Sixt Records Highest Revenues in Company History – Rental Operations

Sixt achieved a consolidated profit before tax (EBT) of 442.2 million euros for the 2021 financial year, 43.4% higher than the EBT of 2019 (308.2 million euros).

Photo courtesy of SIXT SE

Based on its preliminary figures, Sixt achieved a consolidated profit before tax (EBT) of 442.2 million euros for the 2021 financial year. This figure is 43.4% higher than the EBT in 2019 (308 .2 million euros). Compared to 2020, EBT increased by 523.7 million euros. The main earnings driver was strong growth in European countries (excluding Germany) as well as in the United States due to continued internationalization, according to the company.

Higher market prices led to an increase in consolidated sales of 49.1% to 2.28 billion euros. Sixt recorded market share gains where sales increased by 63.5% compared to the previous year. In addition, Sixt was able to optimize its costs (thanks to the continuous digitization of its processes and an efficient management of its fleet and capacity), reducing them by 350 million euros or 16% compared to 2019.

Corporate EBITDA rose from 82.5 million euros in 2020 to 579.9 million euros in 2021, according to Sixt.

All three segments of the Sixt Group contributed to the growth. Europe remains the strongest segment in terms of revenue at €945.6 million, up 64% compared to 2020 (€576.6 million). In the US, revenues increased by 121.3% to €584.6 million (2020: €264.2 million). In the German market, Sixt increased its turnover by 8.9% to 739.6 million euros (2020: 679.5 million euros).

“The results for the past year are exceptional, especially as we had an exceptional market environment overall due to the restrictions related to COVID-19,” said Alexander Sixt, co-CEO of Sixt SE. . “Sixt is growing because we have pursued our internationalization strategy while controlling our costs. With a record result that is even 43% higher than the 2019 figure, we have impressively demonstrated that our business model is very flexible and adaptable to a wide range of circumstances. This adaptability is also the cornerstone of sustainable and profitable growth in the future. Given this backdrop, we are well prepared for 2022 and currently expect an increase in revenue compared to 2021. …”

As part of its internationalization strategy, Sixt has expanded its network of stations and its international geographical presence over the past two years. This includes increasing its network of airport stations, expanding into Australia through a franchise partnership and adding new locations in other European countries. In the United States, Sixt has expanded its presence in 10 major airports, bringing its stores to 26 of the 30 largest US airports.

Overall, the company’s market share in Europe grew from 17.5% in 2019 to 23.7% last year. The private and business customer segments both contributed to the 6.2 percentage point increase, according to Sixt.

Despite the general decline in the production of new vehicles due to the global shortage of semiconductors, Sixt managed to expand its vehicle fleet. In 2021, the average vehicle fleet was 125,300 cars, an increase of 10.1% compared to 2020.

For 2022, Sixt plans to continue its internationalization and digitization strategy, with continued investment in its products, improved customer experience and geographic expansion, according to the company. This includes entering the Australian market through the franchise partnership with NRMA at the end of 2021, rolling out the expanded van and truck offering, and access to more major airports in the United States. In addition, the company plans to focus on expanding the e-mobility range and corresponding investments in vehicles and charging infrastructure.

In 2022, Sixt’s management board forecasts an increase in revenues compared to 2021 and an EBT of around 380 to 480 million euros.

“The record results of 2021 clearly show that we have used the crisis as an opportunity and fully exploited the strengths of Sixt”, said Konstantin Sixt, co-CEO of Sixt SE. “We are both broadly positioned and flexible. We offer top quality combined with high efficiency. We are recognized for our ability to adapt our business to changing conditions in a very short time. We will continue to pursue this strategy in 2022 and drive our growth. …”

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