12.05.2016
Sixt Leasing AG DE000A0DPRE6
DGAP-News: Sixt Leasing raises profitability still further during Q1 2016
DGAP-News: Sixt Leasing AG / Key word(s): Quarterly / Interim Statement
Sixt Leasing raises profitability still further during Q1 2016
12.05.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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Sixt Leasing raises profitability still further during Q1 2016
- Consolidated revenue climbs 5.4% year-on-year to EUR 174.3 million
- Group EBT improves above average by 10.5% to EUR 8.1 million
- Return on operating revenue up by 13.3% to 7.8%
- Contract portfolio increases by 6.7% to 105,000 contracts
- Contract portfolio in the Online Retail business field grows almost one
third to 23,000 contracts
- Acquisition of autohaus24 strengthens growth strategy of Online
Retail
- Transfer of Group financing to external financing partners fully in
line with plan
- Managing Board confirms business targets for full year 2016
Pullach, 12 May 2016 - In Q1 2016, Sixt Leasing AG, one of the largest non-
bank, vendor-neutral full-service leasing companies in Germany, maintained
the successful business performance of last year and managed to raise its
profitability still further. Consolidated earnings before taxes (EBT), the
key parameter for measuring business success, climbed 10.5% to EUR 8.1
million and thus above the average of consolidated revenue. Return on
operating revenue consequently went up to 7.8%. At the end of March 2016
the contract portfolio held 105,000 contracts, some 6.7% more than at the
same reporting date in 2015. This development was mainly due to the growth
recorded in the Online Retail business field (private and commercial
customer leasing) which expanded by almost one third. Against this
background the Managing Board affirmed its business targets for the full
year 2016.
Dr. Rudolf Rizzolli, CEO of Sixt Leasing AG: "Sixt Leasing recorded a
successful first quarter 2016 and is fully in line with plan. The success
of the first TV ad campaign we launched for our sixt-neuwagen.de online
platform is also very encouraging. It saw the brand awareness of Sixt
Neuwagen shoot up. Given our ambitious growth plans we are examining if in
future will we continue to count on such far-reaching marketing campaigns
to secure and expand our position as first mover in online leasing for
private and commercial customers."
Key figures for the Group in Q1 2016
- Year-on-year consolidated revenue rose 5.4 % to EUR 174.3 million (Q1
2015: EUR 165.3 million), mainly through higher proceeds from the sale
of used leasing vehicles.
- Operating revenue (without the proceeds from sales) dropped slightly by
2.5% to EUR 103.4 million (Q1 2015: EUR 106.0 million). This decrease
is mainly attributable to lower income from fuel services due to price
declines. Adjusted by fuel service income, the quarterly operating
revenue increased from the previous year's first quarter by 1.1%.
- Sales proceeds climbed substantially, up by 19.6% to EUR 71.0 million
after EUR 59.3 million for the same period the year before. This gain
reflects the higher number of vehicles being returned after the strong
expansion of the contract portfolio over the last few years as well as
the increasing number of vehicles which are being marketed on
customers' behalf in the Fleet Management segment.
- Sixt Leasing Group generated consolidated earnings before taxes (EBT)
of EUR 8.1 million, an increase of 10.5% compared to the same figure
the year before (EUR 7.3 million).
- The operating return on revenue (EBT/operating revenue) gained in line
with strategy and climbed 13.3% to 7.8% (Q1 2015: 6.9%).
Private and commercial customers: contract portfolio increased by almost
one third
As at reporting date, 31 March 2016, the Group's total number of contracts
inside and outside Germany (excluding franchisees and cooperation partners)
increased to 105,000 or 5.7% more than the 98,400 contracts recorded at the
end of March 2015. The number of contracts managed by the Online Retail
business field was up by 31.3% to 23,000 contracts.
Strong equity ratio, credit lines of over EUR 350 million negotiated
As at 31 March 2016 the Sixt Leasing Group recorded consolidated equity of
EUR 184.1 million, some EUR 5.8 million more than at 31 December 2015. The
equity ratio improved from 16.0% to 16.4% and remained above the targeted
minimum level of 14%.
Transferring the Group financing to external partners as announced during
the IPO in May 2015 remains fully on schedule. As at the end of April,
credit lines of over EUR 350 million had been negotiated with bank
partners. In addition, a borrower's note loan in the amount of EUR 30
million was successfully placed on the capital market in the beginning of
May. It is also expected to conclude an ABS-financing structure ("Asset
Backed Securities") with a volume of up to EUR 500 million by mid-2016. The
new, external financing agreements are supposed to reduce interest costs
substantially over the next few years.
Performance of the business units
The Sixt Leasing Group divides its operative business into the two business
units (segments) Leasing (divided into the Fleet Leasing and Online Retail
business fields) and Fleet Management.
Leasing business unit:
The Leasing business unit's total revenue (including sales proceeds) gained
4.5% during the first quarter of 2016 to EUR 153.3 million. The operating
revenue from leasing transactions (finance leasing and services) decreased
slightly by 2.2% to EUR 95.6 million, above all as a result of lower income
from fuel services due to petrol price declines. Adjusted by fuel service
income, the quarterly operating revenue climbed by 1.4%. EBT improved by
10.5% to EUR 7.5 million.
