Porsche 2015 Annual Report Download - page 53

PFS Group continued its international expansion
in financial year 2015 with the formation of a
financial services subsidiary in South Korea.
In addition to the core products of leasing and
financing, the extensive product range includes
insurance products, the Porsche Card and dealer
financing. Under the brand names Bentley Financial
Services and Lamborghini Financial Services,
exclusive financial services are offered in relation
to the Group’s Bentley and Lamborghini brands,
including in Germany, Italy, Switzerland, France,
Russia, Singapore, the Middle East, the United
States and Canada. In addition, individual solutions
are developed for Bugatti customers. Demand
for financial services remained strong in financial
year 2015, with over 54,000 new agreements
signed around the world. The financial services
companies manage more than 114,000 leases
and financing agreements with a volume of just
over 4.4 billion euro. In addition, over 14,000
customers appreciate the comfort and exclusive
services offered by the Porsche Card and
approximately 20,000 customers have taken
advantage of the insurance offerings of the
Porsche Insurance Service. The companies of the
Porsche Financial Services Group have adapted
their processes and methods – including for risk
management – in their respective markets to
ensure compliance with the ever stricter statutory
requirements imposed on financial services.
Outlook
Further Growth Possible
The global economy is expected to see somewhat
stronger growth in 2016 than in the previous
year due to the anticipated economic recovery
inthe majority of industrialised nations. As was
the case in the previous year, however, growth
looks set to remain sluggish in a large number of
emerging economies. Western Europe’s economic
upturn should continue in 2016. The German
economy is showing signs of slightly higher growth
rates than in the reporting period. Provided that
there is no escalation in the conflict between
Russia and Ukraine, the situation in Eastern Europe
could stabilise.
Signs of robust growth continue to be observed
in North America. That said, the south of the
continent paints a different picture: Brazil will
probably see negative growth continue in 2016.
Economic growth is expected to remain high
inChina, although this will continue to lose
momentum as against the previous years. The
economic situation in Japan is expected to
seeonly a slight improvement.
Dampened Automotive Markets
Developments in the passenger car markets
inthe individual regions could be mixed in
2016. Overall, global demand for new vehicles
is expected to grow at a somewhat slower rate
than in the reporting period. Western Europe is
showing signs of a slight year-on-year decrease
in demand at the very least. In the German
sales market, too, volumes are expected to fall
just short of the prior-year figure after positive
growth in the past year. Spain and Italy are
expected to see the recovery continue at a
moderate pace. Demand for passenger cars in
Russia is likely to decrease further, despite
thesubstantial declines already seen in recent
years. In the United States, the market for
passenger cars and light commercial vehicles
could continue to benefit from the favourable
conditions in 2016, and the positive trend
observed in the prior-year period could continue
at a weakened pace. However, volumes in the
South American markets are expected to be
substantially below the prior-year figures in 2016.
Somewhat weaker momentum is becoming
apparent in the passenger car markets in the
Asia-Pacific region.
Anticipated Developments
Porsche AG will endeavour to further increase
new vehicle deliveries and revenue in financial
year 2016 as compared to the year under
review. This will primarily be driven by Porsche’s
attractive product range, which is reflected
inthe robust order situation. Although invest-
ments in vehicle projects and the expansion
and renewal of sites are high, continuous pro-
ductivity and process improvements and strict
cost management are intended to ensure that
Porsche AG’s high earnings objective continues
to be achieve d. ---------------------------------------------------------------------------------------------------------------------------------------------------------
20152013 2014
54,000
44,000 46,000
Financial Services
New Agreements
49