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Annual Report 2017 Our customer is the boss – all over the world. Annual Report 2017 THE SIXT GROUP IN FIGURES in EUR million 2017 2016 Change 2017 on 2015 2016 in % Revenue 2,603 2,413 7.9 2,179 Thereof in Germany 1,515 1,444 4.9 1,364 Thereof abroad 1,088 969 12.4 815 Thereof operating1 2,309 2,124 8.7 1,939 Thereof rental revenue 1,687 1,534 10.0 1,377 Thereof leasing revenue 227 219 3.6 211 Earnings before interest and taxes (EBIT) 325 256 27.1 222 Earnings before taxes (EBT) 287 218 31.6 185 Consolidated profit 204 157 30.5 128 Net income per share (basic) Ordinary share (in EUR) 4.09 3.00 36.3 2.39 Preference share (in EUR) 4.11 3.02 36.1 2.41 Total assets 4,491 4,029 11.5 3,660 Lease assets 1,219 1,021 19.4 958 Rental vehicles 2,076 1,957 6.1 1,763 Equity 1,178 1,080 9.1 1,059 Equity ratio (in %) 26.2 26.8 -0.6 Points 28.9 Non-current financial liabilities 1,700 1,370 24.1 921 Current financial liabilities 591 762 -22.4 909 Dividend per share Ordinary share (in EUR) 4.002 1.65 >100 1.50 Preference share (in EUR) 4.022 1.67 >100 1.52 Total dividend, net 188.12 77.8 >100 71.5 Number of employees3 6,685 6,212 7.6 5,120 Number of locations worldwide (31 Dec.)4 2,211 2,200 0.5 2,153 Thereof in Germany 517 509 1.6 508 1 Revenue from rental and leasing business, excluding revenue from the sale of used vehicles 2 Proposal by the management, including special dividend 3 Annual average 4 Including franchise countries CONTENT A TO OUR SHAREHOLDERS 4 A.1 Letter to our shareholders 4 A.2 Report of the Supervisory Board 7 A.3 Sixt shares 10 A.4 Corporate governance report 14 B MANAGEMENT REPORT ON THE GROUP’S AND THE COMPANY’S SITUATION 22 B.1 Group fundamentals 22 B.2 Business report 26 B.3 Human resources report 45 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 56 B.7 Summarised non-financial declaration pursuant to sections 315b and c in conjunction with sections 289b to e of the HGB 66 B.8 Dependent company report 75 B.9 Corporate governance declaration in accordance with sections 289f and 315d of the HGB 75 B.10 Additional information for Sixt SE pursuant to HGB 75 C CONSOLIDATED FINANCIAL STATEMENTS 78 C.1 Consolidated income statement and statement of comprehensive income 78 C.2 Consolidated balance sheet 79 C.3 Consolidated cash flow statement 80 C.4 Consolidated statement of changes in equity 81 C.5 Notes to the consolidated financial statements 82 D FURTHER INFORMATION 137 D.1 Responsibility statement 137 D.2 Independent auditors’ report 139 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 2017 \\ Content 1 SIXT – FEEL THE MOTION Mobility is constantly changing. In times of digital networking The Sixt brand is represented in over 110 countries worldwide people can access services they need right now irrespective of and is continually expanding its presence. The Company main- time and place. This also changes their mobility concept, as they tains alliances with renowned addresses in the hotel industry, are not just looking for a car but for all-round and situational well-known airlines and numerous prominent service providers solutions capable of catering to their needs. The consequence in the tourism sector. The focus of all activities is always to gen- of this development is that new products and services need to erate the best possible benefits for customers and to offer an be completely geared to customer needs. Only then will they do internationally uniform quality standard at the highest level. full justice to the modern concept of mobility. Its Leasing Business Unit is run by the publicly listed subsidiary As a worldwide premium service provider Sixt accordingly at- Sixt Leasing SE, through which Sixt offers comprehensive ser- taches great importance to the role its top-notch products and vices both to business clients for fleet leasing and fleet manage- services play in business success. The Company, founded in ment as well as to private and commercial customers through its 1912, utilises state-of-the-art technological developments to ren- business field Online Retail. Sixt Leasing has many decades of der its bespoke mobility solutions as flexible and comfortable as experience in managing large vehicle fleets and is therefore able possible and to convince private and corporate customers of its to optimise fleets over the long term and independent of car solutions. That is why more and more customers around the manufacturers and thus cut total cost of ownership. As an early globe are opting for Sixt. mover in the growth market for