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Sixt SE: ​​​​​​​SIXT posts best quarterly operating result in the company's history in third quarter and is heading for a full-year result that exceeds the record year 2019

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DGAP-News: Sixt SE / Key word(s): Quarter Results/Quarterly / Interim Statement
11.11.2021 / 07:35
The issuer is solely responsible for the content of this announcement.

SIXT posts best quarterly operating result in the company's history in third quarter and is heading for a full-year result that exceeds the record year 2019

Pullach, 11 November 2021 - With consolidated earnings before taxes (EBT) of EUR 253.2 million, the international mobility services provider SIXT achieved by far the best quarterly operating result in the company's history in the third quarter of 2021. Compared to the same quarter of the previous year (EUR 66.0 million), this represents nearly a fourfold increase, and compared to the third quarter of the pre-corona year 2019, an increase of 72.8%. At EUR 795.2 million, consolidated operating revenue in the third quarter was 73.0% higher than in the same period of the previous year (EUR 459.7 million) and even 2.2% higher than in the third quarter of 2019 (EUR 778.2 million).

A look at the nine-month period also paints a positive picture: With EBT of EUR 317.4 million, SIXT has already earned more in the first nine months of this year than in the entire pre-corona year 2019 (EUR 308.2 million). Compared to the first nine months of 2019, the increase amounted to 22.1%; in the same period of the previous year 2020, negative EBT of EUR 56.9 million had still been incurred. In the first nine months, consolidated operating revenue increased by 38.4% to EUR 1.62 billion compared to the same period of the previous year.

In achieving these significant increases in revenue and earnings, SIXT has benefitted from the strong demand for mobility that continued into the fall, particularly in the USA and European markets. Besides vacation travel, the business travel segment has also shown a clear recovery: for example, global B2B revenue in August and September 2021 was already higher again than the revenue in the same periods in 2019. In line with this development, the International Air Transport Association (IATA) also reported a recovery in passenger volumes. The high demand was accompanied by an increase in market prices throughout the car rental industry.

Internationalisation strategy shows effect and pays off
In addition to these external influencing factors, the strategic growth measures implemented by SIXT during the corona pandemic had a particularly positive effect: The mobility service provider recorded rapid growth in the US market in particular. For the third quarter, operating segment revenue nearly tripled year-on-year to EUR 175.5 million, with revenue up 29.0% compared to the third quarter of 2019. For the first nine months, SIXT reported that its sales in the United States had doubled to EUR 413.1 million (first nine months of 2020: EUR 203.6 million), an increase of 11.3% compared to the period January to September 2019. The ten stations at important commercial airports, which SIXT took over and realigned in 2020, have already made a noticeable contribution to growth. As a result, its position as the fourth largest car rental company in the USA with 94 locations has been steadily expanded. At Miami Airport, SIXT was even able to repeatedly achieve market leadership on a monthly basis, which underscores the increase in market share. This is accompanied by a rise in brand awareness and customer satisfaction overseas: only at the beginning of October, SIXT was awarded the Readers' Choice Award as a Top 3 car rental company in the USA by the renowned travel magazine Condé Nast Traveler.

Long summer season in Europe
In other European countries, SIXT experienced high demand into the fall, especially in holiday destinations such as France, Spain and Italy. As a result, SIXT achieved operating revenue growth of 82.3% to EUR 386.7 million in the segment Europe (excluding Germany) in the third quarter (third quarter of 2020: EUR 212.1 million). In the first nine months, revenue in the segment Europe (excluding Germany) amounted to EUR 681.8 million, an increase of 51.2% compared to the same period of the previous year (first nine months of 2020: EUR 450.8 million). The segment thus made by far the largest contribution to the operating Group result in the third quarter and also in the nine-month period.

At EUR 233.1 million, operating revenue in the segment Germany rose at a slightly more subdued pace in the third quarter compared to the other two segments (+24.1% compared to the third quarter of 2020) due to business travel only starting to pick up again. The earnings situation improved significantly in Germany, both compared to the previous year and compared to 2019.

Fleet expanded despite tight procurement markets
In the wake of rising demand, SIXT has managed to expand its rental fleet despite the current shortage of vehicles to serve the growing demand as well as possible and to expand its market shares at home and abroad. For example, while the number of new car registrations in Germany in September 2021 was still 19.5% below the 2019 level, SIXT is only 8.4% away from the level of the comparable quarter in 2019 in terms of fleet size at the end of the third quarter. There were an average of around 152,000 vehicles in SIXT's global fleet in the third quarter (Average third quarter 2020: 120,000 vehicles).

