Quarterly Report • Nov 16, 2011
Quarterly Report
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| 1. Summary |
2 |
|---|---|
| 2. Interim Group Management Report |
2 |
| 2.1 General Developments in the Group | 2 |
| 2.2 Vehicle Rental Business Unit |
4 |
| 2.3 Leasing Business Unit |
6 |
| 2.4 Sixt Shares |
8 |
| 2.5 Opportunities and Risks |
9 |
| 2.6 Report on Post-Balance Sheet Date Events |
9 |
| 2.7 Outlook |
9 |
| 3. Results of Operations, Net Assets and Financial Position |
9 |
| 3.1 Results of Operations |
9 |
| 3.2 Net Assets |
11 |
| 3.3 Financial Position |
11 |
| 3.4 Liquidity Position | 12 |
| 3.5 Investments |
12 |
| 4. Interim Consolidated Financial Statements as of 30 September 2011 | 14 |
| 4.1 Consolidated Income Statement |
14 |
| 4.2 Consolidated Balance Sheet |
15 |
| 4.3 Consolidated Statement of Changes in Equity | 16 |
| 4.4 Consolidated Cash Flow Statement |
17 |
| 5. Other Information about the Group (Notes) | 18 |
| 5.1 Basis of Accounting |
18 |
| 5.2 Basis of Consolidation |
18 |
| 5.3 Explanations of Selected Items of the Consolidated Income Statement | 19 |
| 5.4 Explanations of Selected Items of the Consolidated Balance Sheet |
21 |
| 5.5 Group Segment Reporting | 24 |
| 5.6 Explanations on the Consolidated Cash Flow Statement |
25 |
| 5.7 Contingent Liabilities |
25 |
| 5.8 Related Party Disclosures |
25 |
Sixt Aktiengesellschaft, Germanyís largest car rental company and one of the leading European mobility service providers, recorded gratifying demand once again in the third quarter of 2011, continuing its strong performance from the first half. For the first nine months of the current year, the Group is reporting earnings before taxes (EBT) of EUR 115.7 million, 59.0% above the prior-year equivalent. The consolidated after-tax profit for January through September of 2011, at EUR 80.4 million, was 46.5% above the prior-year level.
Sixt profited in the first nine months from ongoing vigorous demand in the Vehicle Rental Business Unit, good progress in its international expansion, and a revival of business in the Leasing Business Unit.
The Managing Board has reconfirmed its earlier revenue projections for 2011 as a whole. It assumes that consolidated EBT will significantly exceed last yearís figure. Sixt is readying itself for a more difficult year 2012 given the general expectation of a global economic downturn. Against this background the strong earnings level of 2011 will be hard to achieve from todayís perspective.
Rental revenue (excluding other revenue from rental business) performed nicely in the first nine months of 2011, rising 11.8% from the same period last year, to EUR 674.3 million (Q1-3 2010: EUR 603.1 million).
Other revenue from rental business was EUR 63.1 million, down 28.4% from the equivalent prior-year figure of EUR 88.1 million. As was already reported in previous quarters, this decrease is almost entirely attributable to structural changes in purchase terms for fleet purchases.
The Leasing Business Unit recorded a slight 4.7% decrease in leasing revenue in January through September of 2011, to EUR 296.1 million (Q1-3 2010: EUR 310.6 million). However, the third quarter saw revenue return to the prior yearís levels. The change in leasing revenue is primarily attributable to the reduction in the number of contracts in previous quarters, a consequence of the unitís deliberate concentration on the higher-margin fleet-management and full-service leasing business.
Consolidated operating revenue from rental and leasing activities (excluding revenue from the sale of used leasing vehicles) rose 3.2%, to EUR 1.03 billion (Q1-3 2010: EUR 1.00 billion). Thanks to dynamic revenue performance in European markets other than Germany, the share of revenue generated outside Germany gained 1.8 percentage points to reach 27.4% (Q1-3 2010: 25.6%). Operating revenue generated outside Germany grew to EUR 283.6 million, compared to 256.8 million in the first nine months of last year (+10.4%).
The sale of used leasing vehicles, which may be subject at times to significant fluctuations and reporting date effects, generated revenue of EUR 138.8 million in January through September 2011 (Q1-3 2010: EUR 160.5 million; ñ13.5%). This decrease was primarily the result of the reduction of the number of contracts in prior periods.
The Sixt Groupís total revenues for the first nine months of the year grew 1.0%, to EUR 1.18 billion (Q1-3 2010: EUR 1.17 billion).
Consolidated earnings before net finance costs and taxes (EBIT) improved 36.3% in January through September, to EUR 154.9 million (prior-year period: EUR 113.7 million).
Consolidated earnings before taxes (EBT), the Sixt Groupís principal earnings parameter, grew by an impressive 59.0% in the first nine months, to EUR 115.7 million (Q1-3 2010: EUR 72.8 million) ñ thus already exceeding the figure of EUR 102.3 million for all of 2010.
This welcome earnings performance is once again a consequence of
Stable rental prices;
The Companyís strong focus on improving margins (ìearnings before revenueî)
After taxes and minority interests, the Sixt Group showed a profit of EUR 80.6 million (Q1-3 2010: EUR 54.9 million). This is equivalent to an 47.0% increase. Basic earnings per share ñ after adjustment for the 1-for-1 capital increase out of corporate funds during the year ñ came to EUR 1.64 (Q1-3 2010, adjusted: EUR 1.09).
For the third quarter of 2011 ñ a quarter that is seasonally strong ñ the Group's rental revenue (excluding other revenue from rental business) grew 11.5%, to EUR 255.0 million (Q3 2010: EUR 228.6 million). Other revenue from rental business, at EUR 20.9 million, was 35.3% below the figure for the same quarter last year (EUR 32.3 million).
The Leasing Business Unit generated leasing revenue of EUR 99.1 million in the third quarter, matching last year's level (EUR 99.0 million) and continuing the uptrend that was already evident in the first half.
Consolidated operating revenue from the rental and leasing business grew by 4.2% in the third quarter, to EUR 375.0 million (Q3 2010: EUR 359.9 million).
The Groupís total revenue for the third quarter of 2011 was EUR 422.3 million, a 3.9% increase from the same period last year (EUR 406.5 million).
