Ad-hoc disclosure according to Section 15 WpHG
(German Securities Trading Act)
Sixt AG, Zugspitzstrasse 1, D-82049 Pullach/Germany
WKN: 723132, ISIN: DE0007231326
WKN: 723133, ISIN: DE0007231334
Frankfurt Stock Exchange, Prime Standard Segment
Preliminary annual figures/dividends/capital measures
Sixt earmarks substantial dividend increase and bonus payment for 2010 – Issue of bonus shares planned
Pullach, 17 March 2011 – In 2010 the Sixt Group exceeded its own expectations and generated one of the best results in the company’s history. According to preliminary figures the mobility service provider reports a consolidated profit of EUR 70.7 million compared to EUR 10.4 million in 2009. Consolidated earnings before taxes (EBT) rose from EUR 15.1 million to EUR 102.3 million. Earnings before net finance costs and taxes (EBIT) increased from EUR 67.0 million to EUR 156.2 million.
The gratifying earnings performance was based on the measures initiated at the end of 2008 which were aimed at lowering costs and increasing efficiency throughout the Group. The demand for mobility services began to increase during the second half of the year in the wake of a rebounding economy. Due to significantly increased growth dynamic, rental revenue (excluding other revenue from rental business) rose 6.5% from EUR 758.0 million to EUR 807.5 million during the course of the year. The EBT for the Vehicle Rental Business Unit increased from last year’s total of EUR 3.3 million to EUR 86.4 million. Recording stable revenues from leasing transactions (EUR 403.5 million; -0.7%) the Leasing Business Unit generated an EBT of EUR 19.0 million (2009: EUR 5.7 million). As the best result in the company’s history it benefited from focusing on high-margin full service contracts. Total consolidated revenue in 2010 came to EUR 1.54 billion and was therefore as previously announced slightly down on last year’s figure of EUR 1.60 billion (-4.0%).
In view of the significant improvement of the earnings situation in the financial year 2010, the Managing Board will propose to the Supervisory Board and the Annual General Meeting to increase the dividend to EUR 1.00 per ordinary share (2009: EUR 0.20) and EUR 1.02 per preference share (2009: EUR 0.22) plus a bonus dividend of EUR 0.40 for each ordinary and preference share. In addition, the Managing Board is proposing to issue bonus shares at a ratio of 1:1 by converting reserves into share capital. This would see one new share issued for each ordinary and preference share, and as a consequence would double the company’s share capital and the number of shares. The bonus shares shall carry dividend rights as of the financial year 2011.
The Managing Board’s outlook for the financial year 2011 is optimistic. Despite continuing economic uncertainties the Managing Board estimates that in the European core countries demand for vehicle rental and leasing services is going to increase. In view of this another rise in rental revenues and a stable development of leasing revenues is anticipated. The Group’s EBT is expected to continue growing. This forecast assumes that no unforeseen negative events will occur which would have a major impact on the Group.
Sixt Central Press Office
T +49 – 89 – 992 496 – 30/ – 31
F +49 – 89 – 992 496 – 32