News Detail

Sixt Leasing SE develops Online Retail into its largest business field - Managing Board confirms forecast for the 2018 financial year after an increase in revenue in the first quarter

• Contract portfolio in the Online Retail business field tops contract portfolios in the Fleet Leasing and Fleet Management business fields for the first time
• Consolidated revenue increases by almost 8 per cent year on year to EUR 202 million - EBT at EUR 8 million as expected
• Share of diesel vehicles without buyback agreements in new orders successfully reduced
• Advances in the implementation of the DRIVE>2021 strategy programme leave the Managing Board confident that targets for 2018 will be met

Pullach, 28 May 2018 - Sixt Leasing SE, market leader in online sales of new vehicles and specialist in management and full-service leasing for large fleets, has developed its pioneering Online Retail business field into its largest business field at an early stage and confirms its forecast for the 2018 financial year after an increase in revenue in the first quarter of the year. The contract portfolio in the Online Retail business field increased by 3.3 per cent to 46,900 contracts in the period from the end of December to the end of March. The contract portfolio in the Fleet Leasing business field faced a slight decrease of 3.3 per cent to 46,500 contracts. In the Fleet Management business unit, the contract portfolio climbed by 1.9 per cent
to 40,100 contracts. Overall, the Group's contract portfolio in Germany and abroad (excluding franchise and cooperation partners) rose by 0.5 per cent to 133,500 contracts.

Consolidated revenue in the first quarter 2018 climbed year on year by 7.6 per cent to EUR 202.0 million. The Group's operating revenue (excluding sales revenue) improved by 6.9 per cent to EUR 120.3 million. Sales revenue from leasing returns and marketed customer vehicles increased by 8.6 per cent to EUR 81.6 million, driven in particular by a significantly higher number of leasing vehicle returns from Online Retail.

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first quarter increased year on year by 6.5 per cent to EUR 60.9 million. The financial result improved significantly by 21.8 per cent to EUR -3.6 million. The reason for this was, in particular, the reduction in interest expenses as a result of the repayment of the largest portion of the core facility in the amount of EUR 300 million to Sixt SE in mid-2017. Consolidated earnings before taxes (EBT) resulted in a slight decline of 5.3 per cent to EUR 8.0 million as expected. As a result, the operating return on revenue decreased slightly by 0.8 percentage points to 6.7 per cent, but at the same time remained clearly above the target figure of 6.0 per cent. Consolidated net profit declined slightly by 1.1 per cent to EUR 5.9 million.

Thomas Spiegelhalter, CEO of Sixt Leasing SE: "With the development of our pioneering Online Retail business field into the Group's largest business field, we have already achieved an important goal for the full-year 2018 in the first quarter alone. Beyond that, we are also satisfied with the progress made in other respects in the first quarter. We have been able to further increase consolidated revenue and successfully continue the implementation of our strategy programme DRIVE>2021. This progress makes us confident that we will achieve our targets for the 2018 financial year and, in doing so, lay the foundation for even stronger and more profitable growth in the future."

Successful risk management
In the first quarter of 2018, Sixt Leasing successfully continued to reduce the potential residual value risk from diesel vehicles in the portfolio, as planned. The share of new contracts for diesel vehicles without buyback agreements noticeably decreased by 12 percentage points compared to the fourth quarter 2017, down to approximately 22 per cent. In Germany, the share decreased to only around 17 per cent. In addition, the German portfolio of diesel vehicles with Euro 5 standard or lower without buyback agreement decreased, as expected, from around 5,600 to around 4,700 vehicles in the period from the end of December to the end of March.

The equity ratio amounted to 14.5 per cent at the end of March 2018, resulting in a slight improvement of 0.3 percentage points from the end of December 2017. Gross cash flow improved year on year by 13.7 per cent to EUR 53.5 million. Investments in lease assets significantly increased by 18.4 per cent to EUR 157.2 million.

The Managing Board continues to expect a slight increase in the Group's contract portfolio, consolidated operating revenue and EBITDA for the fiscal year 2018. The Board also maintains its expectation that EBT will remain at roughly the same level as the previous year. Operating return on revenue is also expected to be in line with the 6 per cent target.

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The Group Quarterly Statement of Sixt Leasing Group as of 31 March 2018 can be downloaded at http://ir.sixt-leasing.com/interim-reports.

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 platforms sixt-neuwagen.de and autohaus24.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 2017, the Group generated consolidated revenue of EUR 744 million.

www.sixt-leasing.de

Contact:
Sixt Leasing SE
Investor Relations
Stefan Kraus
+49 89 74444 4518
[email protected]


The Sixt Leasing Group in Q1 2018 at a glance
(Figures according to IFRS)¹

Revenue performance

Earnings performance

Further key figures

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¹ Rounding differences possible
² Ratio EBT to operating revenue (=consolidated revenue without sales revenue)