19.11.2015
Sixt SE DE0007231326
DGAP-News: Sixt SE: Sixt well on the way to a new record year
DGAP-News: Sixt SE / Key word(s): 9-month figures
Sixt SE: Sixt well on the way to a new record year
19.11.2015 / 07:31
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Sixt well on the way to a new record year
- Consolidated earnings before taxes (EBT) already at EUR 154 million
after three quarters, driven by strong increases in earnings in both
Business Units Vehicle Rental and Leasing
- Strong demand in vehicle rental exceeds expectations and sees rental
revenues climb by 22%; foreign share almost reaches 50%
- Consolidated operating revenue up by 18%
- Managing Board upgrades outlook for Group's EBT to at least EUR 180
million for full fiscal year
- CEO Erich Sixt: "The Sixt engine is running in high gear"
Pullach, 19 November 2015 - The Sixt Group recorded a highly successful
third quarter that clearly exceeded internal expectations and once more
accelerated the speed of growth compared to the first half of the year. The
ongoing strong growth outside of Germany, in addition to the increasing
demand for vehicle rental from business and commercial customers and the
high utilisation rate of the rental fleet, have seen rental revenues for
the first nine months climbing 22.5% to EUR 1.04 billion. Following this
development, operating revenues increased by 17.9% to EUR 1.46 billion.
With earnings before taxes of EUR 153.8 million after only three quarters,
the international mobility service provider almost reached the EBT of the
full year 2014 (EUR 157.0 million), despite higher additional expenses for
strategic expansion measures, and is thus on track to achieving another
record year. The third-quarter EBT of EUR 79.0 million is the highest
quarterly earnings result in the Company's history and is substantially
above internal expectations. As was previously announced on 26 October
2015, the Managing Board now expects consolidated EBT to reach at least EUR
180 million for the full fiscal year 2015.
Erich Sixt, Chairman of the Managing Board of Sixt SE: "The first nine
months, and in particular the third quarter, by far exceeded our
expectations. The Sixt engine is running in high gear. The growth rates
that we achieved during the first nine months let us leave our competitors
more and more behind and gain ever more market share. The quality of
earnings must be appreciated all the more, given the substantial additional
expenses we incurred with our international expansion, among other
developments."
Group performance after nine months 2015
- Consolidated operating revenue (excluding revenue from the sale of used
leasing vehicles) climbed 17.9% to EUR 1.46 billion (9M 2014: EUR 1.23
billion). Foreign business operations for the first time scaled the 40%
barrier, contributing a share of 41.0% in revenues (9M 2014: 35.9%).
- Rental revenue gained 22.5% to EUR 1.04 billion, following EUR 845.2
million in the first nine months last year. Over the course of the
year, demand from commercial and business clients as well as private
customers expanded both at home and abroad. Thus, in Germany, where
Sixt has been the clear market leader for years, the growth recorded
was 11.6%. Outside of Germany, rental revenues climbed by 36.0%.
- The Leasing business continued its qualitative and
profitability-focused growth over the first three quarters. Leasing
revenue increased by 2.1% to EUR 316.9 million (9M 2014: EUR 310.5
million).
- Total consolidated revenue improved by 22.0% from EUR 1.34 billion to
EUR 1.63 billion.
- The Group's earnings before taxes (EBT) rose by 17.3% from EUR 131.1
million to EUR 153.8 million. This means that earnings are almost
growing in line with operating consolidated revenues, even though the
Group had substantial additional expenses for the strategic growth
initiatives. These were primarily incurred for the expansion of the
network of stations in the USA and Western Europe, the marketing
campaigns outside of Germany, and the international expansion of the
premium carsharing joint venture DriveNow. Moreover, the result
included the one-time expenses for the IPO of Sixt Leasing AG in May
2015.
Group developments in the third quarter 2015
- In the third quarter the Group registered a 20.0% gain in its
consolidated operating revenue to EUR 569.4 million (Q3 2014: EUR 474.6
million).
- Rental revenue climbed 24.9% to EUR 421.6 million, following EUR 337.5
million in the same quarter last year.
- At EUR 106.1 million, leasing revenue was marginally up on the previous
year's corresponding quarter (EUR 105.6 million).
- Total consolidated revenue was up 22.5% to EUR 631.5 million (Q3 2014:
EUR 515.6 million).
- In the third quarter the Group generated EBT of EUR 79.0 million.
Compared with the already very strong figure of the previous year's
quarter (EUR 63.6 million), this is a gain of 24.1%.
