Sixt generates positive earnings in the third quarter; in view of the currently drastically worsening effects of the COVID-19 pandemic, no forecast for financial year 2020 can be issued yet.
Pullach, 21 October 2020 – According to the evaluation of preliminary business figures that was completed today, consolidated earnings before taxes (EBT) from continuing operations (excluding the discontinued Leasing business) for the first nine months of financial year 2020 are expected to amount to around EUR -57 million (previous year adjusted: EUR 260.0 million) and consolidated operating revenue is expected to amount to around EUR 1,171 million (previous year adjusted: EUR 1,908.3 million). Consolidated earnings before taxes (EBT) from continuing operations in the third quarter of 2020 are expected to amount to approximately EUR 66 million (previous year adjusted: EUR 146.6 million) and consolidated operating revenue is expected to amount to approximately EUR 460 million (previous year adjusted: EUR 778.2 million). The results from the discontinued Leasing business, in particular the one-time special effect from the sale of the investment in Sixt Leasing SE, which was closed in July 2020, are not included in the consolidated earnings before taxes (EBT) mentioned above. Of this amount, the shareholders of Sixt SE are entitled to profit after taxes of around EUR 65 million.
The positive consolidated earnings before taxes (EBT) in the third quarter of 2020 are in particular due to the travel restrictions, which were partially lifted or significantly reduced during these summer months when demand was strong, as well as the extensive cost-reduction measures both in the vehicle fleet and in other costs. Thanks to the consistent action taken, other costs of considerably more than EUR 200 million were saved in the first nine months, which already exceeds the target of EUR 150 million for the year as a whole.
The liquidity reserve at the end of the third quarter comprises around EUR 500 million cash and other unused financing, including a syndicated loan facility of up to EUR 1.4 billion that has not yet been drawn.
Due to the travel restrictions that have been drastically extended again in recent days and weeks, it is still not possible to foresee the extent to which business development will be affected by the effects of the COVID-19 pandemic. The resulting uncertainties for business operations remain very high. For this reason, the company is still unable to issue a forecast for the full financial year 2020.
As planned, Sixt SE will publish its Group quarterly statement for the period ended 30 September 2020 on 12 November 2020.
Note: “Consolidated operating revenue” is not a key figure in accordance with IFRS. Information on the composition of consolidated operating revenue is available in the 2019 Annual Report of Sixt SE on page 101 (available at https://ir.sixt.eu).
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