DGAP-News: Sixt SE
/ Key word(s): Change in Forecast/Quarter Results
SIXT expects significant record annual result thanks to successful internationalisation strategy and continued high demand
Pullach, 20 October 2021 - The continued strong travel activities and strategic investments in international growth markets have provided the international mobility service provider SIXT with a strong third quarter and a continued significantly more positive business development than expected by analysts. The company is benefitting from high demand into autumn in Europe and particularly in the US, as well as from a good market price level, which in turn is being driven by high demand and the limited availability of vehicles due to the shortage of semiconductors. Against this backdrop, Sixt SE raised its earnings forecast for the current financial year 2021 again today and expects to achieve a significant record annual result.
According to preliminary figures, consolidated operating revenue in the third quarter of 2021 is expected to be approximately EUR 795 million (Q3 2020: EUR 460 million), while consolidated earnings before taxes (EBT) reached approximately EUR 253 million (Q3 2020: EUR 66 million). The average analyst estimate for EBT in the third quarter of 2021 of EUR 226 million was thus significantly exceeded. The projected quarterly revenue is in line with market expectations (average analyst estimate: EUR 807 million).
Internationalisation strategy pays off
Strong third quarter and updated forecast indicate record annual result
Due to the volatile market environment, it is still difficult to predict how demand will develop. Furthermore, there is still great uncertainty as to the extent and duration of the supply bottlenecks caused by the semiconductor shortage at the vehicle manufacturers and the resulting effects on vehicle availability as well as the market price developments in the industry for the coming months.
Alexander Sixt, Co-CEO of Sixt SE: "The investments in our internationalisation and digitalisation strategy are increasingly paying off and we were able to further expand our strong market position. In the US in particular, we are continuing on our growth course and have managed to increase our market share. My thanks and greatest respect go to our employees, in particular. Their tireless efforts have played an important role in enabling us to significantly exceed our record annual result in 2019 - despite the fact that the year 2021 is still dominated by corona."
Prof. Dr. Kai Andrejewski, CFO of Sixt SE: "Evidently, the catch-up effect on people's travel and mobility after the long corona lockdown is much more pronounced than first expected. Together with the increased market price level, there is a positive effect on the earnings situation of our Group. The main drivers are, on the one hand, the high demand as well as the shortage of semiconductors and the resulting vehicle shortage, and on the other hand, catch-up effects in how prices are developing. To make a comparison: The prices of new cars alone have risen by nearly 30 percent from 2010 to 2019. Nevertheless, due to the volatile market environment, we would be well advised not to lose sight of the challenges we will face in the months ahead: The further course of customer demand is just as difficult to forecast as the extent and duration of the supply bottlenecks at vehicle manufacturers caused by the shortage of semiconductors and the associated impact on our business."
Sixt SE will publish its third quarter results as of 30 September 2021 as planned on 11 November 2021.
|Phone:||+49 (0)89 74444-5104|
|Fax:||+49 (0)89 74444-85104|
|ISIN:||DE0007231326, DE0007231334 Sixt Vorzüge, DE000A1K0656 Sixt Namensaktien, DE000A2BPDU2 Sixt-Anleihe 2016/2022, DE000A2G9HU0 Sixt-Anleihe 2018/2024, DE000A3H2UX0 Sixt-Anleihe 2020/2024|
|Listed:||Regulated Market in Frankfurt, Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange|
|EQS News ID:||1242298|
|End of News||DGAP News Service|