SIXT SE Q2 2021 RESULTS ANALYST WEBCAST - 12 AUGUST 2021
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SIXT SE
Q2 2021 RESULTS
ANALYST WEBCAST
12 AUGUST 2021
1
This presentation (together with the presenters’ further discussions of the Company with any of Presentation contains summary information only
speeches and any other related verbal or written the recipients thereof shall, under any and does not purport to be comprehensive and is
communications the “Presentation”) contains circumstances, create any implication that there not intended to be (and should not be used as)
forward-looking statements relating to the has been no change in the affairs of the the basis of any analysis or other evaluation. In
business, financial performance and results of Company since such date. Consequently, the addition, the information in the Presentation is
Sixt SE (together with its subsidiaries, the Company does not undertake any obligation to subject to change. No representation or warranty
“Company”) and/or the industry in which the review, update or confirm expectations or (express or implied) is made as to, and no
Company operates. Forward-looking statements estimates or to release publicly any revisions to reliance should be placed on, any information,
concern future circumstances and results and any forward-looking statements to reflect events including projections, estimates, targets and
other statements that are not historical facts, that occur or circumstances that arise in relation opinions, contained herein, and no liability
sometimes identified by the words “believes,” to the content of the Presentation. Furthermore, whatsoever is accepted as to any errors,
“expects,” “predicts,” “intends,” “projects,” “plans,” a totally different performance can ensue from an omissions or misstatements contained herein.
“estimates,” “aims,” “foresees,” “anticipates,” unexpected slump in demand or economic Due to rounding it is possible that figures may
“targets,” and similar expressions. Forward- stagnation in our key markets. The actual not add up exactly and that half or full year
looking statements, including assumptions, development can differ materially from the figures do not correspond to added quarterly
opinions and views of the Company or cited from forecasts made in this Presentation, in case one figures. For the same reason, percentages may
DISCLAIMER third party sources, are solely opinions and of the aforementioned risks or other risks not not exactly match absolute numbers they
forecasts which are uncertain and subject to mentioned here should materialize and/or the correspond to.
risks. Actual events may differ significantly from assumption on which we have based our
any anticipated development due to a number of forecasts and prospects turn out to be wrong. The Presentation does not constitute or form part
factors, including without limitation, changes in of, and should not be construed as, an offer,
general economic conditions, in particular in the Certain industry and market information in the solicitation or invitation to subscribe for,
Company’s target markets and changes in Presentation and/or related materials has been underwrite or otherwise acquire, any securities of
competition levels. The Company does not obtained by the Company from third party the Company nor should it or any part of it form
guarantee that the assumptions underlying sources. The Company has not independently the basis of, or be relied on in connection with,
forward-looking statements are free from errors verified such information and neither the any contract to purchase or subscribe for any
nor does it accept any responsibility for the future Company nor any of its directors provides any securities of the Company, nor shall it or any part
accuracy of opinions or any obligation to update assurance as to the accuracy, fairness or of it form the basis of or be relied on in
the statements in the Presentation to reflect completeness of such information or opinions connection with any other investment
subsequent events. Forward-looking statements contained in this document and neither the whatsoever.