EBIT for the quarter amounted to EUR 58.1 million (Q3 2010: EUR 50.3 million; +15.7%). EBT grew by 16.4% in the third quarter, to EUR 44.2 million (Q3 2010: EUR 38.0 million). The quarterly profit after minority interests improved to EUR 30.3 million (Q3 2010: EUR 29.2 million, +3.7%).
With their presence in Germany, France, the UK, Spain, the Benelux, Austria, Switzerland, and Monaco, Sixt subsidiaries cover more than 70% of the European rental market. Moreover, during the current year the Group has taken its first steps to open a rental business in the United States, in Florida. In other European countries and in other regions of the world, the Sixt brand is represented by a close-knit network of franchisees. Sixt has Vehicle Rental operations in a total of more than 100 countries.
In the third quarter of 2011, the Vehicle Rental Business Unit focused operationally on the following issues in particular:
• Internationalisation: After entering the US market with its own car rental office at Miami Airport at the beginning of the year, Sixt has now opened a second office in Florida. In August, Sixt opened an office at the airport in Fort Lauderdale, one of the countryís major tourist hubs.
Sixt also plans to offer its exclusive Sixt Limousine Service to customers in Singapore and Serbia. In Singapore, the limousine service has an exclusive cooperation agreement with Emirates Airlines.
On 30 September 2011 there were 1,857 rental offices worldwide (company offices and franchisees; 31 December 2010: 1,852). The number of rental offices in Germany at the end of the third quarter was 488 (31 December 2010: 510).
The average number of vehicles in Germany and other countries (excluding franchisees) for the first nine months of the year was 71,800, compared to an average of 65,700 for the same period last year (+9%), and 65,900 for the whole of 2010 (+9%). The fleet expansion resulted primarily from stronger demand and seasonal effects, especially the summer business in holiday destinations like Spain. Overall, Sixt held firm to its principle of a conservative fleet policy.
Rental revenue increased by 11.8% in the first nine months of 2011, to EUR 674.3 million (Q1-3 2010: EUR 603.1 million). Rental revenue in Germany from January to September was EUR 448.6 million, a 7.7% gain from the same period last year (EUR 416.5 million). Sixt revenues outside Germany grew as much as 20.9%, to EUR 225.7 million (Q1-3 2010: EUR 186.6 million). The Groupís Spanish subsidiary, for example, once again showed a double-digit percentage rise in revenue. The companies in Austria, Switzerland and France also increased their revenue significantly.
Other revenue from rental business came to EUR 63.1 million after nine months, a 28.4% decrease (Q1-3 2010: EUR 88.1 million). Revenue in the Vehicle Rental Business Unit rose a total of 6.7% for the first three quarters of 2011, to EUR 737.4 million, compared to EUR 691.3 million for the same period last year.
The Business Unitís EBT climbed to EUR 99.2 million, 66.0% more than for the first three quarters of 2010 (EUR 59.7 million).
Rental revenue for Q3 2011 was 255.0 million, an 11.5% increase compared to the same quarter of last year (EUR 228.6 million). Including other revenues from rental business, the Business Unitís total revenue for the quarter, at EUR 275.9 million, was 5.7% above the figure for the same period last year (EUR 260.9 million).
EBT for the third quarter grew 25.0% quarter-on-quarter, to EUR 40.9 million (Q3 2010: EUR 32.7 million).
Sixt is one of the largest German vendor-neutral, non-bank full-service leasing companies, offering corporate and private customers a wide range of supplementary services, in addition to pure finance leasing, in order to reduce their mobility costs.
The German leasing sector remains on the upswing following the slump in new business during the financial crisis and recession. However, according to calculations by Munichís ifo-Institute, business prospects for mobile equipment leasing companies have cooled again somewhat in the second half of 2011 to date. Nevertheless, the industry association BDL (BDL-German Association of Leasing Companies) expects new business in mobile equipment to grow for the year as a whole.
In the third quarter of 2011, the Leasing Business Unit focused on the following issues in particular:
Focusing primarily on higher-margin business had caused a decrease in new business in the past. But during the current year, the lease portfolio has begun growing again. As at the end of September 2011, the number of leases (inside and outside Germany), at 57,050, was already 5.5% above the figure from the end of 2010 (54,100 leases).
The Business Unit generated leasing revenue of EUR 296.1 million for the first nine months of 2011. The 4.7% decrease from last yearís equivalent figure of EUR 310.6 million still reflects the smaller lease portfolio that resulted from a deliberate concentration on higher-margin fleet-management and full-service leases. However, there has been a clear uptrend in revenue over the course of the year in previous periods.
In Germany, Leasing revenue decreased by 5.9% in the first three quarters, to EUR 252.8 million (Q1-3 2010: EUR 268.6 million). Leasing revenue in the rest of Europe grew by 3.1%, to EUR 43.3 million (same period last year: EUR 42.0 million).
The sale of used leasing vehicles from January through September of 2011 yielded revenue of EUR 138.8 million, compared to EUR 160.5 million for the same period last year (ñ13.5%). This form of revenue can fluctuate significantly from one quarter to another, for example because of reporting date effects. Total revenue for the Leasing Business Unit came to EUR 434.9 million for the first nine months (Q1-3 2010: EUR 471.1 million, ñ7.7%).
The Business Unit's EBT, which ñ as has already been reported ñ includes earnings of EUR 4.4 million from the recognition in income of a lapsed liability in the first quarter, grew by 85.1% in the first nine months, to EUR 22.1 million, compared to EUR 12.0 million for the same period of 2010. The leap in earnings reflects the substantial improvement in the portfolio's earnings quality, and the Unitís concentration on highermargin leases.
Leasing revenue for the third quarter of 2011, at EUR 99.1 million, was on the same level as a year ago (EUR 99.0 million). Revenue from the sale of used leasing vehicles came to EUR 45.4 million (Q3 2010: EUR 45.3 million, +0.3%). Total revenue for the quarter came to EUR 144.5 million (Q3 2010: EUR 144.3 million, +0.1%).
EBT for the quarter, at EUR 5.4 million, was 24.6% above the figure for the third quarter of 2010 (EUR 4.4 million).
The worldís financial and capital markets reported massive losses in the third quarter of 2011. The stock crash was most notably triggered by the threat of insolvency in Greece and the downgrade of the USAís credit rating. Further factors included rising bond yields in Spain and Italy and weaker economic indicators in Europe, the USA and China. The European Unionís second rescue package for Greece, buy-ups of Italian and Spanish government bonds by the European Central Bank (ECB), and the US Federal Reserveís promise to keep key lending rates at zero for another two years brought only a brief stabilisation.
