BMW
BMW Financial Services (BMW FS) and Volkswagen Financial Services (VWFS) both posted positive financial results for the first half of 2013.
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BMW FS revenue in the six-month period ending 30 June 2013 increased by 2.3% from the same period in 2012 to 9.9bn (£8.5bn) while pre-tax profit for the financial arm grew to 916m, an increase of 5.9% over H1 2012.
The positive financial results were aided by an increase in the number of new financing and lease contracts signed worldwide in the first half of 2013. BMW FS added 388,290 contracts, a gain of 12.2%, in the second quarter and rose by 11.7% (compared to the end of Q4 2012) to 728,618 contracts. The number of lease and financing contracts in place with dealers and retail customers at 30 June grew by 7.9% year-on-year to 3,986,306 contracts.
In the first half of 2013, the BMW Group (BMW, Mini, and Rolls-Royce) registered 954,521 sales, a 6% increase year-on-year. Of these, 804,248 units were BMWs, a rise of 7.7%.
Volkswagen
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By GlobalDataVWFS generated a pre-tax operating profit of 696m (£599m) for the first six months of the year, an increase of 5% from the same period last year. Total revenue for VWFS increased to 11.2bn up to 30 June, an increase of 21.8% from the first six months of 2012.
Operating profit for the Volkswagen Group was down 11.6% year-on-year to 5.8bn while deliveries by the group increased by 5.4% to 4.8 million vehicles, despite a decrease of 3.6% in new deliveries to the European market and sales revenue for the Group was up by 3.5% to 98.7bn.
GM & Ally
While GM Financial posted a year-on-year improvement, Ally Financial results were down on the previous 12 months.
GM Financial earnings before tax were $300m (£195m) in Q2 2013, up from $200m for the same period in 2012.
Overall, GM’s revenue for the quarter was $39.1bn, up from $37.6bn for the same period in 2012. Earnings before interest and tax also rose to $2.3bn, from $2.1bn in 2012.
GM Financial has begun rebuilding itself as an international financing operation following GM’s reacquisition of many branches of Ally Financial over the past 12 months. GM recorded a rise in revenue across 2012 despite seeing a year-on-year and quarter-on-quarter drop in earnings for GM Financial in Q4, during which much of the purchasing of Ally’s business began.
The car finance arm of Ally Financial reported a pre-tax income of $382m in Q2 2013, up from $343m in the first quarter of this year, but down from $440m in the second-quarter of 2012.
The Detroit-based lender highlighted $9.8bn of US consumer originations as making a key contribution to earning asset growth.
Ally Financial group as a whole reported a second-quarter 2013 net loss of $927m, compared to a loss of $898m for the same period last year, which includes a $1.6bn settlement charge for its bankrupt mortgage unit, Residential Capital.
Renault
Renault Group and Fiat Group both announced positive results for the first half of 2013.
Renault’s half-year results for 2013 have shown finance contributed 372m to Renault Group’s global operating margin, down 20m compared to the same period in 2012.
The result came despite revenues from sales financing, provided by worldwide captive partner RCI Banque, rising 1.9% year-on-year during Q1 2013. Renault attributed the H1 fall to an unfavourable currency effect in Brazil and a slight rise in distribution costs.
Overall Group revenues for the period fell 0.9% to 20.44bn, as the ongoing weakness of European sales continued to damage registrations, with Renault highlighting the French market as "challenging".
Fiat
Fiat Group posted strong Q2 2013 results with Q2 revenues totalling 22.3bn, an increase of 4% over the prior year and a net profit of 435m, an 82% increase over Q2 2012.
Fiat’s European region closed Q2 with revenues of almost 4.8bn, down 3% from the same period in 2012. H1 revenues were down 3% over the same period in 2012 to 9.1bn, due to a decline in sales volume.
European region Q2 earnings before interest and tax recorded a loss of 74m, compared with a loss of 184m in Q2 2012.
As of 30 June, the reported total portfolio for the Group’s financial services was worth 3.38bn, with asset backed financing of 514m.
Jaguar Land Rover
Jaguar Land Rover Automotive has reported a 25% increase in profit before tax of £415m for the first quarter of the current fiscal year.
The brand pair, which will operate finance through Black Horse from February 2014, reported total revenues of £4.1bn for the first quarter of 2013/14, an increase of 13% over the same period last year.
Retail sales increased 10% year-on-year to 94,719 vehicles, reflecting positive sales growth in all regions, with the most noticeable increases in the Asia-Pacific region (37%), the UK (13%) and China (11%).
Honda
Honda announced revenues for Q1 of fiscal year 2014 of ¥2,834bn (£19bn), a 16.3% increase on the previous quarter.
The Japanese brand also posted operating income of ¥184.9bn for the first quarter of fiscal year 2014, an increase of 5.1%, compared to the same period last year. Honda has seen revenues increase due to an improvement in motorcycle sales in Asia, increased car sales in all regions except for Japan, reduced costs and favourable currency effects due to the depreciation of the Japanese yen.
LeasePlan
Independent fleet lessor LeasePlan reported a 39% year-on-year leap in profits for the first half of 2013 to 171m.
Revenue for the period was down 1.9% on the first half of 2012 to 3.71bn while the cost of revenue was also down 3.5% to 3.32bn.
The Netherlands-headquartered firm, which is 50% owned by the Volkswagen Group, attributed the growth to "positive risk mitigation measures" and improvements in certain European markets for second-hand ex-lease vehicles due to a drop in new car sales.
Pendragon & Lookers
Pendragon, the 19-site motor retailer, saw improved year-on-year results for H1 2013. Pre-tax profit was £23.6m for the first half of 2013, an increase of 24%, while revenues totalled £2.015bn, an increase of 5% from the same period last year.
Lookers, the 126-franchise motor dealership, announced a 20.2% year-on-year increase in pre-tax profit to £28m for the first half of the year, and total group revenue for the period increased to £1.24bn, up 20.3% on H1 2012.
