Sixt SE: Despite the continuing significant increase in demand, the forecast for 2020 and the outlook for 2021 cannot be maintained due to the fact that considerable air travel restrictions continue to apply
Despite the continuing significant increase in demand, the forecast for 2020 and the outlook for 2021 cannot be maintained due to the fact that considerable air travel restrictions continue to apply
Pullach, August 4, 2020
Under the current market conditions prevailing in the travel sector and in air travel in particular, which are strongly influenced by the COVID-19 pandemic, it is impossible to make a reliable estimate of the Sixt Group’s revenues and earnings development for the upcoming months. Therefore, the forecast for 2020 and the outlook for 2021 can no longer be maintained.
Both the Group’s operating revenue of EUR 711.3 million (first half of 2019: EUR 1,130.1 million) and EBT of EUR -122.9 million (first half of 2019: EUR 113.4 million) achieved in the first half of 2020 are in line with previous expectations. Nevertheless, the development of revenues in July 2020 and the reservations received so far for the current quarter indicate that the recovery in demand at airports assumed for the crucial third quarter of 2020 will be weaker than Sixt SE had previously expected.
The major share of revenues is generated outside airports, especially at city stations. Due to the substantial increase in demand, revenues from city stations are currently approaching the previous year’s level.
As it is currently impossible to foresee over what period and to what extent the company can expect further adverse effects from the COVID-19 pandemic and the resulting uncertainties continue to increase significantly, the company will not issue a new forecast for the financial year for the time being.
Sixt SE will publish its half-yearly financial report 2020 as planned on August 13, 2020.
Note: “Operating revenue” is not a financial term according to IFRS. Information on the composition of operating revenue is available in the Sixt SE Annual Report 2019 on page 101 (available at https://ir.sixt.eu).
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