The future of mobility is digital

Sixt Leasing SE: Operating business development in the first nine months of 2020 in line with expectations

• Further expansion of the digital product and service portfolio
• Group contract portfolio with a slight decline in the first three quarters of 2020 - Increase of nearly four per cent compared to 30 September 2019
• Consolidated operating revenue particularly impacted by COVID-19 pandemic
• Consolidated earnings before taxes (EBT) mainly burdened by increased risk provisioning and transaction-related costs
• Managing Board confirms reduced forecast for 2020

Pullach, 11 November 2020 - Sixt Leasing SE, a leading provider in online direct sales of new vehicles in Germany as well as specialist in the management and full-service leasing of large fleets, has overall developed in line with expectations in the first nine months of 2020 based on the earnings forecast published on 21 October 2020. With a slight decrease in the Group's contract portfolio in the period from the end of December 2019 to the end of September 2020, consolidated operating revenue also declined year-on-year. Consolidated earnings before taxes (EBT) were very significantly below the previous year's level. In the third quarter, the business development was particularly affected by the weaker-than-expected recovery of the overall economic situation. The Managing Board confirms the reduced forecast for 2020.

Business development in 9M 2020
In the first nine months of 2020, the expansion of the digital product and service portfolio in particular was further advanced. In the Online Retail business field, Sixt Leasing launched a sales cooperation with PAYBACK via its online platform sixt-neuwagen.de to market a Kia Stonic "VISION" to private customers. In addition, autohaus24.de was honored with the consumer award "Germany's Best Online Portals 2020" in the category "New Car Portals" from the news channel n-tv and the German Institute for Service Quality, and received the rating "High Recommendation" in the category "Car Leasing: Online Providers" in the FOCUS-MONEY study "Recommended by Customers".

In the Fleet Management business unit, the smartphone app "The Companion" for fleet customers was further developed and, among other things, upgraded with the digital payment function "Shell Payment@Pump". Furthermore, two proven industry experts, Mr. Christian Braumiller and Mr. Michael Poglitsch, were won as new Managing Directors of Sixt Mobility Consulting GmbH. In the Fleet Leasing business field, Sixt Leasing expanded its cooperation with BSH Hausgeräte GmbH in the field of e-mobility.

The contract portfolio in Online Retail fell by 9.9 per cent to 40,000 contracts in the period from the end of December 2019 to the end of September 2020, particularly burdened by a reduced number of new orders due to the economic impact of the COVID-19 pandemic and further vehicle returns from the 1&1 campaign conducted in the 2017 financial year. The contract portfolio in Fleet Leasing declined by 3.7 per cent to 38,900 contracts. In both business fields, business performance during the third quarter did not improve as planned, which is due in particular to the weaker-than-expected recovery in the overall economic situation as well as the ongoing COVID-19 situation. In Fleet Management, the contract portfolio increased by 3.0 per cent to 53,000 contracts in the first nine months of 2020.

Overall, the Group's contract portfolio in Germany and abroad (excluding franchise and cooperation partners) decreased by 3.2 per cent to 131,900 contracts in the period from the end of December to the end of September. Compared to 30 September 2019, the Group contract portfolio recorded an increase of 3.7 per cent.

Consolidated revenue in the first three quarters of 2020 decreased by 10.7 per cent to EUR 565.3 million compared to the same period in the previous year. Operating revenue, which does not include the proceeds from vehicle sales, decreased in the same period by 8.6 per cent to EUR 319.9 million. The "lockdown" in the second quarter of 2020 in the wake of the COVID-19 pandemic had a major impact on the decline in operating revenue, which led, among other things, to a significant reduction in vehicle usage and thus to a drop in usage-related revenue, such as income from fuel revenues. Furthermore in the third quarter of 2020, after the lockdown in the second quarter of 2020, the increase in vehicle usage in particluar did not occur as expected. Sales revenue from the sale of leasing returns and marketing of customer vehicles in Fleet Management declined in the first three quarters by 13.3 per cent to EUR 245.4 million. This decrease was due to a very strong first quarter of the previous year, with very high sales of leasing returns in the Online Retail business field, as well as restrictions on stationary car sales resulting from the COVID-19 pandemic during the first half of 2020.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) decreased in first three quarters of 2020 by 7.6 per cent to EUR 158.6 million compared to the same period in the previous year. Consolidated earnings before taxes (EBT) saw a decline of 76.0 per cent to EUR 5.2 million due to various special effects. The operating return on revenue (EBT/operating revenue) thus amounted to 1.6 per cent (9M 2019: 6.2 per cent). Consolidated profit decreased by 78.7 per cent to EUR 3.4 million compared to the same period in the previous year.

