Integrating Automotive and Financial Services

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1 Integrating Automotive and Financial Services Frank Witter, CEO Volkswagen Financial Services AG Frank Fiedler, CFO Volkswagen Financial Services AG Ehra-Lessien, 11 March 2009

2 Agenda Financial Services Overview Integrating Automotive and Financial Services Financial Figures Targets

3 Volkswagen Financial Services AG is responsible for coordinating the worldwide financial services activities of the Volkswagen Group (excl. Scania Financial Services) VOLKSWAGEN GROUP Automotive Division Financial Services Division Volkswagen Financial Services AG Europe / Asia-Pacific / South America Financial Services USA / Canada / Spain Remaining companies Scania Financial Services 3

4 Volkswagen Financial Services AG at a glance (per ) Worldwide presence Company figures Total assets Equity Direct Bank deposits Employees Receivables from customers 55.8 bn 6.5 bn 11.6 bn 6, bn Receivables from customers Volkswagen Financial Services AG is affiliated with companies in 37 countries through shareholdings and service agreements Leasing business 14.4 bn 10.1 bn Wholesale financing Retail financing 21.9 bn 4

5 Overview of Customers and Products Customer Banking Leasing & Fleet Management Insurance Operations Retail Retail Financing Private Lease Motor Insurance Direct Banking Personal Insurance Wholesale Fleet Dealer Financing Direct Banking Equipment Lease Finance Lease Dealer Insurance Motor Insurance Personal Insurance Property Insurance Product packages for Centralized Operations to utilize synergies Operating Lease Lease & Fleet Fleet Management Customers Volkswagen Group Factoring Used Car Marketing Industrial Insurance Re-Insurance 5

6 Our Vision The best automotive financial services group in the world. 6

7 Our Mission We support the sales of all Volkswagen Group brands throughout the world and increase customer loyalty in a sustainable manner along the entire automotive value added-chain. 7

8 Our Mission With our dedicated employees, we set standards for the entire industry and achieve a profit contribution in line with the market. 8

9 Our Mission As a reliable partner for the dealers, we meet customer needs for individual mobility by providing attractive financial and vehiclerelated services. 9

10 We translate being the best into brand values getting things done The key to mobility. pioneering customer focused 10

11 A strong group with strong brands behind us 11

12 The whole range of services under one roof Bank Direct Banking Leasing Insurances Services 12

13 Products and Services: International roll-out 13

14 Agenda Financial Services Overview Integrating Automotive and Financial Services Financial Figures Targets

15 Changing Business Environment: New Challenges for Brands, Dealers, Customers and Captives Control over sales channel deteriorates Loyalty and purchasing power reducing - Trend from "ownership to usage" Customers Group Brands VW FS AG Dealers Weakening economic situation Competitive pressure increases and thus the need to achieve economies of scale The role of VW FS in the automotive value chain supports Volkswagen Group in successfully meeting these challenges. 15

16 Financial Services as a key for the automotive market: New cars are mainly bought with FS contracts Importance of new car financing in key European markets: 3.1 m 2.8 m 2.8 m 2.6 m 1.9 m Captives: 64% Penetration: 71% Commercial 51% Captives: 41% Penetration: 87% Commercial 55% Captives: 43% Penetration: 87% Commercial 24% Captives: 39% Penetration: 78% Commercial 33% Captives: 41% Commercial 35% Penetration: 89% financed vehicles Private 49% Private 45% Private 76% Private 67% Private 65% market: Germany UK Italy France Spain 2007, in number of registrations of new cars rather number of financed vehicles, Volkswagen Source: Financial ICDP, AKA, Services Bankenfachverband, AG Frank FLA, Witter, Finaccord, CEO ACEA, Frank Oliver Wyman Fiedler, Analysis CFO Vehicles financed by private customers Vehicles financed by commercial customers Vehicles without financing Market share of the captives 16