The Online Retail business field started the year with a TV ad campaign
that triggered significantly more direct customer leads and helped the
unsupported brand awareness of Sixt Neuwagen to rise.
At the end of April 2016 Sixt Leasing acquired 100% of the shares in
autohaus24 GmbH to give it another access route to the strongly growing
online vehicle market for private and commercial customers. autohaus24.de
had previously been a joint venture held in equal shares by Sixt Ventures
GmbH and Axel Springer Auto Verlag GmbH. The company ranks as one of the
leading internet brokers for new vehicles in Germany. Through integrating
leasing and financing offers on autohaus24.de, the high brand awareness and
strong lead volume of autohaus24 can be utilised to conclude additional
leasing and financing contracts.
As at 31 March 2016 the segment's number of contracts came to 71,600, an
increase of 6.4% (31 March 2015: 67,300 contracts). The main driver of this
increase was the dynamic development of the Online Retail business field
(+31.3% to 23,000 contracts). The Fleet Leasing business field held 48,600
contracts, some 2.4% below the figure at the end of March 2015, but
slightly up on the level recorded at the end of 2015.
Fleet Management business unit:
Total revenue of the Fleet Management business unit, which is operated by
Sixt Mobility Consulting GmbH, grew in the reporting period by 13.0% to EUR
21.0 million. Receding revenue from fleet management was offset by
substantially higher sales from marketing vehicles on behalf of customers.
Earnings before taxes (EBT) improved 11.1% to EUR 0.6 million. The number
of contracts held by the segment expanded 7.5% to 33,400 contracts (31
March 2015: 31,100 contracts).
Outlook for the year 2016
Looking ahead to the full fiscal year 2016, the Managing Board projects
further growth in the contract portfolio. The Online Retail business field
is expected to keep up its dynamic development unchanged, with the number
of contracts climbing above 32,000 by the end of 2017. In the Fleet Leasing
business field the aim for 2016 is to achieve low single-digit growth in
the contract portfolio. The Fleet Management business unit is expected to
make a further step during the current year towards its medium-term target
of around 50,000 contracts. In all this, Sixt Leasing intends to continue
on its track of profitable growth.
Moreover, Sixt Leasing will continue to drive forward the reorganisation of
the Group financing announced during the IPO in May 2015, which is set to
bring interest costs down significantly.
For the full fiscal year 2016 the Managing Board expects operating revenue
to expand by a lower to medium-range single-digit percentage figure
compared to 2015, combined with a corresponding improvement of consolidated
EBT, reflecting the growth in higher-margin businesses.
--
Contact:
Sixt Leasing AG
Corporate Communications
Frank Elsner
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
in EUR million Q1 2016 Q1 2015 Change in %
Leasing segment 153.3 146.7 +4.5
Fleet Management 21.0 18.6 +13.0
segment
Consolidated revenue 174.3 165.3 +5.4
thereof consolidated 103.4 106.0 -2.5
operating revenue
(finance leasing &
services)
thereof sales revenue 71.0 59.3 +19.6
Earnings performance
in EUR million Q1 2016 Q1 2015 Change in %
Fleet expenses and cost 105.7 102.5 +3.1
of lease assets
Personnel expenses 5.6 5.3 +5.9
Depreciation and 45.3 43.2 +5.0
amortisation
Net other operating -4.1 -2.1 +90.4
income/expense
Net finance costs -5.6 -5.0 +12.5
Earnings before taxes (EBT) 8.1 7.3 +10.5
Operating return on 7.8 6.9 +13.3
revenue (%)2
Income tax 2.2 1.7 +28.3
Consolidated profit 5.9 5.6 +5.0
Earnings per share - 0.29 0.37 -23.4
basic(in EUR)3
Balance sheet figures
in EUR million 31 March 2016 31 Dec 2015 Change in %
Total equity and 1,121.1 1,112.9 +0.7
liabilities
Lease assets 966.3 957.8 +0.9
Non-current 490.0 699.0 -29.9
liabilities to
related parties4
Current liabilities 212.7 4.0 >+100
to related parties5
Other financial 103.3 97.3 +6.2
liabilities6
Equity 184.1 178.3 +3.3
Equity ratio (%) 16.4 16.0 +0.4 points
Q1 2016 Q1 Change in %
2015
Investments in lease 106.4 99.8 +6.5
assets7
--
1 Due to rounding it is possible that selected figures in this release
cannot be added up to the amount recorded and that the annual figures
listed do not follow from adding up the individual quarterly figures. For
the same reason, the percentage figures listed may not always exactly
reflect the absolute numbers to which they refer.
2 Ratio of EBT to operating revenue
3 Ratio of consolidated profit attributable to the Group's 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 fleet
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12.05.2016 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.
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Language: English
Company: Sixt Leasing AG
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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462719 12.05.2016
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