Strong investments in the rental and leasing fleet
Over the first nine months the Group added around 153,200 vehicles to the
rental and leasing fleet (9M 2014: 132,200 vehicles) with a total value of
EUR 4.09 billion (9M 2014: EUR 3.31 billion). These increased rates reflect
the strong growth of the operating business.
Group's equity for the first time above EUR 1 billion
At the reporting date, 30 September 2015, the Group's equity was EUR 1.04
billion and climbed for the first time above the EUR 1 billion threshold.
From yearend 2014 (EUR 741.6 million) equity has therefore risen by EUR
294.6 million or 39.7%. Alongside the profit for the period under review,
it was, above all, the cash inflow from the IPO of Sixt Leasing AG (EUR
233.9 million) that contributed to this development. However, the record
dividend of EUR 58.0 million paid out in June 2015 for fiscal year 2014
countered this trend. At the end of September 2015 the equity ratio was
27.8% (31 December 2014: 26.3%). Consequently, the equity ratio was well
above the targeted long-term minimum value of 20%.
Outlook for full year 2015
Following a third-quarter business performance that clearly outstripped
internal expectations, and given the previous experience of fourth-quarter
business development, the Managing Board projects consolidated EBT for the
full fiscal year 2015 to reach at least EUR 180 million, which would be
significantly higher than the previous year's total of EUR 157.0 million.
So far the Managing Board had assumed Group's EBT to increase slightly.
With regard to the 2015 consolidated operating revenue, the expectations
remain as before and foresee a substantial increase on the previous year's
figure.
Developments in the operating Business Units
Vehicle Rental
Sixt is represented with its own subsidiaries in the core European
countries of Germany, France, Spain, the UK, the Netherlands, Austria,
Switzerland, Belgium, Luxembourg, and Monaco (Sixt corporate countries).
This means that the Company covers the largest part of the European rental
market and is one of the continent's leading vehicle rental companies. In
the USA Sixt has been active since 2011. In addition, Sixt is represented
in numerous countries around the globe through efficient and strong
franchise and cooperation partners (Sixt franchise countries).
As of 30 September 2015, the number of Sixt rental stations amounted to
2,185 worldwide (Company offices and franchisees), against the yearend
2014, with 2,177 stations. The number of stations in the Sixt corporate
countries increased by 60 to 1,114 (31 December 2014: 1,054 stations). The
network of stations within Germany at the end of the third quarter
consisted of 515 offices, an increase of 32 (31 December 2014: 483
stations). In the United States, the world's largest vehicle rental market,
the station network also expanded during the third quarter. As of 30
September 2015, the number of stations was 66, following 50 at the end of
2014. Thirty of these stations were situated at airports.
DriveNow, the premium carsharing joint venture operated jointly with the
BMW Group, continued on its growth track. The company started operations in
the Swedish metropolis Stockholm in October. Across Europe, the joint
venture currently has around 540,000 customers with access to a total of
3,600 vehicles. Furthermore the brand DriveNow is represented through a
franchisee in Copenhagen since August.
The average number of vehicles in the Vehicle Rental Business Unit (in
Germany and abroad, excluding franchisees) for the period January to
September 2015 came to around 98,000 vehicles, an increase of 15.9% against
the average figure for the same period in 2014 (approx. 84,600 vehicles).
Rental revenue generated by the Business Unit during the first nine months
of 2015 gained 22.5% to EUR 1.04 billion (9M 2014: EUR 845.2 million). The
strong international expansion led to increasing rental revenues of EUR
510.7 million generated abroad (9M 2014: EUR 375.5 million; +36.0%). In
Germany the revenue climbed by 11.6% to EUR 524.4 million (9M 2014: 469.7
million). In total, the Vehicle Rental Business Unit reported a revenue
growth of 23.3% for the first nine months, climbing to EUR 1.14 billion (9M
2014: EUR 924.3 million).
The Business Unit's earnings before taxes for the period January to
September grew by 14.9% to EUR 135.8 million (9M 2014: EUR 118.2 million).
Leasing
Sixt Leasing AG, which bundles all of the Sixt Group's activities in fleet
leasing, online retail leasing and fleet management, is one of Germany's
leading bank and vendor-neutral leasing companies. The focus of business
activities is on fleet management and full-service leasing for corporate
and business clients. This covers a wealth of further services alongside
the classic finance function. Another strong growing business field is
lease financing agreements. These are offered via the online platform
www.sixt-neuwagen.de to private as well as commercial customers.
