{"id":5572,"date":"2026-02-26T16:15:08","date_gmt":"2026-02-26T16:15:08","guid":{"rendered":"https:\/\/www.europesays.com\/sk\/5572\/"},"modified":"2026-02-26T16:15:08","modified_gmt":"2026-02-26T16:15:08","slug":"volkswagen-prepusta-a-setri-kde-sa-da-s-vynimkou-odmien-pre-top-manazerov-magazin-auto","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/sk\/5572\/","title":{"rendered":"Volkswagen prep\u00fa\u0161\u0165a a \u0161etr\u00ed, kde sa d\u00e1. S v\u00fdnimkou odmien pre top mana\u017e\u00e9rov – Magaz\u00edn – Auto"},"content":{"rendered":"

Volkswagen zrazu „objavil“ \u0161es\u0165 mili\u00e1rd vo\u013en\u00e9ho kapit\u00e1lu, aj ke\u010f nezv\u00fd\u0161il ziskovos\u0165. To umo\u017en\u00ed topmana\u017e\u00e9rom vyplati\u0165 odmeny, viazan\u00e9 na finan\u010dn\u00e9 ukazovatele. <\/p>\n

\t\t\t\t\"Volkswagen
\n\t\t\t\t\t\t\t\t\tFoto: Volkswagen<\/p>\n

Volkswagen che radik\u00e1lne \u0161etri\u0165, „\u0161\u00e9fov“ sa to v\u0161ak net\u00fdka.<\/p>\n

V\u00a0\u00fa\u010dtovn\u00edctve koncernu Volkswagen sa na konci roka \u201ez\u00e1hadne\u201c objavilo \u010d\u00edslo, ktor\u00e9 p\u00f4sob\u00ed paradoxne vo chv\u00edli, ke\u010f firma hovor\u00ed o\u00a0ak\u00fatnej potrebe \u0161etrenia a re\u0161trukturaliz\u00e1cie. Automobilka ozn\u00e1mila, \u017ee jej automobilov\u00e1 div\u00edzia vytvorila pribli\u017ene 6\u00a0mili\u00e1rd eur \u010dist\u00e9ho pe\u0148a\u017en\u00e9ho toku a \u010dist\u00e1 likvidita sa posunula v\u00fdrazne vy\u0161\u0161ie, ne\u017e sama o\u010dak\u00e1vala. Okam\u017eite to vyvolalo pozornos\u0165 a rozpr\u00fadila sa diskusia, \u010di nejde len o\u00a0technick\u00e9 rie\u0161enie, ktor\u00e9 topmana\u017e\u00e9rom zabezpe\u010d\u00ed vy\u0161\u0161ie odmeny.<\/p>\n

Podstatn\u00e9 je, \u017ee nejde o\u00a0ak\u00fatne zlep\u0161enie ziskovosti koncernu. Vysvetlenie sa opiera najm\u00e4 o\u00a0dve veci\u00a0\u2013 o\u00a0zmeny v\u00a0pracovnom kapit\u00e1li a o\u00a0ni\u017e\u0161ie investi\u010dn\u00e9 v\u00fddavky. Pracovn\u00fd kapit\u00e1l je hotovos\u0165 viazan\u00e1 v\u00a0prev\u00e1dzke\u00a0\u2013 napr\u00edklad v\u00a0z\u00e1sob\u00e1ch, v\u00a0poh\u013ead\u00e1vkach od odberate\u013eov alebo naopak uvo\u013enen\u00e1 t\u00fdm, \u017ee firma nesk\u00f4r plat\u00ed dod\u00e1vate\u013eom. Ke\u010f sa podar\u00ed zn\u00ed\u017ei\u0165 z\u00e1soby, r\u00fdchlej\u0161ie inkasova\u0165 fakt\u00fary alebo lep\u0161ie nastavi\u0165 platobn\u00e9 podmienky, tak \u201epapierovo\u201c, ale aj re\u00e1lne v\u00a0banke sa m\u00f4\u017ee kr\u00e1tkodobo objavi\u0165 viac vo\u013enej hotovosti, hoci sa samotn\u00e1 prev\u00e1dzkov\u00e1 mar\u017ea z\u00e1sadne nezmenila.<\/p>\n

\t \t\t\t\t\t\"VW \t\t\t \t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\u010c\u00edtajte viac \t\t\t\t\t\t\t\t\t \t\t\t\t \t\t\t\t\t\u0160\u00e9f koncernu VW naordinoval zna\u010dk\u00e1m \u0161etrenie. N\u00e1klady musia zn\u00ed\u017ei\u0165 o 20 % \t\t\t\t \t\t\t \t\t\t<\/a><\/p>\n