The lower EBT is in line with the adjusted expectations from 20 July 2020 and results, among others, from the general volume effect in sale of lease returns described above, temporary sales support measures, higher marketing expenses at the beginning of the year, transaction-related costs in connection with the closing of the voluntary public takeover offer of Hyundai Capital Bank Europe GmbH (HCBE) in July 2020 as well as a need for additional risk provisioning in the mid single-digit million euro range as part of the regular review of the residual values of the leasing fleet in the first half of 2020. EBT adjusted for one-time and extraordinary effects amounted to EUR 15.1 million in the first three quarters of 2020.

Michael Ruhl, CEO of Sixt Leasing SE: "The challenging economic conditions do not prevent us from continuing to implement our strategy consistently and, in particular, from pushing ahead with the digitization of our product and service portfolio. Our new major shareholder, Hyundai Capital Bank Europe, will support us in this."

In November, Sixt Leasing SE participates in Germany's largest discount campaign with its "Black Leasing Friday", offering private and corporate customers popular new vehicles at especially attractive rates on its online platform sixt-neuwagen.de. Besides, the company plans the introduction of a completely digital order process on sixt-neuwagen.de starting from the 2021 financial year. Beyond that, the business model of Sixt Leasing SE will be extended by used car leasing.

Outlook
As the Managing Board of Sixt Leasing SE announced in its ad-hoc release on 21 October 2020, the expectation for the 2020 financial year - as communicated on 20 March 2020 - presuming a slight year-on-year increase in the Group's contract portfolio and of consolidated operating revenue at approximately the same level as in the previous year can probably not be realized. This is due to a weaker-than-expected business development in the third quarter of 2020 and the prospect of a continuing or even worsening COVID-19 situation in the fourth quarter of 2020. For the current financial year, the Managing Board expects that both the Group contract portfolio and its consolidated operating revenue will probably be significantly below the corresponding figures of last year.

In addition, the Managing Board confirms its earnings forecast, as adjusted on 20 July 2020, that the originally communicated earnings forecast for the 2020 financial year cannot be realized as expected. This is mainly due to the effects of additional risk provisioning and one-off transaction-related costs, which are already incurred in earnings, and other transaction-related costs to be recognized in the fourth quarter.

The Managing Board of Sixt Leasing SE is of the opinion that the strategic partnership with the new major shareholder, HCBE, puts the Sixt Leasing Group in a position to utilise new growth potential together in the future. Furthermore, the Managing Board hopes that the integration of Sixt Leasing into the two international and financially strong Groups of Santander and Hyundai also offers the opportunity to further optimise the company's financing structure.

The Group's Quarterly Statement as of 30 September 2020 can be downloaded from https://ir.sixt-leasing.com/interim-reports.

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About Sixt Leasing:

Sixt Leasing SE based in Pullach near Munich is a leading provider in online direct sales of new vehicles in Germany as well as specialist in management and full-service leasing of large fleets. With tailor-made solutions, the company enables the longer-term mobility of its private and corporate customers.

Private and commercial customers use the online platforms sixt-neuwagen.de and autohaus24.de to lease new vehicles affordably. Corporate customers benefit from the cost-saving leasing of their vehicle fleet and from efficient fleet management.

Sixt Leasing SE (WKN: A0DPRE / ISIN: DE000A0DPRE6) has been listed in the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) since 7 May 2015. In fiscal year 2019, the Group generated consolidated revenue of EUR 824 million.

www.sixt-leasing.com

Contact:

Sixt Leasing SE
Investor Relations
+49 89 74444 4518
ir@sixt-leasing.com

The Sixt Leasing Group in 9M 2020 at glance¹

¹ Rounding differences possible
² Ratio of EBT to operating revenue

Pullach, 21 October 2020 - The Management Board of Sixt Leasing SE today came to the conclusion that the forecast for the 2020 financial year communicated on 20 March 2020 of a slight increase in the group's contract portfolio and a consolidated operating revenue approximately on the previous year's level is unlikely to be realized. For the current fiscal year, the Management Board assumes that the group's contract portfolio and the consolidated operating revenue will probably each be significantly below the corresponding prior-year figures.

The main reasons for the deviation from the forecast are the weaker than expected business development in the third quarter of 2020, mainly due to the recovery of the overall economic situation, which remained below expectations, and the prospect of a continuing or even worsening COVID-19 situation in the fourth quarter of 2020. In this respect, the Management Board assumes that the negative development cannot be made up for in the fourth quarter of 2020 either.

