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Sixt SE: ​​​​​​​Thanks to its consistent cost management Sixt SE returns into profit zone in Q3 2020 - uncertainty remains over further business development due to renewed Corona-related restrictions

·12-min read

DGAP-News: Sixt SE / Key word(s): Quarterly / Interim Statement/9 Month figures
12.11.2020 / 07:33
The issuer is solely responsible for the content of this announcement.

Thanks to its consistent cost management Sixt SE returns into profit zone in Q3 2020 - uncertainty remains over further business development due to renewed Corona-related restrictions

Pullach, 12 November 2020 - The Sixt Group generated a pre-tax profit of EUR 66.0 million in the third quarter of 2020, which is historically the strongest quarter over the course of the year. This means that the international mobility service provider is back in the profit zone following the loss incurred in the second quarter in the wake of the worldwide Corona lockdown. The positive result was facilitated by the significant reduction of the total cost basis, which by comparison to the same period last year was cut by around EUR 400 million during the first nine months. Besides the significant reduction of the rental fleet, over EUR 200 million of these reductions were made in personnel and material costs, which thereby already substantially exceeded the full-year target of EUR 150 million. In view of the continuing high level of uncertainty in the market due to the international travel restrictions, SIXT is still refraining from issuing a forecast for the full fiscal year 2020.

During the third quarter SIXT registered increasing demand from both private as well as corporate customers, especially for time-flexible mobility solutions such as auto subscriptions, flatrate products or carsharing. With the resurgence of Corona infections both at home and abroad, travellers are increasingly deciding not only against air traffic and public transportation but also against train travel and prefer the car as a safe alternative. This positive trend is still offset by ongoing lacklustre business at airport stations on account of the persistent limitations to air traffic.

Erich Sixt, CEO of Sixt SE: "SIXT did everything to continue implementing its growth strategy and to be optimally prepared for the time after the crisis. We drove forward the digital transformation and expanded our product portfolio with the SIXT+ car subscription service, which is already available in five European countries and the USA. In the growth market USA, SIXT's expansion continues apace with now 100 stations and a strong presence at almost all important airports. We are also registering very encouraging signals from the customer demand side. Not only private but more and more corporate and business customers are counting on individual mobility in times of resurgent infection numbers. They are discovering that the rental vehicle is in many cases the more cost-advantageous and efficient travel variant, irrespective of Corona. Even if the positive momentum of the third quarter cannot continue over the coming months due to the Corona restrictions, this general trend is making us optimistic for the long-term development of SIXT. All in all, we are mastering the crisis much better than our competitors."

Alexander Sixt, CAO of Sixt SE: "SIXT did its homework over the course of the year and returned to profitability in the third quarter. Overall, we managed to bring down our cost basis by around EUR 400 million during the first nine months compared with the same period last year and so generated a positive free cash flow of almost half a billion euros. This very clearly demonstrates the adaptability of our business model, which allows us to react at short notice to changes in demand. Lately our equity ratio went up to 31% thanks to the successful deconsolidation of the sold leasing business which, together with the comfortable financing basis of around EUR 500 in bank balances and the unused billions in financing means, gives us the certainty and stability to master the undoubtedly challenging months ahead of us."

Operative highlights of Q3 2020

Key Group figures for the first nine months and Q3 2020

Preliminary Note: Where not mentioned otherwise, the following key figures for period 1 January 2020 to 30 September 2020 cover the Mobility Business Unit as well as the other continued activities, which are not categorised as part of the Mobility Business Unit. Pursuant to IFRS 5 the post-tax earnings of the discontinued Leasing Business Unit, sold in July 2020, are recorded separately in the Profit and Loss Statement. For comparative purposes, last year's figures have been adjusted accordingly where necessary.

Developments in fiscal year 2020
As already announced on 21 October it is still not clear to what extent SIXT's business will be affected by the effects of the COVID-19 pandemic given that during the last few weeks travel restrictions have once again drastically increased. The resulting uncertainties for business operations continue to remain very high so that the Company still cannot issue a forecast for the full fiscal year 2020.

Today Sixt SE published its Group Quarterly Statement as of 30 September 2020 on its website at http://ir.sixt.com in the section "Financial Reports."

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 is offering a uniquely integrated service of mobility across the fields of vehicle rental, carsharing, chauffeur services and vehicle subscription. The products can be booked through one single app, which also integrates the services of renowned mobility partners. SIXT has a presence in around 110 countries around the globe. The Company is characterised by consistent customer orientation, a lived culture of innovation with a strong technological expertise, the high share of premium vehicles in its fleet and an attractive price-performance ratio. The Sixt Group generated revenue of EUR 3.31 billion in 2019 and ranks as one of the most profitable mobility companies worldwide. SIXT SE is the parent company of the Group and has been listed on the Frankfurt stock exchange since 1986 (German WKN ordinary share: 723132, WKN preference share: 723133). https://about.sixt.de

 

Press contact:

Kathrin Greven / Stefanie Seidlitz
SIXT Central Press Office
Tel.: +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)

 

 

 

1 Value of vehicles added to the rental fleet

 


12.11.2020 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

Revenue development

 

 

Change

 

 

Change

in EUR million

9M 2020

9M 2019

in %

Q3 2020

Q3 2019

in %

Operating revenue

1,170.9

1,908.3

-38.6

459.7

778.2

-40.9

 

