(Wertpapierhandelsgesetz – German Securities Trading Act)
Sixt AG, Zugspitzstr. 1, 82049 Pullach, Germany
WKN: 723132, ISIN: DE0007231326
WKN: 723133, ISIN: DE0007231334
Frankfurter Stock Exchange, Prime Standard Segment
Pullach, Germany, 18 August 2009 – The Sixt Group generated consolidated earnings before net finance costs and taxes (EBIT) of EUR 22.4 million in the second quarter of 2009 (Q2 2008: EUR 40.7 million). Profit before taxes (EBT) amounted to EUR 9.1 million (Q2 2008: EUR 30.4 million). The significant improvement in the mobility services provider’s earnings as against the first quarter of 2009 is due to the continued high level of stable demand at both its Vehicle Rental and Leasing Business Units and its improved cost structure, in particular with regard to fleet costs.
At EUR 188.1 million, rental revenue (excluding other revenue from rental business) fell by 5.0% compared with the high figure in the prior-year quarter. Overall, the Vehicle Rental Business Unit’s quarterly revenue was EUR 249.7 million, down 10.5% year-on-year. The Leasing Business Unit recorded leasing revenue of EUR 103.5 million in the second quarter, a slight decline of 3.7% as against the prior-year quarter. At EUR 406.1 million, consolidated revenue in the second quarter was down 9.5% on Q2 2008 (EUR 448.7 million), but up 7.8% on Q1 2009.
Rental revenue amounted to EUR 364.9 million in the first half of the year, slightly below the prior-year level (-2.7%). The Vehicle Rental Business Unit recorded total revenue of EUR 464.9 million in the first six months of 2009 ( 12.4%). At EUR 205.3 million, leasing revenue in the Leasing Business Unit remained at the prior-year level (-0.5%). Sixt reported consolidated revenue of EUR 782.8 million for the first half of 2009 (H1 2008: EUR 854.6 million; -8.4%).
The Group recorded positive EBIT of EUR 22.4 million in the second quarter (Q2 2008: EUR 40.7 million) and positive EBT of EUR 9.1 million (Q2 2008: EUR 30.4 million). EBIT amounted to EUR 1.4 million in the first half of the year (H1 2008: EUR 91.7 million) and EBT was EUR -25.5 million (prior-year period: EUR 65.8 million). Adjusted six-month EBT, in which the effects of the reduction in the fleet size and the switch in financing of part of the fleet from purchases to leasing were eliminated, reached a positive EUR 9.8 million (H1 2008: EUR 33.1 million).
Sixt reported a consolidated loss for the first six months of EUR 22.4 million (H1 2008: consolidated profit of EUR 44.9 million); however, the Group generated a profit of EUR 4.1 million in the second quarter (previous year: EUR 20.1 million).
In light of the trend in operating demand – which can still be described as satisfactory given the difficult economic environment – and the expected further reduction in costs, the Managing Board continues to forecast a clearly positive EBT for full-year 2009 provided that no unforeseen negative events occur that have a material impact on the Group.
Sixt Central Press Office
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