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Annual Report of Volkswagen Financial Services Ag 2015 Worldwide Presence

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Annual Report of Volkswagen Financial Services Ag 2015 Worldwide Presence annual report of volkswagen financial services ag 2015 Worldwide presence Volkswagen Financial Services AG offers financial services for the Volkswagen Group brands in 49 countries worldwide – directly, as well as through equity investments and service contracts. OUR REGIONS GERMANY LATIN AMERICA Argentina EUROPE EXCL. Brazil GERMANY Chile Austria Mexico Belgium Czech Republic ASIA AND Denmark THE REST Estonia OF THE WORLD France Abu Dhabi Greece Australia Hungary Bahrain Ireland China Italy Dubai Latvia India Lithuania Japan Norway Jordan Poland Kuwait Portugal Lebanon Romania Malaysia Russia Oman Slovakia Qatar Slovenia Saudi Arabia Spain Singapore Sweden South Africa Switzerland South Korea The Netherlands Taiwan Turkey Ukraine United Kingdom CONTRACTS AS OF DEC. 31, 2015 in % 45% 1% GERMANY MAN FINANCIAL SERVICES 11% ASIA AND THE REST OF THE WORLD 11,086 thousand 11% CONTRACTS LATIN AMERICA 33% EUROPE EXCL. GERMANY PORTFOLIO GROWTH PENETRATION RATE in thousands in % + 25% 11,086 45.9 10,249 42.7 42.9 8,848 4,749 4,106 28.0 28.3 3,492 25.8 1,618 1,784 1,406 4,525 4,553 3,950 Insurance/service contracts Leasing contracts excl. China Financing contracts incl. China 2013 2014 2015 2013 2014 2015 Key Figures VOLKSWAGEN FINANCIAL SERVICES AG in € million (as of December 31) 2015 2014 2013 2012 1 2011 Total assets 121,251 107,231 90,992 87,378 76,946 Receivables from customers attributable to Retail fi nancing 50,665 47,663 40,284 38,127 33,261 Dealer fi nancing 13,967 12,625 11,082 10,781 10,412 Leasing business 19,704 18,320 16,298 15,312 14,252 Lease assets 12,982 10,766 8,545 7,474 6,382 Customer deposits 28,109 26,224 24,286 24,889 23,795 Equity 14,811 11,931 8,883 8,802 7,704 Operating profi t 1,416 1,293 1,214 945 814 Profi t before tax 1,513 1,317 1,315 992 933 Income tax expense –304 –420 –373 –264 –275 Profi t after tax 1,209 897 942 728 658 in % (as of December 31) 2015 2014 2013 2012 2011 Cost income ratio 2 63 60 58 60 60 Equity ratio 3 12.2 11.1 9.8 10.1 10.0 Common Equity Tier 1 capital ratio 4 12.0 10.3 – – – Tier 1 capital ratio 4 12.0 10.3 8.6 9.2 9.8 Total capital ratio 4 12.1 10.7 9.6 9.8 10.1 Return on equity 5 11.3 12.7 14.9 12.0 12.7 Number (as of December 31) 2015 2014 2013 2012 2011 Employees 11,746 11,305 9,498 8,770 7,322 Germany 6,167 5,928 5,319 4,971 4,599 Abroad 5,579 5,377 4,179 3,799 2,723 Standard & Poor’s Moody’s Investors Service Rating (as of December 31) Short-term Long-term Outlook Short-term Long-term Outlook Volkswagen Financial Services AG A-2 BBB+ negative Prime-1 A1 negative Volkswagen Bank GmbH A-2 A– negative Prime-1 A1 negative 1 The fi gures for 2012 have been restated in line with the amended IAS 19. 2 General and administrative expenses divided by the sum of net income from lending, leasing and insurance transactions (after provisions for risks) and net fee and commission income. 3 Equity divided by total assets. 4 The regulatory capital ratios for the years 2011 to 2013 were calculated in accordance with the Solvabilitätsverordnung (SolvV – German Solvency Regulation). Since January 1, 2014, these ratios have been calculated in accordance with Article 92 of the Capital Requirements Regulation (CRR). In line with the terminology used in the CRR, the Common Equity Tier 1 capital ratio has been disclosed as an additional ratio and the designation “overall ratio” has been amended to “total capital ratio”. 5 Profi t before tax divided by average equity. The key to mobility We promote the worldwide sales of all Volkswagen Group brands and increase customer loyalty on a lasting basis. We enable individual mobility for our customers as a reliable partner of our dealers. We provide attractive products to our customers along the entire vehicle lifecycle, thus enabling us to grow profitably. Our dedicated employees live our corporate values, which results in high customer satisfaction. CONTENTS THE COMPANY CONSOLIDATED FINANCIAL STATEMENTS 02 Foreword of the Board of Management 81 Income Statement 06 Board of Management 82 Statement of Comprehensive Income 08 A Conversation with 83 Balance Sheet Lars Henner Santelmann 84 Statement of Changes in Equity 10 Our Strategy – ROUTE2025 85 Cash Flow Statement 12 A Conversation with Lars Henner Santelmann 86 Notes and Frank Fiedler 16 Our Capital Market Activities ADDITIONAL INFORMATION 20 Our Regions 170 Country-by-Country Reporting COMBINED 174 Auditor’s Report MANAGEMENT REPORT 175 Report of the Supervisory Board 177 Supervisory Board 27 Fundamental Information about the Group Publishing Information 29 Report on Economic Position 43 Volkswagen Financial Services AG (condensed, in accordance with the German Commercial Code) 45 Report on