DGAP-News: Sixt SE / Key word(s): Quarter Results/Quarterly / Interim Statement
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
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."
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.
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