Finance 13 Nov 2019

Sixt SE: Investments in digitisation strategy SIXT ONE are paying off: SIXT sets new record for revenue during first nine months and keeps earnings on top level

  • Mobility Business Unit’s revenue climbs 17% compared to the previous year
  • Despite investments in digitisation SIXT generates top flight earnings
  • Without consideration of these investments and the effect from the adoption of the new accounting standard IFRS 16 (Leases) earnings exceeded the previous year’s result
  • EBITDA increased by 16.4% to EUR 837 million over the same period the year before
  • Strong customer growth across all channels: one million additional app downloads already since start of digitisation strategy SIXT ONE in February 2019
  • SIXT confirms revenue and earnings forecasts for full fiscal 2019

Pullach, 13 November 2019 – After the first nine months of 2019 SIXT is heading towards another record year thanks to double-digit percentage revenue growth. Consolidated operating revenue of the international mobility service provider climbed significantly in the period January to September 2019, up 14% to EUR 2.2 billion. One growth driver proves to be the digitisation strategy SIXT ONE. It covers not only the new SIXT app, but aims to digitise all sales channels and operative business processes.

Thus, the new SIXT app for example with its integrated offer of SIXT rent, SIXT share and SIXT ride has met with an exceptionally positive customer response. Since the launch of the new mobility platform ONE this February the app has seen over one million downloads, while the Group registered triple-digit percent growth rates for its user numbers (“Daily / Monthly Active Users”). Another growth engine is the expansion of foreign business. In the USA alone, the Group recorded a revenue gain in excess of 30%, measured on a euro basis. Consequently, the Managing Board confirms its revenue and earnings outlook for the full fiscal year of 2019.

Consistent digitisation strategy for web, app and stations
The integrated mobility platform ONE that kicked-off at the end of February 2019 with the next SIXT app continues to develop very successfully. Since its relaunch in February the app has been downloaded over one million times. The number of daily active users climbed in that period by 130% while the booking rate achieved over the app gained as much as 290%. Next to the app the SIXT ONE digitisation strategy also addresses the digitisation of all sales channels and operative business processes of the Group. Thus, following extensive technical optimisation, in July the SIXT website saw a full relaunch and went live under Concurrent to these developments, SIXT keeps driving forward the digitisation of its services also at the stations. At present a new rental software is being rolled-out, which will make the rental and return process substantially more flexible and swifter for the customers.

Broad regional growth in the USA and Europe
In the USA, the world’s biggest vehicle rental market with an annual volume of around USD 31 billion, the dynamic development continued throughout the third quarter. All in all, SIXT’s local revenue growth for the first nine months of 2019 amounted to over 30%, counted on a euro basis. The number of newly opened US-stations climbed to seven in the third quarter, with another three stations to follow in the fourth quarter. In Europe it was above all Italy, Spain and the UK that performed very successfully with growth rates in excess of 20%. Even in Germany, SIXT keeps growing against the market trend with revenue up by 8%.

Overview of key Group figures for first nine months of 2019

  • Operating revenue (excluding revenue from the sale of returned leasing vehicles) gained 14% to EUR 2.2 billion over the same period the year before (9M 2018: EUR 2.0 billion).
  • The operating revenue for the Mobility Business Unit expanded by 17% to EUR 1.9 billion (9M 2018: EUR 1.6 billion). Foreign operations saw their earnings climb 24% to EUR 1.2 billion (9M 2018: EUR 1.0 billion). In Germany SIXT grew from an already high level by another 8% and thus significantly outperformed the industry’s average to achieve revenue of EUR 727 million (9M 2018: EUR 674 million).
  • The Leasing Business Unit recognises operating revenue for the first nine months of EUR 341 million, some 2% less than the EUR 349 million of last year.
  • The SIXT Group’s total revenue (including the proceeds from the vehicle sales in the Leasing Business Unit) totalled EUR 2.5 billion, a gain of 14% on the same figure the period from last year (9M 2018: EUR 2.2 billion).
  • Earnings before net finance costs, taxes, depreciation and amortisation (EBITDA) increased by 16.4% over the same period the year before to EUR 837 million (9M 2018: EUR 719 million).
  • Consolidated earnings before taxes (EBT) for the period from January to September came to EUR 281 million, and thus just 1.5% less than the previous year’s adjusted figure of EUR 285 million after the sale of the stake in DriveNow (reported figure for 9M 2018: EUR 482 million). This result already includes record investments in new digital offers and services, the expanding vehicle fleet and marketing measures that were incurred above all in connection with SIXT ONE. Without consideration of these investments and the effect from the adoption of the new accounting standard IFRS 16 (Leases) earnings exceeded the previous year’s level. Despite these strong investments the EBT margin for both Business Units remained above the long-term target level of at least 10% (Mobility) and 6% (Leasing).
  • Investments: In the first nine months of 2019 SIXT added around 211,100 vehicles across the Group to the rental and leasing fleets (9M 2018: around 200,300 vehicles). These carried a total value of EUR 6.06 billion (9M 2018: EUR 5.47 billion). These figures equal an expansion in the number of vehicles by 5.4% and in the investment volume by 10.7%.

Outlook for full year 2019 unchanged
Following the gratifying performance of the first nine months SIXT is confirming its previous forecast for fiscal year 2019. Provided that the general economic climate does not worsen substantially, the Managing Board expects to see consolidated operating revenue climb substantially compared with last year and expects a stable Group EBT (discounting the sale of the stake in DriveNow from last year).

Sixt SE today publishes its Quarterly Statement as of 30 September on its website at in the section “Financial Reports”.

About SIXT

Sixt SE with its registered office in Pullach near Munich, is a leading international provider of high-quality mobility services. With its products SIXT rent, SIXT share, SIXT ride and SIXT+ on the mobility platform ONE the company offers a uniquely integrated premium mobility service across the fields of vehicle and commercial vehicle rental, car sharing, ride hailing and car subscriptions. The products can be booked through the SIXT App, which also integrates the services of its renowned mobility partners. SIXT has a presence in more than 100 countries around the globe. The company stands for consistent customer orientation, a lived culture of innovation with strong technological competence, a high proportion of premium vehicles in the fleet and an attractive price-performance ratio. In 2023 Sixt Group achieved consolidated pre-tax earnings of EUR 464.3 million and another significant increase in consolidated revenue to EUR 3.62 billion. Sixt SE has been listed on the Frankfurt Stock Exchange since 1986 (ISIN ordinary share: DE0007231326, ISIN preference share: DE0007231334).

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