Allane SE — Audit Report / Information 2020

Apr 28, 2021

Sixt Leasing SE FY 2020 Update

28 April 2021

Disclaimer

This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Sixt Leasing SE (together with its subsidiaries, the "Company") and/or the industry in which the Company operates. Forward-looking statements, regardless if made orally or in writing, concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. Forward-looking statements, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are uncertain and subject to risks. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in general economic conditions, in particular economic conditions in the Company's target markets, changes affecting interest rate levels, changes in competition levels, changes in laws and regulations, environmental damages, the potential impact of legal proceedings and actions and the Group's ability to achieve operational synergies from past or future acquisitions. The Company does not guarantee that the assumptions underlying forward-looking statements, regardless if made orally or in writing, are free from errors nor does it accept any responsibility for the future accuracy of opinions or any obligation to update the statements in this presentation to reflect subsequent events. Forward-looking statements are made only as of the date hereof. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients thereof shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. Consequently, the Company does not undertake any obligation to review, update or confirm investors' expectations or estimates or to release publicly any revisions to any forwardlooking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation.

Furthermore, a totally different performance can ensue from an unexpected slump in demand or economic stagnation in our key market Germany and/or in other Western European markets. The actual development can differ materially from the forecasts made in this presentation, in case one of the aforementioned risks or other risks not mentioned here should materialize and/or the assumption on which we have based our forecasts and prospects turn out to be wrong.

This presentation contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be used as) the basis of any analysis or other evaluation. In addition, the information in this presentation is subject to change. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein.

Due to rounding, individual figures in this presentation may not always add up to the total figure.

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Agenda
A	KPIs AND HIGHLIGHTS FY 2020	03
B	FINANCIALS FY 2020	07
C	OUTLOOK	12
D	APPENDIX	15

Sixt Leasing Group's contract portfolio end of 2020 with 129.900 contracts 4.6% below end of 2019 especially due to Covid-19 effects

Portfolio FY 2020 *Number of contracts

1) Excluding 1&1/Peugeot campaign in 2017

2) Due to rounding it is possible that selected figures do not add up to the overall amount recorded

2015 2016 2019 2020

2014 2017 2018

EBT adjusted for additional risk provisioning and transaction-related costs at 20.8 m EUR in 2020

	2020	2019	Change vs. 2019
Group contract portfolio1)	129,900	136,200	-4.6%
Online Retail §	38,600	44,300	-12.8%
§ Fleet Management	53,500	51,500	3.9%
Fleet Leasing §	37,800	40,400	-6.6%
Financials	2020	2019	Change vs. 2019
Operating revenue	EUR 423.3 m	EUR 468.2 m	-9.6%
EBITDA	EUR 211.4 m	EUR 232.7 m	-9.1%
EBT	EUR 9.1 m	EUR 29.3 m	-68.9%
EBT adjusted	EUR 20.8 m2)	-	-
Operating return on revenue	2.2%	6.3%	-4.1pp
Equity ratio	16.4%	17.2%	-0.8pp

1) Due to rounding it is possible that selected figures do not add up to the overall amount recorded

2) Adjusted for additional risk provisioning and transaction-related costs. For details please refer to financial report 2020

Agenda
A	KPIs AND HIGHLIGHTS FY 2020	03
B	FINANCIALS FY 2020	07
C	OUTLOOK	12
D	APPENDIX	15

EBT 2020 below previous year besides effects from Covid-19 mainly due to additional risk provisioning and transaction-related costs

Sixt Leasing Group – Key performance indicators 2016 – 20201)

1) Due to rounding it is possible that selected figures do not add up to the overall amount recorded

2) Including leasing contracts, fleet management contracts, service contracts and order book (contracts for which the leased vehicle has not yet been delivered to the customer)

3) The sum of leasing revenue (i.e. the finance rate, being the financing portion, consisting of interest and depreciation, of the agreed lease instalment) and other revenue from leasing business of the

Leasing business unit as well as fleet management revenue from the Fleet Management business unit

4) The ratio of earnings before taxes (EBT) to operating revenue

5) Earnings before interest, taxes, depreciation and amortisation

EBT decrease on Group level mainly due to very significantly lower EBT in Leasing business unit

EBT development of Sixt Leasing Group and business units 2016 – 2020

1) Ratio of EBT to operating revenue

2) EBITDA = Earnings before interest, taxes, depreciation and amortisation

Lease assets of approx. EUR 1.1 bn – Equity ratio down 0.8 ppts due to lower equity

Sixt Leasing Group – Development of key balance sheet figures 2016 – 2020

1) Due to rounding it is possible that selected figures do not add up to the overall amount recorded

