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Sixt SE Annual Report 2018 \\ Content 1 “What counts is today and what our vision of the future is.” Erich Sixt Annual Report 2018 THE SIXT GROUP IN FIGURES in EUR million 2018 2017 Change 2018 on 2016 2017 in % Revenue 2,930 2,603 12.6 2,413 Thereof in Germany 1,621 1,515 7.0 1,444 Thereof abroad 1,308 1,088 20.2 969 Thereof operating1 2,599 2,309 12.5 2,124 Thereof rental revenue 1,940 1,687 15.0 1,534 Thereof leasing revenue 235 227 3.4 219 Earnings before net finance costs and taxes (EBIT) 373 325 14.8 256 Earnings before taxes (EBT) 535 287 86.1 218 Consolidated profit 439 204 >100 157 Net income per share (basic) Ordinary share (in EUR) 9.07 4.09 >100 3.00 Preference share (in EUR) 9.09 4.11 >100 3.02 Total assets 5,193 4,491 15.6 4,029 Lease assets 1,204 1,219 -1.2 1,021 Rental vehicles 2,605 2,076 25.5 1,957 Equity 1,442 1,178 22.4 1,080 Equity ratio (in %) 27.8 26.2 +1.6 points 26.8 Non-current financial liabilities 2,291 1,700 34.7 1,370 Current financial liabilities 449 591 -24.1 762 Dividend per share Ordinary share (in EUR) 2.152 4.00 -46.3 1.65 Preference share (in EUR) 2.172 4.02 -46.0 1.67 Total dividend, net 101.32 188.1 -46.2 77.8 Number of employees3 7,540 6,685 12.8 6,212 Number of locations worldwide (31 Dec.)4 2,174 2,211 -1.7 2,200 Thereof in Germany 518 517 0.2 509 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 23 B.3 Human resources report 42 B.4 Disclosures in accordance with sections 289a (1) and 315a (1) of the HGB 45 B.5 Report on outlook 50 B.6 Report on risks and opportunities 53 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 65 B.8 Dependent company report 74 B.9 Corporate governance declaration in accordance with sections 289f and 315d of the HGB 74 B.10 Additional information for Sixt SE pursuant to HGB 74 C CONSOLIDATED FINANCIAL STATEMENTS 76 C.1 Consolidated income statement and statement of comprehensive income 76 C.2 Consolidated balance sheet 77 C.3 Consolidated cash flow statement 78 C.4 Consolidated statement of changes in equity 79 C.5 Notes to the consolidated financial statements 80 D FURTHER INFORMATION 135 D.1 Responsibility statement 135 D.2 Independent auditors’ report 136 D.3 Balance sheet of Sixt SE (HGB) 142 D.4 Income statement of Sixt SE (HGB) 143 D.5 Financial calendar 144 Sixt SE Annual Report 2018 \\ Content 1 SIXT – FEEL THE MOTION Today mobility is more than just a car. Instead, customers on offer vehicles that can be freely configured according to the sea- their way to a destination expect the right car for their current son. need, and they wish to have it available in the most convenient way and for flexible usage. The solution is an integrated mobility The Sixt brand is represented in about 110 countries worldwide service that offers customers maximum usage benefit. Based on and is continually expanding its presence. The company main- digitised processes, this service is capable of meeting all re- tains alliances with renowned addresses in the hotel industry, quirements, from a straightforward car choice, variable usage well-known airlines and numerous prominent service providers duration right through to final invoicing. in the tourism sector. The focus of all activities is always to gen- erate the best possible benefit for our customers and to offer an As a worldwide premium service provider, Sixt offers a wide internationally uniform quality standard. range of high-quality mobility solutions for its customers’ short and long-term demands. The Company, founded in 1912, uti- Its Leasing Business Unit is run by the stock-listed subsidiary lises state-of-the-art technologies to develop integrated services Sixt Leasing SE, through which Sixt offers comprehensive ser- to meet private and commercial customers’ needs. All of Sixt’s vices both to business clients for fleet leasing and fleet manage- services are geared to make mobility as flexible and convenient ment as well as to private and commercial customers through its as possible. The solutions offered aim to fascinate and thrill our Online Retail business field. Sixt Leasing has many decades of customers. All over the world, customers deliberately opt for Sixt experience in managing large vehicle fleets and is therefore able because they are looking for innovative, high-quality services. to optimise fleets over the long term and independent of car manufacturers, thus cutting total cost of ownership. In the growth In