 

 

 

 

 

 

Mobility Business Unit

1,170.9

1,908.3

-38.6

459.7

778.2

-40.9

Thereof rental revenue

1,054.5

1,729.4

-39.0

428.0

709.3

-39.7

Thereof other revenue from
rental business

116.5

178.9

-34.9

31.7

68.8

-53.9

 

 

 

 

 

 

 

Other revenue

8.6

4.8

+78.0

2.9

2.1

+37.3

 

 

 

 

 

 

 

Consolidated revenue

1,179.6

1,913.1

-38.3

462.6

780.3

-40.7

Earnings performance

 

 

Change

 

 

Change

in EUR million

9M 2020

9M 2019

in %

Q3 2020

Q3 2019

in %

Fleet expenses

336.5

466.0

-27.8

115.7

183.1

-36.8

Personnel expenses

260.4

342.9

-24.1

77.5

120.6

-35.8

Depreciation and amortisation expense

339.7

384.2

-11.6

100.8

151.7

-33.5

Net other operating income/expenses

-272.2

-438.5

-37.9

-93.7

-170.1

-44.9

Earnings before net finance costs and taxes (EBIT)

-29.2

281.6

>-100

74.9

154.8

-51.6

Net finance costs

-27.7

-21.6

+28.0

-8.9

-8.2

+8.4

Earnings before taxes (EBT)

-56.9

260.0

>-100

66.0

146.6

-55.0

Thereof Rental Mobility

-56.4

260.0

>-100

66.2

146.8

-54.9

Income tax expense

23.9

73.8

-67.7

32.1

37.1

-13.3

Result from continuing operations

-80.8

186.2

>-100

33.8

109.5

-69.1

Result from discontinued operations, net of taxes

100.8

16.0

>100

41.5

5.7

>100

Consolidated profit/loss

20.0

202.2

-90.1

75.4

115.2

-34.6

Other key figures for the Group

30 Sep. 2020

31 Dec. 2019

Change in %

Total assets (in EUR million)

4,642.4

6,249.4

-25.7

Rental vehicles (in EUR million)

2,438.7

3,033.4

-19.6

Equity (in EUR million)

1,425.2

1,592.2

-10.5

Equity ratio (in %)

30.7

25.5

+5.2 points

 

 

 

 

 

9M 2020

9M 2019

Change in %

Investments (in EUR billion)1

4.17

5.76

-27.7

Average number of rental vehicles (Group)

117,900

153,400

-23.1

 

 

 

 

Revenue development

 

 

Change

 

 

Change

in EUR million

9M 2020

9M 2019

in %

Q3 2020

Q3 2019

in %

Operating revenue

1,170.9

1,908.3

-38.6

459.7

778.2

-40.9

 

 

 

 

 

 

 

Mobility Business Unit

1,170.9

1,908.3

-38.6

459.7

778.2

-40.9

Thereof rental revenue

1,054.5

1,729.4

-39.0

428.0

709.3

-39.7

Thereof other revenue from
rental business

116.5

178.9

-34.9

31.7

68.8

-53.9

 

 

 

 

 

 

 

Other revenue

8.6

4.8

+78.0

2.9

2.1

+37.3

 

 

 

 

 

 

 

Consolidated revenue

1,179.6

1,913.1

-38.3

462.6

780.3

-40.7

Earnings performance

 

 

Change

 

 

Change

in EUR million

9M 2020

9M 2019

in %

Q3 2020

Q3 2019

in %

Fleet expenses

336.5

466.0

-27.8

115.7

183.1

-36.8

Personnel expenses

260.4

342.9

-24.1

77.5

120.6

-35.8

Depreciation and amortisation expense

339.7

384.2

-11.6

100.8

151.7

-33.5

Net other operating income/expenses

-272.2

-438.5

-37.9

-93.7

-170.1

-44.9

Earnings before net finance costs and taxes (EBIT)

-29.2

281.6

>-100

74.9

154.8

-51.6

Net finance costs

-27.7

-21.6

+28.0

-8.9

-8.2

+8.4

Earnings before taxes (EBT)

-56.9

260.0

>-100

66.0

146.6

-55.0

Thereof Rental Mobility

-56.4

260.0

>-100

66.2

146.8

-54.9

Income tax expense

23.9

73.8

-67.7

32.1

37.1

-13.3

Result from continuing operations

-80.8

186.2

>-100

33.8

109.5

-69.1

Result from discontinued operations, net of taxes

100.8

16.0

>100

41.5

5.7

>100

Consolidated profit/loss

20.0

202.2

-90.1

75.4

115.2

-34.6

Other key figures for the Group

30 Sep. 2020

31 Dec. 2019

Change in %

Total assets (in EUR million)

4,642.4

6,249.4

-25.7

Rental vehicles (in EUR million)

2,438.7

3,033.4

-19.6

Equity (in EUR million)

1,425.2

1,592.2

-10.5

Equity ratio (in %)

30.7

25.5

+5.2 points

 

 

 

 

 

9M 2020

9M 2019

Change in %

Investments (in EUR billion)1

4.17

5.76

-27.7

Average number of rental vehicles (Group)

117,900

153,400

-23.1

 

 

 

 

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

WKN:

723132

Indices:

SDAX

Listed:

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

EQS News ID:

1147426


 

End of News

DGAP News Service

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