News Detail

• Online Retail: Business field for new vehicle sales via internet brings substantial lift to the contract portfolio in the first half of 2017
• Progress in Group financing: Repayment of EUR 300 million according to plan means further savings in interest costs in second half of the year
• Positive outlook: Managing Board expects continued revenue and earnings growth in fiscal year 2017

Pullach, 16 August 2017 - Sixt Leasing SE, market leader in online sales of new vehicles as well as specialist in management and full-service leasing of large fleets, confirms its outlook for the fiscal year 2017. Above all, the growth in the Online Retail business field is encouraging the Managing Board. This business field's contract portfolio has been climbing 55.1 percent since the start of the year, up to 42,500 contracts. Compared to the same period the year before the contract growth was at 74.4 percent. Across the Group the number of contracts as at 30 June 2017 totalled 128,900 contracts. This equals a gain of 13.5 percent for the first six months of 2017 and 22.6 percent compared to 30 June 2016.

Rudolf Rizzolli, CEO of Sixt Leasing SE: "As planned, our Online Retail business is becoming the most important business field of the Group. With a plus of almost 75 percent over the same period the year before it has turned into the growth driver for Sixt Leasing. The strong demand we record for our offerings in the internet, including for example the 'flat rate for the road', demonstrates that we touched a nerve with consumers. Our strategy of driving forward the digitalisation of new vehicle sales and to secure further shares on this market has proved to be spot on."

Business performance
While the contract portfolio for the Online Retail business field gained 55.1 percent in the first six months of 2017 to 42,500 contracts, the number of contracts for the other two business fields remained stable. Fleet Leasing recorded 47,600 contracts by the end of June 2017, a plus of 0.1 percent. For the Leasing business unit, which comprises the Online Retail and Fleet Leasing business fields, the number of contracts climbed to 90,100 contracts, 20.2 percent more than at the end of 2016. The Fleet Management business unit recorded a gain of 0.4 percent to 38,800 contracts. Over the period from the end of 2016 to the end of June 2017, the Group's total number of contracts inside and outside Germany (excluding franchise and cooperation partners) gained 13.5 percent to 128,900 contracts. Compared to 30 June 2016 the growth of the Group's contract portfolio even came to 22.6 percent.

Consolidated revenue in the first half of 2017 went up 4.3 percent over the same period the year before to EUR 368.7 million. Operating revenue (without sales revenue) gained 6.0 percent to EUR 223.6 million. Sales revenue from returned leasing vehicles and the marketing of customer cars came to EUR 145.1 million, 1.8 percent higher than the figure recorded the year before.

The significant growth in the contract portfolio also improved the future earnings strength of the Company. The growth investments undertaken for digitalisation and IT solutions as well as in expanding the new business activities continued to burden earnings in the first half of the year. Nonetheless, consolidated earnings before taxes (EBT) increased 3.2 percent to EUR 16.8 million. Referenced to the revenue without sales revenue, the operating return on revenue came to 7.5 percent and was thus almost on a par with the last year's figure of 7.7 percent and still substantially above the targeted 6.0 percent. Following the dividend payout of EUR 9.9 million the equity ratio as at 30 June 2017 came to 15.5 percent and thus significantly above the targeted minimum of 14.0 percent.

Group financing
Following the successful placement of a bond, Sixt Leasing SE was able to redeem a significant volume in the amount of EUR 300 million from the Core Loan provided by Sixt SE as planned at the earliest time on 30 June 2017. Hence, the transfer of Sixt Leasing Group's financing from Sixt SE to external financing arrangements, which had started in 2015, continues to be fully in line with the schedule.

Björn Waldow, CFO of Sixt Leasing SE: "With the repayment at the end of June we reduced the outstanding redemption amounts to Sixt SE to EUR 190 million. This will mean a further reduction in our interest costs. We also thereby remain fully in line with setting up our own independent and diversified financing structure."

Outlook
For the full fiscal year 2017 and on the basis of the successful business performance of the first six months, the Company expects to see a further growth of the contract portfolio, an increase of earnings before taxes (EBT) in the high single-digit percentage range, a slight improvement in operating revenue and an equity ratio above the targeted minimum figure of 14 percent. Moreover, the Managing Board specifies its forecast for the Online Retail business field. Given the ongoing dynamic growth seen in the first six months of 2017, above all thanks to the 'flat rate for the road' offer, the Managing Board expects the contract portfolio to reach around 45,000 contracts by the end of the year.


The Sixt Leasing Group in H1 2017 at a glance

(Figures in accordance with IFRS)¹

Revenue performance

¹ Due to roundings, it is possible that selected figures in this release cannot be added up to the amount recorded and that the year figures listed do not follow from adding up the individual quarterly figures. For the same reason, the percentage figures listed may not always exactly reflect the absolute numbers to which they refer.
² The write-downs on lease assets intended for sale are accounted as fleet expenses and cost of lease assets since the financial year 2016. The figures of the previous year are adjusted accordingly.
³ Ratio of EBT to operating revenue
⁴ Ratio of consolidated profit attributable to the Group shareholders to weighted number of shares for the period
⁵ Liabilities to Sixt SE (Core Loan)
⁶ Mainly liabilities to Sixt SE
⁷ Current and non-current financial liabilities, including finance leases
⁸ Value of vehicles added to the leasing fleet


About Sixt Leasing
Sixt Leasing SE (WKN: A0DPRE / ISIN: DE000A0DPRE6) based in Pullach near Munich is market leader in online sales of new vehicles as well as specialist in management and full-service leasing of large fleets. With tailor-made solutions, the company enables the longer-term mobility of its private and corporate customers.

Private and commercial customers use the online platform sixt-neuwagen.de to lease new vehicles affordably. Corporate customers benefit from the cost-saving leasing of their vehicle fleet and from efficient fleet management.

Sixt Leasing SE has been listed in the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) since 7 May 2015. In fiscal year 2016 the Group generated consolidated revenues of EUR 714 million.

www.sixt-leasing.com

Contact:
Sixt Leasing SE
Corporate Communications
Stefan Kraus
+49 89 74444 - 4518
[email protected]