2) Including liabilities to related parties

3) Bank balances / cash

Well balanced financing profile – Increased focus on Intercompany funding from Santander Consumer Bank AG (SCB) and ABS

Sixt Leasing Group – Maturities of financial liabilities as of 31 December 2020 [EUR m]

LIABILITIES1) FINANCIAL	2021	2022	2023	2024	2025+	Total	KEY FINANCING INSTRUMENTS
Asset backed securities (ABS) programme	175.4	144.3	116.6	60.1	3.6	500.0
SCB AG loans	50.0	50.0	20.0	20.0	-	140.0
Bank loans	27.4	-	-	-	-	27.4
Bonds2)	-	250.0	-	-	-	250.0	from 3rd party banks
Finance leases & others	8.7	2.1	1.9	1.6	2.8	17.1
Total	261.5	446.4	138.5	81.7	6.4	934.5
Bank balances						2.4
Net debt						932.1

KEY FINANCING

• § EUR 500 m ABS programme
• § EUR 250 m bond due in 2022
• § ~ EUR 220 m bilateral credit lines from 3rd party banks

1) Nominal repayment amounts; excluding future accrued interest and miscellaneous; due to rounding it is possible that individual figures may not exactly add up to the total amount 2) Bond 2018/22 is first bond under the debt issuance programme

Agenda
A	KPIs AND HIGHLIGHTS FY 2020	03
B	FINANCIALS FY 2020	07
C	OUTLOOK	12
D	APPENDIX	15

Cautious forecast for 2021 confirmed, taking into account the operating business development to date and the Covid-19 situation

	2021	2020
Contract portfolio
Group	Slight increase	129,900 contracts
Financials
Operating revenue	In the range of previous year's figure	EUR 423.3 m
EBT	Higher single-digit million euro amount	EUR 9.1 m

• § Sixt Leasing assumes that the market and business environment will continue to be strongly negatively impacted by the COVID-19 pandemic and expects a recovery in business development in the second half of 2021 at the earliest
• § In addition, consolidated earnings will also be burdened in the 2021 financial year by transaction-related costs in connection with the takeover of the company by HCBE
• § In this context, EBT for the first quarter of 2021 is expected to decline very sharply compared to the corresponding period of the previous year (Q1 2020: EUR 5.6 million) according to the Managing Board's estimates

Zugspitzstrasse 1 Stefan Vogel

ADDRESS INVESTOR RELATIONS

Sixt Leasing SE Sixt Leasing SE 82049 Pullach T: +49 89 74444 4518 Germany F: +49 89 74444 85169 Email: ir@sixt-leasing.com

Agenda
A	KPIs AND HIGHLIGHTS FY 2020	03
B	FINANCIALS FY 2020	07
C	OUTLOOK	12
D	APPENDIX	15
		15

Sixt Leasing Group: Revenue and earnings performance 20201)

in EUR million	2020	2019	Change in %
Operating revenue	423.3	468.2	-9.6
Sales revenue	324.4	356.3	-8.9
Consolidated revenue	747.7	824.4	-9.3
thereof Leasing business unit	642.1	722.6	-11.1
thereof Fleet Management business unit	105.6	101.8	3.7
Fleet expenses and cost of lease assets	473.8	536.9	-11.8
Personnel expenses	42.9	41.5	3.5
Net other operating income/expense	-19.6	-13.3	46.9
EBITDA	211.4	232.7	-9.1
Depreciation and amortisation	191.2	191.3	-0.1
Net finance costs	-11.1	-12.0	-7.9
EBT	9.1	29.3	-68.9
Operating return on revenue2)	2.2%	6.3%	-4.1 points
Income tax	6.9	7.8	-11.1
Consolidated profit	2.2	21.5	-89.9
Earnings per share (in EUR)	0.11	1.04	-89.4

1) Due to rounding it is possible that selected figures do not add up to the overall amount recorded 2) Ratio of EBT to operating revenue

Sixt Leasing Group: Further KPIs 20201)

	31 Dec 2020	31 Dec 2019	Change in %
Group contract portfolio	129,900	136,200	-4.6
thereof Online Retail	38,600	44,300	-12.8
thereof Fleet Leasing	37,800	40,400	-6.6
thereof Fleet Management	53,500	51,500	3.9
in EUR million
Total equity and liabilities	1,295.6	1,328.9	-2.4
Lease assets	1,092.5	1,119.7	-2.4
Bank balances	2.4	2.6	-10.1
Financial liabilities	935.9	948.2	-1.3
Equity	212.9	229.2	-7.1
Equity ratio (%)	16.4	17.2	-0.8 points
	2020	2019
Gross cash flow	198.5	219.3	-9.5
Investments in lease assets	430.3	407.0	5.7

1) Due to rounding it is possible that selected figures do not add up to the overall amount recorded