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1. Summary
- Sixt reports record revenue and earnings for the third quarter of 2006
- Business growth continues in both Business Units
- 13.9% rise in operating revenue in the first nine months
- Profit before taxes (EBT) of 97.2 million euros after nine months already exceeds EBT for full-year 2005
- Revenue forecasts for full-year 2006 confirmed, earnings forecast raised again
In Q3 2006, business development at Sixt AG, Germany's largest car rental company and one of the leading vendor-neutral and non-bank
providers of full-service leasing, continued its buoyant performance of the first six months. The period from July to September was
the most successful quarter in the Group's history to date. On the basis of sustained increases in business in both Business Units,
Vehicle Rental and Leasing, the Managing Board has confirmed its forecasts for full-year 2006 in full, and has again raised its
earnings forecast.
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2. Report on the Position of the Sixt Group
2.1 General Developments in the Group
Total consolidated revenue of the Sixt Group for the first nine months of the current financial year reached EUR 1.09 billion,
an increase of 7.0% as against the same period of 2005 (EUR 1.02 billion).
Operating revenue from rental and leasing activities - the best measure of the Sixt Group's performance - rose by 13.9% to EUR
903.3 million, from EUR 793.4 million in the first nine months of the previous year. This means that growth was within the target
corridor of 10 to 15% for the year as a whole. Both Business Units, Vehicle Rental and Leasing, contributed to the significant
increase in revenue. Foreign business gained increasing momentum: consolidated operating revenue from abroad rose by 24.4% in the
nine-month period, from EUR 136.3 million to EUR 169.6 million. This lifted the international share of total operating revenue
from 17.2% in the first nine months of 2005 to 18.8%.
The growth in revenue is primarily the result of a further ramp-up in sales activities, which has led to an increase in Sixt's
customer base, especially abroad. Private customer offerings such as the Sixt Holiday Cars holiday rental vehicle programme are
also enjoying increased popularity. In addition, Sixt is benefiting from the general improvement in economic conditions in Germany
and other European countries, which has had a positive effect on business travel.
Sales of used leasing vehicles, which are reported as revenue in contrast to revenue from the sale of used rental vehicles and which can
fluctuate considerably in some cases, amounted to EUR 180.3 million in the first nine months (Q1-3 2005: EUR 219.7 million; -17.9%).
The decline was due to lower sales revenue in the second and third quarters in connection with refinancing measures.
Consolidated earnings before net finance costs and taxes (EBIT) grew by 28.0% to EUR 127.1 million in the first three quarters,
compared with EUR 99.3 million in the same period of the previous year, thus significantly outstripping the growth in revenue.
Consolidated profit before taxes (EBT) reached EUR 97.2 million and thus exceeded the figure for 2005 as a whole (EUR 90.9 million).
This represents an increase in EBT of 48.9% as against the first nine months of 2005 (EUR 65.3 million). Foreign business contributed
EUR 13.6 million to consolidated EBT in the first three quarters (Q1-3 2005: EUR 5.1 million; + 167%).
The significant growth in earnings was generated in the Vehicle Rental segment. In the Leasing segment, EBT for the first nine months
was marginally below the previous year's figure, although earnings increased again in the third quarter. The "Other" segment, which
comprises in particular income from e-commerce transactions and holding company activities, recorded EBT of EUR 1.5 million for the
first nine months, after EUR 1.2 million in the same period of the previous year.
Sixt's consolidated revenue rose 4.3% in Q3 2006, from EUR 344.6 million in Q3 2005 to EUR 359.5 million. Operating revenue from
rental and leasing business rose by a substantial 15.6%, from EUR 271.4 million to EUR 313.6 million, the highest value ever recorded
in a single quarter. At EUR 44.8 million, revenue from the sale of used leasing vehicles in connection with the refinancing measures,
by contrast, was 38.0% lower than in Q3 2005 (EUR 72.3 million).
EBIT for the third quarter grew by 42.6% to EUR 49.8 million (Q3 2005: EUR 34.9 million). Since the most important cost items rose only
moderately, the growth in earnings was significantly higher than the growth in operating revenue.
