Sixt records marked revenue and earnings growth in first six months of 2014

Pullach, 19 August 2014 - Sixt SE, Germany’s largest car rental company and one of the
leading international mobility service providers, looks back on a strong first half year 2014.
Almost all relevant parameters for revenue and earnings recorded substantial
improvements. Consolidated operating revenue for the first six months increased by 8.5%
to EUR 760.2 million compared to the same period last year. Total Group revenue climbed
6.0% to EUR 823.8 million. Earnings developed encouragingly with earnings before taxes
(EBT) registering a growth of 16.7% to EUR 67.5 million. Based on the good first half year,
the Managing Board affirms its previous outlook for the whole of 2014. 

Erich Sixt, Chairman of the Managing Board of Sixt SE: “The first six months have
shown that Sixt is in top shape. Our growth is broadly based, with the ongoing expansion
abroad remaining the driver for the encouraging growth in revenue. However, we also
recorded a solid revenue growth in Germany. We will continue to utilize growth
opportunities with resolve but sound judgement to gain further market shares.”

Group performance in the first half of 2014







Group developments in the second quarter of 2014




Extended rental and leasing fleet

In view of growing demand Sixt expanded its vehicle fleet moderately and increased
investments accordingly in the first six months of 2014. In the first half of the year the
company added a total of 93,300 vehicles with a total value of EUR 2.29 billion to the
rental and leasing fleets at home and abroad, after it had added some 82,900 vehicles with
a value of EUR 2.04 billion over the same period the year before. This means that both the
number of vehicles as well as the total value of cars increased by around 12%.


Continued strong equity basis

In mid-2014 Sixt Group's equity came to EUR 676.2 million and was therefore slightly
higher than at the end of 2013 (EUR 675.5 million). Due account must be taken, however,
of the dividends for fiscal year 2013 paid out in June 2014, with an amount of EUR 48.4

At 23.6% the equity ratio continues to be a top rating in the rental and leasing industry (31 December 2013: 28.5%).

Outlook for the whole of 2014

In principle, the improving economic conditions lead to stronger demand for vehicle rental
and leasing services in Sixt's core markets of Western Europe and the USA. An increasing
risk to international travel activities, however, are rising political tensions, above all the
conflict between Russia and the Ukraine and the tensions in the Near East.

Against the background of these factors and in the wake of the good business
performance over the first six months, the Managing Board affirms its expectations for the
whole of 2014. The Board expects consolidated operating revenue to climb slightly over
last year's total. Growth stimulus should once again come predominantly from the markets
abroad, but also from within Germany. On the basis of a continued demand-driven and
cautious fleet policy and tight cost management the aim is to achieve a stable to slightly
increased Group EBT.

Developments in the operating business units

Vehicle Rental
Sixt is represented through its subsidiaries in the core European countries of Germany,
France, Spain, the UK, the Netherlands, Austria, Switzerland, Belgium, Luxembourg and
Monaco (Sixt-Corporate countries) and thus covers the largest part of the European market, making it one of the continent's leading vehicle rental companies. Since 2011 Sixt
has been active with operations on the US rental market. In many other European and
non-European countries, Sixt is additionally represented by franchise and cooperation
partners (Sixt-Franchise countries).


As at 30 June 2014 Sixt had 2,151 rental offices worldwide (company offices and
franchisees), 84 more than at the end of year 2013 (2,067). In the world's biggest rental
market, the USA, the number of rental stations at the end of the first six months increased
to 32 (31 December 2013: 26), among other things, with a new opening at Los Angeles
International Airport. 

The average number of vehicles in the Vehicle Rental Business Unit (in Germany and
abroad, excluding franchisees) for the first six months of the year was 79,200 vehicles and
thus just about 2% more than the average figure for the whole of 2013.


DriveNow, the premium carsharing joint venture Sixt is operating together with BMW,
continued on its growth track. The current number of registered users is over 300,000 in
Germany after 215,000 as of the end of last year.

During the first six months of 2014 the Vehicle Rental Business Unit generated rental
revenue of EUR 507.7 million, a gain of 9.8% on the same figure from the previous year's
period. In Germany, where Sixt has been unrivalled market leader for years, rental
revenue increased 5.6%, while the manifold expansion activities abroad meant that
dynamic growth for foreign operations rose by 16.4%. All in all, revenue for the Business
Unit increased 9.9% to EUR 555.3 million (H1 2013: EUR 505.3 million).

