15.03.2016
Sixt SE DE0007231326
DGAP-News: Sixt SE: Sixt plans record dividend for record year 2015
DGAP-News: Sixt SE / Key word(s): Preliminary Results/Final Results
Sixt SE: Sixt plans record dividend for record year 2015
15.03.2016 / 07:24
The issuer is solely responsible for the content of this announcement.
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Sixt plans record dividend for record year 2015
- Consolidated operating revenue gains 17.9% to EUR 1.94 billion on the
back of dynamic foreign growth and additional growth in Germany
- International share in total rental revenue reaches 49%, USA becomes
biggest foreign market
- The mobility service provider improves 2015 consolidated earnings
before taxes (EBT) by 18.0% to record total of EUR 185.2 million
- Payout to increase significantly to EUR 1.50 per ordinary share and EUR
1.52 per preference share (each including a special dividend)
- Successful IPO of Sixt Leasing AG opens up additional long-term growth
opportunities for both the vehicle rental and leasing business
Pullach, 15 March 2016 - The Sixt Group recorded a very successful fiscal
year 2015, which was characterised by record figures for revenue and
earnings, major steps forward in the expansion outside Germany as well as
the successful IPO of its subsidiary Sixt Leasing AG. At EUR 185.2 million,
consolidated earnings before taxes (EBT) once more achieved a record best
in the Company's history and gained 18.0% year-on-year. At EUR 1.94
billion, consolidated operating revenue from rental and leasing business
(excluding revenue from the sale of used leasing vehicles) was 17.9% higher
than the year before. Shareholders are to benefit from the encouraging
business development, which clearly outperformed original expectations,
through a substantially higher dividend, which will result in the dividend
payout increasing by 25%.
Sixt communicates the preliminary key figures for the 2015 consolidated
financial statements during the Company's annual press conference in Munich
today.
Erich Sixt, Chairman of the Managing Board of Sixt SE: "In the preceding
fiscal year Sixt once more set a new benchmark. Business performance
clearly exceeded our own expectations and led to new record revenue and
earnings figures. At home and abroad, our Group developed significantly
more dynamically than the wider mobility markets, and we were able to gain
further market shares. Through the stock market listing of Sixt Leasing AG
in May 2015, we have set the course for placing the growth we expect in
both business units, Vehicle Rental and Leasing, on a solid financial
platform. I am confident that Sixt will continue its highly satisfying
development in 2016."
Group development in 2015
- Consolidated operating revenue (excluding revenue from the sale of used
leasing vehicles) climbed 17.9% to EUR 1.94 billion (2014: EUR 1.65
billion). The growth driver was the Vehicle Rental Business Unit, above
all thanks to the ongoing expansion in Western Europe and the USA, so
that foreign business operations for the first time scaled the 40%
barrier, with a share of 40.8% in revenues (2014: 35.3%).
- Rental revenue increased 23.0% to EUR 1.38 billion (2014: EUR 1.12
billion). Demand from business and corporate clients as well as private
customers expanded over the course of the year and as a whole was well
above expectations. With a 10.9% gain in rental revenues in Germany,
the Sixt Vehicle Rental Business improved its position as market leader
even further. On foreign markets, the Company generated strong growth
of 38.5%, so that the 49.2% share of rental revenues generated abroad
accounted for almost half of the total (2014: 43.7%).
- In 2015, leasing revenue increased slightly by 0.6% to EUR 419.8
million (2014: EUR 417.3 million), which was in line with Sixt Leasing
AG's strategy of generating qualitative and strictly earnings-oriented
growth.
- Total consolidated revenue climbed 21.3% to EUR 2.18 billion compared
to EUR 1.80 billion the year before.
- The Group's profit before taxes (EBT) reached a new record figure of
EUR 185.2 million, some 18.0% more than the year before (EUR 157.0
million). This means that earnings grew in proportion to consolidated
operating revenue, even though the consolidated financial statements
showed significant extra expenses, including
- increased fleet costs and other operating expenses,
- extra costs incurred for the continuation of strategic growth
measures(above all the expansion of the station network in Western Europe
and the USA, marketing campaigns outside Germany, expansion of the
carsharing joint venture DriveNow),
- non-recurring costs for the IPO of Sixt Leasing AG.
- The Group's earnings after taxes climbed 16.5% to EUR 128.2 million
(2014: EUR 110.0 million).
Dividend payout to increase by a quarter to EUR 72 million
Sixt also plans to continue its traditional shareholder-friendly dividend
policy for 2015. At the Annual General Meeting on 2 June 2016, the Managing
Board and Supervisory Board will propose to pay out a dividend of EUR 0.90
per ordinary share (previous year: EUR 0.80) and EUR 0.92 (previous year:
EUR 0.82) per preference share as well as a special dividend of EUR 0.60
(previous year: EUR 0.40) for both share categories, subject to the
approval of the Supervisory Board. This would result in a total payout of
EUR 1.50 per ordinary share and EUR 1.52 per preference share. The proposed
payout total would amount to EUR 72.4 million, some 25% higher than the
previous year's figure of EUR 58.0 million, which in itself was already
some 20% up on the dividend total for 2013. Based on this dividend
proposal, 63% of the Group's profit after taxes and minority interests
would be distributed to shareholders (previous year: 53%).
