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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 exceeds its own expectations for full-year 2009 after strong fourth quarter
Pullach, 11 March 2010 – The Sixt Group exceeded its own expectations for full-year 2009 after a strong last quarter. For 2009, the mobility services provider’s profit before taxes (EBT) according to preliminary calculations was EUR 15.1 million (2008: EUR 86.7 million). The Group therefore comfortably achieved its target of generating clearly positive EBT. Consolidated profit after taxes in full-year 2009 amounted to EUR 10.4 million (2008: EUR 61.4 million).
In 2009, Sixt profited from a clear improvement in its cost structure over the course of the year, with a smaller rental fleet, strict cost management and improvements in efficiency having a positive effect throughout the Group. In the seasonally weaker fourth quarter, consolidated EBT amounted to EUR 12.5 million, in excess of the Group’s own expectations (Q4 2008: EUR -9.2 million). Consolidated earnings before net finance costs and taxes (EBIT) amounted to EUR 67.0 million for the year as a whole (2008: EUR 154.9 million, -56.7%).
Despite the international financial crisis and the global recession, demand for Sixt mobility services remained more or less stable at a high level in 2009. At EUR 758.0 million, rental revenue (excluding other revenue from the rental business) was down only 3.9% on the previous year (EUR 788.7 million). Revenue from leasing activities (excluding revenue from the sale of used leasing vehicles) was EUR 406.5 million, again down only slightly on the previous year’s level (2008: EUR 419.8 million; -3.2%). Sixt’s conscious decision not to generate revenue where profits would be inadequate dampened revenue in both business units.
Overall, the Vehicle Rental Business Unit’s revenue was EUR 961.8 million (2008: EUR 1.11 billion, -13.1%). The Leasing Business Unit’s total revenue (including revenue from the sale of used leasing vehicles) amounted to EUR 634.8 million (2008: EUR 661.8 million; -4.1%). In 2009, total consolidated revenue amounted to EUR 1.60 billion (2008: EUR 1.77 billion; -9.7%).
In line with a shareholder-friendly but earnings-driven dividend policy, the Managing Board and Supervisory Board will propose to the Annual General Meeting to pay a dividend for financial year 2009 of EUR 0.20 (previous year: EUR 0.80) per ordinary share and EUR 0.22 (2008: EUR 0.82) per preference share. This would increase the dividend payout rate (based on consolidated profit for the year) from 33% to 50%.
The Managing Board is optimistic about financial year 2010, although it expects demand for vehicle rental and leasing services in financial year 2010 to remain the same or fall slightly year-on-year in Sixt’s core European countries as a result of the continuing uncertain economic environment. However, on the earnings side, the Group will profit for the first time for a full financial year from the measures to cut costs and increase efficiency initiated in 2009. In view of this, consolidated revenue is expected to fall in 2010. However, Sixt aims to substantially increase consolidated EBT as against the previous year due to its reduced costs and higher efficiency. 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