18.05.2015
Sixt SE DE0007231326
DGAP-News: Sixt SE: Sixt stays on growth track during Q1 2015
DGAP-News: Sixt SE / Key word(s): Quarter Results
Sixt SE: Sixt stays on growth track during Q1 2015
18.05.2015 / 07:32
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Sixt stays on growth track during Q1 2015
- Consolidated operating revenue up by 14.6%
- Earnings before taxes (EBT) improve to EUR 28.1 million, adjusted by
expansion-driven additional expenditures to EUR 32.0 million
- Vehicle Rental: Good domestic demand and ongoing expansion abroad
- Leasing: Number of contracts keeps growing, Q1 EBT doubled
- Managing Board confirms expectations for the whole of 2015
Pullach, 18 May 2015 - Sixt SE, Germany's largest car rental company and
one of Europe's leading mobility service providers, continued its revenue
and earnings growth in the first quarter of 2015. Both Business Units,
Vehicle Rental and Leasing, contributed towards an increase in consolidated
operating revenue of 14.6% to EUR 404.2 million. Group earnings before
taxes (EBT) improved by 5.5% to EUR 28.1 million, despite considerable
expenditure for the strategic expansion measures abroad. Adjusted by the
additional expenses for foreign expansion in the Vehicle Rental Unit, EBT
improved by 20.3% to EUR 32.0 million. On the basis of the good first
quarter the Managing Board confirms its outlook for the whole of 2015.
Erich Sixt, Chairman of the Managing Board of Sixt SE: "Sixt made a good
start into 2015 and is recording solid growth in Germany and ongoing
dynamic growth abroad. Our Group's financial strength allows us to invest
very consciously in foreign expansion, for example with the extension of
our station network in the USA or in other major Western European markets.
The successful IPO of our subsidiary, Sixt Leasing AG, in early May gives
both our Business Units additional financial leeway for further growth."
Group performance in the first three months of 2015
- Consolidated operating revenue (excluding revenue from the sale of used
leasing vehicles) for the period January to March 2015 climbed 14.6% to
EUR 404.2 million (Q1 2014: EUR 352.6 million). The key driving factor
here was the growth of rental revenues generated abroad, which climbed
38.5% to EUR 122.1 million. Foreign growth was positively affected by
currency effects.
- Rental revenues for the first quarter were up by a total of 18.4% to
EUR 272.5 million compared with EUR 230.1 million in the same period
last year.
- Leasing revenue increased 2.9% to EUR 103.6 million (Q1 2014: EUR 100.7
million). This uptake reflects the continually growing number of
contracts.
- Total consolidated revenue (including revenue from the sale of used
leasing vehicles) increased 21.4% to EUR 464.4 million (Q1 2014: EUR
382.6 million).
- Consolidated earnings before taxes (EBT), the Group's principal
earnings parameter, improved 5.5% to EUR 28.1 million (Q1 2014: EUR
26.6 million).
This figure includes expenditure for strategic growth initiatives in
Vehicle Rental. This was higher than during the corresponding quarter last
year, and was specifically related to the further extension of the rental
station network in the USA, a large-scale advertising and marketing
campaign and new stations in France as well as new foreign locations of
DriveNow, the premium carsharing joint venture operated with BMW, in London
and Vienna. Adjusted by these additional expenses EBT improved by 20.3% to
EUR 32.0 million.
Significant increase in investment
During the first quarter of 2015 Sixt substantially increased its
investment in its fleets. Over the first three months some 51,600 vehicles
were added to the rental and leasing fleet (Q1 2014: 41,700 vehicles) with
a total value of EUR 1.43 billion (Q1 2014: EUR 1.00 billion). This growth
in the number of vehicles and the investment volume reflects the increased
demand registered by both Business Units as well as the consistent focus on
premium products in the choice of vehicles Sixt offers.
Continued rock-solid equity basis
At the end of the first quarter of 2015 the Sixt Group recorded equity of
EUR 778.4 million, some EUR 36.8 million more than at the end of December
2014 (EUR 741.6 million). At 24.5% the equity ratio as of 31 March 2015
remained significantly above the targeted minimum value of 20% (31 December
2014: 26.3%).
Successful IPO of Sixt Leasing AG
In the second quarter of 2015 Sixt SE successfully listed its subsidiary
Sixt Leasing AG on the stock exchange. On 7 May 2015 the share of the
vendor-neutral service provider of fleet leasing, fleet management and
online retail solutions was traded for the first time on the regulated
market (Prime Standard) of the Frankfurt Stock Exchange. Subject to the
full exercise of the greenshoe option granted by the issuing banks, Sixt SE
will have reduced its shareholding in Sixt Leasing AG as part of the IPO
from 100% to around 40%. Nonetheless, the shareholding will remain fully
consolidated within the Sixt Group for the time being.
Outlook for the whole of 2015
Following the good start into 2015, the Managing Board is generally
optimistic as regards the further business performance for the current
year. Consequently the Managing Board expects both Business Units to
register growing demand, but also expects fleet costs and operating
expenses to rise, especially for the intensification of the various
strategic growth initiatives abroad.
Against this background Sixt maintains its projections for fiscal 2015 and
expects to see a slight increase in consolidated operating revenue as
against the previous year. The main growth impulse is likely to come once
again from foreign operations. The expectation for consolidated earnings
before taxes (EBT) is to see a stable to slightly increased performance.
Developments in the operating business units
Vehicle Rental
Sixt is represented with its own subsidiaries in Germany, France, Spain,
Great Britain, the Netherlands, Austria, Switzerland, Belgium, Luxembourg,
Monaco, and the USA (Sixt Corporate countries). This means that the Company
covers the largest part of the European rental market and is also active on
the world's biggest vehicle rental market, the USA. In the other European
countries and in other global regions, the Sixt brand is represented by a
close-knit network of franchisees.
