Financial results: BMW FS, Banque PSA, Renault Sales
Finance, VW FS, Lookers and Inchcape have mixed year.
Go deeper with GlobalData
BMW FINANCIAL
SERVICES
The 2009 results for BMW Financial
Services were adversely affected by the “weak state of the global
economy,” the German carmaker said, causing new financing and lease
business to decline. Residual value performance varied, with demand
for used cars stabilising in North America and the UK, but
remaining “difficult” in mainland Europe.
Total business volumes within the
Financial Services division were “similar” to those reported in
2008, at €15.8bn, the manufacturer said. A pre-tax profit of €365m
(£326m), meanwhile, was a significant improvement on the previous
year’s loss of €292m.
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By GlobalDataThe total number of people employed
fell from 4,077 at the end of 2008 to 3,882 as of 31 December
2009.
BANQUE PSA
FINANCE
Banque PSA Finance financed 860,509
vehicles in 2009, an increase of 1.5% over the previous year.
Business growth in Turkey, Belgium
and Brazil was behind much of this growth. Nevertheless, turnover
was reduced by 12.7% year-on-year, despite increasing slightly as a
proportion of total group revenue.
The decrease reflected a decline in
wholesale financing, as well as a constriction in the bank’s
liquidity reserves. New retail financing in 2009 totalled €8.4bn
(£7.5bn), down 7.4% from €9.1bn in 2008. Provision expense rose
from €114m in 2008 to reach €122m, largely as a result of consumer
business.
RENAULT GROUP – SALES
FINANCE
The Sales Finance arm of Renault
Group saw income after tax up by 3.1% year-on-year, to reach a
figure of €337m (£301m).
This was despite a 13.4% decline in
turnover, from €2bn in 2008 to €1.8bn in 2009. Sales financing
receivables on the Renault balance sheet amounted to €7.4bn at 31
December 2009, compared to €7bn at 31 December 2008.
Sales financing’s credit lines
amounted to €4,725m at year end, compared to €5.2bn a year earlier.
The short-term portion of this amounted to €1.5bn, and had not been
touched during the year. By contrast, such lines had been used to
draw down €650m during 2008.
VOLKSWAGEN FINANCIAL
SERVICES
The Financial Services division of
the Volkswagen Group saw a 6.7% increase in turnover during in
2009, to reach a value of €11.7bn (£10.5bn). Contract volume
increased by 8.9% over the same period.
Pre-tax profit, however, decreased
by 26.8% to €673m by year end. This decline was put down to higher
risk costs, and the absence of one-off items that had occurred
during 2008. All in all, financed or leased vehicles made up nearly
a full third of total group delivery volumes during 2009.
The number of contracts signed by
joint venture LeasePlan, however, was 1.3m, down 5.9%
year-on-year.
LOOKERS PLC
Dealership group Lookers has
published what it calls “record-breaking” results, reporting
revenue on a like for like basis up by 4.2% year-on-year, to reach
a figure of £1.75bn.
New car sales increased by 13% over
the year, while used car sales increased by 6%. Adjusted profit
from operations increased by 33% to £45.1m, while adjusted profit
before tax increased by 102% to reach £28.3m.
As a result, adjusted earnings per
share increased by 57%, standing at 7.32p at year end.
INCHCAPE PLC
International dealer group Inchcape
has reported sales of £5.6bn for 2009, down nearly 11% on 2008’s
total of £6.3bn. However, this translated to a profit before tax of
£136.7m, up 26% from £108.2m the year before.
Earnings per share stood at 2.3p by
year end, compared to 1.9p at the close of 2008.
During the year, a successful
rights issue raised £234m in net proceeds.
In 2010, the group expects to benefit from business growth in
Hong Kong and Australia, despite continued market declines in the
UK, Greece, Singapore, Eastern Europe and Russia.
