Volkswagen Financial Services reported 1.3m new finance, leasing
and insurance contracts signed in the first half of 2008, a 5.6 per
cent increase on the figure for the same period in 2007.
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The number of customer finance and leasing contracts signed rose
2.5 per cent to 4.5m, and number of service and insurance contracts
signed increased by 3.6 per cent year-on-year.
Sales revenue for the financial services division stood at €5.4bn
(£4.2bn) at the end of June, 11 per cent higher than the total of
€4.8bn (£3.8bn) reported this time last year.
VW’s Financial Services division reported a first half gross profit
of €1.2bn (£944m), up 4.5 per cent from 2007’s H1 total of €1.16bn
(£904m), and an operating profit of €523m (£408m) – 2.3 per cent up
from €511m (£399m) in the same period last year.
Profit before tax was at €631m (£493m), 7.7 per cent up from €586m
(£458m) at the end of June 2007, and profit after tax totalled
€443m (£346m), 10.5 per cent up from €401m (£313m) this time
last year.
At the conclusion of the first half, the Financial Services
division represented 47 per cent of the Volkswagen Group’s total
assets. As of the end of June 2008, meanwhile, the LeasePlan joint
venture managed 1.4m vehicles worldwide.
As a whole, Volkswagen Group delivered 3,310,408 vehicles worldwide
during the first half and manufactured 3,392,950, a 7.2 per cent
and 8.3 per cent year-on-year increase respectively.
Fred Crawley
