17.11.2016
Sixt SE DE0007231326
DGAP-News: Sixt SE: Sixt Group remains on growth track after first three quarters
DGAP-News: Sixt SE / Key word(s): 9-month figures/Quarterly / Interim
Statement
Sixt SE: Sixt Group remains on growth track after first three quarters
17.11.2016 / 07:31
The issuer is solely responsible for the content of this announcement.
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Sixt Group remains on growth track after first three quarters
- Earnings before taxes (EBT) after nine months climbed 11.9% to EUR
172.0 million so that the Group achieved a record result of EUR 90.1
million in Q3 2016
- Consolidated operating revenue up by 10.3% after first three quarters
- Strong growth in Europe and the USA: rental revenues generated abroad
gain almost 25% during first nine months
- Expectations for full fiscal year 2016 upgraded
Pullach, 17 November 2016 - Sixt Group continued its growth trajectory
during the third quarter of 2016 and is on its way to another record year.
The substantial improvement is mainly due to strong gains in foreign demand
in the Vehicle Rental business combined with a strong utilization rate of
the rental fleet and low refinancing costs. At EUR 90.1 million the
worldwide mobility service provider achieved its highest quarterly pre-tax
profit (EBT) in its corporate history. During the first nine months of
2016, Group EBT climbed 11.9% to EUR 172.0 million. In view of the
extremely positive business performance Sixt upgraded its projections for
the full fiscal year 2016, as was announced on 21 October 2016.
Erich Sixt, CEO of Sixt SE: "Business performance in the third quarter
significantly exceeded our expectations, especially outside Germany.
Foreign operations continue to be our key growth driver. Moreover, the
figures of the first nine months clearly show that despite its investments
in expansionary measures and new mobility concepts, Sixt is still able to
maintain its high profitability level with a return on operating revenue
above 10%."
Group performance after Q3 2016
- The Group's total revenue climbed 11.8 % to EUR 1.83 billion
(9M 2015: EUR 1.63 billion).
- Consolidated operating revenue (excluding revenue from the sale of used
leasing vehicles) rose 10.3% to EUR 1.61 billion compared to the EUR
1.46 billion achieved during the same period last year.
- Rental revenue improved 13.4% in the period from January to September
to EUR 1.17 billion (9M 2015: EUR 1.04 billion). The reason for this
uptake was a strong demand from customers outside Germany, where rental
revenue gained almost one quarter. The foreign share in total rental
revenue increased still further and came to 54%
(9M 2015: 49%).
- The operating leasing revenue (without proceeds from vehicle sales)
came to EUR 311.3 million, some 1.8% less than in the same period last
year (EUR 316.9 million). The reduction is due to the lower fuel income
following lower petrol prices. Adjusted for this effect, leasing
revenue climbed 1.7%.
- The Group's earnings before taxes (EBT), which is the key parameter for
measuring the business success, climbed 11.9% to EUR 172.0 million (9M
2015: EUR 153.8 million) despite ongoing high expenses for various
expansion measures.
Group developments in Q3 2016
- Consolidated revenue for Q3 2016 climbed 7.4% to EUR 677.9 million
(Q3 2015: EUR 631.5 million).
- Consolidated operating revenue reached EUR 602.9 million
(Q3 2015: EUR 569.4 million; +5.9%).
- Rental revenue increased 8.1%, to EUR 456.0 million (Q3 2015: EUR 421.6
million).
- Operating leasing revenue came to EUR 105.2 million, which was almost
on a par with last year (Q3 2015: EUR 106.1 million; -0.9%).
- EBT increased 14.1% to EUR 90.1 million (Q3 2015: EUR 79.0 million)
clocking up a new record figure for a single quarter.
Rental and lease fleet substantially expanded
To keep with the strong demand, Sixt added around 162,300 vehicles to the
rental and leasing fleet (9M 2015: 153,200 vehicles) during the first nine
months of 2016 with a total value of EUR 4.32 billion (9M 2015: EUR 4.09
billion). This equals an increase of around 6% in the number of vehicles
and the value of vehicles.
Outlook for the whole of 2016
As a consequence of the very good business development in Q3 and the
business performance registered so far in the closing quarter, the Managing
Board upgraded the economic targets for the full fiscal year 2016. The
Board now projects consolidated EBT for fiscal year 2016 to come to at
least EUR 200 million and will thus substantially exceed the previous
year's figure of EUR 185.2 million. The Board also expects consolidated
operating revenue for fiscal year 2016 to register substantial gains (2015:
EUR 1.94 billion). So far the Managing Board had envisaged a stable to
slightly higher Group EBT as well as a slight increase in consolidated
operating revenue.
Developments in the operating business units
Vehicle Rental
As of 30 September 2016, the worldwide number of Sixt rental stations
(corporate and franchise) grew to 2,202, which is 49 more than at the end
of last year (2,153). This increase is primarily the result of the
expanding international franchise network.
The average number of fleet vehicles in the Vehicle Rental Business Unit
(in Germany and abroad, excluding franchisees) for the first nine months of
2016 expanded to around 109,700 vehicles, an increase of 11.9% against the
average figure for the same period last year (approx. 98,000 vehicles).
The business unit's rental revenues in the period January to September 2016
climbed 13.4% to EUR 1.17 billion. Growth in the foreign markets was 24.5%
reaching EUR 636.0 million. In the USA and in key European markets such as
Spain and France, Sixt continued to generate generous double-digit growth
rates compared to the same period the year before.
