(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
Record figures again for the Sixt Group in Q1 2007 – Additional forecast details provided
Pullach, 23 May 2007 – Sixt AG once again generated record figures for its operating revenue and operating profit in the first three months of 2007, continuing its growth path of the previous year. Consolidated profit before taxes (EBT) increased by 11.6%, from EUR 32.7 million in the prior-year quarter to EUR 36.5 million. Consolidated profit for the quarter increased by 12.9% from EUR 20.1 million to EUR 22.7 million.
Consolidated operating revenue from rental and leasing business (excluding revenue from the sale of used leasing vehicles), which best reflects Sixt’s business development, rose by 9.0% in the first quarter to EUR 309.4 million (Q1 2006: EUR 283.7 million). Foreign business continued its buoyant development, boosting operating revenue from EUR 48.1 million in the first quarter of 2006 to EUR 59.1 million, an increase of 22.8%.
Total consolidated revenue (including revenue from the sale of used leasing vehicles) was EUR 362.5 million, 4.6% less than in the same period of the previous year (EUR 379.9 million). The reason for this was the substantially lower sales revenue in the leasing business, which is subject to significant fluctuation depending on individual decisions how vehicles are refinanced and as a result of closing date effects.
Both Business Units recorded an improvement in sales and earnings in the first quarter of 2007. The Vehicle Rental Business Unit generated revenue of EUR 222.0 million (Q1 2006: EUR 199.2 million; +11.4%) with EBT of EUR 31.2 million (Q1 2006: EUR 28.5 million; +9.1%). The Leasing Business Unit generated revenue from leasing business of EUR 87.4 million (Q1 2006: EUR 84.5 million; +3.4%) with EBT of EUR 3.1 million (Q1 2006: EUR 2.9 million; +8.5%).
Given the encouraging business developments in the first three months, the Managing Board sees its optimistic predictions for full-year 2007 confirmed. It has firmed up its forecasts to date and is anticipating growth of 5% to 10% in consolidated operating revenue, with consolidated earnings 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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