Leasing revenue after the first three quarters of 2015 was up by 2.1% to
EUR 316.9 million (9M 2014: EUR 310.5 million), and revenue rose both in
Germany and abroad. Revenue from the sale of used leasing vehicles
increased significantly by 72.6% to EUR 173.9 million (9M 2014: EUR 100.8
million). This was due to the expansion of the contract portfolio over the
last few years, which at the end of the leasing contract's term leads to
correspondingly more vehicle returns that come in with a certain time lag.
After nine months the entire revenue of the Business Unit reached EUR 490.8
million, an increase of 19.3% (9M 2014: EUR 411.3 million).
The Leasing business's EBT improved significantly after nine months from
EUR 15.7 million to EUR 21.7 million (+38.5%). Key factors contributing to
this increase in earnings were the revenue growth in finance leasing, the
improved margins in the contract portfolio, and the lower financing costs.
Contact:
Frank Elsner
Sixt Central Press Office
Tel.: +49 (0) 89 / 99 24 96 - 30
Fax: +49 (0) 89 / 99 24 96 - 32
E-mail: [email protected]
Note:
The Interim Report of Sixt SE as at 30 September 2015 can now be downloaded
at http://se.sixt.de/interimreport2015Q3.
The Sixt Group at a glance
(All figures in accordance with IFRS)1
Consolidated revenue development
in EUR million 9M 9M Cha- Q3 Q3 Cha- 2015 2014 nge 2015 2014 nge in % in % Consolidated operating revenue 1,456.3 1,234.8 +17.9 569.4 474.6 +20.0 Vehicle Rental Business Unit 1,139.4 924.3 +23.3 463.3 369.0 +25.5 Thereof: rental revenue 1,035.0 845.2 +22.5 421.6 337.5 +24.9 Thereof: other revenue from rental business 104.4 79.1 +32.0 41.6 31.5 +32.4 Leasing Business Unit 316.9 310.5 +2.1 106.1 105.6 +0.5 Leasing sales revenue 173.9 100.8 +72.6 60.8 39.8 +53.0 Other revenue 3.5 3.8 -9.5 1.2 1.2 -1.7 Consolidated revenue 1,633.7 1,339.4 +22.0 631.5 515.6 +22.5Consolidated earnings development in EUR million 9M 9M Cha- Q3 Q3 Cha- 2015 2014 nge 2015 2014 nge in % in % Fleet expenses and cost of lease assets 603.4 494.2 +22.1 218.0 186.3 +17.0 Personnel expenses 198.4 139.9 +41.8 69.3 49.5 +40.1 Depreciation and amortisation expense 321.6 265.3 +21.2 124.0 101.4 +22.3 Net other operating income/expenses -333.3 -278.7 +19.6 -131.6 -104.8 +25.6 Earnings before interest and taxes (EBIT) 177.0 161.3 +9.7 88.6 73.6 +20.3 Net finance costs -23.3 -30.2 -23.0 -9.6 -10.0 -4.0 Earnings before taxes (EBT) 153.8 131.1 +17.3 79.0 63.6 +24.1 Income tax expenses 44.6 39.2 +13.8 23.9 18.9 +26.4 Consolidated profit 109.2 91.9 +18.8 55.1 44.7 +23.2 Earnings per share - basic (in EUR)2 2.08 1.91 - 1.08 0.93 -Other key figures for the Group 30 Sep. 2015 31 Dec. 2014 Change in % Total assets (in EUR million) 3,733.9 2,818.1 +32.5 Rental vehicles (in EUR million) 1,805.2 1,261.7 +43.1 Lease assets (in EUR million) 948.9 902.4 +5.2 Equity (in EUR million) 1,036.2 741.6 +39.7 Equity ratio (in %) 27.8 26.3 +1.5 points 9M 2015 9M 2014 Change in % Investments (in EUR billion)3 4.09 3.31 +23.51 Due to rounding it is possible that individual figures presented in this press release may not add up exactly to the totals shown and that the nine-month figures listed may not follow from adding up the individual quarterly figures. For the same reason, the percentage figures presented may not exactly reflect the absolute figures they relate to. 2 Ratio of profit attributable to shareholders of Sixt SE and the pro rata temporis weighted average number of shares outstanding 3 Value of vehicles added to the rental and leasing fleet --------------------------------------------------------------------- 19.11.2015 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 --------------------------------------------------------------------- 414599 19.11.2015
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