The DAX dropped 25.4% in the third quarter. Where it had begun the second quarter at 7,376 points, it had fallen to 5,502 at 30 September 2011. The SDAX, where Sixt AG ordinary shares are listed, also saw a sharp decline. This index closed out the third quarter at 4,311 points, down 20.4% (30 June 2011: 5,417 points).
Sixt shares ñ both ordinary and preference shares ñ were unable to escape the market trend, and likewise showed a negative performance. Here it must be taken into account, however, that the share prices were adjusted to reflect the issue of bonus shares in the second quarter and the associated doubling of the total number of shares.
The price of ordinary shares closed out the third quarter at EUR 14.25, a decrease of 26.1% from the price of EUR 19.26 from 30 June 2011. The high for the quarter under review was reached on 5 July 2011 at EUR 20.76, and the low was on 9 August 2011, at EUR 12.88.
Preference shares closed out the quarter at EUR 12.36, 19.6% below the price of EUR 15.37 per 30 June 2011. The high was EUR 15.79 on 4 July 2011, and the low was EUR 10.13 on 10 August 2011 (all quotations refer to Xetra closing prices).
The opportunity and risk profile of the Sixt Group in the first nine months of 2011 has not changed significantly as against the information provided in the Group Management Report in the 2010 Annual Report. The 2010 Annual Report contains extensive details of the risks the Company faces, its risk management system, and its internal control and risk management system relating to its accounting procedures.
No events of special significance for the net assets, financial position and results of operations of the Sixt Group occurred after the reporting date of 30 September 2011. Irrespective of that fact, the reader should note the Managing Boardsí published decision of 10 October 2011 to recall stock, under the authorisation granted by the General Meeting on 17 June 2010.
The Managing Board has reconfirmed its earlier revenue projections for 2011. It assumes that rental revenue for the year as a whole will grow, and that leasing revenue will remain roughly stable. Following the vigorous earnings growth in the first nine months, consolidated EBT for 2011 is expected to be substantial above the prior-year figure.
Sixt is readying itself for a more difficult year 2012 given the general expectation of a global economic downturn. Against this background the strong earnings level of 2011 will be hard to achieve from todayís perspective.
Other operating income for the Group amounted to EUR 26.1 million in the first three quarters of the year, exceeding the figure from the same period last year (EUR 14.3 million).
Fleet expenses and the cost of lease assets decreased 6.6% in the first nine months, to EUR 474.9 million (prior year: EUR 508.6 million). Costs were reduced in all sectors except fuel and transportation expenses. The lower fleet expenses notably resulted in part from comparatively lower disposals from the lease assets.
Personnel expenses for the period January to September 2011 were up slightly from the level of the prior year, at EUR 109.8 million (Q1-3 2010: EUR 105.0 million). The additional expense is associated with the expected increase in profit-sharing for employees, and an in average staff size.
Depreciation and amortisation for the nine-month period, at EUR 243.7 million, decreased slightly from the same period last year (EUR 244.3 million). The decrease results in part from the depreciation of rental vehicles, which rose 5.4% to EUR 128.3 million (Q1-3 2010: EUR 121.7 million). That increase reflects the on-balance-sheet expansion of the fleet as against 2010. However, depreciation of lease assets took a course in the opposite direction, decreasing 7.5% period-on-period to EUR 107.4 million (Q1-3 2010: EUR 116.1 million).
Other operating expenses increased to EUR 220.9 million (Q1-3 2010: EUR 208.8 million). Lower leasing expenses in connection with refinancing the fleet (operating leases) were particularly countered by higher marketing expenses, commissions, expenses associated with outsourced activities for vehicle upkeep, and risk provisioning expenses.
The Group reported significantly higher earnings before interest and taxes (EBIT) for the first nine months, at EUR 154.9 million (Q1-3 2010: EUR 113.7 million). EBIT for the third quarter amounted to EUR 58.1 million (Q3 2010: EUR 50.3 million).
Net finance costs for the first nine months improved to EUR ñ39.2 million, in comparison to the prior-year period's EUR ñ40.9 million. This was the result of lower interest payments on financial liabilities to refinance the capitalised rental and leasing fleet. Net finance costs include a negative result in the amount of EUR ñ1.7 million from interest rate hedging transactions (Q1-3 2010: EUR +1.8 million).
Consequently, the Group reported an EBT of EUR 115.7 million for the first three quarters ñ considerably higher than the previous yearís figure (EUR 72.8 million). A positive EBT of EUR 44.2 million was generated in the third quarter (Q3 2010: EUR 38.0 million).
The periodís consolidated profit after taxes and before minority interests amounted to EUR 80.4 million (Q1-3 2010: EUR 54.9 million). As in the prior-year period, the portion of consolidated profit or loss attributable to minority interests was not material. For Q3 on a stand-alone basis, the Group reported a profit of EUR 30.2 million (Q3 2010: EUR 29.2 million).
On the basis of 49.07 million shares outstanding (weighted average for the first nine months for ordinary and preference shares after consideration of the 1-for-1 capital increase from corporate funds; prior-year period: 50.40 million shares), earnings per share (basic) for the first nine months of the year amounted to EUR 1.64, after EUR 1.09 in the corresponding prior-year period. The figure for the third quarter was EUR 0.61 (Q3 2010: EUR 0.58). The prior-year figures for the number of shares and earnings per share have been adjusted for better comparability. There were no financial instruments to be taken into account that would cause a dilution of profits.
As at the reporting date on 30 September 2011, the Groupís total assets, at EUR 2.32 billion, were EUR 89.2 million higher than on 31 December 2010 (EUR 2.23 billion).
Among the non-current assets, the lease assets continue to be the most significant item. At EUR 667.2 million, as of 30 September 2011 they were EUR 54.7 million less than the figure reported at the end of 2010. All in all, non-current assets were down by EUR 45.4 million, to EUR 765.0 million. Current assets, on the other hand, increased year-on-year by EUR 134.6 million, and amounted to EUR 1.55 billion at the end of September. This was essentially due to a higher total reported for rental vehicles, at EUR 1,167.5 million (+189.2 million as against the end of 2010). As of the reporting date, the Groupís cash and bank balances came to EUR 45.3 million (31 December 2010: EUR 108.6 million).
