The overall performance in the operating business of Sixt was satisfactory during the 1st half of this year given the momentum loss of the economy. Combined operating revenue from leasing activities and vehicle hires, which is the best measure for their performance, increased to 737.3 million euros by 13.6% during this year’s first 6 months. The growth rates of both the Leasing Business Unit and the Vehicle Hire Business Unit exceeded the average of the market. Their total combined revenue jumped up to 854.6 million euros by 14.7%.

The combined profit following minor interests during the 1st half was 44.9 million euros, exceeding the 44.1 million euro previous record, which was achieved during the same time last year, by 1.9%. This coincides to their earnings for each basic share of 1.79 euros. The combined profit for Sixt before taxes totaled 65.8 million euros, which is down by 6.9% on the 70.6 million euros generated during the same time last year. This decrease is mostly due to higher finance costs, which was impacted by a rise in interest expenses for financing the fleet. Despite the extra operating costs, Sixt’s earnings before taxes and these costs increased to 91.7 million euros by 9.3%.

Because of the continuing tough competition within the car hire market, it can’t be anticipated that higher prices are not going to be accepted any time soon. In Sixt’s Leasing Business Unit, their sharply increased financing costs will only be passed to the customers in the long run, and the used vehicle market of Germany has deteriorated even more. Additionally, the environment of the economy in the major markets of Sixt has gotten worse. In spite of this, the company’s Managing Board continues anticipating combined revenue to rise for the whole year. The firm is now forecasting combined EBT of about 115 million to 125 million euros. This forecast is assuming that no negative events will occur to impact the company.

Go to www.sixt.com for more information.