Frankfurt am Main, Germany, 15th March 2012
Volkswagen Financial Services AG attains record earnings in 2011
· Pre-tax profit up 7.2 percent to 933 million euro
· Total assets increased by 17.8 percent to 77 billion euros
· New contracts: rise of 15.7 percent to 2.58 million
· Outlook for 2012: "Optimism coupled with a sense of proportion"
Volkswagen Financial Services AG increased its pre-tax profits during the business year 2011 by 7.2 percent to the record level of 933 million euros. Total assets rose by 17.8 percent to reach 77 billion euros. "We have also continued our worldwide growth during the business year 2011. Our strategy of diversified refinancing, a rigorous risk management and a strong sales performance have made a key contribution to the fact that Volkswagen Financial Services AG has again been able to report a record result," as the Chairman of the Management Board of Volkswagen Financial Services AG, Frank Witter, declared on the occasion of the annual press conference in Frankfurt am Main.
Positive trend for new contracts continues
The number of all new contracts signed rose by 15.7 percent in 2011 to 2.58 million. The total number of current contracts increased by 11.5 percent to 6.85 million.
Retail financing: portfolio of contracts rising further
The number of new contracts in the retail financing segment could be slightly increased over the previous year to a figure of around 1.13 million. The portfolio of current contracts went up 6.6 percent to reach 3.02 million.
In the wholesale financing segment, the receivables from Volkswagen Group dealers increased 18 percent to 10.4 billion euros. This volume essentially covers the financing of vehicles in stock plus equipment and investment loans.
Leasing business shows significant growth
The number of new contracts in the leasing business rose significantly by 25.1 percent to 539,000. The portfolio of current contracts went up 7.4 percent to total 1.2 million.
Insurance segment: portfolio increased to 2.63 million contracts
The number of new contracts concluded could be increased by 27 percent to 909,000. The portfolio of insurance brokerage and service contracts showed a marked increase of 20 percent to total 2.63 million.
Deposits: new record level
The customer deposits reached a new record level at the end of the year with a volume of 23.8 billion euros. This amounts to an increase of 18.2 percent. As at 31st December 2011, the bank looked after the interests of almost 1.1 million direct bank customers, which represents a plus of 8 percent over the previous year's figure. As a result, Volkswagen Bank direct has confirmed its position as one of the leading direct banks in Germany.
Outlook for 2012
The Management Board of Volkswagen Financial Services AG is anticipating a result for the business year 2012, as well as for 2013, that will lie at about the same level as the result for the year just ended. With volume stabilization in the saturated European markets, chances should particularly present themselves in growth markets for Volkswagen Financial Services AG to consistently exploit within the framework of its international growth strategy. In this way, Volkswagen Financial Services is supporting the Volkswagen Group brands on the path to becoming the No. 1 among the worldwide automobile manufacturers.
Information for editors
Volkswagen Financial Services AG is a wholly-owned subsidiary of Volkswagen AG with headquarters in Braunschweig, Germany. The market leader for automobile financial services in Europe is responsible for the coordination of the worldwide financial services activities of the Volkswagen Group. Volkswagen Financial Services AG has 7,322 employees worldwide – including 4,599 alone in Germany (as at: 31.12.2011). As at the end of 2011, Volkswagen Financial Services AG reported total assets of almost 77 billion euros, a pre-tax profit of 933 million euros, and a portfolio of around 6.85 million current contracts.
Contacts for press inquiries:
Volkswagen Financial Services AG