Corporate News 25 Mar 2020

Sixt SE: Another record year: In 2019 SIXT once more records double-digit growth thanks to consistent digitisation and internationalisation – Challenging year 2020 ahead given the worldwide Corona crisis

Another record year: In 2019 SIXT once more records double-digit growth thanks to consistent digitisation and internationalisation – Challenging year 2020 ahead given the worldwide Corona crisis

  • Group revenue for 2019 up by 12.9% to EUR 3.31 billion, foreign growth up as much as 21.5%
  • Consolidated earnings before taxes (EBT) of EUR 337.4 million even slightly higher than adjusted figure of previous year despite substantial expenditure on expansion and digitisation
  • Thanks to the successful digitisation and internationalisation, key course is set for the strategic further development of the SIXT Group
  • Expectations for 2020 still positive, albeit very much reduced consolidated EBT
  • SIXT reacts to strong uptake in demand from private customers at downtown stations with new offers, especially for long-term rentals and carsharing; customers are looking for safe alternative to means of mass public transportation
  • Extensive measures introduced since start of March to limit financial effects of Corona crisis: substantial cut to the rental fleet over the short term to free up capacities and liquidity, shifting investments and significant savings in material and personnel costs of up to EUR 100 million
  • Sale of stake in Sixt Leasing SE fully in line with plan: Bidder’s offer document published on 24 March 2020
  • Suspension of dividend payment scheduled for the past fiscal year
  • Erich Sixt, CEO of Sixt SE: ” In 2019 SIXT set the bar worldwide for the mobility market. We are well equipped to face down the Corona crisis despite all adversities.”

Pullach, 25 March 2020 – According to preliminary calculations, SIXT once again generated a record figure for revenue in fiscal 2019 and significantly expanded its position in the worldwide mobility market. The mobility service provider’s consolidated revenue climbed 12.9% to EUR 3.31 billion thanks to increased demand at home and abroad, and thus for the first time exceeded the EUR 3 billion mark. Pre-tax earnings (EBT) came to EUR 337.4 million despite significant expenditure on the internationalisation and digitisation of products, processes and stations and even topped the already high level of the adjusted figure for the previous year of EUR 336.7 million.

Erich Sixt, CEO of Sixt SE: “Last year we defined the benchmark in the mobility market and cemented our position as an innovation and technology leader. In operative terms, 2019 was another record year for SIXT. Our persistently strong growth is far ahead of the average for our industry and has seen us expand our global market position. Moreover, with our successful digitisation offensive, we defined the key course for the strategic further development of the SIXT Group. Following such a long success story, 2020 will be a break with tradition. However, we have the financial strength, the decades of experience and entrepreneurial resolve to face up squarely to this exceptional challenge posed by the Corona virus. This holds true all the more as we can already see a substantial increase in demand for some business areas, because private customers are looking at rental and carsharing vehicles as a safe alternative to the public transportation system.”

Successful digitisation offensive
The mobility platform SIXT ONE, which was launched at the end of February 2019 with the services SIXT rent (vehicle rental), SIXT share (carsharing) and SIXT ride (ride hailing services) together with the new SIXT app, developed very well in its first year, and its performance exceeded our own expectations. SIXT ONE brings together over 280,000 vehicles and over 2,100 stations worldwide. The number of downloads for the new SIXT app came to 2.3 million and the number of bookings for SIXT rent, made with the new app, increased by over 60% since its launch. The share of bookings made through the internet and mobile end devices increased to 70% across all customer groups.

Broad-based growth in 2019
As in the years before, foreign operations were once again the growth driver for SIXT last year. In the wake of such growth-enhancing measures as station openings and capacity expansions in existing stations, foreign revenue in the Group came to EUR 1.59 billion, a gain of 21.5% over the preceding year (EUR 1.31 billion). This development was driven above all by the activities in such core markets as Italy, France, Spain and ultimately the USA, the world’s biggest vehicle rental market. In Germany the SIXT Group increased its revenue from an already high level by another 5.9% to EUR 1.72 billion (2018: EUR 1.62 billion).

