Archive 2014

date

 
Braunschweig,
December 5, 2014

Volkswagen Financial Services are a reliable partner for the Volkswagen Group brands

Volkswagen Financial Services have continued to grow during the 2014 financial year as well and will once again be making a substantial contribution to the Volkswagen Group earnings. On the basis of the preliminary figures, the number of current contracts is expected to rise by 14 percent to reach more than 12.2 million (2013: 10.7 million). "We have continued our successful growth course of the past few years during 2014. Accordingly, we will be able to make a significant contribution to Group brand sales and to Group earnings again this year," says Frank Witter, CEO of Volkswagen Financial Services AG. "In addition to the new markets of South Africa and Malaysia and continued growth in our existing markets, the particular focus this year has been on the integration of MAN Financial Services. Truck & Bus activities are now a core business of Volkswagen Financial Services too," Witter adds.

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Almere/Netherlands, Braunschweig/Germany,
December 1, 2014

Volkswagen Financial Services and Pon acquire further stake in Collect Car B.V.

The two companies Volkswagen Financial Services AG and Pon Holdings B.V. will be increasing their joint stake in Collect Car B.V., the leading carsharing company in the Netherlands better known by its trademark Greenwheels, at the beginning of 2015. With immediate effect, Andrew Berkhout and Alexander Hinz will take on management responsibility in the company.

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Kuala Lumpur, Malaysia / Braunschweig, Germany,
October 17, 2014

Volkswagen Financial Services Launches Operations in Malaysia

As of immediately, Volkswagen Capital Advisory Sdn Bhd, a wholly owned subsidiary of Volkswagen Financial Services AG, is now offering vehicle financing and insurance for all Volkswagen passenger cars in Malaysia. With this launch, Europe's largest provider of automobile-related financial services is pursuing its global growth strategy and is now offering its services in 50 markets across the globe.

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Braunschweig,
September 24, 2014

Volkswagen Financial Services carry out ABS transaction VCL 20

Volkswagen Financial Services have successfully placed their 20th Asset Backed Securities (ABS) transaction, VCL 20, to securitise leasing contracts on the market with a volume of around Euro 1.071 billion. The ABS issue was sold in two tranches at the lower end of the price range. During the bookbuilding process, the Class A Notes were priced at 1-month Euribor plus 27 basis points, and the Class B Notes were priced at plus 65 basis points. The order books were oversubscribed 1.5 times (Class A) and 1.1 times (Class B) at placement pricing levels.

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Beijing/Braunschweig,
September 3, 2014

Volkswagen Finance China celebrates 10th anniversary

Volkswagen Finance China, a wholly owned subsidiary of Volkswagen Financial Services AG, looks back on a period of rapid growth during the past decade. Starting in 2004 with 17 Volkswagen Group dealers in only one city, Volkswagen Finance China is currently partnering with more than 2,000 dealers in nearly 300 cities across the country. In 2013, the company has financed around 228,000 vehicles (2004: 210 vehicles). Volkswagen Finance China aims to promote the sales of Volkswagen Group brands by offering attractive tailor-made products. The company increased the current finance penetration rate of approximately 10 percent, a historic high in the traditional Chinese cash payers market.

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Braunschweig,
September 3, 2014

Volkswagen Financial Services carry out largest Auto ABS transaction in pounds sterling

Volkswagen Financial Services have placed the securitisation transaction Driver UK two with a volume of around 1.2 billion pounds sterling (GBP), or around Euro 1.5 billion. As a result, the issue is currently the highest-volume Auto ABS transaction conducted in the UK currency. The largest Auto ABS transaction up to now, which was carried out in 2012, totalled around GBP 575 million. Following the success of the debut transaction Driver UK one with a volume of GBP 500 million in 2008, Driver UK two is now the second Auto ABS transaction placed on the market by Volkswagen Financial Services in pounds sterling. The issue to securitise motor vehicle financing contracts was sold in two tranches at the lower end of the price range. During the bookbuilding process, the Class A Notes were placed at a price of 1-month Libor plus 42 basis points and the Class B Notes at plus 90 bp. Both tranches were well received by a total of 41 investors.

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Braunschweig,
July 22, 2014

Volkswagen Financial Services issue first bond in South Korea

Volkswagen Financial Services Korea Limited, a subsidiary of Volkswagen Financial Services AG, has placed its first bond in South Korean won (KRW) on the Korean capital market with a volume of KRW 100 billion (around EUR 72 million). The Korean rating agencies Korea Investors Services, Inc. (KIS) and NICE Investors Services Co., Ltd. (NICE) both award the bond a local A+ rating. The bond has a term of three years and a coupon of 3.255 percent per year.