are made only as of the date of the Presentation. Company nor any of its directors takes any
Neither the delivery of the Presentation nor any responsibility for such information. This 2
QUARTERLY HIGHLIGHTS
Q2/21
Q2/21 RESULTS: BACK ON RECORD LEVELS
EBT
EUR 77.9m (-166% vs. Q2/20; +6% vs. Q2/19)
GROUP REVENUE
EUR 501.2m (+119% vs. Q2/20; -20% vs. Q2/19)
MOBILITY BUSINESS UNIT CORPORATE EBITDA
EUR 106.7m (-231% vs. Q2/20; +10% vs. Q2/19)
NET INCOME
EUR 62.7m (-160% vs. Q2/20; +28% vs. Q2/19)
RENTAL ASSETS
EUR 3.2bn (+45% vs. Q4/20)
EQUITY RATIO
30.8% (-1pp vs. Q4/20)
44
Sources: Group Interim Reports as at 30 June 2021 and as at 30 June 2020, Annual Report 2020; 2019 figures adjusted
BUSINESS UPDATE
5
OUR VISION: EXCITE OUR CUSTOMERS WITH THE
FREEDOM OF GLOBAL MOBILITY WITHOUT OWNING A CAR
SHIFT AWAY FROM CAR OWNERSHIP LIKELY TO PUSH RENTAL AND SUBSCRIPTION BUSINESS – FLEXIBILITY AS KEY DRIVER
2030
2025
2021
USD ~65 bn USD ~510 bn USD ~6,700 bn
RENTAL CAR RENTAL, TOTAL MARKET
MARKET RIDE HAILING, TAXI INCL. PRIVATE CARS
& CAR SHARING
UNLIMITED SCALABILITY IN A USD 6,700 BN MARKET
6
SIXT’S BUSINESS MODEL: SCALABLE, VARIABLE,
FINANCIALLY SOLID, DIVERSIFIED
24%
45% VARIABLE
-3 months 6 MONTHS AVERAGE +3 months COST
HOLDING PERIOD 31% BASE2
LARGE SIXT VEHICLE POOL
~80% of our cost base is variable as we can extend or
TECHNOLOGY PLATFORM
PLATFORM shorten holding periods for part of our fleet vehicles
SCALABILITY VARIABILITY Fleet Variable Fixed
Buyback ratio1
FINANCIALLY DIVERSIFIED H1/21 Airport
REVENUE
94% SOLID SPLIT 56% 44% Downtown &
Railway
[%]
30.8%
Equity ratio2
CUSTOMER 62 62 63 63
MIX 55 58 56
51
[%]
40 Corporate
36 34 32 33
31 30
Net Financial Debt used for fleet assets2 23
Retail
100% 14 Others
9 9 8 7 7 11 7
6
1Share ofBuyback agreements with OEMs including operating leases as of 31 December 2020; 2As of 30 June 2021
Sources: Group Interim Report as at 30 June 2021, Annual Report 2020 and previous years, Company Data 2014 2015 2016 2017 2018 2019 2020 H1/21
MARKET CONDITIONS ARE FAVOURABLE GIVEN URGE OF
PEOPLE TO TRAVEL – OUTWEIGHING EXISTING CHALLENGES
OPPORTUNITIES CHALLENGES
Current car rental price
environment
Business customer demand
Catch-up effects on recovering at slower speed
travel demand
Increasing
vaccination rates Ongoing semiconductor and thus
vehicle shortage
Easing of lockdowns
Transatlantic flights to resume
More infectious COVID-19
US business development mutations
Subscription / SIXT+
8
Q2/21 RESULTS IN DETAIL
9
Q2/21 & H1/21 UPDATE: RECOVERY FUELLED BY MARKET
CONDITIONS
OPERATING MOBILITY BUS. UNIT
REVENUE [EUR m] CORPORATE EBITDA [EUR m] GROUP EBT [EUR m]
-27%
1,130 -43%
-23%
113 -152%
161 -331%
+16%
64
825 124 Q2 73
Q2 626 Q2 97
711 78
107 Q1 40
226 498 -14
Q1 63
28 17
-118
Q1 504 486 -82
327
-5
-54 -123
H1/19 H1/20 H1/21 H1/19 H1/20 H1/21 H1/19 H1/20 H1/21 10Q2/21 SEGMENT UPDATE: US DRIVE OUTPERFORMANCE
VERSUS MARKET EXPECTATIONS AND COME IN EVEN
BETTER THAN PRE-CORONA
OPERATING REVENUE1 [EUR m]
-33% -30% +25%
-49% -75% +177% +306%
+31%
-69%
235.6 266.1 185.2 155.3
120.6 157.5 66.9 124.1 38.3
