DGAP-News: Sixt Aktiengesellschaft: Sixt records good business performance in first quarter 2013 despite difficult general conditions
(firmenpresse) - DGAP-News: Sixt Aktiengesellschaft / Key word(s): Quarter Results
Sixt Aktiengesellschaft: Sixt records good business performance in
first quarter 2013 despite difficult general conditions
27.05.2013 / 07:41
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CORPORATE NEWS
Sixt records good business performance in first quarter 2013 despite
difficult general conditions
* Demand in vehicle rental more restrained due to economic climate, foreign
operations continue to grow dynamically due to expansion measures
* Further increase of leasing contract portfolio
* Consolidated operating revenue of EUR 329 million almost at last year's
level
* Earnings before taxes (EBT) below previous year in line with expectations
* Unchanged projections for full-year 2013: satisfactory results expected
Pullach, 27 May 2013 - Sixt Aktiengesellschaft, Germany's largest car
rental company and one of Europe's leading mobility service providers,
recorded a good business performance in the first quarter of 2013 despite
more difficult general conditions. Consolidated revenue and earnings
remained on a high level, although they fell slightly short of last year's
figures on account of lower demand due to the economic climate. Foreign
business continued to grow dynamically by double-digit percentage points.
The Board of Management is confirming its previous projections for the full
fiscal year 2013.
Erich Sixt, Chairman of the Managing Board of Sixt AG: 'Sixt has kept up
well in the first quarter. We managed to almost balance out the slackened
demand in the rental business we had expected with our expansion steps
abroad. In the Leasing Business Unit we are back on a growth track thanks
to a higher contract portfolio. We continue our projection for another
satisfactory earnings position for the full year 2013. At the same time we
will vigorously drive forward all our growth initiatives across the board.'
Group performance in the first three months of 2013:
* Rental revenue of EUR 211.8 million was 1.8% below the same period last
year (EUR 215.7 million). As had been expected, domestic demand slowed
because of the economic situation but there was still continued dynamic
growth abroad.
* Leasing revenue increased by 2.8% to EUR 95.9 million (Q1 2012: EUR 93.3
million). This growth can be attributed to a higher contract portfolio.
* Consolidated operating revenue (excluding revenue from the sale of used
leasing vehicles) reached EUR 329.0 million in the first quarter, and was
almost on a par with the previous year's figure (Q1 2012: EUR 330.8
million; -0.6%).
* Total consolidated revenue decreased 3.1% to EUR 369.1 million from last
year (Q1 2012: EUR 380.8 million). Lower revenue from the sale of used
leasing vehicles played a major role in this.
* Consolidated earnings before taxes (EBT), the Sixt Group's key earnings
indicator, came to EUR 22.3 million, which was EUR 3.7 million less than
the year before (Q1 2012: EUR 26.0 million). Account must be taken of the
fact that the earnings position was not only affected by the recessionary
situation in Europe, but also by the start-up costs for strategic growth
initiatives..
* After taxes Sixt recorded a profit of EUR 15.4 million for the first
quarter of 2013 (Q1 2012: EUR 17.9 million).
Cautious fleet policy
In the first quarter Sixt added some 36,500 vehicles with a total value of
EUR 0.88 billion to the rental and leasing fleets at home and abroad, after
it had added some 39,300 vehicles with a value of EUR 0.93 billion over the
same period the year before. This is a decrease of 7.1% in the number of
vehicles and 5.4% in the value of vehicles. In view of an expected downturn
in demand, Sixt already started to call vehicle orders more cautiously in
the second half of 2012.
Continued outstanding equity basis
As of 31 March 2013 the Sixt's Group's equity came to EUR 645.5 million,
which was EUR 12.7 million more than at the end of December 2012 (EUR 632.8
million).
At 28.6% the equity ratio continued to be a top rating for the rental and
leasing industry (31 December 2012: 29.1%).
Outlook for full-year 2013
The Board of Management confirms its previous projections for the full year
2013 and expects domestic demand in the Vehicle Rental Business Unit to
weaken, while the growth path in the other European countries and the USA
is set to continue. All in all, the Managing Board expects consolidated
rental revenues to contract slightly in 2013. In the Leasing Business Unit,
Sixt foresees stable to slightly higher revenues.
