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Download PDF, 162 Pages, 6.29 MB The key to mobility. annual report 2012 Volkswagen Financial Services AG at a glance 2012 2011 2010 2009 2008 in € million (as at 31. 12.) Total assets 87,379 76,946 65,332 60,286 57,279 Receivables from customers arising from Retail financing 38,127 33,261 30,505 26,603 21,913 Wholesale financing 10,781 10,412 8,828 8,391 9,584 Leasing business 15,312 14,252 13,643 13,935 14,912 Leased assets 7,474 6,382 4,974 3,666 3,003 Customer deposits1 24,889 23,795 20,129 19,532 12,835 Equity 8,800 7,704 6,975 6,311 6,780 Operating result 946 814 720 519 720 Pre-tax result 993 933 870 554 792 Taxes on income and earnings - 264 - 275 - 247 - 159 - 214 Net income 729 658 623 395 578 2012 2011 2010 2009 2008 in % (as at 31. 12.) Cost/income ratio2 60 60 60 69 61 Equity ratio3 10.1 10.0 10.7 10.5 11.8 Core capital ratio4 9.2 9.8 10.5 11.2 8.8 Overall ratio5 9.8 10.1 10.5 11.4 10.8 Equity ratio before taxes6 12.0 12.7 13.1 8.5 12.4 2012 2011 2010 2009 2008 Number (as at 31. 12.) Employees 8,770 7,322 6,797 6,775 6,639 In Germany 4,971 4,599 4,297 4,290 4,128 Abroad 3,799 2,723 2,500 2,485 2,511 Standard & Poor’s Moody’s Investors Service Rating 20127 short-term long-term outlook short-term long-term outlook Volkswagen Financial Services AG A–2 A– positive Prime-2 A3 positive Volkswagen Bank GmbH A–2 A– positive Prime-2 A3 positive 1 The year-end customer deposit figure for 2009 was adjusted to the customer deposit definition applicable from 2010 onwards. 2 General administration expenses divided by net income from lending, leasing and insurance transactions after provisions for risks and net commission income 3 Equity divided by total assets 4 Core capital ratio = Core capital / ((Capital requirement for credit risks + operational risks + market risks) * 12.5) * 100 5 Overall ratio = Own funds / ((Capital requirement for credit risks + operational risks + market risks) * 12.5) * 100 6 Pre-tax result divided by the average equity 7 For details see section “Capital market activities” The key to mobility. The cover features some of our employees who are lending annual report 2012 their images as Volkswagen Financial Services AG company ambassadors in our human resources campaign. In this financial report, we explain our human resources strategy and work in more detail. The “FS Way”: Our values, our conviction The “FS Way” describes our leadership and corporate culture – in other words, how we intend to implement our business strategy – helping us to become the world’s best auto- motive financial services group by 2018. Our culture is rooted in our FS values ■ A living commitment to our customers ■ Responsibility ■ Trust and confidence ■ Courage ■ Enthusiasm combined with the pursuit of continuous improvement. This is our goal, and we are actively implementing the associated changes. TABLE OF CONTENTS 03 Table of contents our strategy management report 04 Foreword of the Board of Management 41 Development of business 07 The Board of Management of 46 Steering, organisation and equity investments Volkswagen Financial Services AG 48 Analysis of the Group’s business development 08 Human resources strategy and position 14 A conversation 54 Opportunity and risk report 20 Human resources work in practice 68 Sustainability 26 Capital market activities 76 Anticipated developments worldwide presence consolidated financial statements 30 Our markets 81 Income statement 32 Germany 82 Statement of comprehensive income 34 Europe 83 Balance sheet 36 Asia Pacific 84 Statement of changes in equity 38 North America / South America 85 Cash flow statement 86 Notes 86 General comments 86 Group accounting principles 86 Estimates and assumptions by management 88 Effects of new and revised IFRS 88 New or revised IFRS that were not applied 90 Accounting policies 101 Notes to the income statement 106 Notes to the balance sheet 127 Notes to the financial instruments 138 Segment reporting 143 Other notes 149 Responsibility statement of the Board of Management additional information 150 Independent auditors’ report 151 Report of the Supervisory Board 153 Supervisory Board 155 Glossary 157 Index Publishing information Volkswagen Financial Services AG | Annual Report 2012 04 Foreword of the Board of Management “Our stated goal is to be the partner of choice for our customers in all aspects of mobility.” frank witter, Chairman of the Board of Management OUR STRATEGY 05 Foreword of the Board of Management Board of Management Human resources strategy A conversation Human resources work in practice Capital market activities The year 2012 was a highly successful one for Volkswagen Financial Services AG. We reached the tar- gets we had set for our key indicators, in some cases far exceeding them. Our refinancing strategy continues to benefit from our excellent standing