News Detail

Sixt Leasing SE expects the Group's contract portfolio as of year-end now to be at the level of the previous year; Forecasts regarding revenue and earnings confirmed

Pullach, 21 September 2018 - After today's conclusion of an analysis of the development of the contract numbers for the period January through August 2018 and an updated forecast for the two business units Leasing (Fleet Leasing and Online Retail) and Fleet Management, the Managing Board of Sixt Leasing SE expects the Group's contract portfolio regarding both business units as of year-end to be approximately at the level of the previous year. Previously, a slight increase of the Group's contract portfolio was forecasted.

With respect to the Online Retail business field, the Company now expects the number of new contracts in the full-year 2018 to amount to 10,000 to 12,000. Previously, the Managing Board expected an increase in new business by approximately 20 per cent compared to the adjusted number of approximately 12,000 new contracts in the previous year (not taking into account the 1&1 campaign). In the Fleet Leasing business field, a contract portfolio as of year-end of approximately 43,000 contracts is expected (2017: 48,100 contracts). Previously, the Managing Board expected a slight decrease of the contract portfolio. The forecast for the contract portfolio in the Fleet Management business unit remains unchanged.

The Company believes that the adjustment of the forecast for the Online Retail business field is, among others, caused by the postponement of an advertisement campaign, which was planned for the fourth quarter of 2018, to the following year. Moreover, a lower demand following the still tense supply situation with respect to certain manufacturers due to the transition of the emission measurement procedure of vehicles to the WLTP standard and a still burdening market environment due to the diesel discussion had an effect. The main reason for the decrease in the Fleet Leasing business field is the unexpected drop-out of a volume customer.

Nevertheless, with respect to the full-year 2018, the Company continues to expect a slight increase in consolidated operating revenue (2017: EUR 454.4 million) and consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA; 2017: EUR 234.3 million) and to expect consolidated earnings before taxes (EBT) to be approximately at the level of the previous year (2017: EUR 29.7 million). Also, the target for the operating return on revenue remains unchanged at 6.0 per cent (2017: 6.5 per cent). The Company expects the Group's contract portfolio at the end of the current year to be approximately at the level of the previous year (2017: 132,900 contracts)

Note: 'Consolidated operating revenue' and 'operating return on revenue' are non-IFRS figures. Information on the composition of the Group's operating revenue and the calculation of the operating return on revenue are available in the Annual Report 2017 of Sixt Leasing SE on page 100 (available under ir.sixt-leasing.com).