Pullach, 16 March 2020 – Based on the analysis of preliminary figures, the consolidated operating revenue of Sixt SE during the past financial year 2019 is expected to amount to approximately EUR 2.95 billion and thus, as expected, significantly exceed the consolidated operating revenue for the financial year 2018 (FY 2018: EUR 2.60 billion). Based on preliminary figures, the consolidated earnings before taxes (EBT) for the financial year 2019 are expected to amount to approximately EUR 337 million and are, as expected, despite of strong investments in international expansion and digitisation of mobility services, in line with the previous year’s earnings before taxes, adjusted for the sale of DriveNow, of EUR 336.7 million (FY 2018: EUR 534.6 million).
The spread of COVID-19 is having a significant impact on the tourism and mobility sector worldwide and thus also on the demand for Sixt SE’s mobility services. Consequently, Sixt SE has recorded a significant decline in the number of rentals since the beginning of March and a sharp drop in reservations for the coming weeks. This negative development could intensify as the corona crisis spreads.
Sixt SE has adopted a comprehensive package of measures. In particular, the vehicle fleet is to be reduced significantly in the short term. In addition, planned investments are to be postponed and personnel and material costs are to be saved to a considerable extent. Furthermore, the Managing Board of Sixt SE has resolved to propose to the Annual General Meeting that the dividend payment, with the exception of the minimum dividend for preferred shares of EUR 0.05 per preferred share, be suspended for the financial year 2019. Despite of these countermeasures, the Sixt Group expects, based on the evaluation completed today and the current situation and not taking into account the positive effect of the sale of the stake in Sixt Leasing SE, a clearly positive consolidated EBT for the full year 2020 which will remain very strongly below the previous year’s level. With regard to consolidated operating revenue, the Managing Board of Sixt SE also expects a sharp decline compared to the previous year, not taking into account the discontinued leasing business unit. The extent of the decline in consolidated operating revenue and consolidated EBT will be strongly influenced by the further course and duration of the Corona crisis and its macroeconomic effects.
The Sixt Group has a very solid equity ratio, which, according to the evaluation of preliminary figures, amounted to around 25% as of 31 December 2019 (FY 2018: 27.8%) and which will increase as a result of the sale of the interest in Sixt Leasing SE, which is expected to be completed in the second half of 2020.
As planned, Sixt SE will report in detail on the preliminary figures for the financial year 2019 and the outlook for the current year on 25 March 2020.
Note: “Consolidated operating revenue” is not a financial term according to IFRS. Information on the composition of consolidated operating revenue is available in the Sixt SE Annual Report 2018 on page 97 (available at https://ir.sixt.eu).
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