EBT outperformed earnings growth for the first six months, increasing by 17.8% to
EUR 60.0 million (H1 2013: EUR 50.9 million).


Sixt is one of the largest non-bank, vendor-neutral leasing companies in Germany and
additionally operates subsidiaries in France, Switzerland, Austria and the Netherlands. The
focus of business activities is on fleet management and full-service leasing for corporate
and business clients. This covers a wealth of further services alongside the classic finance

The contract portfolio developed very encouragingly during the first half of the year,
reaching 96,200 by mid-2014. This is a gain of around 26% on the number at the end of
2013 and about 21% more than the number of contracts as at 31 March 2014. The strong
growth is mainly attributable to the fleet management segment.

Leasing revenue from January to June 2014 rose 4.9% to EUR 204.9 million (H1 2013:
EUR 195.4 million). The Business Unit's total revenue (including the revenues from the
sale of used leasing vehicles) amounted to EUR 265.9 million, which was almost on a par
with last year's figure (H1 2013: EUR 269.1 million; -1.2%).

The Leasing Business Unit improved EBT by 6.1% during the first half of 2014 to EUR 9.6
million (H1 2013: EUR 9.1 million).

Further information:

 Adress: Lighthouse Towers, Jankovcova 2c, 170 00 Praha 7

Phone:   +420 266 007 011 +420 266 007 054 (reception) 

ICO:      62912691

DIC: CZ 62912691



The Interim Report of Sixt SE as at 30 June 2014 can now be downloaded at


The Sixt Group at a glance1
(All figures in accordance with IFRSs)

Consolidated revenue development


EUR million H1 2014 H1 2013 Change
in %
Q2 2014 Q2 2013 Change
in %
Consolidated operating
760.2 700.7 +8.5 407.6 373.3 +9.2
Vehicle Rental Business Unit   555.3 505.3 +9.9 303.4 274.0 +10.7
Thereof: rental revenue 507.7 462.2 +9.8 277.6 252.1 +10.1
Thereof: other revenue
from rental business
47.6 43.1 +10.5 25.8 21.9 +17.9
Leasing Business Unit 204.9 195.4 +4.9 104.2 99.3 +5.0
Leasing sales revenue 61.0 73.7 -17.2 32.3 35.5 -8.8
Other revenue 2.6 2.6 +1.1 1.3 1.3 -1.6
Consolidated revenue 823.8 777.0 +6.0 441.2 410.1 +7.6

Consolidated earnings development

EUR million H1 2014 H1 2013 Change
in %
Q2 2014 Q2 2013 Change
in %
Fleet expenses and
cost of lease assets
307.9 308.6 -0.2 161.7 158.3 +2.2
Personnel expenses 90.4 85.5 +5.7 45.4 44.6 +1.7
Depreciation and amortisation
163.9 152.1 +7.8 91.9 81.8 +12.4
Net other operating
-173.9 -154.7 +12.4 -91.3 -82.3 +10.9
Earnings before interest and
taxes (EBIT)
87.7 76.1 +15.3 50.9 43.1 +18.0
Net finance costs -20.2 -18.2 +10.8 -10.1 -7.6 +32.8
Earnings before taxes (EBT) 67.5 57.9 +16.7 40.8 35.5 +14.9
Income tax expenses 20.3 17.4 +17.0 12.5 10.5 +19.2
Consolidated profit 47.2 40.5 +16.5 28.3 25.0 +13.1
Earnings per share – basic
(in EUR)2
0.98 0.85   0.59 0.53  


Other key figures for the Sixt Group


  30 June 2014 31 December 2013 Change in %
Total assets (EUR million)   2,870.1 2,370.6 +21.1
Rental vehicles (EUR million)  1,363.8 1,012.7 +34.7
Lease assets (EUR million) 834.4 774.6 +7.7
Equity (EUR million) 676.2 675.5 +0.1
Equity ratio (%) 23.6 28.5 -4.9 ppts
  H1 2014 H1 2013 Change in %
Investments (in EUR billion)3   2.29 2.04 +12.3



1 Details include “at equity” consolidation of joint ventures in the fiscal year, previous year figures were duly adjusted
2 Based on 48.1 million shares in the first six months of 2014 and 48.1 million shares in the first six months of 2013
   (weighted average for the reporting period)
3 Value of vehicles added to the rental and leasing fleet