Scania Financial Services reported a loss of
SEK175 million (€17 million) last year – which the company mainly
attributed to a “sizeable increase in credit losses”.
The captive arm of the Swedish truck
manufacturer said that the positive effects of an increased average
portfolio were offset by higher bad debt expenses (both provisions
and actual credit losses) compared to 2008.
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The company said that “hauliers have been
affected by decreasing demand for transport services, which has led
to lower volume and depressed freight prices. As a consequence, the
number of delayed payments rose during the year, mainly in markets
outside Western Europe.”
The majority of rescheduled contracts,
repossessions and bad debt expenses came from central and eastern
Europe, Scania said.
The captive’s penetration rate increased to 42
percent during 2009 (from 36 percent in 2008).
Scania Group’s CEO Leif Östling commented:
“Despite the 41 percent downturn in deliveries and the sizeable
increase in credit losses in customer finance, Scania reported
positive operating income of SEK 2.47 billion for the full year,
due to more stable service revenue and the cost reductions that
were carried out.”
Antonio Fabrizio