Sixt Leasing SE already announced on 20 July 2020 that the originally communicated earnings forecast for the 2020 financial year will not be realised as expected. As planned, Sixt Leasing SE will publish its complete quarterly statement for Q3 2020 on 11 November 2020.

Note: "Consolidated operating revenue" is not a financial figure according to IFRS. Information on the composition of consolidated operating revenues can be found on page 37 and 38 of the Sixt Leasing SE annual report 2019 (available at https://ir.sixt-leasing.com).

Contact:
Stefan Vogel
Investor Relations
E-mail: ir@sixt-leasing.com
Tel: +49 89 74444 4518

Sixt Leasing SE: autohaus24 GmbH appoints Werner König as Co-Managing Director

Pullach, 5 October 2020 - autohaus24 GmbH, one of the leading online new car brokers in Germany and a wholly-owned subsidiary of Sixt Leasing SE, has appointed Werner König as Managing Director. He replaces Mr. Michael Ruhl, who continues to serve as the Chief Executive Officer of Sixt leasing SE. Mr. König shares the management of autohaus24 with Mr. Josef Finauer, who has held this position since April 2020.

Mr. König has been Head of Remarketing at Sixt Leasing for about five and a half years and will continue this operation in addition to his new tasks at autohaus24. Moreover, he was Managing Director of Sixt Car Sales GmbH from early 2015 to mid 2020. Previously, he successfully held several senior management positions in the automotive sector.

In his function as Managing Director of autohaus24 GmbH, Mr. König is responsible for the offline business with the former Sixt Car Sales locations for used cars in Berlin, Eching and Frankfurt. These had been sold to Hyundai Capital Bank Europe GmbH (HCBE) as part of the 92% takeover of Sixt Leasing SE by HCBE and are to be rebranded to the autohaus24 brand in early 2021. At the same time, Mr. Finauer will concentrate on the online business of autohaus24.de.

Since April 2020, Mr. Finauer has also been Managing Director of SXT Leasing Dienstleistungen GmbH & Co. KG and represents the business areas Productmanagement, Maintenance and Damage within Sixt Leasing SE. Previously he was, among other things, Service Manager at MAHAG Group (Volkswagen Group Retail Germany).

A joint focus of Mr. König and Mr. Finauer will be the rebranding of the autohaus24 brand with a new logo, new website and new brand strategy. In addition, the product portfolio will be expanded.

Josef Finauer, Managing Director of autohaus24 GmbH: 'I would like to thank Michael Ruhl for the successful collaboration and I am pleased to have a proven expert at my side with Werner König once again. Our goal is to develop autohaus24 into a digital car dealership for new and used cars and, in future, service products. We will offer these both online and offline at our locations.'

Werner König, Managing Director of autohaus24 GmbH: 'I am looking forward to taking autohaus24 to the next level together with Josef Finauer. Our extensive experience in the industry provides a good basis for a successful strategic reorientation with a strong online and offline business.'

Since 2009, autohaus24 has stood for excellent customer service, cross-brand advice and the best possible discount for new cars from German dealerships. The autohaus24 service guarantee ensures the full manufacturer's warranty, full liability for material defects and full service at the authorised dealer near the buyer.

Photo downloads

• Werner König (photo credit: Sixt Leasing SE / autohaus24 GmbH)
• Josef Finauer (photo credit: Sixt Leasing SE / autohaus24 GmbH)

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About Sixt Leasing:

Sixt Leasing SE based in Pullach near Munich is a leading provider in online direct sales of new vehicles in Germany as well as specialist in management and full-service leasing of large fleets. With tailor-made solutions, the company enables the longer-term mobility of its private and corporate customers.

Private and commercial customers use the online platforms sixt-neuwagen.de and autohaus24.de to lease new vehicles affordably. Corporate customers benefit from the cost-saving leasing of their vehicle fleet and from efficient fleet management.

