(Wertpapierhandelsgesetz – German Securities Trading Act)
Sixt AG, Zugspitzstr. 1, 82049 Pullach, Germany
WKN: 723132, ISIN: DE0007231326
WKN: 723133, ISIN: DE0007231334
Frankfurt Stock Exchange, Prime Standard Segment
Sixt continues double-digit growth after first nine months of 2008 – earnings impacted by higher fleet and financing costs
Pullach, 20 November 2008 – In the first nine months of 2008, the Sixt Group recorded significant, above-market revenue growth in both the Vehicle Rental and Leasing Business Units. Consolidated profit remains at a high level, but was affected by a clear increase in fleet costs and by higher net finance costs.
Consolidated operating revenue from vehicle rental and leasing activities (excluding revenue from the sale of used leasing vehicles) – the best measure of Sixt’s performance – rose by 12.1% to EUR 1.15 billion in the period from January to September (first nine months of 2007: EUR 1.02 billion). This was due to good domestic demand and continuing dynamic growth in Sixt’s international business. The Vehicle Rental Business Unit generated revenue growth of 11.6% to EUR 832.6 million. Revenue from leasing activities increased by 13.7% in the first nine months to EUR 313.5 million.
Total consolidated revenue (including revenue from the sale of used leasing vehicles) amounted to EUR 1.34 billion after nine months (prior-year period: EUR 1.17 billion; +14.4%).
Despite the increase in costs in the operating business, consolidated earnings before net finance costs and taxes (EBIT) reached EUR 143.1 million in the first nine months, up 3.6% on the prior-year figure (EUR 138.1 million). The decrease in consolidated profit before taxes (EBT) from EUR 110.9 million to EUR 95.9 million (-13.5%) is due exclusively to substantially higher net finance costs. As in the first half of the year, this was due to a decline in net income from the measurement of interest rate hedging instruments, as well as higher interest payments associated with financing the expanded fleet.
Consolidated profit after minority interests amounted to EUR 66.1 million after nine months, 7.7% less than in the same period of the previous year (EUR 71.6 million).
In the third quarter of 2008, consolidated operating revenue reached EUR 408.8 million (Q3 2007: EUR 373.0 million; +9.6%). At EUR 51.4 million, EBIT was down 5.3% on the prior-year quarter (EUR 54.2 million). As a result of the effects on net finance costs already mentioned, EBT was EUR 30.1 million (Q3 2007: EUR 40.3 million; -25.2%).
The overall conditions for Sixt’s business have continued to deteriorate in key markets since September due to the general economic downturn and the financial crisis. The higher level of costs in Sixt’s operating business, rising financing costs and the slump on the German used vehicle market will continue to dampen earnings performance in the fourth quarter. The impact of the economic downturn on demand for mobility services cannot yet be clearly estimated.
Despite this adverse environment, the Managing Board is reiterating its goal of increasing consolidated operating revenue in full-year 2008. Consolidated EBT is expected to reach a figure of around EUR 100 million. This forecast assumes that there are no negative events with a major impact on the Group.
Frank Elsner Kommunikation für Unternehmen GmbH
Tel.: ++49 – (0) 54 04 – 91 92 0
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