Scania Financial Services, the finance arm of the Swedish manufacturer of heavy trucks and buses, reported a customer finance portfolio of SEK 56.5bn (€6.1bn) at the end of 2015.

The portfolio was SEK 0.9bn higher than value reported at the end of the previous year.

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Operating income increased to SEK 1.04bn during the full year 2015, compared to 2014. According to the company a larger portfolio and higher margins had a positive impact on earnings.

The penetration rate was 42% in 2015 in those markets where Scania has its own financing operations. The increase was mainly attributed to the ‘market mix’ of assets.

"We have a stable market penetration in Europe and are growing in emerging markets. For example, we have seen the effect of expanding our local presence in Asia by opening a regional office in Malaysia," said Koen Knoops, head of Scania Financial Services.

Aside from growth in the finance portfolio, the company recorded an increasing in demand for its insurance solutions.

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Scania’s president and chief executive officer Henrik Henriksson said: "Our offer stands up well against other insurance alternatives in all regions and our customers perceive the advantages of tailored financing and insurance solutions for the transport industry."

Scania Group

In 2015, Scania’s operating income amounted to SEK 9.6bn, while net sales rose by 3% year-on-year to record high SEK 94.9bn. Currency rate effects had a positive impact on sales of 4%.

Total order bookings decreased by 7% year-on-year to 77,091 units in 2015, with the company attributing the fall to low levels of demand in Latin America and Eurasia. The company said that the European market remained strong and it increase its market share from 15.1% in 2014 to 16.5% in 2015.

Scania’s truck order bookings fell by 8% year-on-year to 70,099 units in 2015, while order bookings for buses and coaches fell slightly to 6,992 units.

Henriksson said: "Scania’s net sales rose to a record level of SEK 95 billion and earnings for the full year 2015 increased to SEK 9,641 m. Higher vehicle volume in Europe, record high service volume, positive currency rate effects and record earnings from Financial Services were partly offset by lower vehicle volume in Latin America, Eurasia and Asia."

"Scania is continuing its long-term efforts to boost its service business and revenue increased by 9 percent to a new record level of SEK 20.6 billion during 2015. Scania’s continuing investment in connected vehicles is an important enabler in supporting our customers with more efficient services to further enhance their profitability."

At the end of 2015 Scania had 170,000 connected vehicles.