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Sixt AG, Zugspitzstr. 1, 82049 Pullach
WKN: 723132, ISIN: DE0007231326
WKN: 723133, ISIN: DE0007231334
Frankfurt Stock Exchange, Prime Standard Segment
Sixt increases EBT by EUR 43 million and reports high level of stable revenue in Q1 2010
Pullach, 20 May 2010 – The Sixt Group closed the first quarter of 2010 with a clear profit. The mobility services provider generated profit before taxes (EBT) of EUR 8.0 million in the period from January to March, seasonally a weaker quarter, which represents a year-on-year improvement of EUR 42.6 million (Q1 2009: EUR -34.6 million). The Group’s quarterly profit amounted to EUR 6.4 million (Q1 2009: EUR -26.5 million).
In both business units, Vehicle Rental and Leasing, Sixt profited from its systematic focus on higher-margin revenue, the price increases initiated in the previous year and an improved cost structure. At EUR 176.0 million in Q1 2010, rental revenue (excluding other revenue from rental business) remained at the high prior-year level (EUR 176.8 million; -0.4%). Overall, the Vehicle Rental Business Unit’s quarterly revenue was EUR 204.7 million (Q1 2009: EUR 215.2 million; -4.9%). The Business Unit’s EBT amounted to EUR 3.6 million (Q1 2009: EUR -38.6 million).
Leasing revenue increased by 4.9% in the first quarter to EUR 106.8 million (Q1 2009: EUR 101.8 million). The Leasing Business Unit reported stable total revenue of EUR 160.0 million in the first three months (Q1 2009: EUR 160.2 million; -0.1%). Higher contract margins lifted EBT to EUR 3.4 million in the first quarter, well above the prior-year level (Q1 2009: EUR 0.2 million).
Consolidated revenue totalled EUR 366.0 million in the first three months of 2010 (prior-year period: EUR 376.7 million; -2.8%).
The Managing Board remains optimistic for financial year 2010 despite the continuing economic uncertainty. Sixt will systematically continue pursuing its goal of increasing the profitability of its operating business according to the “earnings before revenue” principle and of avoiding revenue that is not sufficiently profitable. As a result, consolidated revenue for full-year 2010 is expected to be down slightly year-on-year. On the earnings side, Sixt will profit from improved revenue quality and the measures to cut costs and enhance efficiency initiated in 2009. The Managing Board is therefore confirming Sixt’s goal of significantly increasing consolidated EBT this year, in particular following the encouraging first quarter and business developments in the second quarter to date. This forecast assumes that there are no unforeseen negative events with a major impact on the Group.
Sixt Central Press Office
Phone: +49 – 89 – 992 496 – 30/ – 31
Fax: +49 – 89 – 992 496 – 32