Volkswagen Financial Services (VWFS), captive
finance partner to the Volkswagen Group, has reported a 20% rise in
operating profit, year-on-year, for the first half of 2012.
Following a buoyant 2011, operating profit stood at €665m
(£519m), January – June 2012, up by €111m, which VWFS credited to
business volume and ‘currency-related factors’.
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Both Scania and MAN, the two specialist
commercial vehicle brands under the VW umbrella, however, saw a
decline in business compared to the first half of 2011. Scania
sales dropped by 20.5% to 32,000 units, with much of the decline in
VW’s Europe/Remaining markets and South America, resulting in a
35.8% drop in operating profit to €477m.
Likewise, MAN, which was consolidated under VW
at the end of 2011 and despite the sale of 68,000 units, saw
operating profit slump 53.54% year-on-year to €354m, dipping below
the first half 2010 figure of €404m.
Group investment in property, plant and
equipment in the Automotive Division, was up 36% to €3.4bn,
although the proportion of such investment to sales revenue
remained stable at 4.0% (compared to 3.7% for the same period last
year).
Despite falling sales in Europe, worldwide
sales revenue for the Group was up 22.6% year-on-year to €95.4bn,
with operating profit also up by 6.7% to €6.5bn. Pre-tax profit
rose by 22.1% to €10.1bn, post-tax by 35.9% to €8.8bn.
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By GlobalDatarichard.brown@vrlfinancialnews.com