Druh\u00fd pilier tvor\u00ed CAPEX. Ide o\u00a0kapit\u00e1lov\u00e9 v\u00fddavky, teda invest\u00edcie do dlhodob\u00e9ho majetku\u00a0\u2013 z\u00e1vodov, v\u00fdrobn\u00fdch liniek, strojov, moderniz\u00e1ci\u00ed, technol\u00f3gi\u00ed \u010di IT infra\u0161trukt\u00fary. Na rozdiel od be\u017en\u00fdch prev\u00e1dzkov\u00fdch n\u00e1kladov s\u00fa to v\u00fddavky, ktor\u00e9 maj\u00fa prin\u00e1\u0161a\u0165 \u00fa\u017eitok viac rokov. Z\u00a0poh\u013eadu hotovosti v\u0161ak plat\u00ed jednoduch\u00e9 pravidlo\u00a0\u2013 ak firma investuje menej, v\u00a0danom roku jej zostane viac pe\u0148az\u00ed, \u010do priamo zlep\u0161\u00ed pe\u0148a\u017en\u00fd tok. Tak\u00fdto efekt m\u00f4\u017ee by\u0165 racion\u00e1lny, napr\u00edklad ak sa pos\u00favaj\u00fa projekty, men\u00ed harmonogram alebo sa do\u010dasne brzd\u00ed tempo v\u00fddavkov. Z\u00e1rove\u0148 v\u0161ak m\u00f4\u017ee vyvola\u0165 ot\u00e1zky, \u010di odklad invest\u00edci\u00ed nezhor\u0161\u00ed bud\u00facu konkurencieschopnos\u0165, najm\u00e4 v\u00a0obdob\u00ed n\u00e1kladnej transform\u00e1cie na elektromobilitu a softv\u00e9rov\u00e9 platformy.<\/p>\n

A\u00a0ako toto \u201eobjavenie vo\u013en\u00fdch pe\u0148az\u00ed\u201c s\u00favis\u00ed s\u00a0odmenami topmana\u017e\u00e9rov? V\u00a0mnoh\u00fdch ve\u013ek\u00fdch koncernoch\u00a0\u2013 vr\u00e1tane automobiliek\u00a0\u2013 s\u00fa variabiln\u00e9 zlo\u017eky odme\u0148ovania viazan\u00e9 na finan\u010dn\u00e9 ukazovatele, medzi ktor\u00e9 \u010dasto patr\u00ed aj pe\u0148a\u017en\u00fd tok alebo ciele s\u00favisiace s\u00a0likviditou. Ak je bonus naviazan\u00fd na dosiahnutie ur\u010ditej \u00farovne cash flow, potom zlep\u0161enie pe\u0148a\u017en\u00e9ho toku zvy\u0161uje pravdepodobnos\u0165, \u017ee sa cie\u013e spln\u00ed a mana\u017e\u00e9ri sa do\u010dkaj\u00fa odmien.<\/p>\n

Pr\u00e1ve preto je cel\u00e1 situ\u00e1cia citliv\u00e1. Volkswagen na jednej strane komunikuje extr\u00e9mny tlak na zni\u017eovanie n\u00e1kladov, zmeny v\u00a0\u0161trukt\u00fare v\u00fdroby a nap\u00e4t\u00e9 rokovania o\u00a0bud\u00facnosti z\u00e1vodov. Na druhej strane zrazu vykazuje hotovostn\u00fd \u201evank\u00fa\u0161\u201c, ktor\u00fd objekt\u00edvne roz\u0161iruje priestor na vypl\u00e1canie dividend a potenci\u00e1lne aj na v\u00fdplatu variabiln\u00fdch odmien, ak s\u00fa na tieto ukazovatele naviazan\u00e9. Z\u00a0poh\u013eadu verejnosti a zamestnancov je potom k\u013e\u00fa\u010dov\u00e1 ot\u00e1zka nie to, \u010di \u201e\u0161es\u0165 mili\u00e1rd\u201c existuje, ale kde sa zrazu z\u00a0ni\u010doho ni\u010d vzali a ako sa firma rozhodne s\u00a0t\u00fdmito akt\u00edvami v\u00a0\u010dase prep\u00fa\u0161\u0165ania radov\u00fdch zamestnancov naozaj nalo\u017ei\u0165.<\/p>\n","protected":false},"excerpt":{"rendered":"Volkswagen zrazu „objavil“ \u0161es\u0165 mili\u00e1rd vo\u013en\u00e9ho kapit\u00e1lu, aj ke\u010f nezv\u00fd\u0161il ziskovos\u0165. To umo\u017en\u00ed topmana\u017e\u00e9rom vyplati\u0165 odmeny, viazan\u00e9 na…\n","protected":false},"author":2,"featured_media":5573,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,65,66,3348,3349,3347,3350,43,40,39,42,41,1622,3351],"class_list":{"0":"post-5572","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ekonomika","8":"tag-business","9":"tag-economic","10":"tag-ekonomika","11":"tag-kriza-automobiloveho-priemyslu","12":"tag-prepusta","13":"tag-prepustanie-vo-volkswagene","14":"tag-setri","15":"tag-sk","16":"tag-slovak","17":"tag-slovakia","18":"tag-slovencina","19":"tag-slovensko","20":"tag-volkswagen","21":"tag-vynimkou"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts\/5572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/comments?post=5572"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts\/5572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/media\/5573"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/media?parent=5572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/categories?post=5572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/tags?post=5572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}