Sixt Leasing SE, DE000A0DPRE6

Sixt Leasing SE, DE000A0DPRE6

14.11.2017 - 07:34:03

Sixt Leasing continues dynamic growth during the first nine months of 2017 - Online Retail business field expands contract portfolio by almost 70 percent

Sixt Leasing continues dynamic growth during the first nine months of 2017 - Online Retail business field expands contract portfolio by almost 70 percent

Continued dynamic growth: Group contract portfolio substantially increases over first nine months of 2017 Digitalisation of new vehicle sales: in line with plan, Online Retail grows disproportionally strong in line with plan Growth investments: expenses for the further development of innovative IT solutions adversely affect earnings

Pullach, 14 November 2017 - Sixt Leasing SE, market leader in online sales of new vehicles and specialist for managing and offering full-service leasing for large fleets, continued its dynamic growth path during the first nine months of fiscal year 2017. As at 30 September 2017 the Group's contract portfolio increased by 17.4 percent against the previous year and to 130,300 contracts in total. With an increase of 68.7 percent to 43,500 contracts, the Online Retail business field once again took the lead as strongest growth driver. The Fleet Management and Fleet Leasing business fields expanded their contract portfolio by 3.6 percent to 39,300 contracts and 0.5 percent to 47,600 contracts.Björn Waldow, CFO of Sixt Leasing SE: "The dynamic growth of our promising Online Retail business field is keeping up as expected thanks above all to the successful introduction of new offers like the 'flat rate for the road', 'campervan leasing' and the 'environmental bonus' offered on our online platform sixt-neuwagen.de."Business performance Over the first nine months of fiscal year 2017 Group revenue increased by 3.4 percent compared to the same period the year before and totalled EUR 553.0 million. Operating revenue (without vehicle sales revenue) improved by 5.3 percent to EUR 335.2 million. The proceeds from the sale of returned leasing vehicles and the marketing of customer cars gained 0.7 percent to EUR 217.8 million.

Consolidated earnings before taxes (EBT) for the first nine months of fiscal year 2017 amounted to EUR 20.8 million, a decrease by 12.9 percent compared to the last year's figure. In the third quarter 2017 EBT was impacted by higher risk provisions for the residual values of the Group-owned leasing vehicles. These risk provisions reflect market data compiled by specialised value appraisal organisations. According to those, residual value expectations for future vehicle sales have slightly fallen on average. In addition, EBT was also affected by growth investments in digitalisation and IT solutions. This brought the operating return on revenue to 6.2 percent, 1.3 percentage points lower than in the previous year.Björn Waldow: "As first mover in the growth market for new vehicle sales via the internet we are deliberately investing in projects to further develop our IT strategy. This includes, in particular, innovative IT solutions such as setting up a fully digital order process via Video-Ident and eSign on our online platform sixt-neuwagen.de. These expenses are burdening our earnings in the current growth phase. However, we are convinced that these investments will positively contribute on future earnings."Group financing Over the first nine months of 2017 Sixt Leasing SE was able to redeem as planned a significant amount of EUR 300 million from the Core Loan provided by Sixt SE following the successful placement of a bond at the earliest possible time. The remaining portion of EUR 190 million are expected to be repaid during fiscal year 2018 as planned. This means that the transfer of Sixt Leasing Group's financing from Sixt SE to external financing arrangements, which had started in 2015, continues to be fully on schedule.New CEO On 16 October 2017, the Supervisory Board of Sixt Leasing SE appointed Mr. Thomas Spiegelhalter (53) as new Chairman of the Managing Board (CEO), effective as at 1 January 2018. Currently Mr. Spiegelhalter is spokesman of the management board of BERESA Group, one of Germany's largest Mercedes-Benz car dealer groups. As CEO of Sixt Leasing SE he will sign responsible for the strategic development of the company, sales and marketing as well as the purchasing, IT and HR. He will take over the office from Rudolf Rizzolli, whose contract expires.Outlook The Managing Board confirms the modified earnings forecast from October. Accordingly, it expects an EBT of around EUR 30 million for fiscal year 2017. Moreover, the Managing Board continues to expect an increase of the Group's contract portfolio, around 45,000 contracts in the Online Retail business field as well as a slight increase of operating revenue by the end of the year.

The Sixt Leasing Group in 9M 2017 at a glance

(Figures in accordance with IFRS)1

Revenue performance

in EUR million 9M 2017 9M 2016 Change in % Q3 2017 Q3 2016 Change in % Leasing segment 476.2 473.0 +0.7 157.9 160.2 -1.4 Fleet Management segment 76.8 61.7 +24.6 26.3 21.1 +24.7 Consolidated revenue thereof consolidated operating revenue (without sales revenue) thereof sales revenue 553.0 335.2 217.8 534.7 318.4 216.3 +3.4 +5.3 +0.7 184.3 111.6 72.7 181.3 107.5 73.7 +1.6 +3.8 -1.4  

Earnings performance

in EUR million 9M 2017 9M 2016 Changein % Q3 2017 Q3 2016 Change in % Fleet expenses and cost of lease assets2 341.7 330.0 +3.5 114.1 112.6 +1.4 Personnel expenses 24.6 18.4 +33.8 7.8 6.7 +17.3 Depreciation and amortisation2 140.4 131.4 +6.9 49.7 43.3 +14.9 Net other operating income/expense -12.4 -15.7 -20.8 -5.0 -6.7 -25.4 Net finance costs -13.1 -15.2 -14.3 -3.5 -4.3 -18.6 Earnings before taxes (EBT) 20.8 23.9 -12.9 4.0 7.6 -47.1 Operating return on revenue (%)3 6.2 7.5 -1.3 points 3.6 7.1 -3.5 points Income tax expenses 5.4 6.4 -15.7 1.1 2.2 -47.5 Consolidated profit 15.4 17.5 -11.9 2.9 5.5 -47.0 Earnings per share (in EUR)4 - basic and diluted 0.75 0.85 - 0.14 0.27 -  

Balance sheet figures

in EUR million 30 Sep 2017 31 Dec 2016 Change in % Total assets 1,335.6 1,172.2 +13.9 Lease assets 1,138.9 1,020.8 +11.6 Non-current liabilities to related parties5 190.0 490.0 -61.2 Current liabilities to related parties6 3.2 3.8 -15.3 Financial liabilities7 765.8 353.7 >+100 Equity 199.6 194.7 +2.5 Equity ratio (%) 14.9 16.6 -1.7 points   9M 2017 9M 2016 Change in % Investments in lease assets8 434.4 343.6 +26.4  

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 revenue4 Ratio of consolidated profit attributable to the Group shareholders to weighted number of shares for the period5 Liabilities to Sixt SE (Core Loan)6 Mainly liabilities to Sixt SE7 Current and non-current financial liabilities, including finance leases8 Value of vehicles added to the leasing fleetAbout 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 Investor Relations Stefan Kraus +49 89 74444 - 4518 ir-leasing@sixt.com

14.11.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: Sixt Leasing SE Zugspitzstraße 1 82049 Pullach

Germany Phone: +49 (0)89 744 44 - 4518 Fax: +49 (0)89 744 44 - 8 4518 E-mail: ir-leasing@sixt.com Internet: http://www.sixt-leasing.de ISIN: DE000A0DPRE6, DE000A2DADR6 WKN: A0DPRE Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange; Luxemburg   End of News DGAP News Service

628693  14.11.2017 

@ dgap.de

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