but in decreasing rate. This aspect enhances possibility of losses in near future. In addition to this, sales of Volkswagen are higher than Vauxhall which shows that company has better opportunities for growth and expansion. Share price activity analysis Share price activity analysis is used to evaluate trend of return and addition on capital value provided by the company. By making comparison of these values, potential investors can select better option for investment.

EPS Return on equity

2014 2013 Volkswagen Vauxhall Volkswagen Vauxhall 2.92 2.38 21.84 18.63 12.21%

7.48%

6.65%

11.54%

2012 Volkswagen Vauxhall 1.65 46.42 20.29%

18.14%

By considering EPS and return on equity of both the companies it can be noticed that Volkswagen is providing better return in comparison to the Vauxhall. However, earning per share of the organization has been reduced in the year 2013 due to the legislation issues. Still, company is able to cope up with this situation with their effective product mix (Weygandt and et. al., 2009). On the other hand, EPS and return on equity is continuously decreasing due to inappropriate management of organization (Coles, Lemmon and Meschke, 2012). Due to this aspect, improvements made by entities (such as divestment in segment which are not adding value in the business) are not able to contribute in increasing profits. This aspect enhances risk of the potential investors (Annual report of Vauxhall, 2014). In addition to this, there will be high probability of reduction in value of capital investment. Horizontal analysis of cash flow statement Horizontal analysis of cash flow statement shows drastic reduction in cash generated by operating activities. This aspect is showing reducing solvency of business organization. It is due higher consumption of cash in investing activities and debt repayment. In accordance with the Avail online assignment writing service at pocket friendly rates from Instant Assignment Help UAE. Visit now for amazing offers.


plan of change in capital structure high cash of organization is consumed. However, it is not reducing the profitability of business entity. As a consequence, risk in investment of company will not be adversely affected. Table 2: Horizontal analysis of cash flow statement 2014

2013

Net inc. or dec.

Change in % terms

Depreciation and amortization 16791

14650

2141

14.61%

Deferred income taxes

-4040

-3107

-933

30.03%

Inventory

-2214

-1021

-1193

116.85%

Other working capital

-13401

-10609

-2792

26.32%

Other non cash items

13648

12682

966

7.62%

10784

12595

-1811

-14.38%

Cash flow from operating activities

Net

cash

provided

by

operating items

Cash flow from investing activities Investment in properties

-16613

-11385

0.00%

Acquisitions

-241

-151

-90

59.60%

Purchases of investments

-2154

-810

-1344

165.93%

Purchase of intangible asset

-12012

-11385

-627

5.51%

Sales of intangible asset

403

622

-219

-35.21%

Other investing activities

11518

6219

5299

85.21%

-19099

-16890

-2209

13.08%

Sales/maturities of investment

Net cash used for investing activities

Cash flow from financing activities Debt issued

25608

22118

3490

15.78%

Debt repayment

-21748

-14614

-7134

48.82%

Common stock issued

4932

3067

1865

60.81%

Dividend paid

-1962

-1849

-113

6.11%

Other financing activities

-2185

251

-2436

-970.52%

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Net

cash

provided

financing items

by 4645

8973

-4328

-48.23%

Effect of foreign exchange rate 294

-462

756

-163.64%

Net change in cash

-3376

4216

-7592

-180.08%

Opening cash balance

22009

17794

4215

23.69%

Closing cash balance

18633

22010

-3377

-15.34%

CONCLUSION In accordance with the present project report it can be concluded that financial statement analysis is an effective tool used for the evaluation of financial facts for the purpose of making effective economic decisions. Main purpose of this analysis is to make decision regarding investment in securities of the company. For appropriate interpretation of financial statements, companies are required to make use of financial ratios. Analysis in present project report shows that trading activities of Vauxhall is better than Volkswagen. However, they are not able to earn high profits due to inefficiency in developing management strategies. On the other hand, Volkswagen is able to provide better returns to investors despite of having certain issues in operating activities. It is due to their effective product mix and brand value of the company.

RECOMMENDATIONS TO POTENTIAL INVESTORS By considering financial evaluation of both the companies, potential investors are recommended to make investment in shares of Volkswagen for more secure investment. It is Avail online assignment writing service at pocket friendly rates from Instant Assignment Help UAE. Visit now for amazing offers.


because company is able to increase their sales and profitability over the period of time. In addition to this, despite of having legislation issues of eco-friendly products the company was able to maintain growth in sales of business. As a consequence, they are able to maintain stability in their financial ratios. In accordance with the comparison of debt equity ratio of both the companies, it can be noticed that Volkswagen has better gearing ratio than Vauxhall. Main reason of this ratio is to increase goodwill and brand value. With this aspect, potential shareholder of the company will have security that there will not be reduction in the capital value of investment. Furthermore, in comparison to Vauxhall, Volkswagen is having approximately ten times higher efficiency in payment of debt. This aspect provides assurance that even after paying interest the company will be able to provide sufficient returns to the shareholders.