Q2/19 Q2/20 Q2/21 Q2/19 Q2/20 Q2/21 Q2/19 Q2/20 Q2/21
CORPORATE EBITDA [EUR m]
+657%
-34% -43%
-232%
-137%
-279% -152% -674%
-209% 52.1
33.0 22.0 6.9
57.3 32.6
-12.3 -29.8 -39.5
Q2/19 Q2/20 Q2/21 Q2/19 Q2/20 Q2/21 Q2/19 Q2/20 Q2/21 11
1Share of Group operating revenue generated in the respective regional segments (Germany, Europe (excl. Germany) and North America)SYNCHRONISATION OF DEMAND AND COSTS; Q2 & H1 TOTAL
EXPENSES STILL C. 25% BELOW PRE-PANDEMIC LEVEL
FLEET LEVEL DURING CORONA
TOTAL EXPENSES1 [EUR m] FLEET PANDEMIC 2019-2021 [indexed]
-25% 100%
1,101 -11%
Avg. Number of rental vehicles Free cash flow [EUR m]2 90%
934
830 80%
597 +13%
386 -1,257
70%
456
Q2 60%
628
Q1
116,200 50%
548 102,400
504
374 -629 40%
30%
H1/19 H1/20 H1/21 Q2/20 Q2/21 H1/20 H1/21
Sep. Nov. Jan. Mar. May July Sep. Nov. Jan. Mar. May July
2019 2021
Rental Days Fleet
FLEET COSTS3 [EUR m]
+16
179
163
Q2/20 Q2/21 12
1Total expenses including financial result, excluding other operating income; 2Cash flows from continuing operations; 3Fleet costs including depreciation on rental vehiclesSUCCESSFUL FLEET ADJUSTMENT DESPITE CHALLENGES
DUE TO SHORTAGE OF NEW VEHICLES
Q 2 / 2 1 AV E R A G E
~116,000 VEHICLES INTERNATIONALLY
E n d o f Q 2 / 2 1
~146,000 VEHICLES INTERNATIONALLY
176
155
143
129 131
120 116
102 97 93
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21
AVERAGE FLEET SIZE PER QUARTER [thousand]
13
13HIGH EQUITY RATIO AND LOW NET FINANCIAL DEBT
EQUITY RATIO1 [%] NET FINANCIAL DEBT1 [EUR bn]
31.5 30.8 3.3
26.8 26.2 27.8
25.5 2.6
2.2 2.3
2.1
1.6
2016 2017 2018 2019 2020 H1/21 2016 2017 2018 2019 2020 H1/21
14
Sources: Annual Reports and Half-Yearly Financial Report 2021; 12016-2019 figures incl. LeasingOUTLOOK
15OUTLOOK 2021: SIGNIFICANT RECOVERY IF CURRENT
CONDITIONS REMAIN IN PLACE
ASSUMPTIONS:
FY 2021 FORECAST ▪ No more far-reaching COVID-19
related travel restrictions
CONSOLIDATED
EUR 1.95 – 2.10 bn ▪ Current price level in the US and
OPERATING REVENUE
Europe will stay on current levels
GROUP EBT EUR 190 – 220 m ▪ No major worsening of vehicle
supply shortages
16BUSINESS STRATEGY: CONTINUED COMMITMENT TO
GROWTH AREAS
DIGITAL RENTAL USA VAN & TRUCK SUBSCRIPTION
Fully digital and contactless rental Further airport and downtown expansion, Significant market potential in a highly Expansion to additional customer
experience entering corporate segment fragmented USD > 10 bn market groups
17SUBSCRIPTION AND VAN & TRUCK: STRONG GROWTH
DRIVEN BY SHIFT IN CONSUMER BEHAVIOUR
V&T REVENUE DEVELOPMENT GERMANY [EUR m] SUBSCRIPTION DEVELOPMENT [Active contracts]
H1/21 revenue
> 10,000 active
significantly above
contracts
H1-3-year-average
20%
H1/18 H1/19 H1/20 H1/21 Aug 20 Oct 20 Dec 20 Feb 21 Apr 21 Jun 21
18CONTACT DETAILS
SIXT SE
Investor Relations
Zugspitzstrasse 1
82049 Pullach
+49 (0)89 74444 – 5104
investorrelations@sixt.com
Prof. Dr. Kai Andrejewski Nicole Schillinger Sophia Patzak
Chief Financial Officer Head of Investor Relations Senior Professional Investor Relations
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