EBT was EUR 34.9 million in the third quarter, an increase of 21.0% on the figure for the previous year (EUR 28.8 million). This is the
highest quarterly result achieved in the Group's history to date.
It is encouraging overall that revenue and earnings grew faster in the third quarter than in the second quarter of 2006, even though
Sixt's business had already improved significantly in the course of 2005 and the comparable figures had therefore risen from quarter
to quarter.
2.2 Vehicle Rental Business Unit
In the third quarter, the Vehicle Rental Business Unit focused on driving forward the internationalisation of its activities. Between
the beginning of the year and the end of September, Sixt entered nine new countries by concluding franchise agreements: Algeria,
Argentina, Australia, Bahrain, Chile, Moldavia, Mongolia, Pakistan and Singapore. Moreover, since the beginning of 2006, Sixt has
had its own rental offices in Spain; the network of rental offices in Majorca and the well-known holiday destinations on the Mediterranean
coast is to be expanded rapidly. Business in Spain again performed well in the third quarter with high growth rates.
Overall, the Sixt brand is now represented in over 85 countries throughout the world. Out of this total, 8 European countries (Germany,
Belgium, France, the UK, the Netherlands, Austria, Switzerland and Spain) are corporate countries, where Sixt operates its own rental
offices.
In line with the Company's international expansion, its global network of rental offices grew significantly in the first nine months of
this year. As at the end of September, Sixt had 1,556 rental offices (own offices and franchisees), 113 offices more than as at 31 December
2005 and 24 more than at the end of Q2 2006.
Increased sales activities again helped the Vehicle Rental Business Unit achieve a rise in the number of customers in Germany and
abroad in Q3 2006.
In the first nine months of 2006, the Vehicle Rental Business Unit recorded rental revenue of EUR 648.8 million. This represents an improvement
of 13.6% over the same period of 2005 (EUR 571.2 million). Rental revenue for the third quarter was EUR 230.2 million (Q3 2005: EUR 196.8
million; +17.0%). This means that both absolute revenue and growth rates were above those for the first and second quarters of this year.
Revenue in Germany for the period January to September 2006 rose by 10.8%, from EUR 450.4 million to EUR 498.7 million. Foreign business
continued its extremely buoyant trend in the first nine months, growing by 24.2% to EUR 150.1 million (Q1-3 2005: EUR 120.7 million).
Particularly high growth rates were recorded in France, Austria and Belgium. The signs of a recovery in Sixt's UK business that had begun to
emerge in the second quarter were confirmed in the third quarter.
Vehicle Rental EBT in the first three quarters rose by 61.2%, from EUR 52.6 million in Q1-3 2005 to EUR 84.8 million. The return on sales
increased from 9.2% to 13.1%. For Q3 on its own, EBT improved by 10% to EUR 28.4 million (Q3 2005: EUR 25.8 million).
The average number of rental vehicles throughout Europe was 53,300 in the first nine months of 2006; this figure takes into account the
activities in Spain which were included for the first time. This represents growth of 10.6% compared with the average rental-fleet figure for
the same period of the previous year (48,200). Of the entire fleet, Germany accounted for 37,400 vehicles compared with an average of 35,000
in the first three quarters of 2005, an increase of 6.9%.
2.3 Leasing Business Unit
The Leasing Business Unit further optimised the quality of its products and services in the third quarter. For example, an important
function was added to FleetControl, the online reporting tool for efficient vehicle fleet management. Now fleet managers can receive
a report of key fleet indicators, which improves cost control and allows optimal fleet management.
As at the end of September, the Leasing segment had around 60,300 contracts throughout Europe, up from 56,400 contracts as at 31
December 2005. This represents growth of 7%. Contracts for the core business of full-service leasing or fleet management continue to
account for around 90% of the total. Sixt is one of the largest vendor-neutral, non-bank full-service leasing companies, offering
corporate and private customers a wide range of services in addition to finance leasing.
In the first nine months of 2006, the Business Unit generated leasing revenue of EUR 254.5 million. This represents an increase of 14.5%
over the same period of 2005 (EUR 222.2 million). Foreign revenue grew by 25.4%, from EUR 15.6 million in the first nine months of 2005 to
EUR 19.5 million.