Share buy-back in a total amount of up to EUR 50 million resolved
Furthermore, the Managing Board of Sixt SE has - with consent of the
Supervisory Board - resolved to buy back own ordinary and preference shares
on the stock exchange for a total maximum purchase price of EUR 50 million
(excluding incidental purchase expenses). The shares shall be bought back
for the purpose of reducing the share capital by cancellation of acquired
shares. The share buy-back program shall begin on 16 March 2016 and shall
end, at the latest, on 31 December 2016.
Dr. Julian zu Putlitz, Chief Financial Officer of Sixt SE: "The planned
share buy-back aims to further increase Sixt shares' attractiveness for
investors. Limiting the number of shares issued will enhance the associated
financial KPIs, such as earnings per share."
Investment in rental and leasing fleet for the first time above EUR 5
billion
The Group's fleet policy in 2015 was very much characterised by the
expansion in Europe, outside of Germany, and the USA. Over the year the
Group added around 195,100 vehicles to the rental and leasing fleet (2014:
172,600 vehicles) with a total value of EUR 5.26 billion (2014: EUR 4.32
billion). Year-on-year, this is a 13.1% increase in the number of vehicles
and an increase of 21.7% in the value of vehicles.
Group equity over EUR 1 billion
At EUR 1.06 billion as per 31 December 2015 the equity of the Sixt Group
for the first time exceeded the EUR 1 billion mark. Compared to the figure
of the previous year's reporting date (EUR 741.6 million), this is a gain
of EUR 317.2 million or 42.8%, which was essentially the result of the
gross payments received as part of the IPO of Sixt Leasing AG in the amount
of EUR 239.3 million as well as the high consolidated profit. The equity
share Sixt SE holds in Sixt Leasing AG decreased after the IPO from 100.0%
to 41.9%. Sixt Leasing AG will continue to be fully consolidated in Sixt
SE's consolidated financial statements, however. Despite the growth-driven
expansion of the rental and leasing fleet the equity ratio increased to
28.9% (2014: 26.3%). This means that the Sixt Group continues to report an
equity ratio significantly higher than the average in the German rental and
leasing industry.
Outlook for the year 2016
The Managing Board's outlook for fiscal year 2016 is generally optimistic.
For the Vehicle Rental Business Unit it expects to see ongoing growth in
demand in Germany as well as in the dynamically developing foreign markets.
The Group's strategic growth initiatives will continue during the current
fiscal year and will once more result in significant extra expenditure.
Sixt also expects to generate slightly higher revenue in its operating
leasing business.
Maintaining its cautious and strictly demand-driven fleet policy, the
Managing Board expects to see slight growth in consolidated operating
revenue in fiscal year 2016. Given that extra costs will continue to be
incurred for strategic expansion measures the Managing Board expects to
generate a stable to slightly higher Group EBT in fiscal year 2016.
Developments in the operating business units
Vehicle Rental
Sixt operates subsidiaries in nine western European countries outside
Germany, as well as in the USA (Sixt corporate countries). This means that
the Company covers by far the largest part of the European rental market
and is one of the continent's leading vehicle rental companies. In
addition, Sixt is represented in numerous countries around the globe
through efficient and strong franchise and cooperation partners (Sixt
franchise countries). As at the end of the year under review, the number of
Sixt rental stations came to 2,153 worldwide (end of 2014: 2,177). This
slight drop is the result of a reorganisation of a number of franchise
markets. In Germany, the number of rental offices rose to 508 (end of 2014:
483).
A positive development was registered in 2015 for the Group's new mobility
services: DriveNow, the premium carsharing joint venture operated together
with BMW Group, strengthened its position as Germany's carsharing company
with the most customers and market leader among the free floating
providers. At the end of the year, DriveNow had around 580,000 registered
users in Germany and abroad, which was almost 50% more than at the end of
2014 (approx. 390,000). The expansion in Europe continued in 2015 with
launches in Stockholm and Copenhagen, the latter becoming the first
franchise location.
The chauffeur service myDriver registered around 50% more bookings in the
year under review over the preceding year, whereby around half of all the
trips were for business customers. Moreover, myDriver kicked off its
internationalisation, so that the service can now be booked in numerous
European metropolitan areas.
In 2015, the average number of vehicles in the Vehicle Rental Business Unit
came to 98,200 in the Sixt corporate countries, which, thanks to the strong
demand, is 16.2% higher than the year before, up from 84,600 vehicles.
