Press Release

Frankfurt am Main, March 17, 2009

Volkswagen Financial Services AG: Growth course has further continued in 2008

Frankfurt am Main, 17th March 2008. Volkswagen Financial Services AG (VWFSAG) has also continued on its growth course during the 2008 business year just ended.

 

 

Total assets rose to 57.28 billion euros
Portfolio increased to 5.79 million contracts
New contracts went up to 2.04 million
Pre-tax result of 792 million euros slightly below last year


The total assets of Europe's largest provider of automobile-related financial services went up 9.5 percent to 57.28 billion euros. The total number of current contracts grew by 9.3 percent to reach 5.79 million. The number of new contracts rose by 5.6 percent to 2.04 million. With a figure of 792 million euros, the pre-tax result was around 2 percent below the record result achieved during the previous year. "Against the background of the international crisis on the finance markets, we are satisfied with our result and with our growth in volume," said the Chairman of the Management Board of Volkswagen Financial Services AG, Frank Witter, at the Annual Press Conference in Frankfurt.


Financing portfolio rose to 2.39 million contracts

The receivables from retail (customer) financing grew by 4.9 percent in 2008 to reach 21.91 billion euros. The financing portfolio increased by 3.2 percent to 2.39 million contracts. The number of new contracts amounted to 867,000, representing a plus of 0.4 percent. In the field of wholesale (dealer) financing, the outstanding balance of receivables increased by 2.4 percent to 9.58 billion euros.


30.5 percent more new contracts in the leasing domain

The receivables from the leasing business rose by 9.3 percent in 2008 to 14.91 billion euros. The leased assets recorded a growth of 23.3 percent to 3.0 billion euros. The number of contracts reached 1.09 million, an increase of 15.1 percent. The number of new contracts went up 30.5 percent to 501,000.


Insurance contracts: portfolio increased to 2.31 million

The portfolio of insurance and service contracts grew by 13.8 percent to 2.31 million contracts. The number of new contracts concluded in 2008 amounted to 668,000 and was thus slightly (1.7 percent) below the previous year's level.


Deposits: strongest rise in company history

The volume of deposits expanded 33.4 percent during the business year 2008 to total 12.83 billion euros. The number of the direct bank customers went up 18.6 percent to 812,000. The dynamics in the growth of deposits might even be exceeded in 2009. During the period up to 16th March, it has been possible to register a record rise of 26.6 percent to 16.25 billion euros.

Contact:

Dietmar Kupisch
phone.: +49 (0)5 31 / 2 12-32 06
fax: +49 (0)5 31 / 2 12-27 27
e-mail: dietmar.kupisch@vwfs.com  
www.vwfsag.de