In 2013 Sixt will once again adhere to the principle of giving preference
to adequate margins over volume growth ('Earnings before growth').
Nonetheless, all the strategic growth initiatives, such as the expansion in
the USA, will be consistently driven forward.
Subject to the general economic outlook in Europe not worsening further
than projected, the Managing Board reckons that the Sixt Group will
generate EBT marginally lower than the previous year's level, but once
again with a satisfactory earnings position in the prevailing market
conditions.
Developments in the operating business units
Vehicle Rental:
Sixt covers more than 70% of the European rental market through its own
subsidiary companies. In addition, the company has an active presence in
the USA through its own rental stations. In the other European countries
and in other global regions, the Sixt brand is represented by a close-knit
network of franchisees. The first quarter of 2013 also witnessed the start
of franchise operations on the
US market. Overall, in the Vehicle Rental Business Unit Sixt is now active
in over 100 countries.
Our carsharing offer DriveNow continues its gratifying growth path with the
number of registered users now reaching around 120,000. The premium
carsharing service offers around 1,500 top-quality BMW and MINI cars in the
Metropolitan cities of Berlin, Munich, Cologne, and Düsseldorf
Following months of testing, the chauffeur service myDriver launched at the
start of March and recorded a significant increase in demand over the first
few weeks. With myDriver Sixt offers business and private customers alike a
personalized drivers' service with professionally trained drivers and
favourable prices that are guaranteed up front.. myDriver is already
available in 12 German metropolitan areas and shall be extended swiftly to
European sites outside Germany.
The Vehicle Rental Business Unit generated rental revenue of EUR 211.8
million for the first quarter of 2013 (-1.8%). Foreign business continued
its unabated dynamic growth with an increase of 15.3%, while in Germany
rental revenues dropped by 9.5%. First quarter revenue for the Vehicle
Rental Business Unit came to EUR 233.1 million, after EUR 237.5 million
over the same period last year (-1.9%).
The Business Unit's EBT remained on a high level at EUR 20.2 million (prior
year quarter: EUR 21.6 million; -6.8%), despite a recessionary environment
and the start-up costs for new activities.
Leasing:
Sixt Leasing is one of Germany's largest vendor-neutral, non-bank
full-service leasing companies, whose services extend not only to classic
finance leasing but also to a broad range of services for efficient fleet
management that reduces the customers' mobility costs.
Despite the market environment becoming increasingly more difficult for
leasing providers, the Business Unit's contract portfolio in Germany andabroad (without franchise partners) climbed to 62,900 as of 31 March 2013,
which was roughly 9% more than at the end of the first quarter of 2012
(57,800).
In the first quarter of 2013 Sixt generated revenue of EUR 95.9 million, an
increase of 2.8% year-on-year (EUR 93.3 million). The Business Unit's total
sales (including the revenues from the sale of used leasing vehicles)
amounted to EUR 134.1 million, as against EUR 141.2 million the year before
(-4.9%).
For the period from January to March 2013 the Business Unit recorded EBT of
EUR 4.0 million (Q1 2012: EUR 5.5 million). This decline is not least a
consequence of the pressure on margins in an ever more intense competitive
environment.
Further information:
Frank Elsner
Sixt Central Press Office
T +49 - 89 - 992 496 - 30/ - 31
F +49 - 89 - 992 496 - 32
E-Mail: pressrelations(at)sixt.com
Note to editors:
Sixt Aktiengesellschaft's Report on the First Three Months of 2013 can now
be downloaded at http://ag.sixt.de/.
End of Corporate News
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Language: English
Company: Sixt Aktiengesellschaft
Zugspitzstraße 1
82049 Pullach
Germany
Phone: +49 (0)89 74444-5104
Fax: +49 (0)89 74444-85104
E-mail: investorrelations(at)sixt.com
Internet: http://ag.sixt.de
ISIN: DE0007231326, DE0007231334 Sixt Vorzüge, DE000A1K0656 Sixt
Namensaktien
WKN: 723132
Indices: SDAX
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
München; Freiverkehr in Düsseldorf, Hamburg, Hannover,
Stuttgart
End of News DGAP News-Service
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213128 27.05.2013
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