(Wertpapierhandelsgesetz – German Securities Trading Act)
Sixt AG, Zugspitzstr. 1, 82049 Pullach, GermanyWKN: 723132, ISIN: DE0007231326WKN: 723133, ISIN: DE0007231334Frankfurt Stock Exchange, Prime Standard Segment
Sixt continues to record strong growth in H1 2008 – earnings target adjusted to changed environment
Pullach, 14 August 2008 – Given that the economy is losing some of its momentum, the overall performance of the Sixt Group’s operating business was satisfactory in the first half of 2008. 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 13.6% to EUR 737.3 million in the first six months (H1 2007: EUR 649.0 million). Growth rates in both the Vehicle Rental Business Unit (+13.0% to EUR 531.0 million) and the Leasing Business Unit (+15.3% to EUR 206.3 million) exceeded the market average. Total consolidated revenue (including revenue from the sale of used leasing vehicles) climbed by 14.7% to EUR 854.6 million (H1 2007: EUR 745.2 million).
Consolidated profit after minority interests for the first six months was EUR 44.9 million, thus exceeding by 1.9% the previous record of EUR 44.1 million achieved in the same period last year. This corresponds to earnings per share (basic) of EUR 1.79 (H1 2007: EUR 1.77). Consolidated profit before taxes (EBT) amounted to EUR 65.8 million, 6.9% down on the EUR 70.6 million generated in the first half of 2007. The decline is mainly due to higher net finance costs, which were impacted by an increase in interest expense to finance the fleet as well as a year-on-year decline in net income from the fair value measurement of interest rate hedging instruments. In spite of additional operating costs, earnings before net finance costs and taxes (EBIT) grew by 9.3% to EUR 91.7 million (H1 2007: EUR 83.9 million).
In the second quarter of 2008, consolidated operating revenue was EUR 386.4 million, 13.8% more than in Q2 2007 (EUR 339.6 million). EBT declined by 11.1% to EUR 30.4 million (Q2 2007: EUR 34.1 million).
Due to the ongoing tough competition in the vehicle rentals market, it cannot be expected that higher prices will gain acceptance in the market in the near term. In the Leasing Business Unit, the sharply higher financing costs can only be passed on to customers with a time lag, and the German used vehicle market has deteriorated further. In addition, the economic environment in Sixt’s key markets and sectors has worsened further.
Despite this, the Managing Board continues to expect consolidated operating revenue to increase in full-year 2008. It is now forecasting consolidated EBT of around EUR 115 to 125 million.
This forecast assumes that there are no negative events with a major impact on the Group.
Frank Elsner Kommunikation für Unternehmen GmbH
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