new vehicle sales on the internet, Sixt Leasing operates the online platforms sixt-neuwagen.de In the Vehicle Rental Business Unit, Sixt provides individualised and autohaus24.de to offer private and commercial customers solutions for a wide variety of requirements. These include short innovative IT solutions, for example setting up a digital ordering or long-term rentals in classic vehicle rental, premium carsharing process using video identification and eSign. services as well as exclusive chauffeur and transfer services. In addition to these Sixt has developed complementary mobility Sixt SE’s long-term strategy is geared towards a continued ex- concepts. Corporations can thus provide their employees with a pansion of its national and international presence, developing mobility budget that serves as an alternative to the usual rental product innovations through state-of-the-art technologies and car, especially in an urban setting. Frequent travellers in turn can trends, remaining focused on strong earnings and a sustained benefit from a European mobility concept that can cover all ve- increase in its enterprise value for the benefit of its shareholders. hicle requirements and allow them to generate significant cost savings. WWW.SIXT.COM IR.SIXT.EU 2 Sixt SE Annual Report 2017 \\ Feel the motion Everybody says the Sixt advertisements are so amazing. Which is true. But I think it’s their product that is even better. Bernhard Fragner, CEO, GlobeAir AG A \\ TO OUR SHAREHOLDERS A.1 \\ LETTER TO OUR SHAREHOLDERS Dear shareholders, ERICH SIXT Sixt’s fiscal year 2017 merits the designation “outstanding”. Our \\ Chairman of the Managing Company grew across the board in all areas, made key strategic Board of Sixt SE progress and once again achieved record figures for revenue \\ Born 1944 and earnings. Especially earnings substantially outperformed \\ Joined Sixt in 1969 our initial expectations. For the full fiscal year 2017 the Group’s \\ Responsible for IT/EDP, earnings before taxes (EBT) recorded 31.6% growth against the strategic human resources year 2016 to EUR 287.3 million. Earnings thereby significantly management, marketing, outperformed the gain in consolidated operating revenue, which public relations, international nonetheless also registered a dynamic growth of 8.7% to franchise EUR 2.31 billion. With a 12.4% return on consolidated operating revenue, we further strengthened our position as one of the DETLEV PÄTSCH world’s most profitable mobility service providers. \\ Chief Operating Officer An encouraging aspect in all this is the fact that our growth was \\ Born 1951 \\ Joined Sixt in 1986 based on a solid platform that runs across all regions and also applies to both business units. The biggest drivers were once \\ Responsible for customer again the ongoing expansion of the vehicle rental business in service, operations, pur- chase and sale of vehicles, the USA and the foreign markets in Western Europe. In the USA we continued the strong growth of the preceding years and for maintenance and repair, the first time since our market entry in 2011 closed the year with quality management a positive result. Our strategy in the USA to focus and expand on strong-growth airport and downtown stations proved to be the right one. In the current year we will continue the measured ex- strong level by another 5%. This means that we reinforced our pansion of our station network in the world’s biggest vehicle domestic position as the industry’s undisputed Number One. rental market. In the Leasing Business Unit, our stock-listed subsidiary Sixt In Italy, where Sixt has been active with its own subsidiary since Leasing SE saw its contract portfolio climb an encouraging 17% the beginning of the year 2017, the start also exceeded our ex- in 2017, up to 132,900 contracts. The business with private and pectations. We managed to close the first year in this key Euro- commercial customers (Online Retail business field) clocked up pean market with a balanced result. By the end of the year we a 66% increase in its contract portfolio and thereby continued its had established a network of 21 stations in almost all key eco- forceful development of the previous year, also with the support nomic and tourist centres in the north of the country as well as of eye-catching advertising and marketing campaigns. An im- in the capital. Sixt subsidiaries in France and Spain continued to portant objective for the coming years will be to transfer the ex- generate double-digit growth rates.
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