Based on its preliminary figures, Sixt has achieved consolidated earnings before taxes (EBT) of €442.2 million for the financial year 2021. This figure is 43.4% higher than the EBT in 2019 (€308.2 million). Compared to 2020, EBT increased by €523.7 million. The main driver of earnings was the strong growth in European countries (except Germany) as well as in the U.S. due to continued internationalization, according to the company.
Higher market prices led to an increase in consolidated revenue of 49.1% to €2.28 billion. Sixt recorded gains in market share where sales increased by 63.5% compared to the previous year. Additionally, Sixt was able to optimize its costs (due to the continued digitalization of its processes and efficient fleet and capacity management), reducing them by €350 million or 16% compared to 2019.
Corporate EBITDA increased from €82.5 million in 2020 to €579.9 million in 2021, according to Sixt.
All three of Sixt’s group segments contributed to the growth. Europe remained the strongest segment in terms of revenue at €945.6 million, 64% increase compared to 2020 (€576.6 million). In the U.S., revenues increased by 121.3% to €584.6 million (2020: €264.2 million). In the German market, Sixt increased its revenue by 8.9% to €739.6 million (2020: €679.5 million).
“The results of the past year are outstanding, and all the more so because we had an exceptional market environment overall due to the COVID-19 restrictions,” said Alexander Sixt, Co-CEO of Sixt SE. “Sixt is growing because we have continued to drive our internationalization strategy while keeping our costs under control. With a record result that is even 43% higher than the 2019 figure, we have impressively demonstrated that our business model is highly flexible and adaptable to a wide range of circumstances. This adaptability is also the cornerstone for sustainable, profitable growth in the future. Given this setting, we are well prepared for 2022 and currently expect an increase in revenue compared to 2021. … "
As part of its internationalization strategy, Sixt has expanded its network of stations and its international geographical presence in the past two years. This includes increasing its airport station network, expanding to Australia via a franchise partnership, and adding new locations in other European countries. In the U.S., Sixt has expanded its presence at 10 major airport locations, bringing its stores to 26 of the 30 largest U.S. airports.
Overall, the company’s market share in Europe increased from 17.5% in 2019 to 23.7% last year. Both the private and business customer segments contributed to the increase of 6.2 percentage points, according to Sixt.
Despite the general decline in new vehicle production due to the global shortage of semiconductors, Sixt managed to expand its fleet stock. In 2021, the average vehicle stock was 125,300 cars, an increase of 10.1% compared to 2020.
For 2022, Sixt plans to continue its internationalization and digitalization strategy, with continued investment in its products, in an enhanced customer experience, and geographic expansion, according to the company. This includes market entry in Australia via the franchise partnership agreed with NRMA at the end of 2021, the roll-out of the expanded van and truck offering, and gaining access to more major airports in the U.S. In addition, the company plans to focus on the expansion of the e-mobility range and corresponding investments in vehicles and charging infrastructure.
In 2022, Sixt’s managing board anticipates an increase in revenues compared to 2021 and EBT in the range of €380 to €480 million.
“The record results of 2021 clearly show that we have used the crisis as an opportunity and fully exploited Sixt's strengths,” said Konstantin Sixt, co-CEO of Sixt SE. “We are broadly positioned and flexible at the same time. We offer premium, together with high efficiency. We are known for our ability to adapt our business to changing conditions within a very short period of time. We will continue to consistently pursue this strategy in 2022 and drive our growth. ...”