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Braunschweig/Beijing,
July 21, 2014

Volkswagen Financial Services carry out first Auto ABS transaction in China

Volkswagen Financial Services have securitised Chinese automobile credits and sold them to investors for the first time. The securitisation transaction Driver China One was placed on the market today with a volume of around 800 million renminbi (RMB), or around 96 million euros. The transaction is part of the ABS pilot programme that grants the wholly foreign-owned auto finance companies access to the local ABS market for the first time under the supervision of the China Banking Regulatory Commission and the People’s Bank of China. During the bidding process, the Class A notes were placed with a fixed interest rate of 4.80% and the Class B notes with a fixed interest rate of 8.08%. The order books were oversubscribed 1.2 times for the Class A notes and 1.5 times for the Class B notes at placement pricing levels. China is the largest sales market for the Volkswagen Group with around 3.3 million motor vehicles sold in 2013. Volkswagen Finance China Co., Ltd., a wholly owned subsidiary of Volkswagen Financial Services AG, financed around 228,000 of these vehicles during the course of the last financial year.

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Braunschweig,
April 16, 2014

Volkswagen Financial Services carry out largest European Auto ABS transaction since the financial crisis

Volkswagen Bank GmbH, a wholly owned subsidiary of Volkswagen Financial Services AG, has today successfully placed its Auto ABS (Asset-Backed Securities) transaction, Driver 12, on the market with a total volume of around EUR 1.29 billion. Driver 12 is therefore the largest European ABS transaction to be carried out since the outbreak of the financial crisis in 2007. The issue to securitise motor vehicle financing contracts was sold in two tranches at the lower end of the price range. The transaction bears the quality label "Certified by TSI – deutscher Verbriefungsstandard" from True Sale International GmbH.

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Braunschweig,
March 26, 2014

Volkswagen Leasing GmbH places bonds over 1.5 billion euros

Volkswagen Leasing GmbH has yesterday successfully placed two bonds with a total of 1.5 billion euros pursuant to the 18 billion euro Debt Issuance Programme. The bonds have terms to maturity of 3.5 and 8 years and interest rates of 1.00 und 2.125 percent. The yields on the bonds amount to 1.08 and 2.193 percent. Both issues are guaranteed by Volkswagen Financial Services AG and rated by Standard & Poor’s with the grade A- and by Moody’s with A3. During the last financial year, the Volkswagen Financial Services business division of Volkswagen AG achieved a new record result with an operating profit of 1.6 billion euros (+ 14.6 %) and assets totalling 115.1 billion euros (+3.6 %). Altogether, 27.6 % of the total assets were refinanced in 2013 through corporate bonds.

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Frankfurt am Main,
March 20, 2014

Volkswagen Financial Services continued on successful growth path in 2013

Volkswagen Financial Services looks back on a successful 2013 financial year. At the annual press conference, Frank Witter, Chairman of the Board of Management of Volkswagen Financial Services AG, reported on behalf of Volkswagen AG on the most important key figures for the Volkswagen financial services segment of the Volkswagen Group. The operating result rose to EUR 1.6 billion (+14.6 %), total assets to EUR 115.1 billion (+3,6 %) and the portfolio to 10.7 million contracts (+11.3 %).

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Johannesburg, South Africa,
March 10, 2014

Joint Venture announcement: Volkswagen Financial Services AG and WesBank

Volkswagen Financial Services South Africa (PTY) Limited, a joint venture between Volkswagen Financial Services AG and WesBank, launched operations on March 1st, 2014. German Volkswagen Financial Services AG owns 51% of the shares of the new finance provider. Through its business division WesBank, which operates within the vehicle and asset finance business, FirstRand Limited holds 49%.

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Braunschweig,
February 13, 2014

Volkswagen Financial Services placed Japanese Auto-ABS

Volkswagen Financial Services have successfully placed their third Japanese Asset-Backed Securities (ABS) transaction yesterday. The securitisation transaction Driver Japan Three, which is securitised with receivables of Tokyo based Volkswagen Financial Services Japan Ltd, has a volume of around 30 billion Japanese Yen (JPY), this corresponds to about Euro 215 million.
The senior tranche was priced at base rate plus 18 basis points. Thus the Volkswagen Financial Services were able to refinance at more favourable terms compared to the previous emissions Driver Japan One (January 2012) and Driver Japan Two (February 2013).

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Braunschweig,
January 30, 2014

Successful ABS transaction by Volkswagen Financial Services

The 19th Asset Backed Securities (ABS) transaction, VCL 19, from Volkswagen Leasing GmbH, a wholly owned subsidiary of Volkswagen Financial Services AG, has today been fully placed on the market with a volume of around EUR 750 million. The ABS issue to securitise the leasing contracts was sold in two tranches at the lower end of the price range. The transaction bears the True Sale International GmbH quality label “Certified by TSI – Deutscher Verbriefungsstandard”.

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Braunschweig,
January 2, 2014

Volkswagen Financial Services AG acquires MAN Finance International GmbH

Volkswagen Financial Services AG has acquired MAN Finance International GmbH, headquartered in Munich, effective January 1, 2014. The purchase enables Europe’s largest automotive financial services provider to expand its business to include financing, leasing, and rental activities for MAN Truck & Bus. It aims to strengthen financial service activities in this area and particularly boost sales targets through this.

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