sal mauro 061128

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Published on February 28, 2008

Author: BAWare


Volvo Financial Services Volvo’s Captive Finance Company & Managing Your Career November 28, 2006 Sal Mauro President & CEO :  Volvo Financial Services Volvo’s Captive Finance Company & Managing Your Career November 28, 2006 Sal Mauro President & CEO Volvo Financial Services:  Volvo Financial Services Sal Mauro, President & CEO Bachelor Science Degree Accounting Boston College, USA Deloitte Haskins & Sells NJ, USA Certified Public Accountant Revlon - Professional Products NY, USA Volvo North America Corp NJ, USA Volvo Car Finance North America NJ, USA GE/Volvo JV Volvo Car Finance Europe Brussels, Belgium Ford Financial Volvo Financial Services NJ, USA Mission:  Mission By creating value for our customers we create value for our shareholders. We use our expertise to create transport related financial services of superior quality, creativeness, and speed for demanding customers in selected segments. We work with energy, passion, and respect for the individual. Vision:  Vision To be valued as a world class provide Of financial and related services For the Group’s external and internal customers Thereby Improve Group profitability Create Group synergies Improve and protect the Group’s market Shares in each Business Area Wanted Position:  Wanted Position No. 1 in Image and Customer satisfaction Sustainable profitability above average After Tax Return on Equity No. 1 or 2 in size and/or profitability Customers:  Customers Volvo Financial Services History:  Volvo Financial Services History 1959 - 1999 Customer Finance Activities contained within product companies Treasury Operations developed as a separate entity Real Estate Operations in Sweden established Insurance Companies + Partnerships created 2000 Business Unit Finance created containing Customer Finance Insurance Real Estate Treasury 2001 Volvo Financial Services established as the 6th Business Area Slide8:  VFS Locations Around the World Q3 2006 Managed Assets 84.8B SEK After Tax Return on Equity 15.5% Operating Income 1,777M SEK Employees 1,123 VFS also does business cross-border in 25 additional countries throughout Eastern Europe and Asia The VFS Organisation:  The VFS Organisation VFS is the Volvo group captive finance company of commercial transportation and equipment, providing financial solutions to the groups Business Area’s, Dealers and Customers. Portfolio size is exceeding 84.8B SEK. Number of employees are 1,123. VFS is a Business Area of the Volvo group. The Volvo Group consists of the following Business Areas: Volvo Trucks, Renault Trucks, Mack Trucks, Volvo Bus, Construction Equipment, Volvo Penta, Volvo Aero, Financial Services The VFS HQ is located in Montvale, New Jersey, US. VFS has a regional structure, where each region is responsible for a number of markets and reports to the VFS HQ. Region North America (US, CA) Region Northwest Europe (UK,NL,BE,SE,NO,DK,FI) Region Central Europe (DE,PL,CH,AU,CZ) Region South Europe (ES,IT) Region France (FR) Region International: Region Latin America (BR,MX) Region Asia (CN, Indonesia,Thailand, Australia) Region East Eastern Europe (BG, HR, LT, MK, RU, RO, CS, TR, UA, ) Slide10:  Supporting the Brands Volvo Financial Services Volvo Trucks Volvo Buses Volvo Construction Equipment Volvo Aero Volvo Penta Renault Trucks Mack Trucks Overview Slide11:  *Global HQ functions: President & CEO CFO Business Development Human Resources Legal & Communication Credit Risk Officer Operations VFS Headquarters office maintains full operational control over all finance entities and manages their capitalization irrespective of legal holding structure Organizational Structure Overview Key Objectives:  Key Objectives 1. Stability in earnings over a business cycle 2. Profitability in all business segments 3. Controlled and profitable asset growth 4. Sound portfolio structure / asset diversification 5. Support Business Areas & maximize customer satisfaction Summary Financial Targets & Long-term Objectives:  Financial Targets & Long-term Objectives Profitability ATROE Earnings Operating income Growth % of Volvo unit Sales Productivity Operating expense ratio improvement Credit control Write-off and overdue >30 days Stability Positive and stable development quarter by quarter Long term objectives 12-15% ATROE Stability of earnings over a business cycle Slide14:  Financial Summary Volvo Financial Services Third Quarter :  1) Calculated as a 12 month rolling average New retail financing (SEK bn) Operating income and return on equity (SEK M) Volvo Financial Services Third Quarter Highlights Solid returns Continued increased