Key Group figures for fiscal 2019

  • SIXT Group’s total revenue improved 12.9% to reach EUR 3.31 billion (2018: EUR 2.93 billion). Consolidated operating revenue (excluding revenue from the sale of used leasing vehicles) climbed 13.3% to EUR 2.95 billion (2018: EUR 2.60 billion).
  • The operating revenue of the Mobility Business Unit (previously: Vehicle Rental) rose 16.8% to EUR 2.49 billion (previous year: EUR 2.13 billion). Abroad, SIXT grew by 23.0%, while operating revenue in Germany gained 8.4%. This means that the domestic growth rate almost doubled over the previous year (+4.3%). At 60.9% the share of foreign business for the Business Unit for the first time exceeded the 60% barrier (previous year: 57.8%).
  • Operating revenue of the Leasing Business Unit (excluding revenue from the sale of used leasing vehicles) came to EUR 455.8 million, compared to EUR 467.9 million the year before (-2.6%).
  • Consolidated earnings before taxes (EBT), the SIXT Group’s principal success parameter, came to EUR 337.4 million, (2018: EUR 534.6 million). Compared with the previous year’s adjusted figure of EUR 336.7 million, which does not include the one-off income from the sale in 2018 of the DriveNow investment, SIXT managed to stabilise EBT on a high level, despite the significant extra expenditure on the ongoing expansion and digitisation and the consequences of the first-time adoption of the new leasing accounting standard IFRS 16.
  • The Mobility Business Unit managed to increase its EBT by 1.3% to EUR 309.2 million (2018: EUR 305.1 million).
  • For the Leasing Business Unit the EBT of EUR 29.2 million was 4.9% below the previous year’s figure of EUR 30.7 million.
  • The EBT margin – in relation to consolidated operating revenue – remained at 11.5% and thus on a high level, which was substantially above the figure of key competitors (adjusted figure for the previous year: 13.0 %).
  • For fiscal 2019, SIXT showed a Group profit of EUR 246.8 million. The previous year’s figure of EUR 438.9 million had been strongly affected by the one-off income from the sale of the DriveNow investment.

Focus on core business through divestment of the share in Sixt Leasing
On 21 February 2020 Sixt SE concluded an agreement with Hyundai Capital Bank Europe GmbH, a joint venture of Santander Consumer Bank Aktiengesellschaft and Hyundai Capital Services Inc., for the sale of its 41.9% investment in the previously fully consolidated Sixt Leasing SE. The purchase price comes to around EUR 155.6 million or EUR 18.00 for each share sold. At the same time, the Hyundai Capital Bank Europe GmbH announced that it would submit a voluntary public take-over bid to all shareholders of Sixt Leasing SE to acquire the remaining shares of Sixt Leasing SE for the same price in cash. The completion of the sale of Sixt SE’s shareholding in Sixt Leasing SE is subject, among other things, to the take-over bid (including the 41.9% portion of Sixt SE) achieving an acceptance quota of at least 55% of all shares in Sixt Leasing SE. The necessary offer document was published yesterday (24 March 2020). SIXT expects the transaction to be completed in the second half of 2020.

Comprehensive package of measures to limit the effects of the corona crisis
As announced, SIXT reacted to the substantial impediments caused by the COVID-19 virus on worldwide tourism and mobility industries by stringing together a package of measures to lower costs, increase liquidity and adapt its services to demand.

  • SIXT will substantially reduce the size of the rental fleet over the short term and thereby free up capacities and liquidity. This is aided by the short holding period of the vehicles – 6 months as a general rule – as well as a high portion of buy-back agreements mostly with manufacturers, so that SIXT is exposed only to a very limited extent to the marketing risk for these vehicles.
  • The cost situation is to improve substantially from shifting investments and making significant savings in personnel and material costs of up to EUR 100 million.
  • The intensified roll-out of flexible rental options is finding positive feedback. SIXT is thus reacting to meet the increased demand for individualised and flexible vehicle ownership models for corporate and private customers. Especially in urban metropolitan areas, private customers are considering the car, in times of COVID-19, to be a comparatively safe alternative to using public transport, which has also curtailed its availability during these times. That is why SIXT offers attractive options for days, weeks or yearly rentals to everyone who cannot fully go without mobility during the Corona crisis.

Alexander Sixt, Managing Board member responsible for Strategy at Sixt SE: “Immediately and very quickly after the first indication of the worldwide Corona crisis we worked hard at lowering our cost basis substantially next to generating the effects from cutting the size of the fleet. We are aided strongly in this by the adaptability of our business model: We can reduce our assets, that mainly consists of vehicles, within a matter of weeks to maximally six months and thus adjust our cost basis to the new demand situation. Top priority for us is to the secure jobs within our Group over the long term.”

Suspension of dividend payment planned
Subject to the approval of the Supervisory Board, the Managing Board will propose to the Annual General Meeting on 24 June 2020 that the dividend payment for fiscal 2019 should be suspended, with the exception of the minimum dividend of EUR 0.05 per preference share.

Jörg Bremer, CFO of Sixt SE: “In view of the expected drop in earnings for 2020 and the burden from the crisis of the Corona virus, the extent of which cannot be foreseen right now, carrying forward the previous year’s profit is a decision that takes adequate account of this exceptional situation.”

