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February 26, 2013updated 12 Apr 2017 4:03pm

VW Financial Services expects flat 2013

Volkswagen Group has said it expects its Financial Services division, Europe’s largest vehicle leasing firm by business volume, to deliver the same level of operating profit in 2013 as 2012.

By Richard Irvine-Brown

Volkswagen Group has said it expects its Financial Services division, Europe’s largest vehicle leasing firm by business volume, to deliver the same level of operating profit in 2013 as 2012.

VW Group expects VWFS, as well as its passenger car, commercial vehicle and power engineering businesses to all hold steady this year due to a "on-going uncertainty in the economic environment."

Group operating profit for 2012 was up by 2.1% year-on-year to €11.5bn.

Overall Group pre-tax profit was up 34.7% to €25.5bn, with net profit 38.5% up to €21.9bn and sales revenue up 20.9% to €192.68bn.

Cash flow from operating activities for the VW Automotive Division fell 5.1% on the 2011 figure to €16.2bn. Overall vehicle sales for 2012 stood at 9.35 million units, up 11.8% on 2011.

richard.brown@timetric.com

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