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Sixt SE: ​​​​​​​Ongoing restrictions in response to corona burden Sixt SE's consolidated EBT in the first quarter of 2021 - positive development in Europe and the USA in March

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DGAP-News: Sixt SE / Key word(s): Quarter Results/Quarterly / Interim Statement
12.05.2021 / 07:33
The issuer is solely responsible for the content of this announcement.

Ongoing restrictions in response to corona burden Sixt SE's consolidated EBT in the first quarter of 2021 - positive development in Europe and the USA in March

Pullach, 12 May 2021 - SIXT has seen its business performance brighten in recent weeks despite the current strict restrictions on international travel and ongoing national contact restrictions and curfews in Europe due to the COVID-19 pandemic. In the month of March 2021, the international mobility service provider once again managed to generate consolidated revenue at the previous year's level and positive consolidated earnings before taxes. This was primarily due to an upturn in demand in the fast-growing market in the USA, where SIXT achieved positive Corporate EBITDA overall in the first quarter of 2021. Capacity utilisation remains stable in all segments, not only in the USA, but also in the city offices and in the long-term rental and car subscription segments. Thanks to the recovery in demand and continued strict cost management, consolidated EBT could be limited to EUR -13.7 million in the first quarter. Personnel and material expenses fell by 33% compared to the same period of the previous year, and fleet costs were reduced by 31%. Altogether, this equates to a decrease of around EUR 136 million, or 32%, compared to the same quarter of the previous year. Overall, however, business performance in the period from January to March continued to be impacted by the tough, and in some cases even stricter, lockdown in Europe. In view of the continuing high level of uncertainty regarding the future course of the pandemic, the Managing Board continues to refrain from issuing a forecast for the full year.

Erich Sixt, CEO of Sixt SE: "The positive development in the first quarter, which continued in the month of April, gives us hope for the important second and third quarters. We are seeing that once COVID-19 restrictions are relaxed, people have an unbridled urge to be individually mobile and travel. SIXT will benefit greatly from this with its broad product portfolio. The easing that has now also been announced in many European countries should have a positive impact on how demand develops. Despite the encouraging signals, we must remain cautious and monitor the further course of the pandemic closely. It is definitely too early to sound the all-clear."

Q1 2021 - Key Group figures

Continued cautious fleet policy
SIXT has significantly reduced the size of its fleet due to the COVID-19 pandemic. In the first three months of 2021, SIXT added around 37,700 vehicles (Q1 2020: around 55,900 vehicles) worth a total of EUR 1.15 billion (Q1 2020: EUR 1.72 billion) in its rental fleet across the Group. This represents a decrease in the number of vehicles by around 32% and in the investment volume by around 33%. The average fleet size in the first three months was 93,200 vehicles, down from 130,900 in the first quarter of last year (-28.8%). As demand rises in the course of the ongoing vaccination campaign towards the summer, the fleet can also be increased again accordingly.

Alexander Sixt, Board member of Sixt SE: "SIXT has created all the conditions to emerge stronger from this crisis and to benefit from the gradual return to normal demand to a greater extent than the competition. This was made possible by the consistently implemented cost adjustments of EUR 136 million in fleet, material and personnel expenses compared to the same period of the previous year (-32%), but also by our strategic growth initiatives, such as our expansion in the USA, our investments in our digitalisation strategy and the launch of our car subscription offer SIXT+. Last year, SIXT already managed to increase its market share in Europe by around 3 percentage points despite the crisis. Through the syndicated loan we concluded in the first quarter and a total of over EUR 2 billion in available funds, we also have increased our financial flexibility to expand our business and invest in our fleet."

Outlook for the full year 2021
Despite initial positive signals at the end of the first quarter, there are currently still very high uncertainties surrounding the future course of the COVID-19 pandemic. Therefore, a reliable estimate of the extent and duration of the pandemic-related restrictions, in particular the restrictions on travel, is currently not possible. For this reason, the Managing Board is still unable to issue a forecast on how the SIXT Group's business will develop in 2021.