Outlook for 2020 and 2021
Due to significant consequences of the Corona crisis, the Managing Board of Sixt SE expects to see a strong decline in consolidated operating revenue for the whole of fiscal 2020 compared with last year (not taking into account the discontinued Leasing Business Unit). At the same time, the Managing Board expects Group EBT to be very positive, even if substantially lower than last year (without taking into account the positive effect of the planned sale of the share in Sixt Leasing SE). This projection is based on the assumption that the significant curtailment in public life as well as in private and business travel activities in the markets of relevance for SIXT will gradually be reduced again during the course of 2020 and that demand for mobility products will gradually normalise again. This assumption is obviously subject to uncertainty, as no one can foresee the further development of the worldwide pandemic. For the year 2021, the Managing Board of Sixt SE expects a return to normality and projects consolidated operating revenue to see significant uptake as well as a slight increase in Group EBT, both compared to the previous record year 2019 and not taking into account the discontinued Leasing Business Unit.


Julia Hoffstaedter
SIXT Central Press Office
Tel.: +49 (0) 89 / 7 44 44 – 6700

About SIXT
Sixt SE, with its registered office in Pullach near Munich, is a leading international provider of high-quality mobility services.With its products SIXT rent, SIXT share and SIXT ride, the Company offers a uniquely integrated mobility service across the fields of vehicle rental, carsharing and chauffeur services. The products can be booked through one single app, which also integrates the services of its renowned mobility partners. SIXT has a presence in around 110 countries around the globe. The Company is characterised by consistent customer orientation, a lived culture of innovation with strong technological expertise, the high share of premium vehicles in its fleet and an attractive price-performance ratio. The Sixt Group generated revenue of EUR 2.93 billion in 2018 and ranks as one of the most profitable mobility companies worldwide. Sixt SE is the parent company of the Group and has been listed on the Frankfurt stock exchange since 1986 (ISIN ordinary share: DE0007231326, ISIN preference share: DE0007231334).


The data listed is based on the current, still provisional status. Sixt SE’s final Annual Financial Statements for 2019 are expected to be published on 30 April 2020. Key preliminary figures for the Group are available as of today from the website in the section “Financial Reports”.

The Sixt Group at a glance
(Preliminary data according to IFRS; rounding differences may be possible)

Group revenue development     Change
in EUR million 2019 2018 in %
Operating revenue 2.945,4 2.599,0 +13,3
Mobility Business Unit 2.489,6 2.131,1 +16,8
thereof rental revenue 2.248,4 1.940,5 +15,9
Thereof other revenue from
rental business
241,2 190,7 +26,5
Leasing business unit 812,1 793,2 +2,4
Thereof leasing revenue 222,7 234,7 -5,1
Thereof other revenue from
leasing business
233,1 233,2 -0,0
Thereof sales revenue from
vehicle sales
356,3 325,3 +9,5
Other revenue 4,8 5,2 -7,3
Consolidated revenue 3.306,5 2.929,5 +12,9


Consolidated earnings performance     Change
in EUR million 2019 2018 in %
Fleet expenses and cost of lease assets 1.135,9 1.000,6 +13,5
Personnel expenses 503,3 419,8 +19,9
Net other operating income / expense -578,3 -597,3 -3,2
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 1.088,9 911,8 +19,4
Depreciation and amortisation 709,2 538,7 +31,6
Earnings before interest and taxes (EBIT) 379,7 373,1 +1,8
Net finance costs -42,3 161,5 >-100
Earnings before taxes (EBT) 337,4 534,63 -36,9
Thereof Mobility Business Unit 309,2 305,14 +1,3
Thereof Leasing Business Unit 29,2 30,7 -4,9
Income tax expense 90,6 95,7 -5,3
Consolidated profit 246,8 438,9 -43,8


Other key figures for the Group 31.12.2019 31.12.2018 Change in %
Total assets (in EUR million) 6.249,4 5.193,3 +20,3
Rental vehicles (in EUR million) 3.033,4 2.605,2 +16,4
Lease assets (in EUR million) 1.119,7 1.204,4 -7,0
Equity (in EUR million) 1.592,2 1.442,0 +10,4
Equity ratio (in %) 25,5 27,8 -2.3 points
  2019 2018 Change in %
Investments (in EUR billion)1 7,84 7,02 +11,8
Average number of rental vehicles (Group) 150.700 131.300 +14,8
Number of rental office worldwide2 2.111 2.174 -2.9
Number of leasing contracts as at 31 December: (Group) 136.200 129.700 +5,0


1 Value of vehicles added to the rental and leasing fleet

2 Incl. Franchise countries

3 Adjusted EBT (without sale of DriveNow): EUR 336.7 million

4 Adjusted following restructuring of Mobility Business Unit


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