In the third quarter, the Business Unit recorded growth of 11.8% to EUR 83.4 million, up from EUR 74.6 million in the same period of the
previous year.
Revenue from the sale of used leasing vehicles, which can fluctuate considerably from quarter to quarter, was EUR 180.3 million in the
first nine months, 17.9% lower than in the prior year period (EUR 219.7 million). Overall, the segment recorded nine-month revenue of
EUR 434.8 million, after EUR 441.9 million in the prior-year period (-1.6%). EBT declined slightly by 4.3% to EUR 10.9 million (Q1-3 2005:
EUR 11.4 million) due to a one-off effect in Q2. For Q3 on its own, EBT rose 4.0% from EUR 3.5 million in 2005 to EUR 3.6 million.
2.4 Outlook
On the basis of developments to date in the fourth quarter, the Managing Board remains very optimistic for full-year 2006. The Board has
confirmed its previous expectations for consolidated operating revenue in full and has raised its earnings expectations once more. Consolidated
operating profit is expected to grow by more than the previously forecasted 25% from its 2005 base.
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| 3. Consolidated Balance Sheet |
|
Assets
EUR thou. |
Interim report
30 Sep. 2006 |
Consolidated financial statements
31 Dec. 2005 |
|
| Current assets |
| Cash and cash equivalents |
25,860 |
43,317 |
| Current other receivables and assets |
75,807 |
63,550 |
| Trade receivables |
178,916 |
112,733 |
| Inventories |
24,412 |
23,891 |
| Rental vehicles |
716,235 |
462,774 |
| Total current assets |
1,021,230 |
706,265 |
|
| Non-current assets |
| Deferred tax assets |
3,559 |
6,371 |
| Non-current other receivables and assets |
14,024 |
14,851 |
| Financial assets |
1,447 |
5,885 |
| Lease assets |
495,445 |
523,266 |
| Investment property |
3,298 |
3,324 |
| Property and equipment |
35.477 |
35.066 |
| Intangible assets |
4,424 |
3,544 |
| Goodwill |
18,442 |
18,442 |
| Total non-current assets |
576,116 |
610,749 |
|
| Total assets |
1,597,346 |
1,317,014 |
|
Equity and liabilities
EUR thou. |
Interim report
30 Sep. 2006 |
Consolidated financial statements
31 Dec. 2005 |
|
| Current liabilities and provisions |
| Current other liabilities |
47,914 |
27,638 |
| Current finance lease liabilities |
94,532 |
87,620 |
| Trade payables |
281,602 |
203,967 |
| Current financial liabilities |
310,590 |
147,742 |
| Current other provisions |
79,333 |
62,338 |
| Total current liabilities and provisions |
813,971 |
529,305 |
|
| Non-current liabilities and provisions |
| Deferred tax liabilities |
2,401 |
11,884 |
| Non-current other liabilities |
6,205 |
12,557 |
| Non-current finance lease liabilities |
2,118 |
1,197 |
| Non-current financial liabilities |
376,912 |
476,712 |
| Non-current other provisions |
15,197 |
19,549 |
| Total non-current liabilities and provisions |
402,833 |
521,899 |
|
| Equity |
| Subscribed capital |
63,760 |
57,816 |
| Capital reserves |
189,668 |
120,314 |
| Other reserves (including retained earnings) |
125,544 |
86,100 |
| Minority interests |
1,570 |
1,580 |
| Total equity |
380,542 |
265,810 |
|
| Total equity and liabilities |
1,597,346 |
1,317,014 |
|
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| 4. Consolidated Statement of Changes in Equity |
|
| EUR thou. |
Subscribed
capital |
Capital
reserves |
Other
reserves1) |
Minority
interests |
Sixt
Group |
| 1 January 2005 |
57,611 |
119,236 |
43,996 |
1,606 |
222,449 |
Consolidated profit
Q1-3 2005 |
|
|
38,216 |
161 |
38,377 |
| Dividend payments 2004 |
|
|
-13,623 |
|
-13,623 |
| Other changes |
205 |
1,056 |
-56 |
35 |
1,240 |
| 30 Sep. 2005 |
57,816 |
120,292 |
68,533 |
1,802 |
248,443 |
|
|
| EUR thou. |
Subscribed
capital |
Capital
reserves |
Other
reserves1) |
Minority
interests |
Sixt
Group |
| 1 January 2006 |
57,816 |
120,314 |
86,100 |
1,580 |
265,810 |
| Capital increase |
5,944 |
69,226 |
|
|
75,170 |
| Consolidated profit Q1-3 2006 |
|
|
59,511 |
-10 |
59,501 |
| Dividend payments 2005 |
|
|
-20,025 |
|
-20,025 |
| Other changes |
|
128 |
-42 |
|
86 |
| 30 Sep. 2006 |
63,760 |
189,668 |
125,544 |
1,570 |
380,542 |
1) including retained earnings
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As at the reporting date of 30 September 2006, the Sixt Group had total assets of EUR 1.60 billion, similar to the figure as
at the end of the second quarter. This increase of 21.3% over total assets as at 31 December 2005 is in line with the rapid
expansion of operating business in the year to date.
