13.05.2016
Sixt SE DE0007231326
DGAP-News: Sixt SE: Sixt records a good start to the first quarter 2016 - unbroken dynamism in foreign business operations
DGAP-News: Sixt SE / Key word(s): Quarterly / Interim Statement
Sixt SE: Sixt records a good start to the first quarter 2016 - unbroken
dynamism in foreign business operations
13.05.2016 / 07:31
The issuer is solely responsible for the content of this announcement.
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Sixt records a good start to the first quarter 2016 - unbroken dynamism in
foreign business operations
- Consolidated operating revenue up by 15.1% to EUR 465.3 million
- Foreign rental revenues up by 38% - share in rental revenues for the
first time over 50%
- Consolidated earnings before taxes (EBT) up 10.6% to EUR 31.1 million
despite ongoing additional expenditures incurred for expansion measures
- Managing Board confirms expectations for full year 2016
Pullach, 13 May 2016 - During the first quarter of 2016 Sixt Group
maintained its revenue and earnings growth, seamlessly following up the
successful development of the record fiscal year 2015. Consolidated
earnings before taxes (EBT), the Sixt Group's principal earnings parameter,
climbed 10.6% over the previous year's first quarter to EUR 31.1 million,
despite ongoing extra expenditure for numerous expansion measures.
Foreign operations in the vehicle rental business proved once again to be
the growth driver over the first three months, generating a 37.6% increase
in rental revenues. With a share of 51.6%, foreign operations for the first
time contributed more than half of all rental revenues, which climbed by
19.4% in total. Consolidated operating revenue from rental and leasing
business (excluding revenue from the sale of used leasing vehicles)
improved 15.1% to EUR 465.3 million in the period January to March.
Against the background of the strong first quarter, the Managing Board
affirms its targets for the full year 2016.
Erich Sixt, CEO of Sixt SE: "Following the preceding record years, Sixt has
once more got off to a strong start in 2016. We keep outgrowing our key
competitors and are thereby extending our market position at home and
abroad. What is more, with foreign operations surpassing the 50 percent
threshold in rental revenues, we have achieved an important strategic
objective."
Group performance in the first three months of 2016
- Consolidated operating revenue (excluding revenue from the sale of used
leasing vehicles) for the period January to March 2016 climbed 15.1% to
EUR 465.3 million.
- Total consolidated revenue (including revenue from the sale of used
leasing vehicles) came to EUR 537.5 million and was thus 15.7% higher
than in the same period last year.
- Consolidated earnings before taxes (EBT) improved 10.6% to EUR 31.1
million. The result continued to be affected by ongoing high
expenditures for the Group's various growth initiatives. They include:
- extending and optimising the network of stations in the core
markets in Western Europe and the USA,
- expanding the transfer service myDriver outside Germany during the
period under review,
- further expansion of the premium carsharing service DriveNow, as
well as
- higher marketing expenses.
High level of investments
In the first quarter Sixt added 52,500 vehicles with a total value of EUR
1.38 billion to the rental and leasing fleet. The 1.8% increase in the
number of vehicles reflects the ongoing demand and takes due account of the
Company's cautious fleet policy.
Outlook for full year 2016
Following the good business performance in the first quarter, the Managing
Board affirms its previous projections for the full year 2016. Upholding
its cautious and demand-driven fleet policy, the Managing Board continues
to expect to see slight growth in the consolidated operating revenues over
the full fiscal year 2016. Allowing for the extra expenses for strategic
expansion measures, the Managing Board expects to generate a stable to
slightly higher Group EBT.
Developments in the operating business units
Vehicle Rental
The average number of vehicles in Germany and abroad (excluding
franchisees) for the period of January to March of this year was 97,800
vehicles, thus 19.1% more than in the same quarter last year (82,100
vehicles). This growth correlates with the higher demand registered inside
and outside Germany.
