Corporate News 27 May 2013

Sixt Aktiengesellschaft: Sixt records good business performance in first quarter 2013 despite difficult general conditions

Sixt Aktiengesellschaft / Key word(s): Quarter Results27.05.2013 / 07:41--------------------------------------------------------------------- CORPORATE NEWSSixt records good business performance in first quarter 2013 despitedifficult general conditions* Demand in vehicle rental more restrained due to economic climate, foreign  operations continue to grow dynamically due to expansion measures
* Further increase of leasing contract portfolio
* Consolidated operating revenue of EUR 329 million almost at last year's level
* Earnings before taxes (EBT) below previous year in line with expectations
* Unchanged projections for full-year 2013: satisfactory results expected
Pullach, 27 May 2013 - Sixt Aktiengesellschaft, Germany's largest carrental company and one of Europe's leading mobility service providers,recorded a good business performance in the first quarter of 2013 despitemore difficult general conditions. Consolidated revenue and earningsremained on a high level, although they fell slightly short of last year'sfigures on account of lower demand due to the economic climate. Foreignbusiness continued to grow dynamically by double-digit percentage points.The Board of Management is confirming its previous projections for the fullfiscal year 2013.Erich Sixt, Chairman of the Managing Board of Sixt AG: 'Sixt has kept upwell in the first quarter. We managed to almost balance out the slackeneddemand in the rental business we had expected with our expansion stepsabroad. In the Leasing Business Unit we are back on a growth track thanksto a higher contract portfolio. We continue our projection for anothersatisfactory earnings position for the full year 2013. At the same time wewill vigorously drive forward all our growth initiatives across the board.'Group performance in the first three months of 2013:* Rental revenue of EUR 211.8 million was 1.8% below the same period lastyear (EUR 215.7 million). As had been expected, domestic demand slowedbecause of the economic situation but there was still continued dynamicgrowth abroad.* Leasing revenue increased by 2.8% to EUR 95.9 million (Q1 2012: EUR 93.3million). This growth can be attributed to a higher contract portfolio.* Consolidated operating revenue (excluding revenue from the sale of usedleasing vehicles) reached EUR 329.0 million in the first quarter, and wasalmost on a par with the previous year's figure (Q1 2012: EUR 330.8million; -0.6%).* Total consolidated revenue decreased 3.1% to EUR 369.1 million from lastyear (Q1 2012: EUR 380.8 million). Lower revenue from the sale of usedleasing vehicles played a major role in this.* Consolidated earnings before taxes (EBT), the Sixt Group's key earningsindicator, came to EUR 22.3 million, which was EUR 3.7 million less thanthe year before (Q1 2012: EUR 26.0 million). Account must be taken of thefact that the earnings position was not only affected by the recessionarysituation in Europe, but also by the start-up costs for strategic growthinitiatives.
* After taxes Sixt recorded a profit of EUR 15.4 million for the firstquarter of 2013 (Q1 2012: EUR 17.9 million).Cautious fleet policy In the first quarter Sixt added some 36,500 vehicles with a total value ofEUR 0.88 billion to the rental and leasing fleets at home and abroad, afterit had added some 39,300 vehicles with a value of EUR 0.93 billion over thesame period the year before. This is a decrease of 7.1% in the number ofvehicles and 5.4% in the value of vehicles. In view of an expected downturnin demand, Sixt already started to call vehicle orders more cautiously inthe second half of 2012.Continued outstanding equity basisAs of 31 March 2013 the Sixt's Group's equity came to EUR 645.5 million,which was EUR 12.7 million more than at the end of December 2012 (EUR 632.8million).At 28.6% the equity ratio continued to be a top rating for the rental andleasing industry (31 December 2012: 29.1%).Outlook for full-year 2013The Board of Management confirms its previous projections for the full year2013 and expects domestic demand in the Vehicle Rental Business Unit toweaken, while the growth path in the other European countries and the USAis set to continue. All in all, the Managing Board expects consolidatedrental revenues to contract slightly in 2013. In the Leasing Business Unit,Sixt foresees stable to slightly higher revenues.In 2013 Sixt