On the asset side of the balance sheet, current assets increased by EUR 315.0 million or 44.6%, compared with the end of
December 2005, to EUR 1.02 billion, mainly due to the significant increase in the number of vehicles and thus of rental
assets (+ EUR 253.5 million to EUR 716.2 million). Non-current assets fell by EUR 34.6 million or 5.7% to EUR 576.1 million.
The decline is primarily due to changes in recognised lease assets (- EUR 27.8 million to EUR 495.4 million), which were impacted
by the fairly large volume of vehicle sales made in Q1 for refinancing purposes.
The Group's equity base, which continues to be very solid, is far above the average for the rental and leasing sector and provides
the foundation for further growth in Sixt's operating business. As at 30 September 2006, equity stood at EUR 380.5 million, EUR 114.7
million, or 43.2% more than at the end of 2005. The growth was mainly the result of the capital increase implemented in the second
quarter (which provided net cash of EUR 70 million) and strong earnings. The equity ratio as at the reporting date of 30 September
2006 was 23.8% (31 December 2005: 20.2%).
Non-current financial liabilities fell by EUR 99.8 million to EUR 376.9 million between the end of December 2005 and the end of
September 2006, primarily because borrower's note loans were reclassified to current liabilities when their remaining maturities
fell below one year. The item also includes the 2005 bond issue (nominal value EUR 225 million) and the profit participation capital
issued in 2004 (nominal value EUR 100 million).
Because of the reclassification of the borrower's note loans, current liabilities increased by EUR 162.8 million to EUR 310.6 million
between the end of 2005 and 30 September 2006. In addition, this increase reflects the large raise in the size of the rental fleet.
Trade payables amounted to EUR 281.6 million as at 30 September 2006, EUR 77.6 million more than at the end of 2005; this increase was
primarily caused by reporting date effects and the general growth in business volume.
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| 5. Consolidated Earnings Development |
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Consolidated Income Statement
- Nature of expense method - EUR thou. |
Q 1-3
2006 |
Q 1-3
2005 |
Q 3
2006 |
Q 3
2005 |
|
| Revenue |
1,086,812 |
1,015,354 |
359,503 |
344,572 |
| Other operating income |
17,790 |
10,294 |
8,758 |
4,244 |
| Fleet expenses and cost of lease assets |
467,691 |
461,407 |
147,344 |
156,146 |
| Personnel expenses |
74,885 |
70,936 |
24,964 |
23,688 |
| Depreciation and amortisation expense 1) |
203,480 |
183,354 |
67,306 |
57,401 |
| Goodwill impairment |
0 |
0 |
0 |
0 |
| Other operating expenses |
231,483 |
210,695 |
78,898 |
76,692 |
|
| Earnings before net finance costs and taxes (EBIT) |
127,063 |
99,256 |
49,749 |
34,889 |
|
Net finance costs
(net interest expense and net income from financial assets) |
-29,908 |
-33,988 |
-14,931 |
-6,111 |
|
| Profit before taxes (EBT) |
97,155 |
65,268 |
34,818 |
28,778 |
| Income tax expense |
37,654 |
26,891 |
13,932 |
11,730 |
| Consolidated profit for the period |
59,501 |
38,377 |
20,886 |
17,048 |
| of which attributable to minority interests |
-10 |
161 |
0 |
130 |
| of which attributable to shareholders of Sixt AG |
59,511 |
38,216 |
20,886 |
16,918 |
|
| Earnings per share in EUR (basic) |
2.52 |
1.70 |
0.84 |
0.75 |
| Earnings per share in EUR (diluted) |
2.48 |
1.68 |
0.82 |
0.75 |
| Average number of shares2) (basic/weighted) |
23,616,433 |
22,522,122 |
- |
- |
| Average number of shares2) (diluted/weighted) |
23,958,433 |
22,770,322 |
- |
- |
|
1) of which depreciation of rental vehicles:
Q1-3 2006: EUR 136,493 thou. (Q1-3 2005: EUR 105,784 thou.),
Q3 2006: EUR 47,361 thou. (Q3 2005: EUR 33,285 thou.)
