18.05.2015
Sixt Leasing AG DE000A0DPRE6
DGAP-News: Sixt Leasing doubles pre-tax Group earnings in Q1 2015
DGAP-News: Sixt Leasing AG / Key word(s): Quarter Results
Sixt Leasing doubles pre-tax Group earnings in Q1 2015
18.05.2015 / 07:32
---------------------------------------------------------------------
Sixt Leasing doubles pre-tax Group earnings in Q1 2015
- EBT up from EUR 3.6 million to EUR 7.3 million
- Group revenues up by 25% to EUR 165.3 million
- Performance in line with internal expectations
- Dr. Rudolf Rizzolli, CEO: "A strong first quarter lays a solid
foundation for achieving our targets for the year."
Pullach, 18 May 2015 - In Q1 2015 the Sixt Leasing Group continued its
positive business performance from last year. Year-on-year consolidated
revenue for the quarter climbed 25.0% to EUR 165.3 million. Consolidated
earnings before taxes (EBT), the key figure for measuring the business
success of the mobility service provider more than doubled in the first
quarter of 2015, from EUR 3.6 million (Q1 2014) to EUR 7.3 million. The
Company, whose share was listed on Frankfurt's stock exchange for the first
time on 7 May 2015, is optimistic for the further course of the year.
Dr. Rudolf Rizzolli, CEO of Sixt Leasing AG: "First quarter business
performance is in keeping with our own expectations and represents a solid
foundation for achieving our targets for the year. The successful IPO at
the start of May has given us the financial leeway that is the precondition
for achieving our ambitious growth plans."
Sixt Leasing Group key figures Q1 2015
- Group revenues for January to March 2015 climbed 25.0% compared with
the same quarter last year (EUR 132.3 million) to EUR 165.3 million.
Growth was driven above all by stronger revenue from the sale of used
leasing vehicles and from finance leasing.
- Operating revenues (excluding vehicle sales revenue) increased 2.8% to
EUR 106.0 million (Q1 2014: EUR 103.2 million).
- The strong increase in sales revenues by over 100% to EUR 59.3 million
(Q1 2014: EUR 29.1 million) is essentially due to the increasing
expansion of the contract portfolio over the last few years, which at
the end of the leasing contract's term results in corresponding vehicle
returns, which come with a certain time lag. In addition, the service
range on the fleet management segment was extended and now also
includes the re-marketing of the managed cars.
- Group earnings before taxes (EBT) doubled from EUR 3.6 million to EUR
7.3 million. This was not just effected by the growth in business
volume but also improved margins in the contract portfolio.
- The Group closed the first quarter with significantly higher earnings
after taxes of EUR 5.6 million (Q1 2014: EUR 2.6 million).
Contract portfolio keeps growing
As per reporting date, 31 March 2015, the Group's total number of contracts
inside and outside Germany (excluding franchisees) was 98,400. This amounts
to an increase of 18,800 contracts, or 23.6%, as against the reporting date
of the same quarter last year (79,600).
Operating business segments' performance
The Sixt Leasing Group divides its operating business into the two segments
(business units) Leasing (with the business fields Fleet Leasing and Online
Retail) and Fleet Management.
Leasing segment:
In the first three months of 2015 the Leasing segment generated revenue
from leasing transactions in the amount of EUR 97.7 million, a gain of 2.9%
on the same quarter last year (EUR 95.0 million). This positive development
is the result of a higher contract volume, especially in the Online Retail
business field. Total revenue for the Leasing segment for the first three
months came to EUR 146.7 million, which is a significant 18.3% gain on the
same period last year (EUR 124.0 million).
EBT for the first three months was EUR 6.8 million after EUR 3.7 million in
the first quarter of 2014.
At the end of the reporting period the Leasing segment recorded a total of
67,300 contracts (31 March 2014: 62,700). The number of contracts in the
Online Retail business field with the online platform www.sixt-neuwagen.de
had grown to 17,500 at the end of March 2015 (31 March 2014: 12,400), while
in the Fleet Leasing business field the number of contracts decreased
marginally to 49,800 (31 March 2014: 50,300).