Sixt Leasing SE (WKN: A0DPRE / ISIN: DE000A0DPRE6) has been listed in the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) since 7 May 2015. In fiscal year 2019, the Group generated consolidated revenue of EUR 824 million.

www.sixt-leasing.com
 

Press contact Sixt Leasing:

Kirchhoff Consult
sixtleasing@kirchhoff.de

Sixt Leasing SE: Operating business development in the first half of 2020 in line with expectations

• Group contract portfolio in the first six months of 2020 almost stable - Significant increase compared to 30 June 2019
• Consolidated operating revenue impacted by COVID-19 pandemic, as expected
• Consolidated earnings before taxes (EBT) in particular burdened by increased risk provisioning and transaction-related costs
• Managing Board continues to expect business development to recover in the second half of the year

Pullach, 12 August 2020 - Sixt Leasing SE, a leading provider in online direct sales of new vehicles in Germany as well as specialist in the management and full-service leasing of large fleets, has developed, based on the earnings forecast reduced on 20 July 2020, overall in line with expectations in the first half of 2020. The Group's contract portfolio remained almost stable in the period from the end of December 2019 to the end of June 2020. Consolidated operating revenue declined year-on-year. Consolidated earnings before taxes (EBT) were very significantly below the previous year's level and were burdened in particular by the increase in risk provisions in connection with the residual values of the leasing fleet and by transaction-related costs. The Managing Board continues to expect business development to recover in the second half of the year.

Business development in H1 2020
In the first half of 2020, the expansion of the digital product and service portfolio in particular was further advanced. In the Online Retail business field, Sixt Leasing launched a sales cooperation with PAYBACK via its online platform sixt-neuwagen.de to market a Kia Stonic "VISION" to private customers. In addition, autohaus24.de was honored with the consumer award "Germany's Best Online Portals 2020" in the category "New Car Portals" from the news channel n-tv and the German Institute for Service Quality, and received the rating "High Recommended" in the category "Car Leasing: Online Providers" in the FOCUS-MONEY study "Recommended by Customers". In the Fleet Management business unit, the smartphone app "The Companion" for fleet customers was further developed and, among other things, upgraded with the digital payment function "Shell Payment@Pump". Furthermore, two proven industry experts, Mr. Christian Braumiller and Mr. Michael Poglitsch, could be gained as new Managing Directors of Sixt Mobility Consulting GmbH. In the Fleet Leasing business field, Sixt Leasing expanded its cooperation with BSH Hausgeräte GmbH in the field of e-mobility.

The contract portfolio in Online Retail fell by 5.7 per cent to 41,800 contracts in the period from the end of December to the end of June, particularly burdened by lower new orders due to the economic impact of the COVID-19 pandemic as well as further vehicle returns from the 1&1 campaign conducted in the 2017 financial year. The contract portfolio in Fleet Leasing declined by 2.4 per cent to 39,500 contracts. Fleet Management recorded growth of 4.0 per cent to 53,500 contracts.

Overall, the Group's contract portfolio in Germany and abroad (excluding franchise and cooperation partners) decreased slightly by 1.0 per cent to 134,800 contracts in the period from the end of December to the end of June. The decline from the end of March to the end of June (-0.4 per cent) was slightly lower than in the first three months (-0.7 per cent). Compared to the end of the first half of 2019, the Group contract portfolio recorded a significant growth of 6.8 per cent at the end of the first half of 2020. The main reason for this was the acquisition of Flottenmeister GmbH in the fourth quarter of 2019.

Consolidated revenue in the first half of 2020 fell by 13.5 per cent year-on-year to EUR 370.3 million. This is mainly due to the decline in vehicle sales revenues in the Leasing business unit, which comprises the business fields Online Retail and Fleet Leasing. On the other hand, sales revenues in the Fleet Management business unit increased significantly. Overall, sales revenues from leasing returns and marketed customer vehicles in fleet management fell by 20.1 per cent to EUR 156.2 million. This decline is in particular due to the very strong first quarter of the previous year, with a very high number of leasing returns sold in the Online Retail business field, and to the restrictions imposed on stationary motor vehicle trading due to the COVID-19 pandemic. Consolidated operating revenue (excluding sales revenue) decreased by 7.9 per cent to EUR 214.1 million. The "lockdown" caused by the COVID-19 pandemic had a major impact on the decline in this regard. Among other things, this led to a significant reduction in vehicle use, which in particular caused a decline in use-related revenues, such as fuel revenues, for example.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) fell in the first six months of 2020 by 7.2 per cent to EUR 106.7 million compared to the same period last year. Consolidated earnings before taxes (EBT) recorded a decline of 79.7 per cent to EUR 2.9 million. This was mainly due to the increased risk provisions in a mid single-digit million euro range and to burdens from one-off transaction-related costs in a low to medium single-digit million euro range, which were incurred in connection with the completion of the voluntary public takeover offer by Hyundai Capital Bank Europe GmbH (HCBE) in July 2020 and which had in part already to be considered in the accounting in the first half of 2020. Adjusted for these two one-off and extraordinary non-operating effects, the correspondingly adjusted earnings before taxes in the first half of 2020 amounted to EUR 11.2 million. Furthermore, the lower EBT is in particular due to the volume effect in vehicle sales described above, and increased marketing expenses at the beginning of the year. The operating return on revenue in the first six months of 2020 thus amounted to 1.3 per cent (-4.7 percentage points). Consolidated profit decreased by 83.2 per cent to EUR 1.7 million.