Due to the positive results for the first nine months and the dividend payment, the Sixt Groupís equity as of the reporting date was EUR 583.3 million, EUR 42.4 million above the year-end figure for 2010. The equity ratio amounted to 25.2% (31 December 2010: 24.3%) and therefore remained well above the average level for the rental and leasing industry.
Non-current liabilities and provisions as of 30 September 2011 totalled EUR 867.8 million, a decrease of EUR 197.1 million from 31 December 2010 (EUR 1,064.9 million). The principal item was financial liabilities, at EUR 837.0 million (31 December 2010: EUR 1,005.6 million). These include the 2009/2012 bond issue (nominal value EUR 300 million) and the 2010/2016 bond issue (nominal value EUR 250 million), as well as borrowerís note loans and bank liabilities with residual terms of more than one year.
Current liabilities and provisions as of 30 September 2011 totalled EUR 866.8 million, and were thus EUR 243.9 million above the figure from the end of 2010 (EUR 622.9 million). This resulted primarily from the increase in trade payables contingent on the reporting date (EUR +76.4 million, to EUR 339.4 million), and in current liabilities, which came to EUR 310.4 million (EUR +168.7 million).
At the end of the third quarter of 2011, the Sixt Group reported cash flows before changes in working capital of EUR 323.8 million (Q1-3 2010: EUR 302.3 million). Including working capital, net cash flows generated from operating activities amounted to EUR 15.0 million for the first nine months. The increase compared to the net cash flows used in the same period last year (EUR 24.9 million) resulted primarily from smaller changes in the rental fleet. The prior yearís figure still reflected a substantially larger build-up in on-balance-sheet rental assets.
Investing activities led to a cash outflow of EUR 41.1 million (Q1-3 2010: cash inflow of EUR 136.8 million), primarily as a result of investments in lease assets.
Financing activities resulted in a cash outflow of EUR 37.4 million (Q1-3 2010: cash outflow of EUR 134.2 million).
After minor changes relating to exchange rates, total cash flows resulted in a year-onyear decrease in cash and cash equivalents by EUR 63.3 million as of 30 September 2011 (Q1-3 2010: decrease of EUR 22.0 million).
With some 116,600 vehicles (prior-year period: 105,800 vehicles) having a total value of EUR 2.78 billion (prior year: EUR 2.34 billion), from January to September 2011 Sixt
added more vehicles to the rental and leasing fleets, still in keeping with the fleet plan befitting the expected development in business. This was once again more than in the same period last year, which was already dominated by the economyís gradual recovery from the financial and economic crisis. Sixt currently expects investments for the whole of 2011 to be marginally higher than for the previous year (2010: EUR 3.2 billion).
| EUR thou. | Q1-3 | Q1-3 | Q3 | Q3 |
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| Revenue | 1,178,065 1,166,117 | 422,259 406,484 | ||
| Other operating income | 26,077 | 14,267 | 8,692 | 5,124 |
| Fleet expenses and cost of lease assets | 474,882 | 508,586 | 165,228 167,394 | |
| Personnel expenses | 109,755 | 105,020 | 37,182 | 34,826 |
| Depreciation and amortisation expense1) | 243,695 | 244,309 | 84,223 | 89,434 |
| Other operating expenses | 220,934 | 208,831 | 86,192 | 69,719 |
| Profit from operating activities (EBIT) | 154,876 | 113,638 | 58,126 | 50,235 |
| Net finance costs | -39,217 | -40,875 | -13,906 -12,259 | |
| (net interest expense and net income from financial assets) | ||||
| Profit before taxes (EBT) | 115,659 | 72,763 | 44,220 | 37,976 |
| Income tax expenses | 35,256 | 17,879 | 14,001 | 8,792 |
| Consolidated profit for the period | 80,403 | 54,884 | 30,219 | 29,184 |
| Of which attributable to minority interests | -245 | 9 | -68 | -36 |
| Of which attributable to shareholders of Sixt AG | 80,648 | 54,875 | 30,287 | 29,220 |
| Earnings per share in EUR (basic) | 1.64 | 1.09 | 0.61 | 0.58 |
| Average number of shares2) (basic / weighted) |
49,065,527 | 50,403,816 | ||
1) of which depreciation of rental vehicles (EUR thou.):
Q1-3 2011: 128,313 (Q1-3 2010: 121,741), Q3 2011: 46,219 (Q3 2010: 49,558)
of which depreciation of lease assets (EUR thou.):
Q1-3 2011: 107,394 (Q1-3 2010: 116,103), Q3 2011: 34,960 (Q3 2010: 37,677)
2) Number of ordinary and preference shares, weighted average in the period (prior-year
figures adjusted for better comparability)
| Statement of Comprehensive Income EUR thou. |
Q1-3 2011 | Q1-3 2010 |
|---|---|---|
| Consolidated profit for the period | 80,403 | 54,884 |
| Recognised directly in equity | ||
| Currency translation | -488 | 3,051 |
| Impairment losses/reversals of impairment losses on available | ||
| for-sale assets | 442 | 33 |
| Related deferred tax | -110 | -8 |
| Total comprehensive income | 80,247 | 57,960 |
| of which attributable to minority interests | -245 | 9 |
| of which attributable to shareholders of Sixt AG | 80,492 | 57,951 |
| Assets | Interim report | Consolidated financial |
|---|---|---|
| statements | ||
| EUR thou. | 30 Sept. 2011 | 31 Dec. 2010 |
| Current assets | ||
| Cash and bank balances | 45,253 | 108,581 |
| Income tax receivables | 3,828 | 14,770 |
| Other financial assets | 30,102 | 57,305 |
| Current other receivables and assets | 58,876 | 45,436 |
| Trade receivables | 239,865 | 193,160 |
| Inventories | 7,465 | 20,758 |
| Rental vehicles | 1,167,457 | 978,254 |
| Total current assets | 1,552,846 | 1,418,264 |
| Non-current assets | ||
| Deferred tax assets | 11,886 | 9,725 |
| Non-current other receivables and assets | 6,463 | 6,727 |
| Non-current financial assets | 1,326 | 890 |
| Lease assets | 667,196 | 721,947 |
| Investment property | 3,122 | 3,148 |
| Property and equipment | 46,828 | 42,073 |