Prof. Dr. Kai Andrejewski, Chief Financial Officer (CFO) of Sixt SE: "SIXT is able to benefit more from the current market situation in the European and US rental industry than our competitors and thus further improve its market position. This is not least due to the fact that we also invested during the corona crisis and thus anti-cyclically and consistently implemented our internationalisation and digitalisation strategy. The new stations in the USA, the car subscription offer SIXT+ that we successfully rolled out internationally and the constant improvement of our digital processes in the interest of the customer are increasingly paying off in the current upturn phase. This strategy is made possible not least by the SIXT Group's extremely solid financing and equity situation: our equity ratio was 35% at the end of September 2021, which is another 4 percentage points higher than at the end of last year. Against this backdrop, we raised our revenue and earnings expectations for the current year again in October. We are currently assuming that market prices will continue to rise next year. Our customers are therefore well advised to reserve their vehicles as early as possible. Of course, we will have to keep a watchful eye on market risks, such as the supply bottlenecks in the vehicle market caused by the shortage of semiconductors and their effects on the market price level, but also on the further course of the corona pandemic."

Outlook - record result in sight for the full year 2021
Based on the business development in the third quarter and the continued positive business situation with a sustained good booking situation, the Managing Board raised the forecast for the full year 2021 on 20 October: SIXT expects consolidated operating revenue of between EUR 2.1 billion and EUR 2.3 billion and consolidated EBT of between EUR 390 million and EUR 450 million. This would significantly exceed the EBT of EUR 308 million from the strong pre-corona year 2019.

Q3 2021 - Key Group figures


9M 2021 - Key Group figures

The comparative 2019 data have been adjusted and relate to continuing operations in each case.

Sixt SE is publishing its Group Quarterly Statement as at 30 September 2021 on its website at http://ir.sixt.com 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. Sixt SE has more than doubled its revenue in the Mobility business segment since 2009 and generated revenue of EUR 2.49 billion in this segment in 2019 (total group EUR 3.31 billion) 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
Sixt Central Press Office
Tel.: +49 - (0)89 - 74444 6700
E-Mail: pressrelations@sixt.com


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

Revenue development

 

 

Change

 

 

Change

in EUR million

9M 2021

9M 2020

in %

Q3 2021

Q3 2020

in %

Operating revenue1

1,620.7

1,170.9

+38.4

795.2

459.7

+73.0

 

 

 

 

 

 

 

Mobility Business Unit

1,620.7

1,170.9

+38.4

795.2

459.7

+73.0

Thereof rental revenue

1,496.7

1,054.5

+41.9

747.5

428.0

+74.7

Thereof other revenue from
the rental business

123.9

116.5

+6.4

47.8

31.7

+50.6

 

 

 

 

 

 

 

Other revenue

9.4

8.6

+9.3

3.8

2.9

+31.9

 

 

 

 

 

 

 

Consolidated revenue

1,630.1

1,179.6

+38.2

799.0

462.6

+72.7

 

Earnings performance

 

 

Change

 

 

Change

in EUR million

9M 2021

9M 2020

in %

Q3 2021

Q3 2020

in %

Fleet expenses

365.1

336.5

+8.5

154.2

115.7

+33.3

Personnel expenses

289.9

260.4

+11.3

117.1

77.5

+51.2

Depreciation and amortisation expense

271.9

339.7

-20.0

96.0

100.8

-4.7

Net other operating income/expenses

-359.2

-272.2

+32.0

-168.8

-93.7

+80.2

Earnings before net finance costs and taxes (EBIT)

343.9

-29.2

-1,276.0

262.8

74.9

+251.1

Financial result

-26.5

-27.7

-4.2

-9.6

-8.9

+7.9

Earnings before taxes (EBT)

317.4

-56.9

-657.8

253.2

66.0

+283.8

Income taxes

67.3

23.9

+182.2

55.8

32.1

+73.8

Result from continuing operations

250.1

-80.8

-409.7

197.4

33.8

+483.2

Result from discontinued operations

-

100.8

-100.0

-

41.5

-100.0

Consolidated profit

250.1

20.0

+1,147.9

197.4

75.4

+161.9

 

Other key figures for the Group

30 Sep. 2021

31 Dec. 2020

Change in %

Total assets (in EUR million)

4,759.1

4,428.5

+7.5

Rental vehicles (in EUR million)

3,192.3

2,204.6

+44.8

Equity (in EUR million)

1,664.5

1,394.7

+19.3

Equity ratio (in %)

35.0

31.5

+3.5 points

 

 

 

 

 

9M 2021

9M 2020

Change in %

Investments (in EUR billion)2

4.44

4.17

+6.5

Average number of rental vehicles (Group)

120,700

117,900

+2.3

 

1 Revenue from the rental business, excluding revenue from the sale of used vehicles

2 Value of vehicles added to the rental fleet

 


11.11.2021 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:

1248087


 

End of News

DGAP News Service

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