DGAP-News: Sixt Leasing affirms outlook for full-year 2017 following strong growth in Q1

Sixt Leasing affirms outlook for full-year 2017 following strong growth in Q1

• Positive outlook: Managing Board expects dynamic revenue and earnings growth to continue in fiscal year 2017
• Growth driver Online Retail: Business field for online sales of new vehicles gains around 58 percent year-on-year in Q1 2017 to further increase contract portfolio
• Milestone in Group financing: Successful placement of bond with volume of EUR 250 million and coupon of 1.125 percent

Pullach, 10 May 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, affirms its outlook for the full fiscal year 2017 thanks to its Online Retail business field's persistently strong growth in Q1. The Managing Board still expects an increase of earnings before taxes (EBT) in the high single-digit percentage range and a slight increase of operating revenue. Moreover, the Managing Board maintains its outlook for the equity ratio, which once again is set to exceed the targeted minimum level of 14 percent.

Rudolf Rizzolli, CEO of Sixt Leasing SE: "As planned, our Online Retail business field continues to mature step by step into the Group's largest business field. Growing almost
60 percent year-on-year we have started very well into the new year and underpinned once again that the future of new vehicle sales is digital."

From the end of December 2016 to end of March 2017 the Online Retail business field grew its contract portfolio by 32.3 percent to 36,300 contracts. This was above all due to the successful launch of the "flat rate for the road", a joint initiative of 1&1, Peugeot and Sixt Leasing to offer the usage of a fully-equipped Peugeot 208 including transfer, registration, taxes and insurance from 99.99 euros (incl. VAT) per month. Strong demand for this innovative leasing offer has prompted the Managing Board to upgrade its outlook for the Online Retail business field's contract portfolio from 36,000 to significantly more than 40,000 contracts by the end of the year 2017.

The other two business fields kept their contract portfolio mainly stable. Thus, the number of contracts in Fleet Leasing at the end of Q1 came to 47,300 contracts, while Fleet Management registered 38,900 contracts. All in all, the Group's total number of contracts inside and outside Germany (excluding franchise and cooperation partners) gained a significant 7.8 percent to 122,500 contracts.

Also consolidated revenue for the first quarter of 2017 climbed 7.6 percent year-on-year to EUR 187.7 million. At the same time, operating revenue (without the proceeds from vehicle sales) improved above average by 8.9 percent to EUR 112.5 million. Revenues from the sale of returned leasing vehicles and the marketing of customer cars gained 5.9 percent to EUR 75.1 million.

Consolidated earnings before taxes (EBT) increased by 5.1 percent to EUR 8.5 million. The operating return on revenue came to 7.5 percentage points and was thus almost on a par with the last year's figure of 7.8 percent and still substantially above the targeted 6.0 percent. Compared with Q4 2016, the equity ratio decreased slightly by 0.9 percentage points to
15.7 percent due to the bond placement, but was still substantially above the declared minimum of 14.0 percent.

One of the highlights of Q1 was also the successful placement of Sixt Leasing SE's first corporate bond with a volume of EUR 250 million and a coupon of 1.125 percent. The bond issue met with lively demand from domestic and international investors and was oversubscribed several times.

Björn Waldow, CFO of Sixt Leasing SE: "With our debut on the bond market we passed another important milestone towards setting up our own independent and diversified financing structure. We are now well positioned to repay further partial amounts of the loan granted by Sixt SE and are thereby lowering our interest rate costs still further."


The Sixt Leasing Group in Q1 2017 at a glance

(Figures in accordance with IFRS)¹
 

Revenue performance

Earnings performance

Balance sheet figures

¹ Due to roundings, it is possible that selected figures in this Press 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 - 4723
[email protected]