Volkswagen Financial Services achieve yet another record result in 2018 and set their course for the future
- Operating profit increases by 6.2 % to EUR 2.61 billion
- Total portfolio now just under 20.3 million contracts (+5.5 %)
- Total assets climb to EUR 207.6 billion (+11.1 %)
- EUR 850 million to be saved annually starting 2025
With a figure EUR 2.61 billion, another record result was attained in 2018 (+6.2 %, previous year: EUR 2.46 billion). The portfolio of current contracts also reached a new high in 2018 with a total of just under 20.3 million units recorded at the end of the year (+5.5 %, previous year: 19.7 million units). The total assets of the Volkswagen Financial Services division at the end of last year amounted to EUR 207.6 billion (+11.1 %, previous year: EUR 186.9 billion).
"Our intention is to reach a portfolio of 30 million contracts by 2025 and also save EUR 850 million each year from then onwards. This will be achieved by enhancing our productivity, by introducing standard IT systems and by optimising our sales costs," Santelmann says.
Chief Financial Officer Fiedler is cautiously optimistic about performance this year: "Although considerable macroeconomic uncertainties are impacting the current financial year 2019, we expect the Volkswagen Financial Services division to achieve a good year-end operating result at the previous year's level because we will also be seeing the first fruits of success from our efficiency programme."
Volkswagen Financial Services grew in almost all product categories during 2018. The main growth drivers for the level of contracts were services such as maintenance and wear and tear and the fleet business in Europe. This latter field of activity will become even more important in the future as a result of the company's participation in FleetLogistics, Europe's largest fleet management company. The spectrum of mobility services is also being expanded by the recent acquisition of LogPay Financial Services GmbH and the related entry into the business segment of local public transport payment processing. The acquisition of both companies is still subject to the approval of the antitrust authorities.
|Portfolio of current contracts worldwide
|31 December 2018||31 December 2017||Change in %|
|New contracts worldwide
|January to December 2018
||January bis December 2017||Change in %|
Information for editors:
Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA, Canada, and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 16,267 employees worldwide – including 7,010 alone in Germany. Volkswagen Financial Services report total assets of around EUR 207.6 billion, an operating result of EUR 2.6 billion euros and a portfolio of around 20.3 million current contracts (as at: 31.12.2018).
Contact for press inquiries:
Marc Siedler (Press Officer)
Phone: + 49 (0)531 / 212-87675
Stefan Voges (Head of External Communications)
Phone: + 49 (0)531 / 212-2621
Malte Krause (Press Officer)
Phone: + 49 (0)531 / 212-5574