Fleet Management segment:
Revenues in the Fleet Management segment rose from EUR 8.3 million for Q1
2014 to EUR 18.6 million in Q1 2015. This very positive development is
driven by the revenue from vehicle sales climbing by EUR 10.2 million to a
total of EUR 10.3 million.
The EBT of the segment for Q1 2015 was EUR 0.5 million compared with EUR
-0.1 million for the same quarter last year.
As per reporting date the Fleet Management's contract portfolio had risen
considerably from 16,900 (Q1 2014) to 31,100 because of the acquisition of
a large key account.
Solid equity ratio following the IPO
As per 31 March 2015 the Sixt Leasing Group reported an equity ratio of
1.8%. Account must be taken, however, of the fact that at that time the
profit and loss transfer agreement with the previous sole shareholder Sixt
SE was still in effect. This has meanwhile been terminated. As part of the
IPO Sixt Leasing AG acquired equity totalling EUR 142 million (including
the equity intake of EUR 30 million from Sixt SE and before costs of the
IPO). Including these equity funds and based on the Group balance sheet as
at 31 March 2015, this amounts to a mathematically sound equity ratio of
around 15%.
Outlook for the whole of 2015
Following the good opening quarter, the Managing Board expects that the
Sixt Leasing Group will continue on its course of profitable growth for the
full fiscal year 2015. The Managing Board therefore projects a slight
increase in operating consolidated revenues and an improvement in
consolidated EBT compared to the previous year.
The intake of funds from the IPO will be partly used to reduce current
financial liabilities, so that the Group's interest rate payments may
already be lowered in 2015. The remaining funds will be kept as liquidity
reserves to finance growth. The medium-term objective is for the Group's
financing, which is still currently mainly provided by Sixt SE, to be
replaced step by step by external independent financing.
Contact:
Sixt Leasing AG
Press Office
Frank Elsner
Tel.: +49 - 89 - 99 24 96 30
Fax: +49 - 89 - 99 24 96 32
E-Mail: [email protected]
Note:
The interim report of Sixt Leasing AG as at 31 March 2015 can now be
downloaded from http://ir.sixt-leasing.com/interim-reports.
Sixt Leasing Group
(All figures in accordance with IFRSs)
Revenue performance
EUR million Q1 2015 Q1 2014 Change % Leasing segment 146.7 124.0 +18.3 Fleet Management segment 18.6 8.3 >+100.0 Consolidated revenue 165.3 132.3 +25.0 thereof consolidated operating revenue (without vehicle sales) 106.0 103.2 +2.8 thereof sales revenue 59.3 29.1 >+100.0Earnings performance EUR million Q1 2015 Q1 2014 Change % Fleet expenses and cost of lease assets 102.5 77.6 +32.0 Personnel expenses 5.3 4.4 +20.1 Depreciation and amortisation 43.1 37.8 +14.3 Net other operating income/expense -2.1 -2.6 -18.0 Net finance costs -5.0 -6.3 -21.9 Earnings before taxes 7.3 3.6 >+100.0 Income tax expense 1.7 1.0 +81.9 Consolidated profit 5.6 2.6 >+100.0 Earnings per share - basic (EUR)1 0.37 0.18 -Other key figures for the Group 31 Mar. 2015 31 Dec. 2014 Change % Total assets (EUR million) 1,051.8 1,080.9 -2.7 Lease assets (EUR million) 920.9 902.4 +2.1 Equity (EUR million)2 18.7 12.3 +52.5 Equity ratio (%)2 1.8 1.1 +0.7 points Q1 2015 Q1 2014 Change % Investments (EUR million)3 100 98 +1.51 Based on 15.0 million shares in the first three months of 2015 and 15.0 million shares in the first three months of 2014 2 Before equity intake from IPO and cash contribution into capital reserves from Sixt SE 3 Value of vehicles added to the leasing fleet --------------------------------------------------------------------- 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 Leasing AG Zugspitzstraße 1 82049 Pullach Germany Phone: +49 (0)89 744 44 - 5104 Fax: +49 (0)89 744 44 - 8 5104 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 --------------------------------------------------------------------- 358263 18.05.2015
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
Sixt Leasing AG ISIN: DE000A0DPRE6 können Sie bei EQS abrufen
Finanzdienstleistungen , A0DPRE , LNSX , FWB:LNSX