Sixt SE Annual Report 2019 \\ Content 1
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Annual Report 2019 Annual Report 2019 SIXT_Umschlag_Geschaeftsbericht_2019_RZ.indd 4-6 24.03.20 20:13 THE SIXT GROUP IN FIGURES in EUR million 2019 2018 Change 2019 on 2017 2018 in % Revenue 3,306 2,930 12.9 2,603 Thereof in Germany 1,717 1,621 5.9 1,515 Thereof abroad 1,590 1,308 21.5 1,088 Thereof operating1 2,945 2,599 13.3 2,309 Thereof rental revenue 2,248 1,940 15.9 1,687 Thereof leasing revenue 223 235 -5.1 227 Earnings before net finance costs and taxes (EBIT) 380 373 1.8 325 Earnings before taxes (EBT) 337 535 -36.9 287 Consolidated profit 247 439 -43.8 204 Net income per share (basic) Ordinary share (in EUR) 4.97 9.07 -45.1 4.09 Preference share (in EUR) 5.02 9.09 -44.7 4.11 Total assets 6,249 5,193 20.3 4,491 Lease assets 1,120 1,204 -7.0 1,219 Rental vehicles 3,033 2,605 16.4 2,076 Equity 1,592 1,442 10.4 1,178 Equity ratio (in %) 25.5 27.8 -2.3 points 26.2 Non-current financial liabilities 2,653 2,291 15.8 1,700 Current financial liabilities 785 449 74.8 591 Dividend per share Ordinary share (in EUR) -2 2.15 -100.0 4.00 Preference share (in EUR) 0.052 2.17 -97.7 4.02 Total dividend, net 0.82 101.3 -99.2 188.1 Number of employees3 8,748 7,540 16.0 6,685 Number of locations worldwide (31 Dec.)4 2,111 2,174 -2.9 2,211 Thereof in Germany 531 518 2.5 517 1 Revenue from rental and leasing business, excluding revenue from the sale of used vehicles 2 Proposal by the management 3 Annual average 4 Including franchise countries CONTENT A TO OUR SHAREHOLDERS 3 A.1 Letter to the shareholders 3 A.2 Report of the Supervisory Board 6 A.3 Sixt shares 9 A.4 Corporate governance report 13 B MANAGEMENT REPORT ON THE GROUP’S AND THE COMPANY’S SITUATION 20 B.1 Group fundamentals 20 B.2 Business report 24 B.3 Human resources report 44 B.4 Disclosures in accordance with sections 289a (1) and 315a (1) of the HGB 48 B.5 Report on outlook 52 B.6 Report on risks and opportunities 57 B.7 Summarised non-financial declaration of the Group pursuant to sections 315b and c in conjunction with sections 289b to e of the HGB 69 B.8 Dependent company report 79 B.9 Corporate governance declaration in accordance with sections 289f and 315d of the HGB 79 B.10 Additional information for Sixt SE pursuant to HGB 79 Annex to the management report on the Group’s and the Company’s situation: Report on equality and equal pay (unaudited) 81 C CONSOLIDATED FINANCIAL STATEMENTS 82 C.1 Consolidated income statement and statement of comprehensive income 82 C.2 Consolidated balance sheet 83 C.3 Consolidated cash flow statement 84 C.4 Consolidated statement of changes in equity 85 C.5 Notes to the consolidated financial statements 86 D FURTHER INFORMATION 139 D.1 Responsibility statement 139 D.2 Independent auditors’ report 140 D.3 Balance sheet of Sixt SE (HGB) 146 D.4 Income statement of Sixt SE (HGB) 147 D.5 Financial calendar 148 Sixt SE Annual Report 2019 \\ Content 1 SIXT – MOBILITY THAT REALLY MOVES Mobility is the driving force of modern life. It has always brought drivers around the globe. This makes Sixt one of the world’s larg- people together, enabled exchanges, propelled economic devel- est integrated mobility service providers. opment and improved the quality of life for people all over the globe. Its Leasing Business Unit is run by the stock listed subsidiary Sixt Leasing SE, through which Sixt offers comprehensive ser- Sixt has always understood this deeply human wish for mobility. vices both to business clients for fleet leasing and fleet manage- With exposure in around 110 different countries, this premium ment as well as to private and commercial customers through its service provider is a byword for consistent customer orientation, Online Retail business field. Thanks to its many years of experi- a lively culture of innovation with strong technological expertise ence in managing large vehicle fleets, Sixt Leasing sustainably as well as a premium fleet of vehicles with an attractive price- optimises its customers’ fleets over the long term and thus cuts performance ratio. The company maintains alliances with re- their total cost of ownership. In the growth market for the online nowned names in the hotel industry, well-known airlines and nu- sale of new vehicles, Sixt Leasing operates the online platforms merous prominent service providers in the tourism sector. As sixt-neuwagen.de and autohaus24.de to offer private and one of the leading international mobility service providers, Sixt commercial customers such innovative solutions as a fully digital provides its customers with individualised and boundless mobil- ordering process. ity, which takes account of such contemporary driving forces as urbanisation, digitisation and the