Sixt SE is publishing its Group Quarterly Statement as at 31 March 2021 today on its website at http://ir.sixt.eu in the section entitled "Financial Publications".


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+ 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 one single app, which also integrates the services of its renowned mobility partners. SIXT has a presence in around 110 countries around the globe. The company is characterized by consistent customer orientation and excellent customer experience, a living culture of innovation with strong technological expertise, the high share of premium vehicles in its fleet and an attractive price-performance ratio. The Sixt Group doubled its revenue since 2009 and generated revenues of EUR 3.31 billion in 2019 and is ranked as one of the most profitable mobility companies in the world. In 2020, SIXT generated consolidated revenues of EUR 1.53 billion despite travel and outbound restrictions due to the COVID-19 pandemic and reported a positive consolidated net income of EUR 2 million after cost savings of approximately EUR 600 million among others. Sixt SE is the parent company of the Group and has been listed on the Frankfurt stock exchange since 1986 (ISIN ordinary share: DE0007231326, ISIN preference share: DE0007231334). https://about.sixt.com

Press contact:
Sixt SE
Kathrin Greven / Stefanie Seidlitz
SIXT Central Press Office
Phone: +49 (0) 89 / 7 44 44 - 6700
e-mail: pressrelations@sixt.com



The SIXT Group at a glance
(Data according to IFRS; rounding differences may occur)

Revenue development

 

 

Change

in EUR million

Q1 2021

Q1 2020

in %

Operating revenue1

327.3

485.5

-32.6

 

 

 

 

Mobility Business Unit

327.3

485.5

-32.6

Thereof rental revenue

289.0

429.0

-32.6

Thereof other revenue from
rental business

38.3

56.5

-32.2

 

 

 

 

Other revenue

2.5

3.0

-15.8

 

 

 

 

Consolidated revenue

329.9

488.5

-32.5

 

Earnings performance

 

 

Change

in EUR million

Q1 2021

Q1 2020

in %

Fleet expenses

97.6

141.5

-31.0

Personnel expenses

79.9

114.6

-30.3

Depreciation and amortisation expense

79.4

117.4

-32.4

Net other operating income/expenses

-77.8

-110.8

-29.8

Earnings before net finance costs and taxes (EBIT)

-4.9

4.2

>-100

Net finance costs

-8.8

-9.3

-5.1

Earnings before taxes (EBT)

-13.7

-5.1

>100

Income tax expense

-3.7

4.5

>-100

Result from continuing operations

-10.0

-9.6

3.8

Result from discontinued operations, net of taxes

-

25.8

-100

Consolidated profit

-10.0

16.2

>-100

 

Other key figures for the Group

31 Mar. 2021

31 Dec. 2020

Change in %

Total assets (in EUR million)

4,422.6

4,428.5

-0.1

Rental vehicles (in EUR million)

2,326.1

2,204.6

+5.5

Equity (in EUR million)

1,400.0

1,394.7

+0.4

Equity ratio (in %)

31.7

31.5

+0.2 points

 

 

 

 

 

Q1 2021

Q1 2020

Change in %

Investments (in EUR billion)1

1.15

1.72

-33.1

Average number of rental vehicles (Group)

93,200

130,900

-28.8

1 Value of vehicles added to the rental fleet

 


12.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Sixt SE

Zugspitzstraße 1

82049 Pullach

Germany

Phone:

+49 (0)89 74444-5104

Fax:

+49 (0)89 74444-85104

E-mail:

investorrelations@sixt.com

Internet:

http://ir.sixt.eu

ISIN:

DE0007231326, DE0007231334 Sixt Vorzüge, DE000A1K0656 Sixt Namensaktien, DE000A2BPDU2 Sixt-Anleihe 2016/2022, DE000A2G9HU0 Sixt-Anleihe 2018/2024, DE000A3H2UX0 Sixt-Anleihe 2020/2024

WKN:

723132

Indices:

SDAX

Listed:

Regulated Market in Frankfurt, Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange

EQS News ID:

1195386


 

End of News

DGAP News Service

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