During the first quarter of 2016 the Vehicle Rental Business Unit generated
rental revenue of EUR 364.1 million, a gain of 21.1% on the figure for the
same period last year (EUR 300.6 million). Rental revenue expanded by 19.4%
to EUR 325.3 million (Q1 2015: EUR 272.5 million), as a result of the
expansion in the Western European markets and the USA. In almost all
foreign subsidiaries Sixt once again managed to generate significant
double-digit growth rates. Even in Germany, rental revenue was up by 4.6%
year-on-year on the back of the solid demand.
Despite significantly higher expenditures for expansionary measures, the
Business Unit's EBT improved 2.9% to EUR 22.4 million (Q1 2015: EUR 21.7
million).
Leasing
As of 31 March 2016 the Business Unit's total number of leases inside and
outside Germany (excluding franchisees) came to around 105,000 and was thus
6.7% above the figure at the same reporting date in 2015 (98,400). The gain
is essentially due to the ongoing dynamism registered in the Online Retail
business field.
As falling petrol prices meant that income from fuel contracted, the
leasing revenues for the first quarter of 2016 decreased marginally by 2.3%
to EUR 101.2 million (Q1 2015: EUR 103.6 million). Total revenues for the
Leasing Business Unit climbed 5.7% to EUR 172.1 million (Q1 2015: EUR 162.8
million) due to higher proceeds from the sale of used leasing vehicles.
The Business Unit's EBT improved 10.5% from EUR 7.3 million to EUR 8.1
million, which was essentially the result of specific measures taken to
increase profitability in the Fleet Management business unit. In line with
strategy, the operating return on sales climbed to 8.0% (Q1 2015: 7.1%).
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 Group quarterly statement of Sixt SE as per 31 March 2016 can now be
downloaded at
http://ir.sixt.de/interim-reports.
The Sixt Group at a glance
(All figures in accordance with IFRS)1
Consolidated revenue development
EUR million Q1 2016 Q1 2015 Change % Consolidated operating 465.3 404.2 +15.1 revenue Vehicle Rental 364.1 300.6 +21.1 Business Unit Thereof rental revenue 325.3 272.5 +19.4 Thereof other revenue 38.8 28.1 +38.0 from rental business Leasing Business Unit 101.2 103.6 -2.3 Leasing sales revenue 71.0 59.2 +19.7 Other revenue 1.2 1.0 +22.9 Consolidated revenue 537.5 464.4 +15.7Consolidated earnings development EUR million Q1 2016 Q1 2015 Change % Fleet expenses and 202.4 183.0 +10.6 cost of lease assets Personnel expenses 72.4 61.3 +18.1 Depreciation and 114.5 93.0 +23.1 amortisation expense Net other operating -107.6 -89.1 +20.8 income/expenses Net finance costs -9.5 -9.9 -4.2 Earnings before taxes 31.1 28.1 +10.6 Income tax expense 10.1 7.2 +40.5 Consolidated profit 21.0 20.9 +0.3 Earnings per share - 0.37 0.43 - basic (EUR)2Other key figures for the Sixt Group 31 Mar. 2016 31 Dec. 2015 Change % Total assets (EUR 3,996.9 3,660.5 +9.2 million) Rental vehicles (EUR 1,927.7 1,763.3 +9.3 million) Lease assets (EUR 966.3 957.8 +0.9 million) Equity (EUR million) 1,063.0 1,058.8 +0.4 Equity ratio (%) 26.6 28.9 -2.3 points Q1 2016 Q1 2015 Change % Investments (EUR 1.38 1.43 -3.3 billion)31 Due to rounding it is possible that individual figures presented in this news may not add up exactly to the totals shown. For the same reason, the percentage figures presented may not exactly reflect the absolute figures they relate to. 2 Based on 48.0 million shares in the first three months of 2016 and 48.1 million shares in the first three months of 2015 3 Value of vehicles added to the rental and leasing fleets --------------------------------------------------------------------------- 13.05.2016 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; Terminbörse EUREX End of News DGAP News Service --------------------------------------------------------------------------- 463385 13.05.2016
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