| Intangible assets | 9,782 | 7,480 |
| Goodwill | 18,442 | 18,442 |
| Total non-current assets | 765,045 | 810,432 |
| Total assets | 2,317,891 | 2,228,696 |
| Equity and liabilities | Interim report | Consolidated |
| financial | ||
| statements | ||
| EUR thou. | 30 Sept. 2011 | 31 Dec. 2010 |
| Current liabilities and provisions | ||
| Current other liabilities | 45,809 | 33,593 |
| Current finance lease liabilities | 72,361 | 105,152 |
| Trade payables | 339,350 | 263,044 |
| Current financial liabilities | 310,426 | 141,653 |
| Income tax provisions | 46,117 | 34,299 |
| Current other provisions | 52,706 | 45,180 |
| Total current liabilities and provisions | 866,769 | 622,921 |
| Non-current liabilities and provisions | ||
| Deferred tax liabilities | 16,715 | 18,439 |
| Non-current other liabilities | 4,760 | 2,880 |
| Non-current finance lease liabilities | 7,889 | 37,291 |
| Non-current financial liabilities | 837,042 | 1,005,603 |
| Non-current other provisions | 1,399 | 641 |
| Total non-current liabilities and provisions | 867,805 | 1,064,854 |
| Equity | ||
| Subscribed capital | 129,154 | 64,577 |
| Capital reserves | 200,903 | 200,005 |
| Other reserves (including retained earnings) | 273,156 | 293,137 |
| Treasury shares | ||
| Minority interests | ||
| -20,000 | -16,897 | |
| 104 | 99 | |
| Total equity Total equity and liabilities |
583,317 2,317,891 |
540,921 2,228,696 |
| EUR thou. | Subscribed capital |
Capital reserves |
Other equity1) |
Treasury shares |
Equity attributable to shareholders of Sixt AG |
Minority interests |
Total equity |
|---|---|---|---|---|---|---|---|
| as of 1 January 2011 |
64,577 200,005 | 293,137 | -16,897 | 540,822 | 99 | 540,921 | |
| Consolidated profit Q1-3 |
80,648 | 80,648 | -245 | 80,403 | |||
| Dividend payment for 2010 |
-34,502 | -34,502 | -34,502 | ||||
| Currency translation differences |
-488 | -488 | -488 | ||||
| Other changes | 64,577 | 898 | -65,639 | -3,103 | -3,267 | 250 | -3,017 |
| as of 30 September 2011 |
129,154 200,903 | 273,156 | -20,000 | 583,213 | 104 | 583,317 |
| EUR thou. | Subscribed capital |
Capital reserves |
Other equity1) |
Treasury shares |
Equity attributable to shareholders of Sixt AG |
Minority interests |
Total equity |
|---|---|---|---|---|---|---|---|
| as of 1 January 2010 |
64,577 198,562 | 221,818 | - | 484,957 | 6 | 484,963 | |
| Consolidated profit Q1-3 2010 |
54,875 | 54,875 | 9 | 54,884 | |||
| Dividend payment for 2009 |
-5,220 | -5,220 | -5,220 | ||||
| Currency translation differences |
3,051 | 3,051 | 3,051 | ||||
| Other changes | 895 | -205 | -4,052 | -3,362 | 24 | -3,338 | |
| as of 30 September 2010 |
64,577 199,457 | 274,319 | -4,052 | 534,301 | 39 | 534,340 |
1) including retained earnings
| EUR thou. | Q1-3 2011 |
Q1-3 2010 |
|---|---|---|
| Operating activities Consolidated profit for the period |
80,403 | 54,884 |
| Amortisation of intangible assets | 2,022 | 1,677 |
| Depreciation of property and equipment and investment property | 5,966 | 4,789 |
| Depreciation of lease assets | 107,394 | 116,103 |
| Depreciation of rental vehicles | 128,313 | 121,741 |
| Impairment losses on non-current financial assets | 180 | 767 |
| Result on disposal of intangible assets, property and equipment | 47 | -1,173 |
| Other non-cash income and expense | -554 | 3,518 |
| Cash flow | 323,771 | 302,306 |
| Change in non-current other receivables and assets | 264 | 790 |
| Change in deferred tax assets | -2,161 | -2,549 |
| Change in rental vehicles, net | -317,516 | -459,320 |
| Change in inventories | 13,293 | 18,478 |
| Change in trade receivables | -46,705 | 7,049 |
| Change in current other receivables and assets | -13,440 | 1,293 |
| Change in income tax receivables | 10,942 | 2,055 |
| Change in non-current other provisions | 758 | -360 |
| Change in non-current other liabilities | -27,522 | -38,092 |
| Change in deferred tax liabilities | -1,724 | -5,304 |
| Change in current other provisions | 7,526 | 11,462 |
| Change in income tax provisions | 11,818 | 13,052 |
| Change in trade payables | 76,306 | 108,115 |
| Change in current other liabilities | -20,575 | 16,161 |
| Net cash flows from/used in operating activities | 15,035 | -24,864 |
| Investing activities | ||
| Proceeds from disposal of intangible assets, property and equipment, and investment property | 4,136 | 4,322 |
| Proceeds from disposal of lease assets | 137,632 | 160,163 |
| Proceeds from disposal of financial assets | - | 27 |
| Proceeds from disposal of current financial assets | 27,203 | 151,630 |
| Payments to acquire intangible assets, property and equipment | -19,203 | -5,402 |
| Payments to acquire lease assets | -190,274 | -173,926 |
| Payments to acquire non-current financial assets | -641 | - |
| Net cash flows used in/from investing activities | -41,147 | 136,814 |
| Financing activities | ||
| Contingent increase in share capital | 64,577 | - |
| Change in other reserves due to capital increase from corporate funds | -64,577 | - |
| Payments to acquire treasury shares | -3,103 | -4,052 |
| Dividend payments | -34,502 | -5,220 |
| Change in current financial liabilities | 168,773 | -190,133 |
| Change in non-current financial liabilities | -168,561 | 65,169 |
| Net cash flows from/used in financing activities | -37,393 | -134,236 |
| Net change in cash and cash equivalents | -63,505 | -22,286 |
| Effect of exchange rate changes on cash and cash equivalents | 127 | 247 |
| Change in cash and cash equivalents due to changes in reporting entity structure | 50 | - |
| Cash and cash equivalents at 1 January | 108,581 | 45,866 |
| Cash and cash equivalents at 30 September | 45,253 | 23,827 |
The consolidated financial statements of Sixt Aktiengesellschaft as of 31 December 2010 were prepared in accordance with International Financial Reporting Standards (IFRSs), as adopted by the EU and effective at the closing date.
