17.08.2016
Sixt Leasing SE DE000A0DPRE6
DGAP-News: Sixt Leasing after first half year 2016 fully in line with plan
DGAP-News: Sixt Leasing SE / Key word(s): Half Year Results
Sixt Leasing after first half year 2016 fully in line with plan
17.08.2016 / 07:31
The issuer is solely responsible for the content of this announcement.
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Sixt Leasing after first half year 2016 fully in line with plan
- Consolidated revenue up by 7.4% to EUR 353.4 million
- Consolidated earnings before taxes (EBT) grow above average by 18.2% to
EUR 16.2 million, and even by 26.9% in Q2
- Operating return on revenue improves by 20.3% to 7.7%
- Contract portfolio grows 1.8% to 105,200 contracts compared to year end
2015
- Online Retail business field continues its dynamic development
- Significant progress made in reorganising the Group financing
- Managing Board confirms economic targets for full year 2016
Pullach, 17 August 2016 - In the first half of 2016, Sixt Leasing SE, one
of the largest non-bank, vendor-neutral full-service leasing companies in
Germany, performed fully in line with internal expectations and managed to
raise profitability still further. Consolidated earnings before taxes
(EBT), the key performance indicator for measuring business success,
climbed by 18.2% to EUR 16.2 million against the same period last year and
thereby improved substantially faster than consolidated revenue. Operating
return on revenue grew to 7.7%. At the end of June 2016 the contract
portfolio held 105,200 contracts, exceeding the level at the end of 2015 by
1.8%. Consequently, the Managing Board affirms its economic targets for
full-year 2016.
Rudolf Rizzolli, CEO of Sixt Leasing SE: "Sixt Leasing followed up on its
encouraging start to the year and recorded a good first six months. This
development was not least supported by the continued dynamic performance in
the Online Retail business field. Through another TV campaign, starting in
the third quarter, we want to sustainably increase the brand awareness of
'Sixt Neuwagen'. Moreover, by acquiring autohaus24 GmbH, we secured an
additional platform to extend our competitive lead in private and
commercial customer leasing and turn additional customer contacts into
actual contracts. For the Sixt Leasing Group the top priority for the
second half of the year will be to continue on the track of qualitative
growth, so that we can continue to improve profitability."
Key figures for H1 2016
- Consolidated revenue rose by 7.4% to EUR 353.4 million (H1 2015: EUR
329.1 million) mainly due to higher proceeds from the sale of used
leasing vehicles.
- Operating revenue (without proceeds from sales of used leasing
vehicles) dropped slightly by 2.3% to EUR 210.9 million (H1 2015: EUR
215.9 million). The decrease is mainly attributable to lower income
from fuel services due to price declines. Adjusted by this effect,
operating revenue rose by 1.7%.
- Proceeds from sales of used leasing vehicles (sales revenue) climbed
substantially by 25.9% to EUR 142.5 million after EUR 113.2 million for
the same period last year. This gain mainly reflects the higher number
of vehicles being returned after the strong expansion of the contract
portfolio over the last few years in the Leasing business unit. In
addition, the increasing number of vehicles which are being marketed
for Fleet Management customers did also impact this development.
- The Group generated consolidated earnings before taxes (EBT) of EUR
16.2 million, an increase of 18.2% compared to the same number last
year (H1 2015: EUR 13.7 million).
- The operating return on revenue (EBT/operating revenue) improved by
20.3% to 7.7% (H1 2015: 6.4%).
Key figures for Q2 2016
- During Q2 2016 consolidated revenue climbed 9.4% to EUR 179.1 million
(Q2 2015: EUR 163.8 million).
- Operating revenue (without sales revenue) dropped slightly by 2.1% to
EUR 107.5 million (Q2 2015: EUR 109.9 million).
- For Q2 2016 Sixt Leasing generated EBT of EUR 8.2 million, which was
26.9% higher than in the same quarter last year (Q2 2015: EUR 6.4
million).
Further growth of contract portfolio
As at reporting date, 30 June 2016, the Group's total number of contracts
inside and outside Germany (excluding franchisees and cooperation partners)
increased to 105,200 contracts, 1.8% more than the number recorded on 31
December 2015 (103,200 contracts).
