Corporate News 15 May 2014

Sixt SE: Sixt records good start into 2014

Sixt SE / Key word(s): Interim Report

15.05.2014 / 07:20


Sixt records good start into 2014

Revenue and earnings significantly up on last year’s figures

Earnings before taxes (EBT) improve by 20%

Consolidated operating revenue up 8% to EUR 353 million

Vehicle Rental: growing domestic demand, ongoing expansion abroad

Outlook for full year 2014 affirmed: further improvements expected for consolidated operating revenue and Group EBT

Pullach, 15 May 2014 – Sixt SE, Germany’s largest car rental company and one of Europe’s leading mobility service providers, made a good start into 2014. In the first three months, revenue and earnings were both up on last year’s figures. Alongside the improved economic conditions this was borne out by the Group’s ongoing growth initiatives, in particular the continued expansion outside of Germany.

Consolidated earnings before taxes (EBT) increased 19.5% to EUR 26.6 million in the first three months. Consolidated operating revenue grew encouragingly by 7.7% to EUR 352.6 million. Because of the good start into the new fiscal year, the Managing Board confirmed its previous expectations for the full year 2014.

Erich Sixt, Chairman of the Managing Board of Sixt SE: “We are very satisfied with the business performance of the first quarter. Sixt is continuing its growth track and benefits from the rebounding market demand for mobility services. Our expansion in the USA and in European foreign countries is gaining momentum, so that we are optimistic for the further course of the year.”

Group performance in the first three months of 2014

Consolidated operating revenue (excluding revenue from the sale of used leasing vehicles) increased 7.7% to EUR 352.6 million in the first quarter (Q1 2013: EUR 327.4 million). Growth was fed by domestic business and increasingly by foreign operations again.

Total consolidated revenue (including revenue from the sale of used leasing vehicles) increased 4.3% to EUR 382.6 million in the first quarter (Q1 2013: EUR 366.9 million).

Rental revenue for the first quarter climbed 9.5% to EUR 230.1 million (Q1 2013: EUR 210.1 million). Demand grew across all relevant customer groups.

Leasing revenue was up 4.8% to EUR 100.7 million after EUR 96.1 million in the same quarter the year before. This growth is based on a higher contract portfolio.

Consolidated earnings before taxes (EBT), the Sixt Group’s principal earnings parameter, improved 19.5% to EUR 26.6 million (Q1 2013: EUR 22.3 million). As in last year’s quarter the result includes start-up costs for strategic growth initiatives.

Investments in the rental and lease fleets expanded
In the first quarter of 2014 Sixt added a total of 41,700 vehicles with a total value of EUR 1.00 billion to the rental and leasing fleets at home and abroad, compared to 36,500 vehicles with a value of EUR 0.88 billion over the same period last year. This equals an increase of 14% in the number of vehicles and in the value of vehicles. These stronger investments in the fleet take due account of higher demand at home and abroad.

Rock-solid equity base
At the end of the first quarter the Sixt Group recognised equity of EUR 695.1 million compared with EUR 675.5 million as at the end of December 2013. This equals an equity ratio of 27.0% (31 December 2013: 28.5%), which continues to be clearly above the minimum target of 20% and well above the average of the entire rental and leasing industry.

Outlook for full year 2014
Against the background of economic conditions picking up again and following the good performance in the first quarter, the Managing Board affirms its outlook for the full fiscal year 2014, expecting consolidated operating revenue to climb slightly over last year’s total. Growth stimulus should once again come predominantly from the markets abroad. On the basis of a continued demand-driven and cautious fleet policy and a consistent cost management, the aim is to achieve a stable to slightly higher Group EBT.

Developments in the operating business units

Vehicle Rental
Sixt is represented with its own subsidiaries in the core European countries of Germany, France, Spain, the UK, the Netherlands, Austria, Switzerland, Belgium, Luxembourg, and Monaco (Sixt Corporate countries). This means that the Company covers the largest part of the European rental market and is one of the continent’s leading vehicle rental companies. Since 2011 Sixt has also been active in the USA through its own subsidiary. In the other European countries and in other global regions, the Sixt brand is represented by a close-knit network of franchisees. The number of rental offices (corporate and franchise) increased worldwide to 2,112 during the first quarter of this year, predominantly in the franchise countries but also in the corporate countries USA and France.

In the first quarter of 2014 Sixt continued to expand its presence in the USA, the world’s largest vehicle rental market. As at reporting date, 31 March 2014, the Company had 30 stations in the USA, of which 20 were company-owned and 10 franchise stations. In addition, a renowned vehicle rental provider in the Boston area was won over as a further franchisee.

The rental fleet (without franchise partners) comprised an average of 73,500 vehicles over the first quarter. In the same quarter last year the average fleet size had been 67,100 vehicles.

The Vehicle Rental Business Unit reported rental revenue of EUR 230.1 million for the first quarter of 2014, an increase of 9.5%. This growth is the result of domestic demand growing by 6.7% and the continued expansion in Europe outside of Germany and in the USA (+14.4%). Total revenue for the Vehicle Rental Business Unit came to EUR 251.9 million, after EUR 231.3 million over the same period of last year (+8.9%).

The Business Unit’s EBT climbed 13.5% to EUR 22.8 million (Q1 2013: EUR 20.2 million).

Sixt Leasing is one of Germany’s largest vendor-neutral, non-bank full-service leasing companies, whose services extend not only to classic finance leasing but also to a broad range of services for efficient fleet management that reduce the customers’ mobility costs.

As at the end of the first quarter of 2014 the Leasing Business Unit’s total number of leases in and outside Germany (excluding franchisees) was 79,600 and thus around 4% up on the figure at the end of 2013 (76,200). The growth is essentially attributable to the expansion in the segments fleet management and mobility consulting.

As a consequence of the expanded contract portfolio, the Leasing Business Unit increased first quarter revenue by 4.8% to EUR 100.7 million (Q1 2013: EUR 96.1 million). Because of lower proceeds from the sale of used vehicles, the Leasing Business Unit’s total revenue amounted to EUR 129.4 million or 3.7% less than the figure for the same quarter last year (Q1 2013: EUR 134.3 million). EBT for the Leasing Business Unit came to EUR 3.6 million after EUR 4.0 million in Q1 2013.

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

Sixt SE’s Interim Report as at 31 March 2014 can now be downloaded at

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