15.05.2014
Sixt SE DE0007231326
DGAP-News: Sixt SE: Sixt records good start into 2014
DGAP-News: Sixt SE / Key word(s): Interim Report
Sixt SE: Sixt records good start into 2014
15.05.2014 / 07:20
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CORPORATE NEWS
Sixt records good start into 2014
- Revenue and earnings significantly up on last year's figures
- Earnings before taxes (EBT) improve by 20%
- Consolidated operating revenue up 8% to EUR 353 million
- Vehicle Rental: growing domestic demand, ongoing expansion abroad
- Outlook for full year 2014 affirmed: further improvements expected for
consolidated operating revenue and Group EBT
Pullach, 15 May 2014 - Sixt SE, Germany's largest car rental company and
one of Europe's leading mobility service providers, made a good start into
2014. In the first three months, revenue and earnings were both up on last
year's figures. Alongside the improved economic conditions this was borne
out by the Group's ongoing growth initiatives, in particular the continued
expansion outside of Germany.
Consolidated earnings before taxes (EBT) increased 19.5% to EUR 26.6
million in the first three months. Consolidated operating revenue grew
encouragingly by 7.7% to EUR 352.6 million. Because of the good start into
the new fiscal year, the Managing Board confirmed its previous expectations
for the full year 2014.
Erich Sixt, Chairman of the Managing Board of Sixt SE: "We are very
satisfied with the business performance of the first quarter. Sixt is
continuing its growth track and benefits from the rebounding market demand
for mobility services. Our expansion in the USA and in European foreign
countries is gaining momentum, so that we are optimistic for the further
course of the year."
Group performance in the first three months of 2014
- Consolidated operating revenue (excluding revenue from the sale of used
leasing vehicles) increased 7.7% to EUR 352.6 million in the first
quarter (Q1 2013: EUR 327.4 million). Growth was fed by domestic
business and increasingly by foreign operations again.
- Total consolidated revenue (including revenue from the sale of used
leasing vehicles) increased 4.3% to EUR 382.6 million in the first
quarter (Q1 2013: EUR 366.9 million).
- Rental revenue for the first quarter climbed 9.5% to EUR 230.1 million
(Q1 2013: EUR 210.1 million). Demand grew across all relevant customer
groups.
- Leasing revenue was up 4.8% to EUR 100.7 million after EUR 96.1 million
in the same quarter the year before. This growth is based on a higher
contract portfolio.
- Consolidated earnings before taxes (EBT), the Sixt Group's principal
earnings parameter, improved 19.5% to EUR 26.6 million (Q1 2013: EUR
22.3 million). As in last year's quarter the result includes start-up
costs for strategic growth initiatives.
Investments in the rental and lease fleets expanded
In the first quarter of 2014 Sixt added a total of 41,700 vehicles with a
total value of EUR 1.00 billion to the rental and leasing fleets at home
and abroad, compared to 36,500 vehicles with a value of EUR 0.88 billion
over the same period last year. This equals an increase of 14% in the
number of vehicles and in the value of vehicles. These stronger investments
in the fleet take due account of higher demand at home and abroad.
Rock-solid equity base
At the end of the first quarter the Sixt Group recognised equity of EUR
695.1 million compared with EUR 675.5 million as at the end of December
2013. This equals an equity ratio of 27.0% (31 December 2013: 28.5%), which
continues to be clearly above the minimum target of 20% and well above the
average of the entire rental and leasing industry.
Outlook for full year 2014
Against the background of economic conditions picking up again and
following the good performance in the first quarter, the Managing Board
affirms its outlook for the full fiscal year 2014, expecting consolidated
operating revenue to climb slightly over last year's total. Growth stimulus
should once again come predominantly from the markets abroad. On the basis
of a continued demand-driven and cautious fleet policy and a consistent
cost management, the aim is to achieve a stable to slightly higher Group
EBT.
Developments in the operating business units
Vehicle Rental
Sixt is represented with its own subsidiaries in the core European
countries of Germany, France, Spain, the UK, the Netherlands, Austria,
Switzerland, Belgium, Luxembourg, and Monaco (Sixt Corporate countries).
This means that the Company covers the largest part of the European rental
market and is one of the continent's leading vehicle rental companies.
Since 2011 Sixt has also been active in the USA through its own subsidiary.
In the other European countries and in other global regions, the Sixt brand
is represented by a close-knit network of franchisees. The number of rental
offices (corporate and franchise) increased worldwide to 2,112 during the
first quarter of this year, predominantly in the franchise countries but
also in the corporate countries USA and France.
In the first quarter of 2014 Sixt continued to expand its presence in the
USA, the world's largest vehicle rental market. As at reporting date, 31
March 2014, the Company had 30 stations in the USA, of which 20 were
company-owned and 10 franchise stations. In addition, a renowned vehicle
rental provider in the Boston area was won over as a further franchisee.
The rental fleet (without franchise partners) comprised an average of
73,500 vehicles over the first quarter. In the same quarter last year the
average fleet size had been 67,100 vehicles.
The Vehicle Rental Business Unit reported rental revenue of EUR 230.1
million for the first quarter of 2014, an increase of 9.5%. This growth is
the result of domestic demand growing by 6.7% and the continued expansion
in Europe outside of Germany and in the USA (+14.4%). Total revenue for the
Vehicle Rental Business Unit came to EUR 251.9 million, after EUR 231.3
million over the same period of last year (+8.9%).
The Business Unit's EBT climbed 13.5% to EUR 22.8 million (Q1 2013: EUR
20.2 million).
Leasing
Sixt Leasing is one of Germany's largest vendor-neutral, non-bank
full-service leasing companies, whose services extend not only to classic
finance leasing but also to a broad range of services for efficient fleet
management that reduce the customers' mobility costs.
As at the end of the first quarter of 2014 the Leasing Business Unit's
total number of leases in and outside Germany (excluding franchisees) was
79,600 and thus around 4% up on the figure at the end of 2013 (76,200). The
growth is essentially attributable to the expansion in the segments fleet
management and mobility consulting.
As a consequence of the expanded contract portfolio, the Leasing Business
Unit increased first quarter revenue by 4.8% to EUR 100.7 million (Q1 2013:
EUR 96.1 million). Because of lower proceeds from the sale of used
vehicles, the Leasing Business Unit's total revenue amounted to EUR 129.4
million or 3.7% less than the figure for the same quarter last year (Q1
2013: EUR 134.3 million). EBT for the Leasing Business Unit came to EUR 3.6
million after EUR 4.0 million in Q1 2013.
Further information
Frank Elsner
Sixt Central Press Office
T +49 (0)89/ 99 24 96 - 30
F +49 (0)89/ 99 24 96 - 32
Email: [email protected]
Note
Sixt SE's Interim Report as at 31 March 2014 can now be downloaded at
http://se.sixt.de/interimreport2014Q1.
End of Corporate News
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Language: English
Company: Sixt SE
Zugspitzstraße 1
82049 Pullach
Germany
Phone: +49 (0)89 74444-5104
Fax: +49 (0)89 74444-85104
E-mail: [email protected]
Internet: http://se.sixt.de
ISIN: DE0007231326, DE0007231334 Sixt Vorzüge, DE000A1K0656 Sixt
Namensaktien
WKN: 723132
Indices: SDAX
Listed: Regulierter Markt in Frankfurt, München; Freiverkehr in
Berlin, Düsseldorf, Hamburg, Hannover, Stuttgart
End of News DGAP News-Service
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