German lessor VR Leasing has seen a mixed
financial performance in the first half of 2010, its latest results
show.
As part of its prudent risk policy,
VR Leasing – part of the DZ Bank Group – has become more
cautious about writing new business. In Germany, new business
volumes in H1 2010 declined 17.5% to €909.6m, down from €1.1bn in
H1 2009.
Go deeper with GlobalData
New business transacted by VR Leasing’s
subsidiaries and affiliates in Central and Eastern Europe also
shrank, down 8.8% to €549.6m. At the reporting date, the
lessor had made a loss on ordinary activities of €18.1m.
VR said “the valuation of derivatives, the settlement of an
Asset-Backed Securities (ABS) transaction and the provision for
operating leases” had contributed to pulling the company into the
red.
Meanwhile, VR’s online business continued to develop, achieving sales of
€342m, an increase of 8.3%.
There were also positive developments in its
special financing unit, which includes factoring arm VR Factorem,
whose turnover rose 18.4 percent in the six months to 30 June and
now stands at more than €1bn.
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By GlobalDataVR Leasing also
maintains its outlook for the full year is good and remains
optimistic about the future.
“We are confident that we have walked
through the deepest valley. The worst is over,” CEO of VR Leasing
Reinhard Gödel said.
He added that the company expects at
least a balanced result for the full year, which corresponds to
“the overall optimistic assessment of risks”.