The number of contracts under management in the Fleet Leasing business
field declined slightly by 3.0% to 46,900 (31 December 2015: 48,300
contracts), mainly due to orders being reallocated from the first to the
second half of 2016. The Managing Board therefore still expects that at the
end of 2016 the Fleet Leasing's contract portfolio will reach a level
slightly higher than at the end of last year.
In the first half of 2016, the number of contracts in the Online Retail
business field climbed higher than expected. Thus, as of 30 June 2016,
24,400 Online Retail contracts were counted in Sixt Leasing's portfolio, a
gain of 15.5% compared to the end of 2015 (21,100 contracts).
In the Fleet Management business unit the number of contracts went slightly
up by 0.2% to 33,900 contracts, compared to 33,800 contracts at the end of
2015.
Reorganising of the Group's financing makes significant progress
As at 30 June 2016, Sixt Leasing Group's equity totalled EUR 182.1 million,
EUR 3.8 million higher than at 31 December 2015 (EUR 178.3 million). By the
decision of the Annual General Meeting on 1 June 2016, a total dividend of
EUR 8.2 million was distributed to the shareholders of Sixt Leasing SE.
At 15.4% the equity ratio remained above the targeted long-term minimum of
14.0%.
The conversion of the Group's financing announced during the IPO in May
2015 continues to remain fully on schedule. In May 2016 the Company
successfully placed its first borrower's note loan at a volume of EUR 30
million with institutional investors. At the end of June 2016 Sixt Leasing
successfully launched the asset back securities (ABS) programme, it had
previously announced. After integrating a second bank into the programme in
July, the target volume of EUR 500 million was reached. This means that
another essential financial component has been successfully established.
At the end of the first half of 2016, and therefore at the earliest
possible time, another repayment of EUR 209 million was made on the core
loan facility provided by Sixt SE.
As the conditions of the new external financing instruments are
significantly more favourable than the 3% interest charged on the core loan
facility, it is expected to generate significant savings in interest
expenses for the second half of the year. The next repayment possibilities
at the end of June 2017 and 2018 are set to amplify this effect still
further.
Performance of the business units
The Sixt Leasing Group divides its operative business into the two business
units (segments) Leasing (with the business fields Fleet Leasing and Online
Retail) and Fleet Management (with the subsidiary Sixt Mobility Consulting
GmbH).
Leasing business unit:
The Leasing business unit expanded its total revenue (including sales
revenue) by 6.6% to EUR 312.9 million in the first half of 2016. The
operating revenue from leasing transactions (finance leasing and services)
decreased slightly by 2.0% to EUR 194.9 million, above all as attributable
to lower income from fuel services due to price declines. Adjusted by this
effect, operating revenue increased by 1.9 %. The segment's result (EBT)
for the first six months of the year improved by 18.7% from EUR 12.3
million to EUR 14.7 million.
In April 2016 Sixt Leasing acquired 100% interest in the vehicle broker
platform autohaus24 GmbH. The acquisition provides the Group's Online
Retail business field another access route to the dynamically expanding
online car market. autohaus24.de functions as a second platform next to
sixt-neuwagen.de that allows customers to obtain leasing and Vario-
financing offers. Before the acquisition the company was run as joint
venture held in equal shares by Sixt Ventures GmbH and the Axel Springer
Auto Verlag GmbH.
Fleet Management business unit:
Over the first six months, the Fleet Management business unit generated
14.3% higher revenue, totalling EUR 40.5 million. Declining revenue for
fleet management was offset by substantially higher sales of used leasing
vehicles for customers. Earnings before taxes (EBT) improved by 13.5% from
EUR 1.4 million to EUR 1.6 million.
Outlook for the year 2016
Looking ahead to the full fiscal year 2016, the Managing Board of Sixt
Leasing SE projects further growth in the contract portfolio. The
expectation for the Online Retail business field is to keep up the dynamic
development so that its contracts portfolio is set to climb to 32,000
contracts by the end of 2017. In the Fleet Leasing business field, it is
target to achieve a slight growth in the contract portfolio during 2016.