its Vehicle Rental Business Unit, Sixt caters to a wide vari- market for the online sale of new vehicles, Sixt Leasing operates ety of customer requests. To this end, the Company makes use the online platform sixt-neuwagen.de to offer private and com- of classic vehicle rental solutions, its Sixt ride transfer service as mercial customers such innovative solutions as a fully digital or- well as long-term rental agreements. In addition to these, Sixt dering process using video identification and eSign. has developed complementary mobility concepts. Frequent trav- ellers can thus benefit from the European-wide mobility concept Sixt SE’s long-term strategy is geared towards a continued ex- Sixt unlimited. It can cover all vehicle demands and allows for pansion of its national and international presence, developing significant cost savings. Other examples are Sixt’s subscription product innovations through state-of-the-art technologies and models, such as Sixt Flat Weekend or Sixt Flat Seasons, which trends, remaining focused on strong earnings and a sustained increase in its enterprise value for the benefit of its shareholders. WWW.SIXT.COM IR.SIXT.EU 2 Sixt SE Annual Report 2018 \\ Feel the motion A \\ TO OUR SHAREHOLDERS A.1 \\ LETTER TO THE SHAREHOLDERS Dear shareholders, ERICH SIXT Fiscal year 2018 was yet another defining year for our Group. \\ Chairman of the Managing Economically it was by far the most successful year in our cor- Board of Sixt SE porate history, with record figures for revenue, earnings and \\ Born 1944 profitability. Strategically we set the course for a very unique mo- \\ Joined Sixt in 1969 bility service that we have presented to the public at the start of \\ Responsible for IT/EDP, stra- 2019. It will allow us to make the mobility of the future a reality tegic human resources man- today. agement, marketing, public relations, international fran- At EUR 534.6 million, the Sixt Group generated pre-tax earnings chise (EBT) of over half a billion Euros last year. Even if one deducts the one-time effect from the sale of our investment in the car- JÖRG BREMER sharing company DriveNow that we sold in Q1 of 2018, EBT came to EUR 336.7 million and thus a proud 17% above the \\ Chief Financial Officer figure of the year before. This increase is the result of ongoing \\ Born 1977 \\ Joined Sixt in 2018 strong growth in Germany and abroad, both in the Vehicle Rental as well as the Leasing Business Units. The Group’s operating \\ Responsible for finance, ac- revenue climbed 12.5% to EUR 2.6 billion so that Sixt achieved counting, controlling, legal, auditing, risk management an operating return on revenue of 13.0%, even without the one- time gain from the DriveNow sale. Such a profitability level is peerless in the worldwide mobility industry. The key driver for our growth was once again foreign operations, which in the Vehicle Rental Business Unit saw revenue leap by Our business in Italy is also developing very positively. In the 22.8%. Sixt continued its expansionary drive above all in the second year after establishing our own subsidiary, we are al- USA, in France, Spain and the UK with strong double-digit ready registering strong and profitable growth. growth rates, gaining further market shares. The basis for the worldwide expansion remains our Group’s con- In the USA, the second-biggest Sixt country after Germany and tinued solid equity and financing base. In 2018 we for the first by far the largest vehicle rental market worldwide, we managed time added vehicles worth more than EUR 7 billion to the rental to increase revenue by 19% to EUR 382 million. Within just a and leasing fleets. These record investments are underpinned few years Sixt has become the fourth biggest vehicle rental com- firstly by an equity ratio which, at the end of 2018, was 27.8% pany in the US. At some stations, such as Miami airport, the across the whole Group and thus continues to remain substan- Company is already achieving double-digit market shares. We tially above the industry average. Secondly they are covered by have also prepared the ground for further growth in the US a wide range of financing instruments, for which Sixt is benefiting through the targeted expansion of our station network at key air- from its good reputation on the capital markets and its solid fi- ports and by opening our US headquarters in Florida at the end nancing structure.
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