The same accounting policies principally are applied in the interim consolidated financial statements as of 30 September 2011, which were prepared on the basis of International Accounting Standard (IAS) 34 (Interim Financial Reporting), as in the 2010 consolidated financial statements. Preparation of interim consolidated financial statements requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities and provisions, as well as of income and expenses. Actual amounts may differ from these estimates. A detailed description of the accounting principles, consolidation methods and accounting policies used is published in the notes to the consolidated financial statements in the 2010 Annual Report. The results presented in the interim financial reports are not necessarily indicative of the results of future reporting periods or of the full financial year. The interim consolidated financial statements were prepared in euros.
The accompanying interim consolidated financial statements have not been audited or reviewed by the Company's auditors, Deloitte & Touche GmbH, Wirtschaftspr¸fungsgesellschaft, of Munich.
Sixt Aktiengesellschaft, domiciled in Zugspitzstrasse 1, 82049 Pullach, Germany, is entered in section B of the commercial register at Munich Local Court, under the number 79160.
Sixt Transatlantik GmbH, of Pullach, Germany, Sixt Rent a Car LLC, registered in Delaware, USA (initial consolidation as of 1 January 2011) and Sixt Mobility Consulting GmbH, of Pullach, Germany (initial consolidation as of 1 April 2011), were consolidated for the first time during the fiscal year, as of the date at which the Group acquired control. These are new companies founded by the Sixt Group. Furthermore, the new joint venture DriveNow GmbH & Co. KG, of Munich, was consolidated for the first time proportionately to the Groupís ownership interest (50%). These initial consolidations had no noteworthy effects on the Groupís net assets, financial position and results of operations. Furthermore, the companies consolidated have increased from 30 September 2010 by the addition of Sixt Finance GmbH, autohaus24 GmbH, and Sixt e-ventures GmbH, all of Pullach, Germany.
Revenue is broken down as follows:
| EUR million | Q1-3 2011 |
Q1-3 2010 |
Change % |
Q3 2011 |
Q3 2010 |
Change % |
|---|---|---|---|---|---|---|
| Operating revenue | 1,033.5 | 1,001.8 | 3.2 | 375.0 | 359.9 | 4.2 |
| Vehicle Rental | 674.3 | 603.1 | 11.8 | 255.0 | 228.6 | 11.5 |
| Other revenue from rental business |
63.1 | 88.1 | -28.4 | 20.9 | 32.3 | -35.3 |
| Leasing revenue | 296.1 | 310.6 | -4.7 | 99.1 | 99.0 | 0.1 |
| Leasing sales revenue | 138.8 | 160.5 | -13.5 | 45.4 | 45.3 | 0.3 |
| Other revenue | 5.8 | 3.8 | 53.3 | 1.9 | 1.3 | 53.4 |
| Consolidated revenue | 1,178.1 | 1,166.1 | 1.0 | 422.3 | 406.5 | 3.9 |
Fleet expenses and cost of lease assets are broken down as follows:
| EUR million | Q1-3 2011 |
Q1-3 2010 |
Change % |
|---|---|---|---|
| Repairs, maintenance, reconditioning | 144.8 | 146.6 | -1.2 |
| Fuel | 84.7 | 83.1 | 2.0 |
| Insurance | 45.1 | 46.7 | -3.5 |
| Transportation | 23.4 | 21.7 | 8.0 |
| Other, including selling expenses | 176.9 | 210.5 | -16.0 |
| Group total | 474.9 | 508.6 | -6.6 |
Expenses of EUR 203.3 million (Q1-3 2010: EUR 205.6 million) are attributable to the Vehicle Rental Business Unit, and EUR 271.6 million (Q1-3 2010: EUR 303.0 million) to the Leasing Business Unit. Fleet expenses for the third quarter came to EUR 165.2 million (Q1-3 2010: EUR 167.4 million).
Other operating expenses are broken down as follows:
| EUR million | Q1-3 2011 |
Q1-3 2010 |
Change % |
|---|---|---|---|
| Leasing expenses | 37.4 | 59.5 | -37.1 |
| Commissions | 56.7 | 47.8 | 18.7 |
| Expenses for buildings | 31.7 | 29.8 | 6.3 |
| Other selling and marketing expenses | 22.3 | 13.7 | 62.3 |
| Expenses from write-downs of receivables | 19.7 | 14.8 | 33.3 |
| Miscellaneous expenses | 53.1 | 43.2 | 23.1 |
| Group total | 220.9 | 208.8 | 5.8 |
Operating expenses in the third quarter amounted to EUR 86.2 million (Q3 2010: EUR 69.7 million).
Net finance costs of EUR ñ39.2 million (Q1-3 2010: EUR ñ40.9 million) contained net interest expense of EUR ñ40.1 million (Q1-3 2010: EUR ñ45.6 million). The net finance costs included a negative result from interest rate hedging transactions in the amount of EUR ñ1.7 million (Q1-3 2010: EUR +1.8 million), and an impairment loss on an investment in the amount of EUR 0.2 million (Q1-3 2010: EUR 0.8 million).
The income tax expenses are composed of current income taxes in the amount of EUR 39.0 million (Q1-3 2010: EUR 25.7 million) and deferred taxes of EUR ñ3.7 million (Q1-3 2010: EUR ñ7.8 million). Based on its profit before taxes (EBT), the Sixt Group's tax rate was 31% in the period under review (Q1-3 2010: 25%).
Earnings per share are as follows:
| Basic earnings per share | Q1-3 2011 |
Q1-3 2010 |
|
|---|---|---|---|
| Consolidated profit for the period after minority interests | EUR thou. |
80,648 | 54,875 |
| Profit attributable to ordinary shares | EUR thou. |
52,281 | 35,698 |
| Profit attributable to preference shares | EUR thou. |
28,367 | 19,177 |
| Weighted average number of ordinary shares1) | 31,945,398 | 32,911,308 | |
| Weighted average number of preference shares1) | 17,120,129 | 17,492,508 | |
| Earnings per ordinary share1) | EUR | 1,64 | 1,08 |
| Earnings per preference share1) | EUR | 1,66 | 1,10 |
1)After consideration of the 1-for-1 capital increase from corporate funds; prior-year figures adjusted for better comparability
The profit attributable to preference shares includes the additional dividend of EUR 0.02 per preference share payable in accordance with the Articles of Association for preference shares carrying dividend rights in the financial year. The weighted average number of shares is calculated on the basis of the proportionate number of shares per month for each category of shares, taking due account of the respective number of treasury shares. The number of shares for each category has doubled as against the prior year because of the capital increase from corporate funds (at a ratio of 1:1) that became effective as of 30 June 2011. The prior-year figures for the number of shares and earnings per share have been adjusted for better comparability. Earnings per share are calculated by dividing the profit or loss attributable to each class of shares by the weighted average number of shares per class of shares. As in the previous year, there were no financial instruments as of the reporting date that could dilute the profit attributable to Sixt shares.