of which depreciation of lease assets:
Q1-3 2006: EUR 62,377 thou. (Q1-3 2005: EUR 71,423 thou.),
Q3 2006: EUR 18,732 thou. (Q3 2005: EUR 22,231 thou.)
2) Number of ordinary and preference shares, weighted average in the period |
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Fleet expenses and cost of lease assets for the period January to September grew by a modest 1.4% to EUR 467.7 million (Q1-3 2005: EUR 461.4
million). The figure for the third quarter was 5.6% lower than for the same quarter of the previous year, mainly because of lower sales of
leasing vehicles in connection with refinancing measures.
Personnel expenses rose by a moderate 5.6% to EUR 74.9 million in the first nine months, in spite of an increase in the average number of
employees. Depreciation and amortisation expense rose to EUR 203.5 million (+11.0%) and thus more slowly than operating revenue (Q1-3 2005:
EUR 183.4 million). The 9.9% increase in other operating expenses to EUR 231.5 million (Q1-3 2005: EUR 210.7 million) is attributable primarily
to higher lease payments due to increased lease refinancing of the fleet.
The Sixt Group's earnings before net finance costs and taxes (EBIT) for the first nine months rose by 28.0% from EUR 99.3 million to EUR 127.1
million. In Q3 2006, EBIT rose significantly by 42.6% year-on-year, from EUR 34.9 million to EUR 49.8 million.
Net finance costs amounted to EUR -29.9 million in the first nine months, EUR 4.1 million less than in the same period of the previous year
(EUR -34.0 million). The fair value measurement of interest rate derivatives used in interest rate hedging transactions required by IFRS had
a negative effect on net finance costs in Q3. Net finance costs for the third quarter were EUR -14.9 million (Q3 2005: EUR -6.1 million).
The item also includes impairment losses on financial assets with an amount of EUR 4.6 million.
The Group reported consolidated EBT of EUR 97.2 million for the period from January to September, up 48.9% on the first nine months of 2005
(EUR 65.3 million). At EUR 34.9 million, third-quarter EBT improved by 21.0% over the prior-year period figure (EUR 28.8 million).
Consolidated profit after minority interests for the first three quarters amounted to EUR 59.5 million, a year-on-year increase of 55.7% (Q1-3
2005: EUR 38.2 million). In Q3 2006, consolidated profit grew by 23.5% to EUR 20.9 million (Q3 2005: EUR 16.9 million).
On the basis of 23.62 million outstanding shares (weighted average for the first nine months), earnings per share (basic) for the period from
January to September amounted to EUR 2.52, after EUR 1.70 in the first three quarters of 2005. Diluted earnings per share, which reflects the
dilutive effect of convertible bonds issued to employees, amounted to EUR 2.48 (previous year: EUR 1.68).
