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PRESS RELEASE: Sixt SE: Another record year: In 2019 SIXT once more records double-digit growth thanks to consistent digitisation and internationalisation - Challenging year 2020 ahead given the worldwide Corona crisis

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DGAP-News: Sixt SE / Key word(s): Preliminary Results
Sixt SE: Another record year: In 2019 SIXT once more records double-digit
growth thanks to consistent digitisation and internationalisation -
Challenging year 2020 ahead given the worldwide Corona crisis

2020-03-25 / 07:51
The issuer is solely responsible for the content of this announcement.

*Another record year: In 2019 SIXT once more records double-digit growth
thanks to consistent digitisation and internationalisation - Challenging
year 2020 ahead given the worldwide Corona crisis*

· *Group revenue for 2019 up by 12.9% to EUR 3.31 billion, foreign growth
up as much as 21.5%*

· *Consolidated earnings before taxes (EBT) of EUR 337.4 million even
slightly higher than adjusted figure of previous year despite substantial
expenditure on expansion and digitisation *

· *Thanks to the successful digitisation and internationalisation, key
course is set for the strategic further development of the SIXT Group *

· *Expectations for 2020 still positive, albeit very much reduced
consolidated EBT*

· *SIXT reacts to strong uptake in demand from private customers at
downtown stations with new offers, especially for long-term rentals and
carsharing; customers are looking for safe alternative to means of mass
public transportation *

· *Extensive measures introduced since start of March to limit financial
effects of Corona crisis: substantial cut to the rental fleet over the
short term to free up capacities and liquidity, shifting investments and
significant savings in material and personnel costs of up to EUR 100
million*

· *Sale of stake in Sixt Leasing SE fully in line with plan: Bidder's
offer document published on 24 March 2020 *

· *Suspension of dividend payment scheduled for the past fiscal year*

· *Erich Sixt, CEO of Sixt SE: " In 2019 SIXT set the bar worldwide for
the mobility market. We are well equipped to face down the Corona crisis
despite all adversities."*

*Pullach, 25 March 2020* - According to preliminary calculations, SIXT once
again generated a record figure for revenue in fiscal 2019 and significantly
expanded its position in the worldwide mobility market. The mobility service
provider's consolidated revenue climbed 12.9% to EUR 3.31 billion thanks to
increased demand at home and abroad, and thus for the first time exceeded
the EUR 3 billion mark. Pre-tax earnings (EBT) came to EUR 337.4 million
despite significant expenditure on the internationalisation and digitisation
of products, processes and stations and even topped the already high level
of the adjusted figure for the previous year of EUR 336.7 million.

*Erich Sixt, CEO of Sixt SE*: "Last year we defined the benchmark in the
mobility market and cemented our position as an innovation and technology
leader. In operative terms, 2019 was another record year for SIXT. Our
persistently strong growth is far ahead of the average for our industry and
has seen us expand our global market position. Moreover, with our successful
digitisation offensive, we defined the key course for the strategic further
development of the SIXT Group.Following such a long success story, 2020 will
be a break with tradition. However, we have the financial strength, the
decades of experience and entrepreneurial resolve to face up squarely to
this exceptional challenge posed by the Corona virus. This holds true all
the more as we can already see a substantial increase in demand for some
business areas, because private customers are looking at rental and
carsharing vehicles as a safe alternative to the public transportation
system."

*Successful digitisation offensive *
The mobility platform SIXT ONE, which was launched at the end of February
2019 with the services SIXT rent (vehicle rental), SIXT share (carsharing)
and SIXT ride (ride hailing services) together with the new SIXT app,
developed very well in its first year, and its performance exceeded our own
expectations. SIXT ONE brings together over 280,000 vehicles and over 2,100
stations worldwide. The number of downloads for the new SIXT app came to 2.3
million and the number of bookings for SIXT rent, made with the new app,
increased by over 60% since its launch. The share of bookings made through
the internet and mobile end devices increased to 70% across all customer
groups.

*Broad-based growth in 2019*
As in the years before, foreign operations were once again the growth driver
for SIXT last year. In the wake of such growth-enhancing measures as station
openings and capacity expansions in existing stations, foreign revenue in
the Group came to EUR 1.59 billion, a gain of 21.5% over the preceding year
(EUR 1.31 billion). This development was driven above all by the activities
in such core markets as Italy, France, Spain and ultimately the USA, the
world's biggest vehicle rental market. In Germany the SIXT Group increased
its revenue from an already high level by another 5.9% to EUR 1.72 billion
(2018: EUR 1.62 billion).

