View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. Uncategorized
August 1, 2009updated 12 Apr 2017 4:34pm

Repossessions on the rise as Scania FS reports operating losses in H1

Scania Financial Services has seen operating income fall to SEK -13 million (-1.3 million) during the first half of 2009, down from SEK 282 million in the same period last year. The captives customer finance portfolio amounted to SEK 44.7 billion at the end of the first half, a SEK 2.6 billion decrease since the end of 2008

By Jason T

Scania Financial Services has seen operating income fall to SEK
-13 million (€-1.3 million) during the first half of 2009, down
from SEK 282 million in the same period last year.

The captive’s customer finance portfolio amounted to SEK 44.7
billion at the end of the first half, a SEK 2.6 billion decrease
since the end of 2008. Penetration rate grew though, to reach 43
percent – up from 34 percent last year.

The positive effect of portfolio growth was offset by higher bad
debt expenses, however, which were mainly attributable to central
and eastern Europe.

“Hauliers have been affected by the decreasing demand for
transport services, which has led to lower volume and pressure on
freight prices,” the company said.

“As a consequence, the number of delayed payments rose during
the period; and the number of rescheduled contracts and
repossessions of vehicles is also increasing.”

Jason T Hesse

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Thursday. The leasing industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU