Sixt continues strong growth in H1 car hire

Despite the economy losing some of its momentum, the overall performance of the Sixt Group was satisfactory in the first half of 2008, with consolidated operating revenue from vehicle rental and leasing activities (excluding the sale of used leasing vehicles) rising 13.6% to EUR 737.3 mln (H1 2007: EUR 649.0 mln).
Growth rates in vehicle rental (+13.0%) and leasing (+15.3%) exceeded the market average. Total consolidated revenue climbed 14.7% to EUR 854.6 mln (H1 2007: EUR 745.2 mln).
Consolidated profit after minority interests was EUR 44.9 mln, exceeding by 1.9% the previous record of EUR 44.1 mln in the same period last year. This corresponds to earnings per share of EUR 1.79 (H1 2007: EUR 1.77). Consolidated profit before taxes (EBT) fell 6.9% to EUR 65.8 mln due to higher net finance costs impacted by an increase in interest expense to finance the fleet as well as a year-on-year decline in net income from of interest rate hedging.
Due to the ongoing tough competition in the vehicle rentals market, it cannot be expected that higher prices will gain acceptance in the market in the near term.
In the Leasing Business Unit, the sharply higher financing costs can only be passed on to customers with a time lag, and the German used vehicle market has deteriorated further. In addition, the economic environment in Sixt's key markets and sectors has worsened further but the company’s board continues to expect consolidated operating revenue to increase in full-year 2008 to around EUR 115 to 125 mln.