technological progress that The long-term strategy of Sixt SE is geared towards the contin- make mobility more flexible, more sustainable and more efficient. ued expansion of its national and international presence, the fur- ther digitisation and thus the development of product innovations In its Mobility Business Unit, Sixt merges a digitally retrievable through state-of-the-art technologies, the consistent orientation package that unites global vehicle rental and local sharing solu- towards strong earnings and the sustained increase in the Com- tions as well as taxi, ride hailing and chauffeur services. Through pany’s value for the benefit of its shareholders. its mobility platform ONE, Sixt integrates its own services to- gether with those from over 1,500 partners and over 1.5 million Sixt – that’s mobility that really moves. WWW.SIXT.COM IR.SIXT.EU 2 Sixt SE Annual Report 2019 \\ Mobility that really moves A \\ TO OUR SHAREHOLDERS A.1 \\ LETTER TO THE SHAREHOLDERS Dear shareholders, ERICH SIXT 2019 was a very special year for the Sixt Group. Economically \\ Chairman of the Managing we continued our successful development of the last years and Board of Sixt SE registered strong growth with high profitability. Strategically, Sixt \\ Born 1944 presented the integrated mobility platform ONE to the public in \\ Joined Sixt in 1969 February 2019. It brings to market an offer that is unmatched \\ Responsible for IT/EDP, mar- worldwide and which is a milestone for what the mobility of the keting, public relations, inter- future will look like: an integrated offer coming from just one app national franchise that provides our customers with the right solution in every situ- ation and for every need, at the best possible price. In doing so, Sixt has laid a solid foundation for future growth in the mobility market of the future and impressively demonstrated that it is con- JÖRG BREMER sistently driving the transformation to one of the leading global digital mobility providers. \\ Chief Financial Officer \\ Born 1977 \\ Joined Sixt in 2018 Our mobility platform ONE with its services SIXT rent (vehicle rental), SIXT share (carsharing) and SIXT ride (transfer services) \\ Responsible for finance, ac- together with the new SIXT app registered a very successful de- counting, controlling, legal, auditing, risk management velopment in its first year: since its launch in February 2019 the number of active daily users and the booking ratio through the app increased significantly. This welcome response from our customers came hand in hand with significant add-on business, which was generated through the SIXT app and which has al- ready made an important contribution to the revenue growth of relaunch of our website, sixt.com, and further improved its re- the Sixt Group. Our Company’s digital transformation not only action time and user friendliness. Parallel to these developments, elicited positive feedback from our customers, but also caused we also keep driving forward the digitisation of our services at a stir among industry insiders. Thus, in 2019 Sixt received nu- the stations. This includes the roll-out of a new rental software, merous renowned awards for ONE, such as the “Game Changer which makes the rental and return process substantially swifter Award” from the consultancy Bain & Company and the “Manager and more flexible for the customers. Magazin”. The strategy also provides for new digital stations being opened The Sixt digitisation strategy goes much further, though. It co- up. Customers will be able to take up and return their vehicle of vers all our Group’s sales channels and operating business pro- choice from these stations simply and conveniently using their cesses. Thus, by the middle of 2019 we had completed a full smartphones. Sixt SE Annual Report 2019 \\ Letter to the shareholders 3 DETLEV PÄTSCH have access to a mobility mix for every situation and need that is conveniently available via a single platform. \\ Chief Operating Officer \\ Born 1951 With our SIXT ride product we have already realised this partner- \\ Joined Sixt in 1986 oriented approach and concluded cooperation agreements with \\ Responsible for customer renowned ride hailing providers, such as the German taxi hubs. service, operations, pur- Anyone using our SIXT app can therefore manage today already chase and sale of vehicles, without the need to buy their own vehicle. maintenance and repair, quality management In 2019, our latest mobility offers contributed towards accelerat- ing our growth in revenue. Year-on-year, consolidated operating revenue rose 13.3% to EUR 2.95 billion. At EUR 337.4 million, ALEXANDER SIXT consolidated earnings before taxes (EBT), our key earnings in- dicator, once again reached a new record high.