Michael Ruhl, CEO of Sixt Leasing SE: "Our Group contract portfolio remained almost stable in the first half of 2020 despite the corona pandemic. We are confident that the market environment will continue to ease in the second half of the year. Our new major shareholder will support us in continuing to successfully implement our 'DRIVE>2021' strategy program."

Growth prospects with new major shareholder
According to the last publication under capital market law, HCBE holds just over 92 per cent of the ordinary shares and voting rights of Sixt Leasing SE since the completion of the voluntary public takeover offer. The strategic partnership with the new major shareholder enables Sixt Leasing to jointly exploit new growth opportunities. The integration of Sixt Leasing into the group of the two international and financially strong groups Santander and Hyundai also offers the opportunity to further optimise the Company's financing structure.

Outlook
For the 2020 financial year, the Managing Board continues to expect a slight increase in the Group's contract portfolio and consolidated operating revenue to be approximately on the previous year's level. However, in accordance with the reduced earnings forecast issued on 20 July 2020, the Managing Board assumes that the earnings forecast published on 20 March 2020 cannot be realised in regard to EBT and that the 2020 annual result will also be burdened by further one-off transaction-related costs in the second half of 2020 to the expected extent. The one-off transaction-related costs in the first half of 2020 are included in the reduced earnings forecast.

The assumptions and uncertainties pertaining to the COVID-19 pandemic described in the Risk and Opportunities Report of the Half-Yearly Financial Report 2020 also apply to the forecast. This includes in particular the assumption that business development will recover in the second half of the year.

The full half-year report can be downloaded from https://ir.sixt-leasing.com/interim-reports.

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About Sixt Leasing:

Sixt Leasing SE based in Pullach near Munich is a leading provider in online direct sales of new vehicles in Germany as well as specialist in management and full-service leasing of large fleets. With tailor-made solutions, the company enables the longer-term mobility of its private and corporate customers.

Private and commercial customers use the online platforms sixt-neuwagen.de and autohaus24.de to lease new vehicles affordably. Corporate customers benefit from the cost-saving leasing of their vehicle fleet and from efficient fleet management.

Sixt Leasing SE (WKN: A0DPRE / ISIN: DE000A0DPRE6) has been listed in the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) since 7 May 2015. In fiscal year 2019, the Group generated consolidated revenue of EUR 824 million.

www.sixt-leasing.com

Contact:

Sixt Leasing SE
Investor Relations
+49 89 74444 4518
ir@sixt-leasing.com

The Sixt Leasing Group in H1 2020 at a glance¹

¹ Rounding differences possible
² Ratio of EBT to operating revenue

Sixt Leasing SE: Significant decline in earnings in Q2 2020 due to additional risk provisioning as well as reduction of the earnings forecast for 2020

Pullach, 20 July 2020 - In the course of the regular review of the residual values of its leasing fleet completed today, Sixt Leasing SE has identified a need for additional risk provisioning in the mid single-digit million euro range.

As consequence of the resulting negative earnings effect, the Management Board currently expects that consolidated earnings before taxes (EBT) for the first half of 2020 will amount to EUR 2.9 million, thus deviating significantly from the EBT for the same period last year (HY 1 2019: EUR 14.1 million). In addition to the increase in risk provisions, these 2020 half-year results also take into account one-off transaction-related costs in the low to mid single-digit million euro range in connection with the completion of the public takeover offer by Hyundai Capital Bank Europe GmbH, which has since been completed.

Against this background, the Management Board assumes that the earnings forecast for the current financial year published on 20 March 2020 cannot be realised as expected and that the 2020 annual result will also be burdened by further one-off transaction-related costs in the second half of 2020 to the extent expected. Furthermore, the Management Board continues to expect a slight increase in the group's contract portfolio, and consolidated operating revenues for the 2020 financial year to be approximately on the previous year's level.

As planned, Sixt Leasing SE will publish its half-year financial report for 2020 on 12 August 2020.

Note: "Consolidated operating revenue" is not a financial figure according to IFRS. Information on the composition of consolidated operating revenues can be found on pages 37 and 38 of the Sixt Leasing SE annual report 2019 (available at https://ir.sixt-leasing.de).

Contact:
Stefan Vogel
Investor Relations
E-mail: ir@sixt-leasing.com
Tel: +49 89 74444 4518