Volkswagen Financial Services with record result in 2014

Volkswagen Financial Services have once again grown very successfully during the 2014 financial year. At the annual press conference, Frank Witter, Chairman of the Board of Management of Volkswagen Financial Services AG, reported yet another record result. Witter expressed his delight at the improvement of all important key figures for the Volkswagen financial services segment of the Volkswagen Group: the operating result increased to EUR 1.7 billion (+5.5 %), total assets to EUR 137.4 billion (+19.4 %) and the portfolio to 12.4 million contracts (+15.5 %). The operating result for the current financial year is not expected to be lower than last year.

Alongside Volkswagen Financial Services AG with its associated companies, Volkswagen Financial Services comprise the financial service companies in the USA, Canada, Argentina and Spain that belong directly or indirectly to Volkswagen AG. The only exceptions are the financial service activities of the Scania and Porsche brands and Porsche Holding Salzburg.

(LTR): Lars Henner Santelmann, Christiane Hesse, Frank Fiedler, Dr. Mario Daberkow, Frank Witter, Dr. Michael Reinhart“As central sales driver and partner of the Volkswagen Group brands, we have once again made a significant contribution to the Group’s earnings in 2014. By working closely with the Group brands, by expanding into new markets and by rolling out further products in existing markets, we have continued to grow profitably,” said Witter at the annual press conference in Frankfurt am Main. He added: “We are very proud that we have become a true full-range supplier following the integration of MAN Financial Services. Our goal over the coming years is to secure the sustainable success of Volkswagen Financial Services and to provide customer-oriented solutions for changing mobility needs by becoming the Key to Mobility.”

Portfolio significantly increased

All business units have contributed towards the rise in overall current contracts. The level of retail (customer) financing contracts rose by 12.4 % during the 2014 financial year to its current level of 5.6 million, including around 2.1 million new contracts. The leasing business also recorded a significant expansion. The number of leasing contracts went up 14.7 % to almost 2.3 million, a figure that includes around 1.0 million new contract acquisitions. The insurance and services segment has again grown particularly strongly. The portfolio of insurance contracts grew by 18.3 % to reach 2.2 million, just under 800,000 of which were new contracts. The level of service contracts went up 21.3 % to 2.4 million, including 1.1 million new contracts.

Deposits maintain their high level

The direct banking deposits of Volkswagen Financial Services total around EUR 23.8 billion as at 31.12.2014, which corresponds to a rise of 11.7 % over 2013.

As at 31 December 2014, Volkswagen Financial Services registered a total of 12,821 employees, which is 17.1 % more than the previous year. 6,254 of these work in Germany.