As of the end of the first quarter of 2015 Sixt had 2,201 rental offices
worldwide, which were divided up in roughly equal halves between company
offices and franchisees.
The average number of vehicles in Germany and other countries (excluding
franchisees) for the first three months was 82,100. This is 11.7% more than
the average number for the same quarter of 2014 (73,500). This increase
reflects the dynamic growth of the vehicle rental business.
The Vehicle Rental Business Unit reported rental revenue of EUR 272.5
million for the first quarter of 2015, an increase of 18.4% (Q1 2014: EUR
230.1 million). Growth in Germany was a solid 5.9%, bringing revenue up to
EUR 150.4 million. Outside of Germany rental revenues climbed by 38.5%,
also aided by the effects from foreign currencies, to EUR 122.1 million.
All in all, the Vehicle Rental Business Units recorded an increase in
revenues of 19.3% to EUR 300.6 million (Q1 2014: EUR 251.9 million).
EBT was EUR 21.7 million, which was a marginal 4.9% lower than the previous
year's figure at EUR 22.8 million. This figure includes expenses of EUR 3.9
million for strategic expansion activities abroad. Adjusted by these the
EBT increased by 12.3% to EUR 25.6 million.
Leasing
Sixt Leasing AG is one of Germany's leading vendor-neutral full-service
leasing providers with subsidiary companies in France, Switzerland, Austria
and the Netherlands. Sixt Leasing is active in the three business fields
Fleet Leasing, Fleet Management and Online Retail.
As per reporting date, 31 March 2015, the Leasing Business Unit's total
number of leases in and outside Germany (excluding franchisees) was 98,400.
This is a gain of 23.6% against last year's reporting date (79,600). This
growth is attributable to the two business fields Fleet Management (31
March 2015: 31,100; as per same reporting date of last year: 16,900) and
Online Retail (31 March 2015: 17,500; as per same reporting date of last
year: 12,400). In the Fleet Leasing business field the number of contracts
decreased slightly (31 March 2015: 49,800; as per same reporting date of
last year: 50,300).
Leasing revenues for the first quarter of 2015 were up 2.9% to EUR 103.6
million (Q1 2014: EUR 100.7 million). Revenue from the sale of used leasing
vehicles, which can fluctuate due to reporting day effects, came to EUR
59.2 million in the first quarter of 2015 after EUR 28.7 million in the
same quarter last year. The reason for this strong growth is primarily the
increasing expansion of the contract portfolio over the last few years,
which at the end of the leasing contract's term spells out as
correspondingly more vehicle returns with a certain time lag in the
financial year. Sixt is therefore also expecting to see strong revenue
incoming from the sale of vehicles in the future periods.
Total revenue for the Leasing Business Unit for the first three months of
2015 came to EUR 162.8 million, a gain of 25.9% on the same quarter last
year (EUR 129.4 million).
The Business Unit's EBT almost doubled to EUR 7.3 million (Q1 2014: EUR 3.6
million). This was due to the growth in business volume as well as margin
improvements to the contract portfolio.
For further information
Frank Elsner
Sixt Central Press Office
T +49 (0)89/ 99 24 96 - 30
F +49 (0)89/ 99 24 96 - 32
E-Mail: [email protected]
Note
The interim report of Sixt SE as per 31 March 2015 can now be downloaded at
http://se.sixt.de/interimreport2015Q1.
The Sixt Group at a glance
(All figures in accordance with IFRS)
Consolidated revenue development
EUR million Q1 2015 Q1 2014 Change % Consolidated operating revenue 404.2 352.6 +14.6 Vehicle Rental Business Unit 300.6 251.9 +19.3 Thereof rental revenue 272.5 230.1 +18.4 Thereof other revenues from rental business 28.1 21.8 +29.4 Leasing Business Unit 103.6 100.7 +2.9 Leasing sales revenue 59.2 28.7 >+100.0 Other revenue 1.0 1.3 -24.0 Consolidated revenue 464.4 382.6 +21.4Consolidated earnings development EUR million Q1 2015 Q1 2014 Change % Fleet expenses and cost of lease assets 183.0 146.1 +25.3 Personnel expenses 61.3 45.0 +36.4 Depreciation and amortisation 93.0 72.0 +29.2 Net other operating income/expenses -89.1 -82.8 +7.6 Net finance costs -9.9 -10.1 -2.1 Earnings before taxes 28.1 26.6 +5.5 Income tax expense 7.2 7.8 -7.8 Consolidated profit 20.9 18.8 +11.0 Earnings per share - basic (EUR)1 0.43 0.39 -Other key figures for the Sixt Group 31 Mar. 2015 31 Dec. 2014 Change % Total assets (EUR million) 3,172.8 2,818.1 +12.6 Rental vehicles (EUR million) 1,494.0 1,261.7 +18.4 Lease assets (EUR million) 920.9 902.4 +2.1 Equity (EUR million) 778.4 741.6 +5.0 Equity ratio (%) 24.5 26.3 -1.8 points Q1 2015 Q1 2014 Change % Investments (EUR billion)2 1.43 1.00 +42.11 Based on 48.1 million shares in the first three months of 2015 and 48.1 million shares in the first three months of 2014 2 Value of vehicles added to the rental and leasing fleets --------------------------------------------------------------------- 18.05.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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, DE000A1E8V89 Sixt-Anleihe 2010/2016, DE000A1PGPF8 Sixt-Anleihe 2012/2018, DE000A11QGR9 Sixt-Anleihe 2014/2020 WKN: 723132 Indices: SDAX Listed: Regulated Market in Frankfurt, Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 358259 18.05.2015
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