Ad-hoc disclosure in accordance with section 15 WpHG
Sixt AG, Zugspitzstr. 1, 82049 Pullach
WKN: 723132, ISIN: DE0007231326
WKN: 723133, ISIN: DE0007231334
Frankfurt Stock Exchange, Prime Standard Segment
Sixt posts strong earnings in Q1 2011
Pullach, 23 May 2011 – The Sixt Group quadrupled its profit before taxes (EBT) in the first quarter of 2011, to
EUR 32.2 million, compared to EUR 8.0 for the same quarter last year. This is one of the best first-quarter showings in the history of the international mobile services provider. The profit for the quarter was EUR 22.4 million (Q1 2010: EUR 6.4 million).
The substantial improvement in earnings came from lively demand combined with stable overall rental prices in the Vehicle Rental Business Unit, and also from the systematic focus on higher-margin full-service leases in the Leasing Business Unit. Rental revenue (excluding other revenue from rental business) grew 11.1% in the first three months, in part because of the generally positive economic environment, to EUR 195.6 million (Q1 2010: EUR 176.0 million). Revenue growth outside Germany was as much as 17.6%; the figure for Germany was 8.7%. Overall, the Vehicle Rental Business Unit’s quarterly revenue was EUR 217.1 million (Q1 2010: EUR 204.7 million; +6.1%).
As expected, Leasing revenue for the quarter, at EUR 96.5 million, was down from the prior-year equivalent of
EUR 106.8 million. Most of the decrease resulted from the reduction in the number of leases during previous years, a consequence of concentrating on the higher-margin full-service leasing business. Total revenue at the Leasing Business Unit for January through March came to EUR 145.4 million (Q1 2010: EUR 160.0 million; –9.1%).
The Sixt Group’s total revenue for the first quarter of 2011 was EUR 364.4 million, on a par with the figure from the same period last year (EUR 366.0 million; –0.4%).
Thanks to the Company’s very satisfying business performance in the first quarter, management has reconfirmed its previous projections for 2011 as a whole. Despite the increase in the risk from the economy, management assumes that demand for vehicle rental and leasing services will continue to expand. Amid that setting, in 2011 Sixt expects Rental revenue to increase and Leasing revenue to remain stable. Consolidated EBT is expected to grow further. This forecast assumes that there are no unforeseen negative events with a major impact on the Group.
Sixt Central Press Office
Phone: +49 – 89 – 992 496 – 30/ – 31
Fax: +49 – 89 – 992 496 – 30