Volkswagen Financial Services report strong first quarter of 2022 – result continues to be impacted by special effects
- Contract portfolio grew slightly to around 22.1 million units (+ 0.9%)
- New contracts down at 1.9 million units (- 2.7%)
- Operating result increased to around EUR 1.5 billion (+ 64.6%)
- Earnings forecast of EUR 4 billion confirmed
New business in the used vehicle segment developed positively. The number of new contracts amounted to 208,944, up 8.2 percent over the same period last year. There were also increases in the service and insurance contracts for used vehicles. "Our focus on the used vehicle business is showing sustained success," said Anthony Bandmann. He added: "The global expansion of this business area remains an important factor for our future growth."
In Germany, the largest single market for Volkswagen Financial Services, new contracts declined in the first quarter to around 455,300 units (previous year: 468,500; minus 2.8 percent). The total contract portfolio also decreased in Germany, falling 1.5 percent to 6.19 million units (previous year: 6.28 million units).
Portfolio of current contracts worldwide (in thousands of units*) |
31. März 2022 | 31. März 2021 | Change in % | ||
Financing | 6,000 | 6,588 |
- 8.9 | ||
Leasing | 4,816 | 4,638 | + 3.8 | ||
Services | 5,132 | 4,853 |
+ 5.7 | ||
Insurance | 6,152 | 5,815 | + 5.8 | ||
Total | 22,100 | 21,895 | + 0.9 | ||
*rounded figures | |||||
New contracts worldwide (in thousands of units*) |
January to March 2022 |
January to March 2021 | Change in % | ||
Financing | 429 | 542 | - 20.8 |
||
Leasing | 392 | 449 | - 12.7 | ||
Services | 418 | 405 | + 3.2 | ||
Insurance | 666 | 562 | + 18.5 | ||
Total | 1,905 | 1,958 | - 2.7 | ||
*rounded figures |
Pictures of the board members can be found here.
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).
Contact for press inquiries
Dennis Eisenhauer (Press Officer)
Tel.: + 49 (0)531 / 212-5541
E-mail: dennis.eisenhauer@vwfs.com
www.vwfs.com