Porsche 2011 Annual Report Download - page 52

The latest financial services company was founded in
Singapore in 2011 and planning commenced for the
start of business for the growing Chinese market.
With around 140 employees worldwide, Porsche
Financial Services concluded some 35,000 new
contracts in 2011 and managed a total of around
87,000 financial services contracts with a total value
of 3.6 billion euro. In addition to this, around 13,000
customers took advantage of Porsche’s credit card
service. The financial services companies have con-
tinued to optimize their processes and methods for
risk management in line with the applicable statutory
requirements.
Volkswagen Financial Services’ portfolio of
services covers dealer and customer financing, leas-
ing, banking and insurance activities, and fleet man-
agement. The global financial services’ activities of
the Volkswagen group, with the exception of the
Scania and MAN brands and the financial services
business of Porsche Holding Salzburg, are coordi-
nated by Volkswagen Financial Services AG. The
principal companies in this division are Volkswagen
Bank GmbH, Braunschweig, Volkswagen Leasing
GmbH, Braunschweig, and Volkswagen Versicherungs-
dienst GmbH, Braunschweig, in Europe, and in North
America VW CREDIT, INC., Libertyville, Illinois, USA.
As of 1 January 2012, Volkswagen Leasing
GmbH is set to acquire dealer-owned rental car com-
pany Euromobil, thereby strengthening Volkswagen
Financial Services AG’s own mobility business and
closing a gap in its mobility concept. The long-term
plan is to integrate Euromobil into the “New Mobility”
strategic business area.
With its innovative products along the auto-
motive value chain, Volkswagen Financial Services
once again contributed to the Volkswagen group’s
good earnings and sales situation in fiscal year 2011.
The number of new finance, leasing and insurance
contracts signed in fiscal year 2011 amounted to
3.1 million, 16.2 percent more than in the prior-year
period. The total number of contracts in the Ser-
vice/Insurance area rose to 2.7 million, up 19.8
percent on the prior-year period. Overall, the number
of contracts reached a new record of 8.2 million.
Volkswagen Bank direkt continued its positive per-
formance in the direct banking business and was
managing 1,442,002 accounts at the end of the
reporting period (plus 4.5 percent). In the fleet man-
agement business, our joint venture LeasePlan Corpo-
ration N.V. recorded a total of 1.3 million vehicle
contracts at the end of 2011, surpassing the prior-
year figure by 2.7 percent.
New jobs
As of 31 December 2011, the Porsche SE
group had 31 employees (31 December 2010: 36
employees). As of 31 December 2011, the headcount
at the Porsche Zwischenholding GmbH group of
15,307 employees was up 16.3 percent on the figure
seen as of 31 December 2010. In Germany, the
Porsche Zwischenholding GmbH group employed
13,249. This means that Germany accounts for
86.6 percent of the total workforce.
The Volkswagen group employed 501,956
people as of 31 December 2011. This was
25.7 percent more than as of 31 December 2010
(399,381). There were 224,851 employees in Ger-
many. This is equivalent to 44.8 percent of the total
headcount.
GROUP MANAGEMENT REPORT52