Sixt SE: Group EBT of around EUR 253 million in third quarter of 2021 exceeds expectations; SIXT raises forecast again for financial year 2021
Pullach, 20 October 2021
Based on the evaluation of preliminary figures that was completed today, consolidated operating revenue of the Sixt Group in the third quarter of 2021 is expected to amount to approximately EUR 795 million (Q3 2020: EUR 460 million) and consolidated earnings before taxes (EBT) to approximately EUR 253 million (Q3 2020: EUR 66 million). The latest average analyst estimate for the Sixt Group’s EBT in the third quarter of 2021 of EUR 226 million was thus significantly exceeded. Expected consolidated revenue for the third quarter is in line with market expectations (latest average analyst estimate: EUR 807 million).
The main reason for this pleasing development of the Group’s earnings is the business performance in Europe and particularly in the United States, which even significantly exceeded the company’s recent high expectations for September. This is due to the persistently good market price level, which is the result of the shortage of vehicles due to the lack of semiconductors and the demand development exceeding expectations.
Based on the preliminary results for the third quarter, the current booking volume in October and a correspondingly updated forecast for the months ahead, the Managing Board of Sixt SE decided to raise its forecast for financial year 2021 again today. The Managing Board of Sixt SE now expects consolidated operating revenue for financial year 2021 of between EUR 2.10 billion and EUR 2.30 billion (previously: between EUR 2.00 billion and EUR 2.20 billion) and earnings before taxes (EBT) for the Sixt Group of between EUR 390 million and EUR 450 million (previously: between EUR 300 million and EUR 330 million). The latest average analyst estimate for the Sixt Group’s consolidated revenue for 2021 is in line with the forecast at EUR 2.21 billion. The forecast EBT range is significantly above market expectations (latest average analyst estimate: EUR 326 million).
The preliminary results for the third quarter and the continuation of the aforementioned causes are the main reasons for the further increase in the forecast for financial year 2021. Normally, booking volumes and market price levels in the very short-term and seasonal car rental business decline significantly starting in September. This effect is far less pronounced in 2021 than in years prior to the COVID-19 pandemic due to continuing demand and the ongoing shortage of vehicle supply – contrary to the company’s previous expectations – and leads to a further improved outlook for the remainder of the financial year.
Due to the volatile market environment, it is currently difficult to predict how demand will develop in the future. In addition, there is still great uncertainty regarding the extent and duration of the supply bottlenecks at vehicle manufacturers caused by the semiconductor shortage and the resulting impact on vehicle availability as well as market price developments in the industry for the months to come.
Sixt SE will publish its third quarter results as of 30 September 2021 on 11 November 2021 as planned.
Note: “Consolidated operating revenue” is not a performance indicator under IFRS. Information on the composition of consolidated operating revenue is available in the 2020 Annual Report of Sixt SE on p. 23 (available at ir.sixt.eu).
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