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Despite positive business performance in January and February, Q1 2020 at SIXT clearly affected by effects of the Corona crisis
• Consolidated revenue of the mobility service provider for Q1 just 3. 4 % below last year's fi gure thanks to a go od start to the year
• However, p ractical standstill in international travel due to the Corona crisis in March results in quarterly loss before tax es of EUR 5.1 million
• Substantial adjustments made in response to slump in demand: already in Q1 reduction to size of fleets and investments down by 8 % on last year
• Massive cost cutting measures of over EUR 150 million initiated for personnel and material costs
• Syndicated loan agreement with participation of German stat e owned KfW Bank serves to secure the finan cial flexibility, especially for financing Sixt Group 's rental fleet
• Private cust omers are viewing flexible rental and carsharing vehicles more and more as a safe and affordable alternative to the local public transportation system : exp an sion of long term rental segment, extension of SIXT share to anoth er Euro pean c ountry scheduled for early June
• Expectations for the whole of fiscal 2020 unchanged but further business development highly dependent on further easing measures for travel activities
For Sixt SE the first quarter of the current fiscal year was very much a ffected by the effects of the worldwide Corona crisis. Once government measures to contain the pandemic came fully into force, such as worldwide trave l warnings, border crossing restrictions, stay at home orders and mobility restrictions, plus the shutdown of the economy business slumped dramatically overnight in mid March. Although the Group wide revenue slump for Q1 was just a moderate 3. 4 % compared w ith last year's q uarterly figure thanks to an encouraging start to the year, which even outstripped int ernal expectations, the earnings situation of the international mobility service provider was still clearly characterised by the cost basis prior to th e slump in demand i n March. Moreover, the effects of the immediately initiated and extensive cost saving and adjustment measures for the rental fleet as well as for personal and material costs will only come into full effect in the coming quarters. Against t his background, t he Group's earnings before taxes (EBT) stood at EUR 5.1 million. This means that SIXT is staying within the revised budget plan of March and can therefore confirm its expectations for the full fiscal year 2020. This is based on the assu mp tion that as of t he important third quarter one will see a gradual and noticeable rebound in demand
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