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| 6. Consolidated Cash Flow Statement |
|
Consolidated cash flow statement
EUR thou. |
Q 1-3
2006 |
Q 1-3
2005 |
|
| Operating activities |
| Consolidated profit for the period |
59,501 |
38,377 |
| Amortisation of intangible assets |
733 |
56 |
| Depreciation of property and equipment |
3,877 |
6,091 |
| Depreciation of lease assets |
62,377 |
71,423 |
| Depreciation of rental vehicles |
136,493 |
105,784 |
| Impairment losses on financial assets |
4,659 |
0 |
| Cash flow |
267,640 |
221,731 |
|
| Change in non-current other receivables and assets |
827 |
287 |
| Change in deferred tax assets |
2,812 |
4,985 |
| Change in rental vehicles, net |
-389,954 |
-201,322 |
| Change in inventories |
-521 |
18,332 |
| Change in trade receivables |
-66,183 |
-9,045 |
| Change in current other receivables and assets |
-12,257 |
9,832 |
| Change in non-current provisions |
-4,352 |
5,927 |
| Change in non-current other liabilities |
-5,431 |
-20,909 |
| Change in deferred tax liabilities |
-9,483 |
193 |
| Change in current provisions |
16,995 |
10,394 |
| Change in current financial liabilities |
162,848 |
-179,741 |
| Change in trade payables |
77,635 |
89,192 |
| Change in current other liabilities |
27,188 |
-35,534 |
| Net cash flows from / used in operating activities |
67,764 |
-85,678 |
|
| Investing activities |
| Proceeds from disposal of intangible assets, property and equipment |
1,018 |
532 |
| Proceeds from disposal of lease assets |
249,221 |
342,361 |
| Proceeds from disposal of financial assets |
0 |
20 |
| Payments to acquire intangible assets, property and equipment |
-6,679 |
-3,912 |
| Payments to acquire lease assets |
-283,777 |
-391,951 |
| Payments to acquire financial assets |
-350 |
-40 |
| Changes in intangible assets, property and equipment attributable to changes in reporting entity structure |
-213 |
0 |
| Changes in financial assets attributable to changes in reporting entity structure |
128 |
19 |
| Net cash flows used in investing activities |
-40,652 |
-52,971 |
|
| Financing activities |
| Increase in share capital |
5,944 |
205 |
| Increase in capital reserves |
69,354 |
1,056 |
| Change in other reserves and minority interests |
-42 |
-21 |
| Dividends paid |
-20,025 |
-13,623 |
| Proceeds from issuance of/repayment of non-current financial liabilities |
-99,800 |
149,654 |
| Net cash flows used in / from financing activities |
-44,569 |
137,271 |
|
| Net change in cash and cash equivalents |
-17,457 |
-1,378 |
|
| Cash and cash equivalents at 1 January |
43,317 |
36,913 |
| Cash and cash equivalents at 30 September |
25,860 |
35,535 |
|
|
|
The Group's net cash provided by operating activities amounted to EUR 67.8 million, compared with net cash used of EUR 85.7 million
in the previous year. On the one hand, large volumes of funds were utilised due to the higher volume of rental assets and trade receivables,
while cash flow and current financial liabilities increased on the other.
Investing activities, particularly in the area of lease assets, used net cash of EUR 40.7 million (Q1-3 2005: EUR 53.0 million).
Cash used in financing activities of EUR 44.6 million was dominated firstly by the capital increase in the second quarter of the year under
review and secondly by the reduction in non-current financial liabilities (borrower's note loans). In the previous year, there was a cash inflow
of EUR 137.3 million, mainly because of a bond issue.
Total cash and cash equivalents as at 30 September 2006 amounted to EUR 25.9 million, a reduction of EUR 17.5 million.
|
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| 7. Other Information about the Group |
|
7.1 Accounting
The consolidated interim report of Sixt AG as at 30 September 2006 was prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the EU and effective as at the reporting date. The term IFRSs also covers the International Accounting
Standards (lASs) still in effect. All Interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the
former Standing Interpretations Committee (SIC) that are effective as at the reporting date have been applied.
