Porsche reported that its financial
services businesses put aside €200m (£186m) to cover amortisation,
depreciation and write-downs on leased assets in its latest set of
full-year results, up from €182.9m (£169.8m) in the previous
reporting period.

Receivables from financial services fell by 0.5 per cent to
€1.8bn (£1.7bn). Porsche Financial Services took on 34,000new
contracts with customers, bringing its total number of finance
agreements to over 76,000 at the end of the 2007/08 fiscal year. An
additional 12,000 customers took out a Porsche credit card during
the period. 

Altogether, €35.5m (£33m) of finance receivables were classified
as “impaired” by Porsche as of July 31 2008 – a drop of 11 per cent
compared with the year-ago figure. Interest rates offered to
customers increased, from a spread of 2.7 per cent-15.8 per cent in
the previous reporting period to 3 per cent-18.1 per cent
“depending on the market”, Porsche said.