Current other receivables and assets falling due within one year can be broken down as follows:
| EUR million | 30 Sept. 2011 |
31 Dec. 2010 |
|---|---|---|
| Current finance lease receivables Receivables from affiliated companies and |
4.5 | 5.1 |
| from other investees | 3.3 | 2.0 |
| Recoverable taxes | 28.9 | 28.1 |
| Insurance claims | 1.2 | 3.6 |
| Prepaid expenses | 11.8 | 11.4 |
| Other financial assets | 30.1 | 57.3 |
| Other | 13.0 | 10.0 |
| Group total | 92.8 | 117.5 |
The recoverable taxes item includes income tax receivables of EUR 3.8 million (31 December 2010: EUR 14.8 million).
The rental vehicles item increased by EUR 189.2 million compared to 31 December 2010, in part for seasonal reasons, from EUR 978.3 million to EUR 1,167.5 million.
Non-current other receivables and assets mainly include the non-current portion of finance lease receivables amounting to EUR 4.4 million (31 December 2010: EUR 5.0 million).
Lease assets decreased by EUR 54.7 million to EUR 667.2 million as of the reporting date (31 December 2010: EUR 721.9 million). As in 2010, the reduction resulted primarily from lower new business due to the Groupís concentration on higher-margin full-service leasing and fleet-management.
Current financial liabilities falling due within one year are broken down as follows:
| EUR million | 30 Sept. 2011 |
31 Dec. 2010 |
|---|---|---|
| Profit participation certificates | 50.0 | 49.8 |
| Borrower's note loans | 101.7 | 50.0 |
| Liabilities to banks | 125.6 | 21.8 |
| Other liabilities | 33.1 | 20.1 |
| Group total | 310.4 | 141.7 |
The profit participation certificates relate to the remaining tranche that is repayable at short notice (nominal value EUR 50 million) from the total issue with a nominal value of EUR 100 million. As at the end of 2010, the other liabilities consisted mainly of deferred interest.
As at the end of 2010, current other provisions primarily comprise provisions for taxes, legal costs and rental operations, and employee-related provisions.
The non-current financial liabilities have residual terms of more than one year and are broken down as follows:
| EUR million | Residual term of 1 - 5 years |
Residual term of more than 5 years |
|||
|---|---|---|---|---|---|
| 30 Sept. 2011 |
31 Dec. 2010 |
30 Sept. 2011 |
31 Dec. 2010 |
||
| Borrower's note loans | 256.9 | 423.2 | - | - | |
| Bonds | 301.2 | 300.7 | 244.6 | 246.8 | |
| Liabilities to banks | 32.9 | 32.8 | 1.5 | 2.1 | |
| Group total | 591.0 | 756.7 | 246.1 | 248.9 |
Borrowerís note loans were raised in several tranches, with nominal terms of between five and seven years. The bonds relate mainly to the 2009/2012 bond issue from 2009 (nominal value EUR 300 million) and the 2010/2016 bond issue from 2010 (nominal value EUR 250 million).
Following the capital increase from corporate funds as of 30 September 2011, the share capital of Sixt Aktiengesellschaft amounts to EUR 129,153,792 (31 December 2010: EUR 64,576,896).
The share capital is composed of:
| No-par value shares |
Nominal value EUR |
|
|---|---|---|
| Ordinary shares | 32,944,400 | 84,337,664 |
| Non-voting preference shares | 17,506,300 | 44,816,128 |
| Balance at 30 September 2011 | 50,450,700 | 129,153,792 |
The Annual General Meeting authorised the Companyís Managing Board on 17 June 2010, as specified in the proposed resolution, to acquire ordinary bearer shares and/or preference bearer shares of the Company in the amount of up to 10% of the Company's share capital at the time of the authorisation in the period up to 16 June 2015. In August 2010, the Managing Board decided to exercise this authorisation and to acquire ordinary and preference treasury shares worth the equivalent of up to EUR 20 million in all. The share buyback was completed on 25 January 2011. As of the reporting date, the Company had bought back a total of 1,015,568 ordinary shares and 390,846 preference shares (adjusted by the capital increase from corporate funds). This equals around EUR 3,600 thousand, or 5.6% of the share capital at the date the authorisation was granted. The treasury shares have not yet been retired.