will once again adhere to the principle of giving preferenceto adequate margins over volume growth ('Earnings before growth').Nonetheless, all the strategic growth initiatives, such as the expansion inthe USA, will be consistently driven forward. Subject to the general economic outlook in Europe not worsening furtherthan projected, the Managing Board reckons that the Sixt Group willgenerate EBT marginally lower than the previous year's level, but onceagain with a satisfactory earnings position in the prevailing marketconditions.Developments in the operating business unitsVehicle Rental: Sixt covers more than 70% of the European rental market through its ownsubsidiary companies. In addition, the company has an active presence inthe USA through its own rental stations. In the other European countriesand in other global regions, the Sixt brand is represented by a close-knitnetwork of franchisees. The first quarter of 2013 also witnessed the startof franchise operations on theUS market. Overall, in the Vehicle Rental Business Unit Sixt is now activein over 100 countries.Our carsharing offer DriveNow continues its gratifying growth path with thenumber of registered users now reaching around 120,000. The premiumcarsharing service offers around 1,500 top-quality BMW and MINI cars in theMetropolitan cities of Berlin, Munich, Cologne, and DüsseldorfFollowing months of testing, the chauffeur service myDriver launched at thestart of March and recorded a significant increase in demand over the firstfew weeks. With myDriver Sixt offers business and private customers alike apersonalized drivers' service with professionally trained drivers andfavourable prices that are guaranteed up front.. myDriver is alreadyavailable in 12 German metropolitan areas and shall be extended swiftly toEuropean sites outside Germany.The Vehicle Rental Business Unit generated rental revenue of EUR 211.8million for the first quarter of 2013 (-1.8%). Foreign business continuedits unabated dynamic growth with an increase of 15.3%, while in Germanyrental revenues dropped by 9.5%. First quarter revenue for the VehicleRental Business Unit came to EUR 233.1 million, after EUR 237.5 millionover the same period last year (-1.9%).The Business Unit's EBT remained on a high level at EUR 20.2 million (prioryear quarter: EUR 21.6 million; -6.8%), despite a recessionary environmentand the start-up costs for new activities.Leasing:Sixt Leasing is one of Germany's largest vendor-neutral, non-bankfull-service leasing companies, whose services extend not only to classicfinance leasing but also to a broad range of services for efficient fleetmanagement that reduces the customers' mobility costs.Despite the market environment becoming increasingly more difficult forleasing providers, the Business Unit's contract portfolio in Germany andabroad (without franchise partners) climbed to 62,900 as of 31 March 2013,which was roughly 9% more than at the end of the first quarter of 2012(57,800).In the first quarter of 2013 Sixt generated revenue of EUR 95.9 million, anincrease of 2.8% year-on-year (EUR 93.3 million). The Business Unit's totalsales (including the revenues from the sale of used leasing vehicles)amounted to EUR 134.1 million, as against EUR 141.2 million the year before(-4.9%).For the period from January to March 2013 the Business Unit recorded EBT ofEUR 4.0 million (Q1 2012: EUR 5.5 million). This decline is not least aconsequence of the pressure on margins in an ever more intense competitiveenvironment.Further information:Frank ElsnerSixt Central Press OfficeT +49 - 89 - 992 496 - 30/ - 31F +49 - 89 - 992 496 - 32E-Mail: pressrelations@sixt.comNote to editors:Sixt Aktiengesellschaft's Report on the First Three Months of 2013 can nowbe downloaded at of Corporate News---------------------------------------------------------------------27.05.2013 Dissemination of a Corporate News, transmitted by DGAP - acompany of EquityStory AG.The issuer is solely responsible for the content of this announcement.DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at and English
Company: Sixt Aktiengesellschaft
Zugspitzstraße 1
82049 Pullach
Phone: +49 (0)89 74444-5104
Fax: +49 (0)89 74444-85104
ISIN: DE0007231326, DE0007231334 Sixt Vorzüge, DE000A1K0656 Sixt
WKN: 723132
Indices: SDAX
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
München; Freiverkehr in Düsseldorf, Hamburg, Hannover,
Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 213128 27.05.2013
back to Investor Relations