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Volkswagen: Difference between revisions
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March 21, 2023. Volkswagen's Financial Services expects a drop in earnings in 2023. "Subject to macroeconomic and political developments, Volkswagen Financial Services expect earnings in 2023 to be significantly below last year's level." Frank Fiedler, chief financial officer of Volkswagen Financial Services, said. "2022 was once again an exceptional financial year strongly affected by special factors. It can be anticipated that a repeat of such a result will not be possible in the short term." | March 21, 2023. Volkswagen's Financial Services expects a drop in earnings in 2023. "Subject to macroeconomic and political developments, Volkswagen Financial Services expect earnings in 2023 to be significantly below last year's level." Frank Fiedler, chief financial officer of Volkswagen Financial Services, said. "2022 was once again an exceptional financial year strongly affected by special factors. It can be anticipated that a repeat of such a result will not be possible in the short term." | ||
Volkswagen Financial Services Operating profit declined 1.2% to EUR 5.6 billion. | Volkswagen Financial Services Operating profit declined 1.2% to EUR 5.6 billion. Howeverer, this was above the midpoint management guidance of EUR 5.25 billion(-7.4% year-over-year). | ||
The special factors which affected the 2022 results include lower risk costs for credit and residual value risks and the continued high revenues from its used car business<ref>https://www.vwfs.com/en/media/press-releases/2023/Volkswagen-Financial-Services-close-financial-year-2022-with-very-good-result.html</ref>. | The special factors which affected the 2022 results include lower risk costs for credit and residual value risks and the continued high revenues from its used car business<ref>https://www.vwfs.com/en/media/press-releases/2023/Volkswagen-Financial-Services-close-financial-year-2022-with-very-good-result.html</ref>. | ||
Apparently, VFS has given a lower guidance compared to what was given by Volkswagen Group during its earnings call. "For the Financial Services Division, we forecast a strong increase in sales revenue compared with the prior year and an operating result in the range of € 3.5 billion." Volkswagen Group said in its report. That would be year-over-year growth of 9.4%<ref>https://amc.volkswagen-group.com/en/volkswagen-group-annual-media-conference-2023-15550<nowiki/>(page 233)</ref>. On the other hand, VFS has said that its 2023 operating result will be "much stronger lower than in the previous year", without giving specifics<ref>https://www.vwfs.com/en/investor-relations/volkswagen-financial-services-ag/annual-reports.html<nowiki/>(page 54)</ref>. | |||
==References== | ==References== | ||
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