17 Financial Services as a key for the automotive market: New cars are mainly bought with FS contracts Importance of new vehicle financing in the US Importance of new vehicle financing in Russia Captives: 41% 16.1 m Penetration: 90% 2.3 m Penetration: 68% Commercial 39% Captives: 8% Commercial 31% Financed Vehicles Private 61% Private 69% USA Russia 2007, number of newly registered passenger cars and number of financed vehicles, respectively Source: Finaccord, ACEA, IBISWorld, Oliver Wyman Analysis Vehicles financed by private customers Vehicles financed by commercial/fleet customers Vehicles without financing Market share of captives 17

18 Our strategy: Integrating Automotive and Financial Services Manufacturer Dealership Volkswagen Financial Services Loyalty Products Fleet Management Insurance / Warranty Credit / Leasing Dealer Financing After Sales Sales R&D, Procurement, Production automotive mobility + financial mobility Utilization of all potentials in financial services along the automotive value chain within Volkswagen Group 18

19 Benefits of Automotive / FS integration for the Volkswagen Group: Comparing business models of Captives und Non-Captives VW FS Corporate Strategy Sales promotion Customer retention towards group dealers and brands Solvency support for dealer Claims handling via group dealers CRM: Customer data within the group Product Strategy Shared goals with dealers and brands - frequent vehicle turnover - expand service business - customer retention - residual value management Carefree mobility for customers Non- Captives Customer retention outside the group No support to the dealer network Claims handling outside the group Customer retention by long contract duration Maximization of profit per customer Customer data remains outside the automotive group and dealer network 19

20 Agenda Financial Services Overview Integrating Automotive and Financial Services Financial Figures Targets

21 Volkswagen Financial Services AG: Stable Portfolio Growth (per ) 6, % +2.9% Volume of Contracts ('000) 5, , , , ,495 1, % 1,585 1, % 1,597 1, % 1,818 1,890 2,033 2,317 2,089 2,360 1, , HY Leasing Financing Insurance & Service 21

22 Volkswagen Financial Services AG: Cost-Income-Ratio and Loss-Ratios well under control Loss Ratio in % (of receivables) CIR in % 60.0% 55.0% 0.8% 50.0% 0.6% 0.4% 0.2% 0.0% Dynamic Loss Ratios: Retail financing Leasing Corporate financing Cost Income Ratio Dynamic Loss Ratios = utilisation of provisions including direct write-offs relative to the average volume of receivables (last four quarters) 22

23 Volkswagen Financial Services AG with Stand-Alone Funding: Trusted Issuer, Strong Deposit Growth Access to the money and capital markets persists even in crisis times We still enjoy our investor s confidence: We have successfully placed a 1.5 bn five-year benchmark bond in January 2009 Volkswagen Bank as a trusted brand combined with competitive products and conditions and creative distribution strategies lead to a very favorable deposit growth (22% share of funding per ) Deposits ( bn) Volkswagen Bank receives Government gurantees of 2 bn 8 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 23

24 Volkswagen Financial Services AG - Key data (IFRS) (HY1) Portfolio ( 000) 4,188 4,209 4,567 5,299 5,453 Retail+Leasing receivables ( m) 25,845 27,366 30,021 34,523 36,278 Wholesale receivables ( m) 6,815 6,614 6,989 9,360 10,086 Direct bank deposits ( m) 8,017 8,735 8,827 9,620 11,621 Employees 5,253 4,968 5,022 6,138 6,535 IFRS profit before tax ( m)

25 Volkswagen Financial Services AG - Financial Figures bn Percent % , , , , , , % 10 % 5 % HY % Profit before tax Equity #BEZUG! Equity Ratio Return on Equity (full year figure) ROE is based on the avg. Equity of the referred year: PbT / (Equity current Year + Equity previous Year) / 2 25

26 Agenda Financial Services Overview Integrating Automotive and Financial Services Financial Figures Targets

27 Outlook 2009 Further integration and intensifying of the cooperation with the Group s brands Exploitation of further growth potential in mature European markets based upon our solid market position and good customer relations on all steps of our value chain: Expansion in the insurance business Expansion in the segment of nearly new used cars Expansion in worldwide Fleet Management Our experience offers us growth opportunities in developing markets in Eastern Europe, especially Russia, but also in Asia and Latin America. Increasing the amount of fee based income by further extending the value chain of Volkswagen Group 27

28 Disclaimer This presentation contains forward-looking statements and information on the business development of the Volkswagen Group. These statements may be spoken or written and can be recognized by terms such as expects, anticipates, intends, plans, believes, seeks, estimates, will or words with similar meaning. These statements are based on assumptions relating to the development of the economies of individual countries, and in particular of the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. The estimates given involve a degree of risk, and the actual developments may differ from those forecast. Consequently, any unexpected fall in demand or economic stagnation in our key sales markets, such as in Western Europe (and especially Germany) or in the USA, Brazil or China, will have a corresponding impact on the development of our business. The same applies in the event of a significant shift in current exchange rates relative to the US dollar, sterling, yen, Brazilian real, Chinese rinminbi and Czech koruna. If any of these or other risks occur, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such statements. We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superceded. 28

29 Appendix 29

30 Volkswagen Financial Services Division at a glance (per ) Worldwide presence Company figures Total assets Equity Direct Bank deposits Employees Receivables from customers 72.2 bn 7.6 bn 11.6 bn bn Receivables from customers Leasing business 14.5 bn Retail financing 28.7 bn 11.8 bn Wholesale financing 30

31 Translating Strategy into Action: Product Packages Innovative mobility packages addressing customer relevant topics like Goal Weeks, fuel efficiency or recently the government bonus All-inclusive mobility packages offer - an attractive vehicle - a financing or lease offer including auto insurance, - an extended warranty - up to four years of comprehensive maintenance and inspection Product packages... - offer customers comprehensive mobility based on calculable monthly costs - help to avoid discussions about price and discounts - lead to positive effects on volumes and prices - thus help to avoid negative effects on pre-owned vehicles prices Market launch in the German core market in 2006 lead to ~ 20% increase in new contract volume 31

32 Translating Strategy into Action: Innovative Insurance offers Novel, model and brand specific insurance offers with simplified tariffs relating to model and model features rather than driver demographic e.g. linking the choice of safety features to the insurance tariff Market launch: EOS-weeks Insurance campaign supporting the market introduction of the Volkswagen EOS no deductible when parking sensor is chosen Market launch lead to an increase in... Insurance penetration (66%) Parking sensor sales (89%) 32

33 Insurance offers: Roll out for additional brands and models Special Insurance tariffs for Volkswagen Fox and Volkswagen Polo reduced if electronic stability program is chosen Special Insurance tariff for the new Audi A4 limousine reduced if Adaptive Cruise Control and Braking Guard are chosen To be continued for SEAT Ibiza, SEAT Cordoba and Volkswagen Caddy The product concept of linking security equipment to insurance tarifs has been successful. The roll out will be continued for further models. 33

34 Translating Strategy into Action: Growth in Captive Fleet Services Market share of registrations in Germany by commercial customers grew to 50+ % New vehicle registrations in Germany The trend is expected to continue e.g. driven by the development to a service society and an increasing number of company car drivers Potential for a new interpretation of Frontloading: Customer Knowledge and Customer Relations within Volkswagen Leasing offer the potential for tailermade cars and tailormade TCO (total-cost-of-ownership) for fleet customers The decision makers for 50,000 fleet cars literally fit at one table = private registrations of new vehicles = commercial registrations of new vehicles Note: Numbers till 1990 old federal states Source: KBA, Study University Bamberg/ Oliver Wyman 34

35 Increasing costs for mobility and tighter budgets squeezing private households and driving the need for financial services January 1995 = 100 Fuel price Vehicle maintenance Net income 90 01/95 01/96 01/97 01/98 01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 costs for mobility and net income in Germany,

36 Integrating Automotive and Financial Services Frank Witter, CEO Volkswagen Financial Services AG Frank Fiedler, CFO Volkswagen Financial Services AG Ehra-Lessien, 11 March 2009

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