market liquidity and competition China - retail financing commenced In Focus Business cycle management Portfolio growth Operational excellence Volvo Financial Services Third Quarter - isolated:  New financing Penetration on new financing Volvo Financial Services Third Quarter - isolated Slide17:  The Strategic Value of VFS Captive Finance Company Benefits:  Captive Finance Company Benefits All our major competitors have captive financial services organizations: Caterpillar Financial Services Daimler Chrysler Financial Services Paccar Financial Services Scania Financial Services VFS works with the other Volvo Group Business Areas to combat the dynamic services and products offered by these competitors Marketing support – with a captive this marketing support stays in the Volvo Group and is converted into greater sales and income within financial services Credit guarantees – giving credit guarantees to external parties would mean that we take the risk without the possibility of receiving the corresponding financial services income. Benefits The Benefits Provided to the Volvo Group by VFS:  The Benefits Provided to the Volvo Group by VFS Profitability:- VFS provides excellent income streams and margin contribution to the Volvo Group VFS provides sustainable profitability throughout the business cycle for the Volvo Group VFS gives returns in the range of 12% - 15% to the Volvo Group over the business cycle Marketing Tool Customer Loyalty and Brand Management Benefits Slide20:  Organization Letter of Understanding Global Risk Management Reserve Methodology Competitive Analysis Proforma Pricing Customer Satisfaction Operational Efficiency Employer of Choice Emerging Markets Financing Develop Product Offering & Customer Retention Strategic Principles Integration with BA’s Key customer Financing Strategic Partners @-commerce/ Data warehousing Internet Portals Product & Service Bundling BEST IN CLASS: Products, Diversification Customer Support & Profitability Business Strategy Slide21:  VFS Expert Originator & Servicer Providers of Volvo Branded Products and Services Financial calculator Customer- Dealer- Supplier- Portals Data warehouse CRM E-commerce Financing key customers Covering viable customer segments Providing services in major markets where Volvo is present Product suite of customer demanded financial services required to offer the total transport solution One Stop Shopping Systems & Tools Volvo Group Customers Products & Services Strategic Partners Market Leader for Financing of Volvo Group Customers and Dealers Strong Value Proposition 2006 Big 5:  2006 Big 5 Commercial Focus Successful completion of the first 6 projects Measurable activities from joint BA planning sessions Launch of BA metrics (penetration, managed assets, operating income) Launch of internal CF communications campaign Completion of brand management project Pilot BA recognition reward program Operational Excellence Measurable improvement in operational efficiency Short-term and long-term organizational/IT strategy (all regions) Measurable improvement in CSI, BSI and DSI Stabilize and improve the operations in France Develop the European regional organizations Business Cycle Management Demonstrate preparedness for downturn (volume and risk) Maintain Treasury risk mandate and deliver best in class funding Profitable Growth Grow global Mack and Renault penetration by 50% Address volume and return issues in Spain, Italy and France Expansion in Asia and former Eastern Europe Danafjord Expansion People Development Achieve improvement in diversity Develop program for high potentials and potentials Institute formal training programs Increase VGAS ESI by 2% and no groups with ESI <45% Managing Your Career:  Managing Your Career Always properly introduce and validate yourself Find a mentor Integrity and accountability Do the right thing Treat the company you work for like you own it Managing Your Career (Con’t.):  Managing Your Career (Con’t.) Be the best floor sweeper When one door shuts, another will open Never give up “the Milton Hershey Principle” Be ready to sacrifice Family comes first Life is a package deal Managing Your Career (Con’t.):  Managing Your Career (Con’t.) Human Resources are your most important assets Hire the best and give them some room Hire yourself out of a job Keep your “A” and “B” players and transition out your “C’s” Shadow of the Leader Managing Your Career (Con’t.):  Managing Your Career (Con’t.) Diversity drives innovation Never lose focus on your customers and shareholders Make lists, they work The BIG 5 – Get organized Have fun, enjoy what you do, life goes by pretty fast

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