7.2 Accounting Policies, Consolidated Group
In the period covered by this consolidated interim report, there have been no changes in the accounting policies applied in the
consolidated financial statements for the period ended 31 December 2005. The Spanish rental company "Sixt rent a car S.L.", Palma de
Mallorca, was consolidated for the first time.
|
|
| 7.3 Sixt Group Revenue Development |
|
| EUR million |
Q1-3
2006 |
Q1-3
2005 |
Change
in % |
Q 3
2006 |
Q 3
2005 |
Change
in % |
|
| Operating revenue |
903.3 |
793.4 |
+ 13.9 |
313.6 |
271.4 |
+ 15.6 |
thereof Vehicle
Rental |
648.8 |
571.2 |
+ 13.6 |
230.2 |
196.8 |
+ 17.0 |
| thereof Leasing |
254.5 |
222.2 |
+ 14.5 |
83.4 |
74.6 |
+ 11.8 |
|
| Leasing sales revenue |
180.3 |
219.7 |
- 17.9 |
44.8 |
72.3 |
- 38.0 |
|
| Other revenue |
3.2 |
2.3 |
+ 37.1 |
1.1 |
0.9 |
+ 9.0 |
|
| Consolidated revenue |
1,086.8 |
1,015.4 |
+ 7.0 |
359.5 |
344.6 |
+ 4.3 |
|
|
| 7.4 Segment Reporting |
|
|
The Sixt Group is active in the two main business areas of vehicle rental and leasing. Excluding revenue from vehicle sales,
the revenue from these activities is also described as "operating revenue". Activities that cannot be allocated to these segments,
such as financing, holding company activities, real estate leasing, or e-commerce transactions, are combined in the "Other" segment.
|
|
By
business unit |
Rental |
Leasing |
Other |
Transitions |
Sixt
Group |
| EUR million |
2006 |
2005 |
2006 |
2005 |
2006 |
2005 |
2006 |
2005 |
2006 |
2005 |
| External revenue |
648.8 |
571.2 |
434.8 |
441.9 |
3.2 |
2.3 |
0.0 |
0.0 |
1,086.8 |
1,015.4 |
| Internal revenue |
3.8 |
4.0 |
18.1 |
24.9 |
1.8 |
2.0 |
-23.7 |
-30.9 |
0.0 |
0.0 |
| Total revenue |
652.6 |
575.2 |
452.9 |
466.8 |
5.0 |
4.3 |
-23.7 |
-30.9 |
1,086.8 |
1,015.4 |
Depreciation/
amortisation |
140.7 |
111.6 |
62.5 |
71.5 |
0.3 |
0.3 |
0.0 |
0.0 |
203.5 |
183.4 |
| EBIT1) |
103.0 |
77.1 |
24.3 |
27.2 |
-0.2 |
-5.1 |
0.0 |
0.1 |
127.1 |
99.3 |
Net finance
costs2) |
-18.2 |
-24.5 |
-13.4 |
-15.8 |
1.7 |
6.3 |
0.0 |
0.0 |
-29.9 |
-34.0 |
| EBT3) |
84.8 |
52.6 |
10.9 |
11.4 |
1.5 |
1.2 |
0.0 |
0.1 |
97.2 |
65.3 |
| Investments4) |
6.6 |
3.9 |
284.1 |
392.0 |
0.3 |
0.0 |
0.0 |
0.0 |
291.0 |
395.9 |
| Assets |
1,037.4 |
842.9 |
593.2 |
569.2 |
885.2 |
765.6 |
-918.5 |
-877.3 |
1,597.3 |
1,300.4 |
| Liabilities |
908.4 |
763.9 |
521.1 |
538.7 |
597.4 |
505.2 |
-810.1 |
-755.8 |
1,216.8 |
1,052.0 |
| Employees5) |
1,747 |
1,677 |
217 |
206 |
19 |
18 |
0 |
0 |
1,983 |
1,901 |
|
|
| By region |
Germany |
Abroad |
Transitions |
Sixt
Group |
| EUR million |
2006 |
2005 |
2006 |
2005 |
2006 |
2005 |
2006 |
2005 |
| Total revenue |
916.1 |
873.4 |
173.4 |
143.5 |
-2.7 |
-1.5 |
1,086.8 |
1,015.4 |
| Investments4) |
271.7 |
369.5 |
19.3 |
26.4 |
0.0 |
0.0 |
291.0 |
395.9 |
| Assets |
1,316.1 |
1,080.9 |
435.9 |
338.1 |
-154.7 |
-118.6 |
1,597.3 |
1,300.4 |
|
|
|
|
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