Opportunities and Risks 61 Report on Post-Balance Sheet Date Events 62 Corporate Responsibility 74 Report on Expected Developments THE COMPANY Foreword of the Board of Management “The digitalization of our business will be one of the defining issues of the future.” LARS HENNER SANTELMANN CHAIRMAN OF THE BOARD OF MANAGEMENT THE COMPANY Foreword of the Board of Management Ladies and Gentlemen, Volkswagen Financial Services AG is able to look back on an eventful fiscal year 2015. The first nine months of outstanding business development were followed by a fourth quarter that was heavily impacted by the irregularities in emissions levels. These events have greatly challenged the entire Volkswagen Group, including Volkswagen Financial Services AG. It is now imperative to resolve the matter in a complete and transparent fashion and to win back our customers’ trust in the Group’s vehicles at the same time. Our financial services can make an important contribution in this respect. In this context, our most important key figures are all the more gratifying. Volkswagen Financial Services AG saw continuing growth in fiscal year 2015. The volume of retail financing, leasing, and service and insurance contracts rose to nearly 11.1 million at the end of 2015, representing an increase of 837 thousand or over 8 percent compared with the previous year (10.2 million). Moreover, when we take all contracts into account, including those from joint ventures and the entire insurance business, volume increased to around 13.8 million. Total assets increased by 13 percent, from €107.2 billion to €121.3 billion. And financially, the results from Volkswagen Financial Services AG were also impressive: at €1.5 billion (2014: €1.3 billion), we achieved a new record high level of profit. Our solid growth is essentially the result of a very broad business portfolio. Volkswagen Financial Services AG has subsidiaries and joint ventures in 49 countries, offering a range of products that includes classic passenger car financing and leasing, comprehensive in- surance and service packages, and innovative mobility solutions. In addition to our main focus on passenger cars, we have entered other growth markets in recent years by providing financial services for the Italian motorcycle brand Ducati and, in particular, by integrating the financial services activities of MAN Truck & Bus. Our product range now covers motor- cycles, cars, light and heavy commercial vehicles, and buses. 3 Volkswagen Financial Services AG / Annual Report 2015 THE COMPANY Foreword of the Board of Management Thanks to our broad business portfolio, in 2015 we were more than able to compensate for negative developments such as the economic downturns in Russia and Brazil by leveraging opposing effects including recovering markets in southern Europe and high growth rates in the fleet and service businesses. At the same time, 2015 was marked by high internal demands on processes and organization at Volkswagen Financial Services. In addition to the fulfilment of regulatory requirements, efforts focused on matters such as upgrading our IT infrastructure or establishing methods superior to those of our competition worldwide. We met these challenges with good results. Last year’s fourth quarter was dominated by the emissions issues at the Volkswagen Group. By reacting quickly and flexibly, we were able to minimize negative impacts on areas such as funding and residual value at Volkswagen Financial Services AG, for example by increas- ing the use of secured bonds or refinancing via the direct bank. Parallel to this, we cooper- ated closely with the Volkswagen Group brands to launch a confidence-building campaign as a reaction to the emissions issues. In record time, we created new packages in Germany and in many European countries with components such as extended warranties, free main- tenance and inspection, and special financing. Aided by this support, dealerships were able to promote their new and used car business with persuasive arguments. At the same time, the measures taken also bolstered customer demand for our products. At Volkswagen Financial Services, we took the special circumstances at the end of 2015 as an occasion to initiate a program including short-term measures such as the aforementioned confidence-building campaign and the implementation of cost-reducing arrangements and long-term efficiency improvements. The program also includes a critical review of our cor- porate culture and values and the accelerated implementation of our ROUTE2025 strategy. 4 Volkswagen Financial Services AG / Annual Report 2015 THE COMPANY Foreword of the Board of Management All in all, at Volkswagen Financial Services we expect to be facing major challenges again in 2016. Take, for example, the economic situation in many emerging markets, or the effects of the emissions issue on our funding activities.
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