(Wertpapierhandelsgesetz – German Securities Trading Act)
Sixt AG, Zugspitzstr. 1, 82049 Pullach
WKN: 723132, ISIN: DE0007231326
WKN: 723133, ISIN: DE0007231334
Frankfurt Stock Exchange, Prime Standard Segment
Quarterly figures, share buy back
Sixt records substantial profit improvement in H1 2010, revenue performance as expected – Share buy back resolved
Pullach, 19 August 2010 – The Sixt Group recorded a good first half in 2010. The international mobility service provider generated a consolidated profit before taxes (EBT) of EUR 34.8 million for the first six months, an improvement of EUR 60.3 million on the figure from the same period of the recession-beset prior year (EUR -25.5 million). The net profit for half–year 2010 came to EUR 25.7 million (H1 2009: EUR -22.4 million).
The substantial profit improvement was primarily the result of the clear focus on higher-margin revenue at both Business Units – Vehicle Rental and Leasing – as well as the price increases initiated last year, together with substantially lower costs and higher efficiency in processes and structures throughout the Group.
Revenue performance for the first six months of 2010 was as expected, maintaining high levels: consolidated revenue, at EUR 759.6 million, was 3.0% below the corresponding figure from last year (H1 2009: EUR 782.8 million).
Rental revenue in the Vehicle Rental Business Unit (not including other revenue from rental business) grew 2.6% to EUR 374.5 million (H1 2009: EUR 364.9 million). Overall, the Vehicle Rental Business Unit’s first-half revenue was
EUR 430.3 million (H1 2009: EUR 464.9 million; -7.5%).
Leasing revenue increased by 3.1% in the first six months of 2010, to EUR 211.6 million (H1 2009: EUR 205.3 million). The Leasing Business Unit reported total revenue of EUR 326.8 million for half-year 2010 (H1 2009: EUR 315.4 million; +3.6%).
Consolidated revenue for the second quarter of the year, at EUR 393.6 million, was 3.1% below the prior-year level (Q2 2009: EUR 406.1 million). EBT improved substantially over the comparable figure from Q2 2009 (EUR 9.1 million), reaching EUR 26.8 million.
Fundamentally, the Managing Board is optimistic about the Sixt Group’s future business performance. Nevertheless, it must be considered that uncertainty about the overall performance of the economy – crucial for Sixt – remains high and has even grown in some cases, for example in the debt crisis in major European states or businesses’ continuing reluctance to invest, which still remains evident in the leasing market.
For full-year 2010, the Managing Board still expects a substantial increase in consolidated EBT as against last year. This expectation is based primarily on better revenue quality, and on the cost-cutting and efficiency-enhancement measures implemented in 2009 and so far in 2010. Consolidated revenue for full-year 2010 is still expected to be slightly below the prior year’s figure.
This forecast assumes that there are no unforeseen negative events with a major impact on the Group.
Furthermore, with the consent of the Supervisory Board, the Managing Board of Sixt AG today decided to exercise the share buy back authorisation granted by the Annual General Meeting on 17 June 2010, to purchase the Company’s own ordinary and preference shares on the market for a total of up to EUR 20 million (not including incidental expenses).
On the basis of the current trading price for the Company’s ordinary and preference shares, this is equivalent to about 1.1 million no-par value shares, or about 4.5 percent of the share capital. The distribution between ordinary and preference shares will be based on the availability of these share categories for trading on the market.
The buy back is intended to reduce capital by retiring stock. It will be carried out in compliance with section 14(2) of the German Securities Trading Act (WpHG), in conjunction with EC Regulation 2273/2003 (known as “Safe Harbour”). The share buy back is scheduled to begin no earlier than 19 August 2010 and to end by 31 December 2011.
Sixt Central Press Office
Phone: +49 – 89 – 99 24 96 – 30
Fax: +49 – 89 – 99 24 96 – 32