(Wertpapierhandelsgesetz – German Securities Trading Act)
Sixt AG, Zugspitzstr. 1, 82049 Pullach, Germany
WKN: 723132, ISIN: DE0007231326
WKN: 723133, ISIN: DE0007231334
Frankfurter Stock Exchange, Prime Standard Segment
Sixt reports stable demand in Q1 2009 – earnings dominated by adjustment effects
Pullach, Germany, 26 May 2009 – Sixt AG recorded a high level of stable demand in its rental and leasing business in the first quarter of this year. Total consolidated revenue amounted to EUR 376.7 million, down 7.2% on the figure for the prior-year quarter. At EUR 176.8 million, the rental revenue generated by Germany’s largest car rental company (excluding other revenue from rental business) was on a level with the first quarter of 2008 (-0.1%). Other revenue from rental business fell by 48.8% to EUR 38.4 million. The Vehicle Rental Business Unit recorded total revenue of EUR 215.2 million (-14.6%), while the Leasing Business Unit increased its revenue by 2.9% in the first quarter of 2009 to EUR 101.8 million.
As expected and announced, the Group’s earnings were dominated by adjustments and one-time effects, primarily as a result of the reduction in the rental fleet due to the significantly weakened economy. Adjusted for these effects, earnings before taxes (EBT) were EUR -4.2 million. EBT in accordance with IFRSs amounted to EUR -34.6 million. The Group reported a loss for the quarter of EUR 26.5 million.
On the basis of the satisfactory trend in operating demand in the first quarter and the expected reduction in Sixt’s cost base from the second quarter onwards due to its smaller rental fleet, the Managing Board is continuing to forecast clearly positive EBT for full-year 2009.
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