Press Release

November 4, 2019

Volkswagen Financial Services post new record figures after first three quarters

Current portfolio grows to over 21.2 million contracts

New contracts increase 3.2 percent to almost 6.3 million units

Operating profit totals EUR 2.035 billion (+6.2 percent)

Braunschweig, 4 November 2019. Volkswagen Financial Services are fully on track in autumn 2019 after the first three quarters of this year. The progress recorded is very positive, both in terms of contract volumes and the key financial figures. The current portfolio grew to a new record level of more than 21.2 million contracts (+6.1 percent). New contract acquisitions also increased by over three percent to almost 6.3 million. The contract growth caused total assets to reach EUR 219.3 billion and generated a new record operating result after three quarters of EUR 2.035 billion (+6.2 percent, previous-year period: EUR 1.915 billion). "Despite the extremely challenging market environment, we can look back on three positive quarters with an excellent result. The basis for this is our international presence, combined with our diverse product portfolio. This makes us more resistant to fluctuations in individual markets," explains Lars Henner Santelmann, Chairman of the Management Board of Volkswagen Financial Services AG. He adds: "Business in Europe has developed especially well, where the service business has grown particularly strongly with products such as maintenance and wear-and-tear repairs or tire services."

New contracts for Porsche, SEAT, MAN and non-Group brand vehicles have developed very positively across all product groups. The portfolio of current contracts in Germany also increased over the same period last year: at the end of September 2019, it totaled around 6.34 million contracts (previous-year period: 6.06 million contracts), a rise of 4.5 percent.

The portfolio of current contracts on the books worldwide amounts to more than 21 million units and comprises around 6.6 million contracts for vehicle financing (+3.9 percent), 4.6 million for leasing contracts (+5.8 percent), 4.3 million for service contracts (+10.7 percent) and 5.8 million for insurance contracts (+5.5 percent).

The new contract acquisitions of almost 6.3 million units break down into around 1.8 million new vehicle financing contracts (-2.7 percent), 1.5 million new leasing contracts (+6.3 percent), 1.3 million new service contracts (+14.5 percent) and 1.7 million new insurance contracts (-0.1 percent).

Portfolio of current contracts worldwide
(in thousands*)
As at 30 September 2019 As at 30 September 2018 Change in %
Financing 6,557 6,308 + 3.9
Leasing 4,564 4,312 + 5.8
Services 4,323 3,906 + 10.7
Insurance 5,779 5,477 + 5.5
Total 21,223 20,003 + 6.1
*Rounded figures      
New contracts worldwide
(in thousands*)
January to September 2019 January to September 2018 Change in %
Financing 1,847 1,899 - 2.7
Leasing 1,481 1,393 + 6.3
Services 1,252 1,093 + 14.5
Insurance 1,691 1,692 - 0.1
Total 6,271 6,077 + 3.2
*Rounded figures      

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 and Canada 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 and a portfolio of around 20.3 million current contracts (as at: 31.12.2018).

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