First half-year 2022: Volkswagen Financial Services achieve record earnings and raise forecast
- Operating profit rises to EUR 2.98 billion (+27.5 percent)
- Current contracts down slightly to around 22 million units (-1.2 percent)
- Outlook: Earnings for full year 2022 significantly above the four billion euros originally targeted, but below the previous year's level
- In focus: Strategic realignment into a mobility provider
Owing to the limited availability of new vehicles up to now, the number of new contracts worldwide declined in the reporting period to around 3.8 million (-8.8 percent). The portfolio of current contracts decreased slightly by 1.2 percent to around 22 million contracts (previous year: 22.2 million).
In Germany, the largest single market for Volkswagen Financial Services, the number of new contracts fell to around 903 thousand during the first half of the year (-8.1 percent year-on-year). The contract portfolio declined by 2.9 percent to around 6.1 million units.
New contract acquisitions worldwide for service and insurance contracts at Volkswagen Financial Services developed positively. In this area, the number of new contracts rose to around 2.2 million (+4.4 percent) and the contract portfolio increased to a total of around 11.5 million units (+4.3 percent).
Total assets of the Volkswagen Financial Services business division amounted to around EUR 237.7 billion (+2.0 percent, previous year: EUR 233.0 billion).
|Portfolio of current contracts worldwide
(in thousands of units*)
|30 June 2022||30 June 2021||Change in %|
|New contracts worldwide
(in thousands of units*)
|January to June 2022
||January to June 2021||Change in %|
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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 service business of the Scania brand and of Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, bank and insurance activities, fleet management and mobility services. Volkswagen Financial Services have a total of 16,849 employees worldwide – including 7,570 alone in Germany. Volkswagen Financial Services report total assets of around EUR 235.6 billion, an operating result of EUR 5.67 billion, and a portfolio of around 22.0 million current contracts (as at: 31.12.2021).
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