Leasing
Sixt Leasing SE, which bundles together all of the Sixt Group's activities
in fleet leasing, fleet management and online retail leasing, is one of
Germany's leading bank and vendor-neutral leasing companies. Sixt SE holds
an interest of 41.9% in the stock-listed company.
As of 30 September 2016 the Leasing business unit's total number of
contracts inside and outside Germany (excluding franchisees and cooperation
partners) climbed to around 111,000 contracts, which was a 7.5% gain
against the end of 2015 (approx. 103,200 contracts). The ongoing growth
driver for this is the dynamically growing Online Retail business field
(private and commercial customer leasing) with its web-based platforms
www.sixt-neuwagen.de and www.autohaus24.de. The business field achieved a
22.3% growth in contracts.
The business unit's revenue rose 7.5 % during the first nine months of 2016
to EUR 527.6 million (9M 2015: EUR 490.8 million). This was mainly due to
significantly higher proceeds from the sale of used leasing vehicles
(+24.3%).
EBT gained 9.8% to EUR 23.9 million compared to the EUR 21.7 million in the
first nine months of 2015. These figures already include the extra expenses
incurred from the second quarter integration of the newly acquired broker
for new cars, autohaus24 GmbH, as well as the costs for a TV ad campaign
for private and commercial customer leasing.
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 to editors:
The Quarterly Statement of Sixt SE as of 30 September 2016 can now be
downloaded from http://ir.sixt.de/interim-reports.
The Sixt Group at a glance
(all figures in accordance with IFRS)1
Consolidated revenue development
in EUR million 9M 9M Change Q3 Q3 Change
2016 2015 in % 2016 2015 in %
Operating revenue 1,606.4 1,456.3 +10.3 602.9 569.4 +5.9
Vehicle Rental 1,295.1 1,139.4 +13.7 497.7 463.3 +7.4
Business Unit
thereof rental 1,173.9 1,035.0 +13.4 456.0 421.6 +8.1
revenue
thereof other 121.1 104.4 +16.0 41.8 41.6 +0.4
revenues
from rental
business
Leasing Business 311.3 316.9 -1.8 105.2 106.1 -0.9
Unit
Revenue 216.2 173.9 +24.3 73.7 60.8 +21.2
from the sale of
leasing vehicles
Other revenue 3.8 3.5 +8.0 1.3 1.2 +4.1
Consolidated 1,826.4 1,633.7 +11.8 677.9 631.5 +7.4
revenue
Consolidated earnings development
in EUR million 9M 9M Change Q3 Q3 Change
2016 2015 in % 2016 2015 in %
Fleet expenses and 648.2 603.4 +7.4 231.0 218.0 +6.0
cost of lease
assets
Personnel expenses 227.3 198.4 +14.6 78.6 69.3 +13.5
Depreciation and 378.0 321.6 +17.5 134.7 124.0 +8.7
amortisation
Net other -371.0 -333.3 +11.3 -132.5 -131.6 +0.8
operating
income/expense
Earnings before 201.9 177.0 +14.1 101.0 88.6 +14.0
net finance costs
and taxes (EBIT)
Net finance costs -29.9 -23.3 +28.6 -10.9 -9.6 +13.4
Earnings before 172.0 153.8 +11.9 90.1 79.0 +14.1
taxes (EBT)
Income tax 49.4 44.6 +10.7 24.2 23.9 +1.4
expenses
Consolidated 122.6 109.2 +12.3 65.9 55.1 +19.6
profit/loss
Earnings per share 2.37 2.08 1.33 1.08
- basic
(in EUR)2
Other key figures for the Group
30.09.2016 31.12.2015 Change in %
Total assets (in EUR 4,125.1 3,660.5 +12.7
million)
Rental vehicles (in EUR 1,995.8 1,763.3 +13.2
million)
Leasing assets (in million 996.1 957.8 +4.0
EUR)
Equity (in EUR million) 1,042.4 1,058.8 -1.6
Equity ratio (in %) 25.3 28.9 -3.6 points
9M 2016 9M 2015 Change in %
Investments (in EUR 4.32 4.09 +5.7
billion)3
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1 Due to roundings it is possible that selected figures in this release
cannot be added up to the amount recorded and that the nine-months
figures listed do not follow from adding up the individual quarterly
figures. Furthermore, the percentage figures listed may not always exactly
reflect the absolute numbers to which they refer.
2 Based on 47.5 million shares in the first nine months of 2016 and 48.1
million shares in the first nine months of 2015.
3 Value of vehicles added to the rental and leasing fleets
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17.11.2016 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 SE
Zugspitzstraße 1
82049 Pullach
Germany
Phone: +49 (0)89 74444-5104
Fax: +49 (0)89 74444-85104
E-mail: [email protected]
Internet: http://ir.sixt.de
ISIN: DE0007231326, DE0007231334 Sixt Vorzüge, DE000A1K0656 Sixt
Namensaktien, DE000A1PGPF8 Sixt-Anleihe 2012/2018,
DE000A11QGR9 Sixt-Anleihe 2014/2020, DE000A2BPDU2
Sixt-Anleihe 2016/2022
WKN: 723132
Indices: SDAX
Listed: Regulated Market in Frankfurt, Munich; Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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