Sixt recorded the best results ever in the 100-year company history, according to preliminary key figures for financial year 2011 on March 15 during the company's annual press conference.
According to preliminary calculations, consolidated earnings before taxes (EBT), the key earnings figure for the company, improved 35.8% year-on-year to EUR 138.9 million. EBT margin rose from 7.7% to 10.1% of consolidated operating revenue. The basis for this development was above all the strong demand for mobility services, the consistent focus on margin improvements and the progress made in foreign expansion, the company reported.
"Last year's result is outstanding and exceeds our expectations,” said Erich Sixt, chairman of the Managing Board of Sixt AG. “In time for our jubilee, we underline our claim to be among the most profitable mobility service providers worldwide. What's more, we managed to point the way to the future in 2011 with our entry in the U.S. market and the start of the car-sharing business DriveNow. Sixt is operatively and financially well-equipped to generate another satisfactory group profit in 2012 despite a significantly more difficult market environment."
Group Revenue and Earnings Performance For 2011:
Rental revenues for 2011 were up by 10.9% to EUR 895.7 million. In Germany, Sixt strengthened its position as the No. 1 vehicle rental company, seeing its revenues grow by 7.2%.
In Europe — outside Germany — Sixt's rental revenues grew above average by 19.5% EUR 290.6 million. As well, the company gained market shares. Particularly encouraging, the company reports, was the business development in Spain, France, Austria and Switzerland.
The international share of the total rental revenue increased from 30% to 32% in 2011.
Total consolidated revenue increased 1.7% from EUR 1.54 billion to EUR 1.56 billion. Consolidated earnings before interest and taxes (EBIT) totaled 189.8 EUR million, which was 21.5% more than the year before (2010: EUR 156.2 million).
At EUR 138.9 million, EBT reached a new historic high and were 35.8% better than the result recorded the year before (2010: EUR 102.3 million).
After taxes Sixt Group recorded a profit of EUR 97.5 million, an increase of 37.8% as against the previous year (2010: EUR 70.7 million). According to the company, this strong profit development can be primarily attributed to the following factors:
• Lively demand for mobility services from business and private customers in a still robust economic climate in Europe.
• More or less stable rental prices.
• Consistent focus on margin improvements in line with the principle of earnings before revenue.
• Good progress with internationalization.
• Efficiency gains throughout the entire Group.
Close To EUR 600 Million Equity
In 2011 Sixt managed once more to strengthen its equity basis. As of Dec. 31, 2011, the group’s equity amounted to EUR 596.1 million — 10.2% or EUR 55.2 million above the figure as of the reporting date 2010 (EUR 540.9 million). The equity ratio improved further to 25.6% of total assets (Dec. 31, 2010: 24.3%), which continues to be a top rating in the Germany rental and leasing sector.