The Fleet Management business unit is expected to take another step towards
the mid-term target of 50,000 contracts during the current year. The
management focuses on expanding the presence in Europe by taking under
management parts of customers' international fleets.
For the full fiscal year 2016 the Managing Board continues to expect
consolidated operating revenue to grow by a lower to mid-range single-digit
percentage figure compared to last year, accompanied by an improvement of
consolidated EBT. The Group's equity ratio is expected to remain above the
targeted minimum of 14%.
--
The Interim Report on H1 2016 by Sixt Leasing SE is available for download
from the company's website at http://ir.sixt-leasing.com/interim-reports.
Contact:
Sixt Leasing SE
Corporate Communications
Frank Elsner / Frank Paschen
Tel.: +49 (0) 89 / 99 24 96 - 30
Fax: +49 (0) 89 / 99 24 96 - 32
E-Mail: [email protected]
The Sixt Leasing Group at a Glance
(Figures in accordance with IFRS)1
Revenue performance
EUR million H1 2016 H1 2015 Change % Q2 2016 Q2 2015 Change %
Leasing 312.9 293.6 +6.6 159.6 146.9 +8.6
segment
Fleet 40.5 35.5 +14.3 19.5 16.8 +15.9
Management
segment
Consolidated 353.4 329.1 +7.4 179.1 163.8 +9.4
revenue
thereof 210.9 215.9 -2.3 107.5 109.9 -2.1
consolidated
operating
revenue
(without sales
from used
leasing
vehicles)
thereof sales 142.5 113.2 +25.9 71.5 53.9 +32.8
revenue
Earnings performance
EUR million H1 2016 H1 2015 Change % Q2 2016 Q2 Change %
2015
Fleet expenses 214.5 200.0 +7.3 108.8 97.5 +11.6
and cost of
lease assets
Personnel 11.7 10.5 +12.0 6.1 5.2 +18.1
expenses
Depreciation and 91.1 88.0 +3.4 45.7 44.9 +1.9
amortisation
Net other -9.0 -6.5 +37.0 -4.9 -4.4 +11.2
operating
income/expense
Net finance -10.9 -10.3 +5.9 -5.3 -5.3 -0.3
costs
Earnings before 16.2 13.7 +18.2 8.2 6.4 +26.9
taxes (EBT)
Operating return 7.7 6.4 +1.3 7.6 5.9 +1.7
on revenue (%)2 points points
Income taxes 4.3 3.7 +15.0 2.1 2.0 +3.5
Consolidated 12.0 10.0 +19.4 6.1 4.4 +37.4
profit/loss
Undiluted 0.58 0.59 - 0.29 0.22 -
earnings per
share(in EUR)3
Balance sheet figures
in EUR million 30.06.2016 31.12.2015 Change in %
Total equity and 1,182.7 1,112.9 +6.3
liabilities
Lease assets 974.9 957.8 +1.8
Non-current 490.0 699.0 -29.9
liabilities to
related parties4
Current liabilities 4.0 4.0 -2.3
to related parties5
Other financial 354.4 97.3 >+100%
liabilities6
Equity 182.1 178.3 +2.1
Equity ratio (%) 15.4 16.0 -0.6 points
H1 2016 H1 2015 Change in %
Investments in 222.4 210.3 +5.7
lease assets7
--
1 Due to rounding selected figures in this press release may not add up to
the amount recorded. For the same reason, some percentage figures listed
may also not exactly reflect the absolute numbers to which they refer.
2 Ratio of EBT to operating revenue
3 Ratio of Group surplus attributable to the Group shareholders to weighted
number of shares for the period.
4 Liabilities to Sixt SE
5 Mainly liabilities to Sixt SE
6 Current and non-current financial liabilities, including finance leases
7 Value of vehicles added to the leasing fleets
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17.08.2016 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.
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Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Sixt Leasing SE
Zugspitzstraße 1
82049 Pullach
Germany
Phone: +49 (0)89 744 44 - 4518
Fax: +49 (0)89 744 44 - 8 4518
E-mail: [email protected]
Internet: http://www.sixt-leasing.de
ISIN: DE000A0DPRE6
WKN: A0DPRE
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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493391 17.08.2016
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