*Key Group figures for fiscal 2019*

· SIXT Group's *total revenue *improved 12.9% to reach EUR 3.31 billion
(2018: EUR 2.93 billion). *Consolidated operating revenue* (excluding
revenue from the sale of used leasing vehicles) climbed 13.3% to EUR 2.95
billion (2018: EUR 2.60 billion).

· The *operating revenue of the Mobility Business Unit *(previously:
Vehicle Rental) rose 16.8% to EUR 2.49 billion (previous year: EUR 2.13
billion). Abroad, SIXT grew by 23.0%, while operating revenue in Germany
gained 8.4%. This means that the domestic growth rate almost doubled over
the previous year (+4.3%). At 60.9% the share of foreign business for the
Business Unit for the first time exceeded the 60% barrier (previous year:
57.8%).

· *Operating* *revenue of the* *Leasing Business Unit* (excluding revenue
from the sale of used leasing vehicles) came to EUR 455.8 million,
compared to EUR 467.9 million the year before (-2.6%).

· *Consolidated earnings before taxes (EBT)*, the SIXT Group's principal
success parameter, came to EUR 337.4 million, (2018: EUR 534.6 million).
Compared with the previous year's adjusted figure of EUR 336.7 million,
which does not include the one-off income from the sale in 2018 of the
DriveNow investment, SIXT managed to stabilise EBT on a high level,
despite the significant extra expenditure on the ongoing expansion and
digitisation and the consequences of the first-time adoption of the new
leasing accounting standard IFRS 16.

· The *Mobility Business Unit* managed to increase its EBT by 1.3% to EUR
309.2 million (2018: EUR 305.1 million).

· For the *Leasing Business Unit* the EBT of EUR 29.2 million was 4.9%
below the previous year's figure of EUR 30.7 million.

· The *EBT margin* - in relation to consolidated operating revenue -
remained at 11.5% and thus on a high level, which was substantially above
the figure of key competitors (adjusted figure for the previous year: 13.0
%).

· For fiscal 2019, SIXT showed a *Group profit* of EUR 246.8 million. The
previous year's figure of EUR 438.9 million had been strongly affected by
the one-off income from the sale of the DriveNow investment.

*Focus on core business through divestment of the share in Sixt Leasing *
On 21 February 2020 Sixt SE concluded an agreement with Hyundai Capital Bank
Europe GmbH, a joint venture of Santander [1] Consumer Bank
Aktiengesellschaft and Hyundai Capital Services Inc., for the sale of its
41.9% investment in the previously fully consolidated Sixt Leasing SE. The
purchase price comes to around EUR 155.6 million or EUR 18.00 for each share
sold. At the same time, the Hyundai Capital Bank Europe GmbH announced that
it would submit a voluntary public take-over bid to all shareholders of Sixt
Leasing SE to acquire the remaining shares of Sixt Leasing SE for the same
price in cash. The completion of the sale of Sixt SE's shareholding in Sixt
Leasing SE is subject, among other things, to the take-over bid (including
the 41.9% portion of Sixt SE) achieving an acceptance quota of at least 55%
of all shares in Sixt Leasing SE. The necessary offer document was published
yesterday (24 March 2020). SIXT expects the transaction to be completed in
the second half of 2020.

*Comprehensive package of measures to limit the effects of the corona
crisis*
As announced, SIXT reacted to the substantial impediments caused by the
COVID-19 virus on worldwide tourism and mobility industries by stringing
together a package of measures to lower costs, increase liquidity and adapt
its services to demand.

· SIXT will substantially reduce the size of the rental fleet over the
short term and thereby free up capacities and liquidity. This is aided by
the short holding period of the vehicles - 6 months as a general rule - as
well as a high portion of buy-back agreements mostly with manufacturers,
so that SIXT is exposed only to a very limited extent to the marketing
risk for these vehicles.

· The cost situation is to improve substantially from shifting investments
and making significant savings in personnel and material costs of up to
EUR 100 million.

· The intensified roll-out of flexible rental options is finding positive
feedback. SIXT is thus reacting to meet the increased demand for
individualised and flexible vehicle ownership models for corporate and
private customers. Especially in urban metropolitan areas, private
customers are considering the car, in times of COVID-19, to be a
comparatively safe alternative to using public transport, which has also
curtailed its availability during these times. That is why SIXT offers
attractive options for days, weeks or yearly rentals to everyone who
cannot fully go without mobility during the Corona crisis.

*Alexander Sixt, Managing Board member responsible for Strategy at Sixt SE:*

(MORE TO FOLLOW) Dow Jones Newswires

March 25, 2020 02:51 ET ( 06:51 GMT)
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