Volkswagen Financial Services report successful first half-year 2016
- Half-year operating result totals EUR 995 million (+2.6 percent)
- New contracts up 14.4 percent to almost 3.8 million units
- Current portfolio grows 9.5 percent to almost 17.4 million contracts
Volkswagen Financial Services have successfully completed the first half-year of 2016 with an operating result of EUR 995 million (previous year: EUR 970 million; plus 2.6 percent). New contract acquisitions worldwide increased by 14.4 percent to almost 3.8 million. The overall level of current contracts also showed a significant rise of 9.5 percent compared to the same period last year and reached a figure of almost 17.4 million at the end of June. "The strong volume growth is reflected in a high-quality half-year result. We are very satisfied with our performance during the first half of the year and expect an operating result for the entire financial year 2016 at the level of the previous year," says Lars Henner Santelmann, Chairman of the Management Board of Volkswagen Financial Services AG.
All product groups registered what has in part been very strong growth. The new contracts in the vehicle financing segment amounted to 1.2 million units during the first half-year (+5.5 percent). In addition, 658,000 new leasing contracts (+15.4 percent), 765,000 new service contracts (+42.7 percent) and 1.1 million new insurance contracts (+9.2 percent) were also signed within this period.
The contract portfolio of Volkswagen Financial Services at the end of the first half-year amounted to 17.39 million units (+9.5 percent). This figure comprised 6.30 million contracts for vehicle financing (+4.1 percent), 2.75 million leasing contracts (+12.4 percent) as well as 3.11 million service contracts (+23.9 percent) and 5.24 million insurance contracts (+7.3 percent).
Volkswagen Financial Services also recorded increased growth during the first half-year in their highest-volume market. The total number of new contract acquisitions in Germany during this period was 1.24 million units (previous-year period: 1.11 million units). This represents an increase of 12.1 percent. As a result, the overall portfolio rose to 5.85 million contracts alone in Germany by the end of June 2016 (previous year: 5.46 million contracts), an increase of 7.1 percent.