Financial Services has reported modest growth. It increased its
total contract volume by four per cent to €60.4bn in the second
quarter of 2008 and new business reached €7.8bn, up six per
cent on Q2 in 2007.
However, given the 15 additional companies that were fully
consolidated for the first time, predominantly in Asia and Eastern
Europe, and the exchange rate effects, the increase in contract
volume was eight per cent for Q2 2008. Furthermore, Daimler
Financial Services expects a further increase in worldwide contract
volume for the full-year 2008, and anticipates a return on equity
of 14 per cent in the full year.
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Meanwhile, earnings before interest and taxes reached €183m for
the second quarter of 2008, down on Q2 2007, which reported €220m.
This was the result of the higher cost of risk associated with
current economic difficulties, compared to the lower levels the
year before and higher expenses related to setting up new financial
services organizations in the NAFTA region following the separation
from Chrysler.
