Sixt SE: SIXT significantly raises forecast for the financial year 2021
Pullach, 20 September 2021 – The Managing Board of Sixt SE has significantly raised its previous forecast for the financial year 2021 based on the actual preliminary figures for August and the expectations for the coming months of 2021. Due to the strong business development, the Managing Board of Sixt SE now expects a consolidated operating revenue between EUR 2.00 billion and EUR 2.20 billion (previously: between EUR 1.95 billion and EUR 2.10 billion) and earnings before taxes (EBT) of the Sixt Group for the financial year 2021 in the range between EUR 300 million and EUR 330 million (previously: between EUR 190 million and EUR 220 million). The EBT for the Mobility Business Unit amounted to EUR 308 million in the record year 2019, which was not affected by COVID-19, and is thus in the range now expected for 2021. The average of the analysts’ estimates for the Sixt Group for 2021, which amount to EUR 2.10 billion for consolidated revenue and EUR 217 million for EBT, are below for both figures.
The reasons for this pleasant development are in particular the development of the vacation business in Europe and the USA, which is significantly above the recent expectations and which was not so strongly affected by the delta variant as initially expected, the continuation of an increased market price level compared to previous years, and the continued strict cost management. Despite the slight supply shortages from vehicle manufacturers that occur since mid of this year as a result of the semiconductor shortage, results of the Mobility Business Unit in July and August exceeded those of the record year 2019.
The updated forecast for the financial year 2021 was prepared on the basis of the current market environment and is based in particular on the assumption that the further course of the COVID-19 pandemic will not again lead to profound restrictions in travel. With regard to the financial year 2022, in addition to the imponderables surrounding the pandemic development, there is still great uncertainty about the extent and duration of the supply bottlenecks at vehicle manufacturers caused by the semiconductor shortage and the resulting impact on vehicle availability and market price developments in the industry.
Sixt SE will publish Q3 results as at 30 September 2021 as scheduled on 11 November 2021.
Note: “Consolidated operating revenue” is not a performance indicator under IFRS. Information on the composition of consolidated operating revenue is available in the Annual Report 2020 of Sixt SE on p. 23 (available at ir.sixt.eu).
Head of Investor Relations
Phone: +49 (0)89 74444-5104
Email: [email protected]