Corporate News 13 May 2016

Sixt SE: Sixt records a good start to the first quarter 2016 – unbroken dynamism in foreign business operations

Sixt records a good start to the first quarter 2016 – unbroken dynamism in foreign business operations

  • Consolidated operating revenue up by 15.1% to EUR 465.3 million
  • Foreign rental revenues up by 38% – share in rental revenues for the first time over 50%
  • Consolidated earnings before taxes (EBT) up 10.6% to EUR 31.1 million despite ongoing additional expenditures incurred for expansion measures
  • Managing Board confirms expectations for full year 2016

Pullach, 13 May 2016 – During the first quarter of 2016 Sixt Group maintained its revenue and earnings growth, seamlessly following up the successful development of the record fiscal year 2015. Consolidated earnings before taxes (EBT), the Sixt Group’s principal earnings parameter, climbed 10.6% over the previous year’s first quarter to EUR 31.1 million, despite ongoing extra expenditure for numerous expansion measures.

Foreign operations in the vehicle rental business proved once again to be the growth driver over the first three months, generating a 37.6% increase in rental revenues. With a share of 51.6%, foreign operations for the first time contributed more than half of all rental revenues, which climbed by 19.4% in total. Consolidated operating revenue from rental and leasing business (excluding revenue from the sale of used leasing vehicles) improved 15.1% to EUR 465.3 million in the period January to March.

Against the background of the strong first quarter, the Managing Board affirms its targets for the full year 2016.

Erich Sixt, CEO of Sixt SE: ‘Following the preceding record years, Sixt has once more got off to a strong start in 2016. We keep outgrowing our key competitors and are thereby extending our market position at home and abroad. What is more, with foreign operations surpassing the 50 percent threshold in rental revenues, we have achieved an important strategic objective.’

Group performance in the first three months of 2016

  • Consolidated operating revenue (excluding revenue from the sale of used leasing vehicles) for the period January to March 2016 climbed 15.1% to EUR 465.3 million.
  • Total consolidated revenue (including revenue from the sale of used leasing vehicles) came to EUR 537.5 million and was thus 15.7% higher than in the same period last year.
  • Consolidated earnings before taxes (EBT) improved 10.6% to EUR 31.1 million. The result continued to be affected by ongoing high expenditures for the Group’s various growth initiatives. They include:
  • extending and optimising the network of stations in the core markets in Western Europe and the USA,
  • expanding the transfer service myDriver outside Germany during the period under review,
  • further expansion of the premium carsharing service DriveNow, as well as
  • higher marketing expenses.

High level of investments
In the first quarter Sixt added 52,500 vehicles with a total value of EUR 1.38 billion to the rental and leasing fleet. The 1.8% increase in the number of vehicles reflects the ongoing demand and takes due account of the Company’s cautious fleet policy.

Outlook for full year 2016
Following the good business performance in the first quarter, the Managing Board affirms its previous projections for the full year 2016. Upholding its cautious and demand-driven fleet policy, the Managing Board continues to expect to see slight growth in the consolidated operating revenues over the full fiscal year 2016. Allowing for the extra expenses for strategic expansion measures, the Managing Board expects to generate a stable to slightly higher Group EBT.

Developments in the operating business units

Vehicle Rental
The average number of vehicles in Germany and abroad (excluding franchisees) for the period of January to March of this year was 97,800 vehicles, thus 19.1% more than in the same quarter last year (82,100 vehicles). This growth correlates with the higher demand registered inside and outside Germany.

During the first quarter of 2016 the Vehicle Rental Business Unit generated rental revenue of EUR 364.1 million, a gain of 21.1% on the figure for the same period last year (EUR 300.6 million). Rental revenue expanded by 19.4% to EUR 325.3 million (Q1 2015: EUR 272.5 million), as a result of the expansion in the Western European markets and the USA. In almost all foreign subsidiaries Sixt once again managed to generate significant double-digit growth rates. Even in Germany, rental revenue was up by 4.6% year-on-year on the back of the solid demand.

Despite significantly higher expenditures for expansionary measures, the Business Unit’s EBT improved 2.9% to EUR 22.4 million (Q1 2015: EUR 21.7 million).

As of 31 March 2016 the Business Unit’s total number of leases inside and outside Germany (excluding franchisees) came to around 105,000 and was thus 6.7% above the figure at the same reporting date in 2015 (98,400). The gain is essentially due to the ongoing dynamism registered in the Online Retail business field.

As falling petrol prices meant that income from fuel contracted, the leasing revenues for the first quarter of 2016 decreased marginally by 2.3% to EUR 101.2 million (Q1 2015: EUR 103.6 million). Total revenues for the Leasing Business Unit climbed 5.7% to EUR 172.1 million (Q1 2015: EUR 162.8 million) due to higher proceeds from the sale of used leasing vehicles.

The Business Unit’s EBT improved 10.5% from EUR 7.3 million to EUR 8.1 million, which was essentially the result of specific measures taken to increase profitability in the Fleet Management business unit. In line with strategy, the operating return on sales climbed to 8.0% (Q1 2015: 7.1%).

For further information
Frank Elsner
Sixt Central Press Office
T +49 (0)89/ 99 24 96 – 30
F +49 (0)89/ 99 24 96 – 32

The Group quarterly statement of Sixt SE as per 31 March 2016 can now be downloaded at

The Sixt Group at a glance
(All figures in accordance with IFRS)1


Consolidated revenue development

EUR million Q1 2016 Q1 2015 Change %
Consolidated operating revenue 465.3 404.2 +15.1
Vehicle Rental Business Unit 364.1 300.6 +21.1
Thereof rental revenue 325.3 272.5 +19.4
Thereof other revenue from rental business 38.8 28.1 +38.0
Leasing Business Unit 101.2 103.6 -2.3
Leasing sales revenue 71.0 59.2 +19.7
Other revenue 1.2 1.0 +22.9
Consolidated revenue 537.5 464.4 +15.7


Consolidated earnings development

EUR million Q1 2016 Q1 2015 Change %
Fleet expenses and cost of lease assets 202.4 183.0 +10.6
Personnel expenses 72.4 61.3 +18.1
Depreciation and amortisation expense 114.5 93.0 +23.1
Net other operating income/expenses -107.6 -89.1 +20.8
Net finance costs -9.5 -9.9 -4.2
Earnings before taxes 31.1 28.1 +10.6
Income tax expense 10.1 7.2 +40.5
Consolidated profit 21.0 20.9 +0.3
Earnings per share – basic (EUR)2 0.37 0.43


Other key figures for the Sixt Group

  31 Mar. 2016 31 Dec. 2015 Change %
Total assets (EUR million) 3,996.9 3,660.5 +9.2
Rental vehicles (EUR million) 1,927.7 1,763.3 +9.3
Lease assets (EUR million) 966.3 957.8 +0.9
Equity (EUR million) 1,063.0 1,058.8 +0.4
Equity ratio (%) 26.6 28.9 -2.3 points
  Q1 2016 Q1 2015 Change %
Investments (EUR billion)3 1.38 1.43 -3.3


1 Due to rounding it is possible that individual figures presented in this news may not add up exactly to the totals shown. For the same reason, the percentage figures presented may not exactly reflect the absolute figures they relate to.
2 Based on 48.0 million shares in the first three months of 2016 and 48.1 million shares in the first three months of 2015
3 Value of vehicles added to the rental and leasing fleets

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