(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 increases consolidated profit by almost 10% and generates double-digit revenue growth again in Q1 2008
Pullach, 29 May 2008 – In the first three months of 2008, Sixt AG once again generated double-digit growth in consolidated operating revenue.
Revenue from the rental and leasing business increased by 13.4% to EUR 350.9 million (Q1 2007: EUR 309.4 million). Foreign business continued its dynamic development, boosting operating revenue by 24.6% to EUR 73.5 million compared with EUR 59.1 million in the previous year. This lifted the international share of total operating revenue from 19.1% to 21.0%. Total consolidated revenue rose by 11.9%, from EUR 362.5 million in the previous year to EUR 405.9 million.
Consolidated profit for the quarter increased by 9.4% to EUR 24.8 million (Q1 2007: EUR 22.7 million). Basic earnings per share increased to EUR 0.99 (previous year: EUR 0.91; +8.8%).
For the first three months, the Group reported a slight 3.0% decline in consolidated profit before taxes (EBT) to EUR 35.4 million. This development, which was in line with the Company’s expectations, was mainly due to the different timing of Easter week compared with the previous year (Easter week fell in Q2 in 2007), which resulted in weaker rental business in March, and to fair value measurement losses on the interest rate derivatives used. While a net gain of EUR 0.8 million from interest rate hedging transactions was reported in the prior-year quarter, the reporting period saw a net loss of EUR 1.4 million.
Both business units, Vehicle Rental and Leasing, recorded an improvement in operating revenue in the first quarter of 2008. The Vehicle Rental Business Unit generated revenue of EUR 252.1 million (Q1 2007: EUR 222.0 million; +13.6%). The Vehicle Rental Business Unit’s EBT fell by 6.7% from EUR 31.2 million in Q1 2007 to EUR 29.2 million in the period from January to March 2008. The decline in earnings is mainly due to the different timing of the Easter week described earlier and the fair value measurement loss on the interest rate derivatives used compared with the previous year’s positive figure.
The Leasing Business Unit increased its revenue by 13.1% to EUR 98.8 million in the first quarter of 2008 (Q1 2007: EUR 87.4 million). EBT was up 5.4% on the previous year to EUR 3.3 million (Q1 2007: EUR 3.1 million) despite increased financing costs.
The Managing Board remains optimistic about financial year 2008 and expects a further year-on-year increase in consolidated operating revenue and consolidated profit. This forecast assumes that the macroeconomic situation in Europe remains stable, that the planned price increases can be implemented, and that no unforeseen negative events for the Group occur. Further details of the full-year targets will be provided at a later date.
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