The Sixt Group is active in the two main business areas of Vehicle Rental and Leasing. When combined, the revenue from these activities, excluding vehicle sales revenue, is also described as operating revenue. Activities that cannot be allocated to these segments, such as financing, holding company activities, real estate leasing, or ecommerce transactions, are combined in the Other segment. The segment information for the first nine months of 2011 (compared with the first nine months of 2010) is as follows:
| By Business Unit | Rental Leasing |
Other | Reconciliation | Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EUR million | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 |
| External revenue | 737.4 | 691.2 | 434.9 | 471.1 | 5.8 | 3.8 | 0.0 | 0.0 | 1,178.1 | 1,166.1 |
| Internal revenue | 5.6 | 4.9 | 8.2 | 7.3 | 8.7 | 6.5 | -22.5 | -18.7 | 0.0 | 0.0 |
| Total revenue | 743.0 | 696.1 | 443.1 | 478.4 | 14.5 | 10.3 | -22.5 | -18.7 | 1,178.1 | 1,166.1 |
| Depreciation / amortisation expense |
135.5 | 127.5 | 107.5 | 116.2 | 0.7 | 0.6 | 0.0 | 0.0 | 243.7 | 244.3 |
| Other non-cash expense | 49.0 | 22.7 | 5.3 | 1.3 | 3.1 | 2.7 | 0.0 | 0.0 | 57.4 | 26.7 |
| EBIT1) | 123.6 | 80.8 | 40.1 | 38.3 | -8.8 | -5.4 | 0.0 | 0.0 | 154.9 | 113.7 |
| Interest income | 1.2 | 1.0 | 1.3 | 0.7 | 37.6 | 36.1 | -35.3 | -35.1 | 4.8 | 2.7 |
| Interest expense | -25.6 | -22.1 | -18.6 | -27.0 | -35.9 | -34.3 | 35.3 | 35.1 | -44.8 | -48.3 |
| Other net finance costs2) |
0.0 | 0.0 | -0.7 | 0.0 | 1.5 | 4.7 | 0.0 | 0.0 | 0.8 | 4.7 |
| EBT3) | 99.2 | 59.7 | 22.1 | 12.0 | -5.6 | 1.1 | 0.0 | 0.0 | 115.7 | 72.8 |
| Investments4) | 19.4 | 5.1 | 190.4 | 174.1 | 0.4 | 0.1 | 0.0 | 0.0 | 210.2 | 179.3 |
| Assets | 1,532.9 | 1,365.5 | 764.4 | 813.2 | 1,396.8 | 1,293.9 | -1,391.9 | -1,374.7 | 2,302.2 | 2,097.9 |
| Liabilities | 1,287.3 | 1,196.2 | 656.0 | 694.8 | 1,003.2 | 804.4 | -1,274.7 | -1,160.4 | 1,671.8 | 1,535.0 |
| By region | Germany | Abroad | Reconciliation | Group | ||||
|---|---|---|---|---|---|---|---|---|
| EUR million | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 |
| Total revenue | 885.8 | 902.1 | 298.8 | 269.7 | -6.5 | -5.7 | 1,178.1 | 1,166.1 |
| Investments4) | 179.4 | 149.0 | 30.8 | 30.3 | 0.0 | 0.0 | 210.2 | 179.3 |
| Assets | 2,034.2 | 1,864.7 | 652.1 | 551.6 | -384.1 | -318.4 | 2,302.2 | 2,097.9 |
1) Corresponds to profit from operating activities (EBIT) 2) Including investment income or expense
3) Corresponds to profit before taxes (EBT)
4) Excluding rental vehicles and current financial assets
The cash flow statement shows the change in cash and cash equivalents in the financial year to date. In accordance with IAS 7 (Cash Flow Statements), a distinction is made between cash flows from each of operating, investing and financing activities. Cash and cash equivalents correspond to the relevant item ìcash and bank balancesî in the balance sheet. In accordance with IAS 7.31 and IAS 7.35, net cash flows from/used in operating activities include the following inflows and outflows of cash:
| EUR million | Q1-3 2011 |
Q1-3 2010 |
|---|---|---|
| Interest received | 7.3 | 7.6 |
| Interest paid | 37.7 | 49.7 |
| Dividends received | 2.8 | 1.7 |
| Income taxes paid | 16.1 | 10.2 |
There were no material changes in contingent liabilities resulting from guarantees or similar obligations in the period under review as against the consolidated financial statements as at 31 December 2010.
The Sixt Group has receivables from and liabilities to various unconsolidated Group companies for the purposes of intercompany settlements and financing. The resulting net figures are reported under the items for ìCurrent other receivables and assetsî and ìCurrent other liabilitiesî. The transactions are conducted on armís length terms. The following provides an overview of significant account balances arising from such relationships:
There were substantial receivables from SIXT S.‡.r.l., Luxembourg (EUR 1.0 million, 31 December 2010: EUR 0.8 million), Stockflock GmbH (EUR 0 million, 31 December 2010: EUR 0 million), Sixt Verw.ges. mbH & Co. Sita Immobilien GmbH (EUR 0.1 million, 31 December 2010: EUR 0.2 million), Sixt GmbH, Leipzig (EUR 0.2 million, 31 December 2010: EUR 0.2 million), Preis24.de GmbH (EUR 0.5 million, 31 December 2010: EUR - million), Sixt SARL, Monaco (EUR 0.8 million, 31 December 2010: EUR 0.4 million), kud.am GmbH, Berlin (EUR 0 million, 31 December 2010: EUR - million), and Sixt International Holding GmbH (EUR 0.1 million, 31 December 2010: EUR 0.1 million). The receivables from Stockflock GmbH and kud.am GmbH are impaired.
Substantial liabilities were recognised in respect of Sixt AÈroport SARL (EUR 0.3 million, 31 December 2010: EUR 0.2 million), Sixt Sud SARL (EUR 0.4 million, 31 December 2010: EUR 0.4 million), Sixti SARL (EUR 0.3 million, 31 December 2010: EUR 0.3 million), Sixt Immobilien Beteiligungen GmbH (EUR 0.1 million, 31 December 2010: EUR 0.1 million), Get Your Car GmbH (EUR 0.1 million, 31 December 2010: EUR 0.1 million), and Sixt Nord SARL (EUR 0.3 million, 31 December 2010: EUR 0.3 million). The volume of the transactions with these related parties is insignificant. They are conducted at arm's length and result from the normal course of business.
The Group rents two properties belonging to the Sixt family for its operations. Rental expenses were insignificant, as in the same period of the prior year. For his services as Chairman of the Managing Board, Erich Sixt receives remuneration which, in accordance with the resolutions adopted by the Annual General Meetings on 14 July 2005 and 17 June 2010, is not published individually. Other members of the Sixt family also received remuneration amounting to EUR 0.5 million for their activities in the Group (prior year: EUR 0.3 million).
The Company received no disclosures during the period under review in accordance with sec. 15a of the German Securities Trading Act (WpHG) from persons named in that Act.
As at 30 September 2011, Erich Sixt Vermˆgensverwaltung GmbH, all shares of which are held by the Sixt family, held 18,711,822 of the ordinary shares of Sixt Aktiengesellschaft, following the capital increase out of corporate funds. No other noteworthy holdings by members of the Managing Board or Supervisory Board were reported to the Company.
Pullach, 22 November 2011
Sixt Aktiengesellschaft The Managing Board
Sixt Aktiengesellschaft Zugspitzstrasse 1 82049 Pullach, Germany
[email protected] Phone +49 (0)89/ 7 44 44 - 5104 Fax +49 (0)89/ 7 44 44 - 85104 www.sixt.de
Published by: Sixt Aktiengesellschaft Zugspitzstrasse 1 82049 Pullach, Germany
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