Sixt Reports Consolidated Operating Revenue Increase of 9.2% in First Nine Months

In the first nine months of the year Sixt increased its consolidated operating revenue by 9.2% year-on-year to EUR 1.23 billion.

Total Group revenue climbed 7.4% to EUR 1.34 billion, while consolidated earnings before taxes (EBT) for the period January to September increased 14.8% to EUR 131.1 million.

Erich Sixt, Chairman of the Managing Board of Sixt SE, said, "The first nine months figures demonstrate that Sixt is in excellent shape. We did not expect such strong demand in the third quarter, especially not the level recorded in Germany, given that general economic conditions are cooling. It is very positive for Sixt to outperform the markets and thereby continually gain market shares. We are equally upbeat for the remainder of the year, even though we have to keep watching the latest economic downturn in Europe very carefully."

Group Performance in First Nine Months of 2014

- Consolidated operating revenue (excluding revenue from the sale of used leasing vehicles) climbed 9.2% from EUR 1.13 billion to EUR 1.23 billion. 35.9% of revenues were generated abroad (9M 2013: 34.5%).

- Rental revenues were up 10.0% to EUR 845.2 million after EUR 768.3 million in the same period last year. Sixt registered growth, both at home in Germany (+5.1%), where the company is by far the biggest vehicle rental company, as well as the markets outside Germany (+16.8%).

- Leasing revenue climbed by 6.0% to EUR 310.5 million (9M 2013: EUR 292.9 million). The Leasing Business Unit benefited from the ongoing growth of its contract portfolio.

- Group total revenue rose 7.4% to EUR 1.34 billion (9M 2013: EUR 1.25 billion).

- Consolidated earnings before taxes (EBT), the group’s key earnings indicator, show a profit of EUR 131.1 million for the first nine months or some 14.8% more than for the same period last year (EUR 114.2 million). Expressed in relation to consolidated operating revenue this amounts to a return on sales of 10.6% (9M 2013: 10.1%).

Group Developments in Q3 2014

- Consolidated operating revenue in the third quarter of 2014 increased by 10.4% to EUR 474.6 million, after EUR 429.8 million in the same quarter of 2013.

- Rental revenues grew by 10.3%, climbing to EUR 337.5 million (Q3 2013: EUR 306.1 million).

- Leasing revenues increased by 8.3% to EUR 105.6 million (Q3 2013: EUR 97.5 million).

- Consolidated revenues rose 9.6% to EUR 515.6 million (Q3 2013: EUR 470.5 million).

- For the third quarter Sixt reports EBT of EUR 63.6 million. This means that last year's figure of EUR 56.3 million was outperformed by 12.9%.

Sixt expanded its vehicle fleet over the course of the year. Over the first nine months the group added around 132,200 vehicles to the rental and leasing fleet (9M 2013: 121,500 vehicles) with a total value of EUR 3.31 billion (9M 2013: EUR 3.04 billion). This equals 9% more in the number of vehicles as well as the volume of investments. Sixt continues to expect the volume of investments for the full-year 2014 to be higher than last year (EUR 3.87 billion).

At the end of September 2014 Sixt Group's equity came to EUR 727.6 million and thereby was EUR 52.1 million more than at the end of 2013 (EUR 675.5 million). At 24.2% the equity ratio continues to be a top rating in the rental and leasing industry (31 December 2013: 28.5%).

Outlook for Whole of 2014

For the full fiscal year of 2014, the Managing Board forecasts an increase in consolidated operating revenues, which it expects to be in the higher single-digit percentage range compared to last year. Growth stimulus should continue to come primarily from the markets abroad. Based on a continually demand-driven and cautious fleet policy as well as tight cost management, the group's EBT is expected to grow substantially in 2014.