Automotive report Q2 2016

VW, report, Q1, 2016, front page

Due to that I had missed the filing of VW Q1 report I of course include that in this report. To read the report in full please go here and to read the previous summary then please click on VW annual report 2015 and to find out more regarding VW then please visit analysis of VW 2016.

VW, Q1, 2016, financial data

Conclusion: In Q1 VW did not do very well. The sales revenue were down by a couple of %-age according to them due to exchange rates. They did however deliver more cars. More people seems to be leasing their cars because their financial services showed a nice growth for the quarter. Not so good is the drop in earnings that were around -20%. Still the company made money. I like when my companies make money in each quarter.

VW, Q2, 2016, front page

In the Q2 report from VW there are some unpleasantness named special items that is in the size of almost -2.5 billion EUR. I do not like special items that decrease results.

VW, Q2, 2016, financial statement

Conclusion: They are still pretty flat compared to in 2015 and they keep claiming lowered  revenue due to exchange rates. Without the "special item" the earnings for VW would have been ok but with it, as it is now, we are down by over -35% in earnings which is a lot.

Avtovaz, Q2, 2016, report, front page

Here we have the report from our Russian friends in Avtovaz that decided last spring to kick out the Swedish CEO. Did they do any better I wonder? For the report in full please go here and to read my previous summary please click on Avtovaz report Q1 2016 and to find out more regarding Avtovaz then please visit Analysis of Avtovaz 2016. 

Conclusion: The sales are down a little for the running half year but they have still not managed to get costs under their control which is bad news. They have a wonderful impairment cost that made me laugh. The new CEO seems to like financial engineering. This huge impairment cost comes from a discounted cash flow model concerning the situation in Russia today and what that might look like in the future and if they will not reach their targets in 2019. So... eh... yeah... let us add that as an impairment cost in the size of 20% of our current revenue because that sounds about correct.

New approach of summarizing Q-reports

bunk, reports, quarter

To make my life a bit more easier I have decided to group my companies into these seven groups:


I will then wait until all of them have reported and then I will make one much briefer report regarding all of them within one group. In the beginning it might be a bit messy because some of them have broken years but when I go to their homepage I will then take what they offer and report on that.

Pershing Square: William Ackman Q2 2016

Logo, Pershing Square

The activity was very low in Pershing Square during Q2 2016.

For the previous report please visit Pershing Square: William Ackman Q4 2015.

Conclusion: I would not be chocked if William is spending a lot of his time and energy on trying to save Valeant and for that reason probably many other things are being cast aside which also makes sense because it concerns so much money and so much honour for Mr. Ackman.

Source: SEC

Greenlight Capital: David Einhorn Q2 2016

Logo, Greenlight Capital

Relaxation period was over for David. Full speed forward with plenty of actions going on!

For the previous report please visit Greenlight Capital: David Einhorn Q1 2016.

The new holdings are:

Amaya - Online gambling.

Amerco - North America's largest “do-it-yourself” moving and storage operator.

Amerisourcebergen - A distributor of pharmaceutical products.

Arris - A telecommunications equipment company.

Calpine - A power generation company. Mainly gas.

F M C - A service and equipment provider for power companies.

Hertz Global Holding - The car rental etc company.

Perrigo - A pharmaceutical manufacturing company.

Quorum Health - Operates hospitals etc.

Rite Aid - A drug store chain.

Vaneck Vectors ETF - Offer all kind of investments...

Holdings, Greenlight Capital, Q2, 2016

Conclusion: 11 new companies added to the portfolio and 10 were kicked out so David was up around 40% turnover of holdings and this only includes the "snap-shot" that we get from SEC. I always get a feeling of desperation when I see these kind of things but I am sure that is wrong.

Source: SEC

Aquamarine Capital: Guy Spier Q2 2016

Logo, Aquamarine Capital

After all the excitement last quarter it seems as if Guy fell into a coma of some sort. I hope that it will not last for too long.

For the previous report please click on Aquamarine Capital: Guy Spier Q1 2016.

Holdings, Aquamarine Capital, Q2, 2016

Conclusion: The quarter was very relaxed for Guy Spier but we should also not forget that here we only see what he holds in the US and not the companies and holdings that he has in, for instance, Europe.

Source: SEC

Berkshire Hathaway: Warren Buffett Q2 2016

Logo, Berkshire Hathaway

Warren keeps dancing around but decided not to start any new dances for the quarter. I must say that I was a little surprised with what I saw.

For the previous report please click on Berkshire Hathaway: Warren Buffett Q1 2016.

holdings, Berkshire Hathway

Conclusion: I am a bit annoyed that they are now selling Deere shares again and the biggest surprise for me was they they have decreased their holding in Walmart with almost 30%! I was not expecting that to ever happen since I thought that was another Coca-Cola for Berkshire Hathaway.

Source: SEC

Dalal Street: Mohnish Pabrai Q2 2016

Dalal street, Mohnish Pabrai, imaginary logo

Mr. Mohnish has done some changes in the portfolio during the last quarter... as always nothing too radical but still.

For the previous summary please visit Dalal Street: Mohnish Pabrai Q1 2016.

The new holding was:

Aercap Holdings - An aviation leasing company that David Einhorn has been invested in since Q2 2014.

holdings, Mohnish Pabrai

Conclusion: So I started up a new one and then he also kicked out WL Ross Holdings which is a position that he started back in Q3 2014 and he added into the position until as late as Q2 2015. I am not certain that Mohnish made a lot of money on that one...

Source: SEC

Dividend from Cez: August 2016

Cez, 2016, logo

The Czech electricity company that I currently have some issues with paid out a dividend in the size of 4,000 CZK for my 100 shares. This got converted into 145.76 €. From this I paid 35% taxes so 51.02 € which means that I received as cash on my broker account 94.74 €.

To find out more about Cez then please visit analysis of Cez 2016 and the Stock Dividend page which will soon be updated if you want to follow my dividend progress.