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APPENDIX Table 3: Ratio computation of Volkswagen Ratios Formula Activity Ratios Net Sales Total Assets Total Assets Turnover Ratio Net Sales/ Total Assets Cost of goods sold Inventory Inventory Turnover ratio COGS/Inventory Liquidity ratios Current Assets Current Liabilities Closing Stock Current Assets / current Current Ratio Liabilities (Cu. Assets - Cl. Quick Ratio Stock)/Cu. Liabilities Solvency ratios Debt Equity Debt Equity Ratio Debt/ Equity Net income Annual Interest Expense Net Income/ Interest Times Interest Ratio expense Profitability ratios Gross profit Operating profit Net profit Net Sales (Gross Profit/ Net Sales) *100 Gross Profit Ratio (Operating Profit/ Net Sales) *100 Operating Profit Ratio (Net Profit/ Net Sales) *100 Net Profit Ratio

2014

2013

2012

202458 351208 0.58 165934 31466 5.27

197007 324333 0.61 161407 28653 5.63

192676 309518 0.62 157518 28674 5.49

131102 130706 31466

122192 118625 28653

113061 105526 28674

1.00

1.03

1.07

0.76

0.79

0.80

76608 90189 0.85 11068 84

68349 90037 0.76 9145 52

70675 81995 0.86 21881 169

131.76

175.87

129.47

36524 12697 11068 202458

35600 11671 9145 197007

35154 11948 21881 192676

18.04%

18.07%

18.25%

6.27%

5.92%

6.20%

5.47%

4.64%

11.36%

Table 4: Ratio computation of Vauxhall Ratios

Formula

2014

2013

2012

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Activity Ratios Net Sales Total Assets Total Assets Turnover Ratio Cost of goods sold Inventory Inventory Turnover ratio Liquidity ratios Current Assets Current Liabilities Closing Stock Current Ratio Quick Ratio Solvency ratios Debt Equity Debt Equity Ratio Net income Annual Interest Expense Times Interest Ratio Profitability ratios Gross profit Operating profit Net profit Net Sales Gross Profit Ratio Operating Profit Ratio Net Profit Ratio

Net Sales/ Total Assets

COGS/Inventory

Current Assets / current Liabilities (Cu. Assets - Cl. Stock)/Cu. Liabilities

Debt/ Equity

Net Income/ Interest expense

(Gross Profit/ Net Sales) *100 (Operating Profit/ Net Sales) *100 (Net Profit/ Net Sales) *100

155929 155427 177677 166344 0.88 0.93 142121 137373 13642 14039 10.42 9.79

152256 149422 1.02 141443 14714 9.61

83670 65701 13642

81501 62412 14039

69996 53992 14714

1.27

1.31

1.30

1.07

1.08

1.02

76519 35457 2.16 3949 403

61325 42607 1.44 5346 334

59186 36244 1.63 6136 489

9.80

16.01

12.55

13808 18054 1530 5131 3949 5346 155929 155427

10813 30363 6136 152256

8.86% 11.62%

7.10%

0.98% 3.30%

19.94%

2.53% 3.44%

4.03%

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REFERENCES Books and journals Beenhakker, A., 2006. Invesment decision making in the private and public sector. Cengage learning. Berman, K., Knight, J. and Case, J., 2006. Financial Intelligence: A Manager's Guide to Knowing what the Numbers Really Mean. Harvard Business Press. Brooks, A. and et. al. 2012. Accounting : business reporting for decision making. John wiley & sons. Campbell, R. J., 2009. 6 Art as a Financial Investment. Collectible Investments for the High Net Worth Investor. pp. 119. Clandia, M. G. and et. al., 2014. Strategic sustainability management and export performance. Management of Environmental Quality: An International Journal. 25(4). pp. 431-445. Coles, J. L., Lemmon, M. L. and Meschke, J. F., 2012. Structural models and endogeneity in corporate finance: The link between managerial ownership and corporate performance. Journal of Financial Economics. 103(1). pp. 149-168. Friedlob, T.G. and Schleifer F.L.L.,2003. Essentials of Financial Analysis. John Wiley & Sons. Kastantin, T. J., 2005. Beyond earnings management: Using ratios to predict Enron's collapse. Managerial Finance. 31(9). pp. 35–51. Khamees, A. B., Al-Fayoumi, N. and Al-Thuneibat, A. A., 2010.Capital budgeting practices in the

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Peters, J., 2011. The rise of finance and the decline of organised labour in the advanced capitalist countries. New Political Economy. 16(1). pp. 73-99. Pock, A. V., 2007. Strategic Management in Islamic Finance. Springer Science & Business Media. Robb, A. M. and Robinson, D. T., 2012. The capital structure decisions of new firms. Review of Financial Studies. Hhs072. Roy, R. and Cheruvu, K. S., 2009. A competitive framework for industrial product-service systems. International Journal of Internet Manufacturing and Services. 2(1). pp. 4-29. Shim, K. J. and et.al., 2008. Financial Management. Barron's Educational Series.Vaivio, J., 2008. Qualitative management accounting research: rationale, pitfalls and potential. Qualitative Research in Accounting & Management. 5(1). pp. 64 – 86. Sisaye, S. and Birnberg, J., 2010. Extent and scope of diffusion and adoption of process innovations in management accounting systems. International Journal of Accounting and Information Management. 18(2). pp. 118 – 139. Theeke, H. and Mitchell, B. J., 2008 Financial implications of accounting for human resources using a liability model. Journal of Human Resource Costing & Accounting. 122. pp. 124 – 137. Wahlen, M. J. and et.al., 2011. Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective. 7th ed. Cengage Learning. Weaver, S. and Weston, 2007. Strategic Financial Management: Application of Corporate Finance. Cengage Learning. Weygandt, J. J. and et. al., 2009. Managerial Accounting: Tools for Business Decision Making. John wiley & sons. Online Annual

report of Vauxhall. 2014. [Pdf]. Available through: <http://www.gm.com/content/dam/gmcom/COMPANY/Investors/Stockholder_Informa tion/PDFs/2014_GM_Annual_Report.pdf>. [Accessed on 29th October 2015].

Annual

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Financial Statement Analysis. 2015. [Online]. Available through: <http://www.simplilearn.com/financial-statement-analysis-rar25-article>. [Accessed on 29th October 2015]. Vauxhall-Opel 2015 profits under threat. 2015. [Online]. Available through: <http://www.dealerupdate.co.uk/vauxhall-opel-2015-profits-underthreat/#.VjIX66W1Gkp>. [Accessed on 29th October 2015].

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