Rental revenue increased 23.0% to EUR 1.38 billion (2014: EUR 1.12
billion). The gain generated abroad was 38.5% to EUR 677.5 million (2014:
EUR 489.1 million). The biggest contribution towards this foreign growth
came from the US subsidiary, which managed to more than double its
revenues. This makes the USA the Company's biggest foreign market a mere
five years after the start of business operations there, ahead of France.
In almost all European countries, including France, Spain and the UK, Sixt
recorded dynamic double-digit growth rates.
In Germany, the Company managed to improve its already high level of rental
revenue by another 10.9% to EUR 699.3 million (2014: EUR 630.5 million).
All in all the Vehicle Rental Business Unit generated revenue increases of
23.7% to EUR 1.52 billion (2014: EUR 1.23 billion).
Taking due account of the extra expenses incurred by the expansion, the
Business Unit's EBT rose 17.2% to EUR 160.4 million (2014: EUR 136.8
million).
Leasing
Sixt Leasing AG, which bundles together all of the Sixt Group's activities
in fleet leasing, online retail and fleet management, is one of Germany's
leading bank and vendor-neutral leasing companies. The focus of business
activities is currently on fleet management and full service leasing for
business and corporate clients. This covers a wealth of further services
alongside the classic financing function. Other strongly growing segments
are leasing and variable financing agreements as well as services to
private and commercial customers that are offered via the online platform
sixt-neuwagen.de.
As at 31 December 2015 the Business Unit's contract portfolio in Germany
and abroad climbed to around 103,200 contracts (without franchisees), some
6.0% up on the same reporting date the year before (97,400 contracts). An
especially dynamic performance was recorded once again by the Online Retail
business field (+33.7% to around 21,100 contracts).
Leasing revenue for 2015 climbed 0.6% to EUR 419.8 million (2014: EUR 417.3
million). This budgeted development matches the principle of giving higher
margins and profitability preference over volume growth. Revenue from the
sale of used leasing vehicles came to EUR 235.5 million, an increase of
61.4% (2014: EUR 145.9 million). This growth is due to the higher number of
vehicles returned. Moreover, since 2013 the Fleet Management business field
has also offered to dispose of its customers' vehicles, so that the total
revenue of the Leasing Business Unit climbed to EUR 655.4 million, an
increase of 16.4% (2014: EUR 563.2 million).
Due to the strong growth in the Online Retail business field, improved
margins in the contract portfolio and lower financing costs, EBT for the
Leasing Business Unit climbed substantially from EUR 25.6 million to EUR
30.3 million (+18.2%).
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:
Sixt Group's audited consolidated financial statements 2015 will be
published on 19 April 2016.
The Sixt Group at a glance1
(Preliminary figures in accordance with IFRS)
Consolidated revenue development
in EUR million 2015 2014 Change in % Vehicle Rental Business Unit 1,519.3 1,228.0 +23.7 Thereof: rental revenue 1,376.9 1,119.6 +23.0 Thereof: other revenue from rental business 142.4 108.4 +31.4 Leasing Business Unit 655.4 563.2 +16.4 Thereof: leasing revenue 419.8 417.3 +0.6 Thereof: sales revenue 235.5 145.9 +61.4 Other revenue 4.6 5.0 -6.1 Consolidated revenue 2,179.3 1,796.2 +21.3 Thereof: consolidated operating revenue 1,939.1 1,645.3 +17.9Consolidated earnings development in EUR million 2015 2014 Change in % Fleet expenses and cost of lease assets 807.3 675.2 +19.6 Personnel expenses 274.5 219.8 +24.9 Depreciation and amortisation expense 418.5 347.1 +20.6 Net other operating income/expenses -457.1 -354.9 +28.8 Earnings before interest and taxes (EBIT) 221.8 199.2 +11.3 Net finance costs -36.6 -42.2 -13.4 Earnings before taxes (EBT) 185.2 157.0 +18.0 Income tax expenses 57.0 47.0 +21.4 Consolidated profit 128.2 110.0 +16.5 Earnings per share - basic (in EUR)2 2.39 2.29 +4.4Other key figures for the Group 31 Dec. 2015 31 Dec. 2014 Change in % Total assets (in EUR million) 3,660 2,818 +29.9 Rental vehicles (in EUR million) 1,763 1,262 +39.7 Lease assets (in EUR million) 958 902 +6.1 Equity (in EUR million) 1,059 741 +42.8 Equity ratio (in %) 28.9 26.3 +2.6 points 2015 2014 Change in % Investments (in EUR billion)3 5.26 4.32 +21.71 Preliminary figures, due to rounding it is possible that individual figures presented in this news may not add up exactly to the totals shown and that the full-year 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 --------------------------------------------------------------------------- 15.03.2016 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 --------------------------------------------------------------------------- 445037 15.03.2016
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