in the international financial markets. By rolling out new products we are consolidating our position as an innovative financial services provider; at the same time, we have systematically pursued our goal of becoming a primary insurer by making the decision to assume the risks of our car insurance business. Our expansion in key growth markets such as China, India and Russia continued according to plan. One of the main factors contributing to our positive results in the past financial year was undoubtedly the encouraging development of the Volks- wagen Group brands. Despite the high bar set in 2011, the brands once again lifted their sales by 11 percent to the record figure of over 9 million vehicles delivered. This also provided us with further customer potential. Together with an even higher proportion of customers who financed or leased their car through our company, we thus created additional business volume. As the sales promoter for the Group brands, we ensured even better coverage of the entire automotive value chain last year, which also improved the quality of our earnings. In 2012, we came closer to our stated goal of being the world’s best automotive financial services provider. For example, we further expanded our market share and increased the penetration rate among buyers of the Group’s products. We are also present in challenging markets like Portugal, where we opened a branch of Volkswagen Bank. A key success factor for us is cost-effective refi- nancing in the international money and capital markets. Our bonds and securitisation transactions are enjoying continued high acceptance among international investors. Our broadly diversified refinancing activities give us a stable base that will enable us to continue to offer our customers attractive terms and conditions. At the same time, we want to be the partner of choice for our customers in all aspects of mobility. With new products such as the sophisticated “FleetTRUCKS” reporting system, we have the right tools for enterprises such as fleet operators to increase the transparency and efficiency of their vehicle fleet. And to enable smaller fleet operators to benefit from cost-effective one-stop shopping with vehicle- related services such as refuelling, insurance, tyre services, maintenance or inspections, we are offer- ing the new service from CarMobility GmbH. Establishing Braunschweig-based Volkswagen Autoversicherung AG in a strategic cooperation with Allianz is an important step for us. It gives our car insurance activities a significant boost and estab- lishes us as a primary insurer. This company commenced operations and plans on launching its prod- uct on the market from 1 April 2013. Volkswagen Financial Services AG | Annual Report 2012 06 We are continuing to focus on offering new, integrated and sustainable mobility solutions. Volks- wagen Leasing GmbH now has a portfolio of some 216,000 environmentally friendly vehicles. In add- ition, average CO2 emissions in all vehicle deliveries to fleet customers of Volkswagen Leasing have fallen by 12 percent in the past four years. The common foundation for all our activities is our “WIR2018” strategy, which we are continuing to pursue and implement. Last year, recruiting even more motivated, highly qualified people for our company was a particular focus. We are conscious of the fact that in view of the demographic change we can only achieve our ambitious goals if we retain our best employees at an early stage. To this end, we launched our own e-recruiting drive last year and organised the second SpeedUpYourCareer event in late summer to recruit young computer scientists. Last year’s prestigious employer competition Great Place to Work, for instance, showed that we have come much closer to becoming a top team, ranking first in the category of companies with 2,001 to 5,000 employees. On behalf of the entire Board of Management, I would like to take this opportunity to thank our dedicated employees for their great commitment. The fact that 2012 was such a successful year for us is essentially thanks to them. We would also like to extend particular thanks to our customers and to the dealers and the Group brands for the trust they place in us. Given the prevailing uncertainty in the global economy, next year will definitely present many challenges for us, but in spite of these challenges we have confidence in our ability to generate earnings on a par with the 2012 level. Frank Witter Chairman of the Board of Management Braunschweig, March 2013 Volkswagen Financial Services AG | Annual Report 2012 OUR STRATEGY 07 Foreword of the Board of Management Board of Management Human resources strategy A conversation Human resources work in practice Capital market activities The Board of Management of Volkswagen Financial Services AG dr.
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