(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 again achieves significant revenue and earnings growth in the first half of 2007
Pullach, 20 August 2007 – The Sixt Group continued its extremely positive business development of the first three months in the second quarter of 2007. The international mobility services provider increased consolidated profit before taxes (EBT) by 13.3% in the first half of 2007, to EUR 70.6 million (H1 2006: EUR 62.3 million). Consolidated profit reached EUR 44.1 million, an increase of 14.2% over the prior-year period (EUR 38.6 million).
Sixt’s consolidated operating revenue from rental and leasing activities, the best measure of the Group’s performance, amounted to EUR 649.0 million for the first six months, an increase of 10.1% (H1 2006: EUR 589.7 million). The strong growth – especially abroad – of the Vehicle Rental Business Unit, which was significantly better than the industry average, was the main contributor to the increase in revenue.
Total consolidated revenue (including revenue from the sale of used leasing vehicles, which is normally subject to fluctuation) reached EUR 745.2 million, compared with EUR 727.3 million in the prior-year period (+2.5%).
In the first half of 2007, the Vehicle Rental Business Unit generated revenue from rental business of EUR 470.0 million, compared with EUR 418.6 million in the prior-year period (+12.3%). EBT outstripped revenue growth, increasing by 17.0% to EUR 66.0 million (Q1 2006: EUR 56.4 million). The Leasing Business Unit’s operating revenue was EUR 179.0 million in the first six months, 4.6% more than the EUR 171.1 million generated in the prior-year period. At EUR 4.3 million EBT was below the prior-year figure (EUR 7.3 million). This was due in particular to a general erosion of margins in this highly competitive environment and to additional expenses incurred in expansion.
In the second quarter of 2007, consolidated operating revenue increased by 11.0% from EUR 306.0 million to EUR 339.6 million. EBT rose by 15.2% to EUR 34.1 million (Q2 2006: EUR 29.6 million).
Following the encouraging first half of the year, the Managing Board has confirmed its forecasts for full-year 2007. It is aiming for 5% to 10% growth in consolidated operating revenue, with consolidated operating profit growing at a faster rate. This continues to assume that the necessary price adjustments will gain acceptance in the market, that the macroeconomic situation develops as forecast, that the used-car market does not deteriorate and that no unforeseen negative events with a major impact on the Group occur.
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