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Pullach (euro adhoc) - CORPORATE NEWS
Sixt Group maintains high level of earnings in H1 2012
- Business performance in line with internal expectations
- Group EBT after six months on high level at EUR 63.4 million
- Q2 EBT just short of record figure from previous year quarter
- Vehicle Rental on growth track: rental revenues up 8.0 percent after six
- Group total revenue increased by 2.8 percent
- Foreign operations continue dynamic growth
- Conditions for second half year expected to be more challenging
Pullach, 21 August 2012 - Sixt AG, Germany's largest car rental company and one
of Europe's leading mobility service providers, witnessed business perform in
line with internal expectations during the first six months of 2012. Despite a
cooling economy, higher operative expenses and start-up costs for new
activities, the results of operations remained on a high level with consolidated
earnings before taxes (EBT) at EUR 63.4 million. Second quarter EBT was just
short of the record figure recorded for the same quarter the previous year.
Driven above all by the dynamic growth in the foreign operations, rental
revenues in the Vehicle Rental Business Unit rose by a gratifying 8.0% over the
first six months. The Group's total revenue increased by 2.8%.
Given that economic risks are mounting worldwide and are threatening to
spill-over into Germany, Sixt expects conditions in the second half to become
more difficult, while the Company maintains its projections to see good results
of operations for the year 2012 as a whole.
Erich Sixt, Chairman of the Managing Board of Sixt AG: "The results for the
first half year demonstrate that Sixt can operate highly successful even in a
worsening market environment. The business performance so far reconfirms our
expectation that we will close 2012 with yet again a satisfying result. We will
stay our course of giving precedence to margins and earnings before volume
growth, and invest pro-active into the expansion of our foreign operations."
Group performance in the first half of 2012
With demand generally positive so far, rental revenue continued to perform
gratifying, growing 8.0% to EUR 452.7 million (H1 2011: EUR 419.3 million).
Growth driver was above all the business outside Germany, where rental revenue
climbed 20.2% period-on-period.
Leasing revenue came to EUR 188.3 million, which was 4.4% down on the figure
recorded for the first half of 2011 (EUR 197.0 million).
Revenue from the sale of used vehicles, in which fluctuations are normal, was
EUR 86.7 million, down 7.2% from the prior-year equivalent (H1 2011: EUR 93.4
The Group's total revenue climbed from EUR 755.8 million 2.8% to EUR 777.1
Consolidated earnings before net finance costs and taxes (EBIT) reached
EUR 88.5 million, which was merely 4.2% less than the figure for the same period
last year that came to EUR 92.3 million after adjustment for non-recurring
income of EUR 4.4 million (reported at EUR 96.7 million for the first six months
The consolidated profit before taxes (EBT), the Group's key earnings indicator,
was EUR 63.4 million, a drop of 5.4% on the previous year figure of EUR 67.0
million after adjustment for non-recurring income (reported EBT: EUR 71.4
million). As announced, higher operating expenses as well as the start-up costs
for growth initiatives, such as the establishment of Sixt's rental business in
the USA and the premium carsharing offer DriveNow, had a dampening effect on the
After taxes Sixt reports a half-year profit of EUR 43.8 million (H1 2011: EUR
Group development in the second quarter of 2012
At EUR 237.0 million, rental revenue grew 5.9% compared to last year's
equivalent quarter (EUR 223.7 million).
Leasing revenues totalled EUR 95.0 million as against EUR 100.5 million in
Q2 2011 (-5.5%).
The Group's total revenue went up slightly 1.3% to EUR 396.3 million (Q2 2011:
EUR 391.4 million).
For the second quarter of 2012 the Group reports EBT of EUR 37.4 million
(Q2 2011 EUR 39.2 million; -4.9%).
Measured expansion of fleet
From January to June 2012, Sixt added 85,800 vehicles with a total value of
EUR 2.04 billion to the rental and leasing fleets in Germany and abroad. In the
same period of 2011 the Company had added 77,600 vehicles at a value of EUR 1.85
billion. This equals an increase of 10% in the number of vehicles and to the
value of vehicles.
Outlook for full-year 2012
In view of mounting economic risks, that are threatening to spill-over into
Germany, Sixt is readying itself for more difficult conditions both in the
rental and leasing business for the second half of 2012. Looking ahead to the
full financial year, the Managing Board expects the Group's total revenue to
grow, based on an increase in rental revenues and a slight decline in leasing
revenues. Results of operations for 2012 are still expected to be good and on a
high level. However, the consolidated EBT will not reach the record figure of
the previous year.
Developments in the operating business units
Sixt's subsidiaries cover more than 70% of the European rental market. The
Company is furthermore active in the USA with company-own rental stations. The
Sixt brand is represented by a close-knit network of franchisees in further
European countries and in other global regions.
The Vehicle Rental Business Unit generated rental revenue of EUR 452.7 million
in the first half of 2012 (+8.0%). In Germany, where Sixt is clear market leader
well ahead of its competitors, rental revenue climbed 2.5% to EUR 297.7 million.
Outside of Germany Sixt continues its dynamic growth, above all in the USA,
France and Spain, and recorded a plus of 20.2% to EUR 155.0 million.
The EBT for the Vehicle Rental Business Unit's amounted to EUR 53.9 million for
the first half of 2012, a drop of 7.6% compared to the previous year's period
(EUR 58.3 million). In view of the higher operating expenses as well as the
start-up costs for the establishment of Sixt's activities in the USA and the
premium carsharing offer DriveNow, the Managing Board considers this result to
In Germany Sixt is one of the largest vendor-neutral, non-bank full-service
leasing companies, offering corporate and private customers pure finance leasing
plus a wide range of ancillary services for managing fleets and individual
The Leasing Business Unit's total number of leases in and outside Germany
(excluding franchisees) was 60,200 at 30 June 2012, almost 7% above the figure
recorded at the end of 2011 (56,300) and a good 4% above the figure at the end
of the first quarter of 2012.
At EUR 188.3 million, leasing revenue for the first six months was 4.4% down on
the corresponding prior year figure of EUR 197.0 million. Among other things,
this was due to the focus being on fleet management product. Total revenue at
the Leasing Business Unit (including revenue from the sale of used vehicles)
came to EUR 275.0 million for January through June, down 5.3% (H1 2011: EUR
The Business Unit reported EBT of EUR 9.6 million for the first half of 2012.
This equals a decline of 22.0% from the adjusted figure of the previous year
(EUR 12.3 million, reported at EUR 16.7 million).
Sixt Central Press Office
T +49 - 89 - 992 496 - 30/ - 31
F +49 - 89 - 992 496 - 32
Note to editors:
Sixt Aktiengesellschaft's Report on the First Six Months of 2012 can now be
downloaded at http://ag.sixt.de/.
Further inquiry note:
end of announcement euro adhoc
company: Sixt Aktiengesellschaft
phone: +49 (0) 89 74444 5104
FAX: +49 (0) 89 74444 85104
sector: Automotive Equipment
ISIN: DE0007231326, DE0007231334
indexes: SDAX, CDAX, Classic All Share, Prime All Share
stockmarkets: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
Stuttgart, regulated dealing/prime standard: Frankfurt