Annual Report 2012 - Sixt AG

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As in previous years, the Group’s revenue development is again measured by the so-called operating
revenue as well as by consolidated revenue. Operating revenue is the total amount of revenue from
rental business (including other revenue from rental business) and leasing business. Revenue from the
sale of used leasing vehicles, which depends primarily on general fleet policy and is predominantly
based on firm buy-back agreements with manufacturers and dealers, is not recognised as operating
revenue. Revenue from the sale of used vehicles from the Vehicle Rental Business Unit is not
reported under revenue.
2. Overall assessment of the financial year
In financial year 2012 the Sixt Group registered slightly higher consolidated revenues of EUR 1.6
billion and a pre-tax profit (EBT) of EUR 118.6 million. Though EBT was below the record result
of the previous year (EUR 138.9 million), as had been expected and announced, it still amounted
to one of the highest profits ever achieved by the Group. At EUR 79.2 million the profit after taxes
(before minority interests) also remained on a high level and was EUR 18.3 million below the record
result of 2011 (EUR 97.5 million). The development of earnings is the result of strong demand for
mobility solutions, above all abroad. However, the increase in operating costs and start-up costs
for long-term growth initiatives could not be balanced out.
On the basis of the good earnings development in the year under review, the Managing Board,
subject to the consent of the Supervisory Board is proposing that the Annual General Meeting
on 20 June 2013 distribute a dividend of EUR 0.55 per ordinary share and EUR 0.57 per preference
share as well as a special dividend of EUR 0.45 for both share categories to celebrate the 100th
anniversary of Sixt. In total this would result in a marked dividend increase. This dividend proposal
takes due account of the good result as well as Sixt Group's solid equity basis, while it also takes
into consideration the capital requirements for the planned expansion and product developments.
3. Revenue performance
3.1 Developments in the Group
Total consolidated revenue amounted to EUR 1.60 billion in the year under review, 2.0% more than
the previous year's figure of EUR 1.56 billion. At EUR 1.43 billion, consolidated operating revenue
from rental and leasing business (excluding revenue from the sale of used leasing vehicles) was
3.9% higher than the prior-year figure (2011: EUR 1.37 billion). This increase was once again the
result of a good revenue performance in the Rental Vehicle Business Unit, especially from the
ongoing international expansion.