SIXT SE
ANALYST DAY 2024
SECOND TEXT LEVEL: LOCATION, MONTH 20XX
AGENDA
10:00AM | 10:15AM | 10:45AM |
OPENING REMARKS AND TRADING UPDATE | FINANCE STRATEGY | DEEP DIVE VAN & TRUCK |
PROF. DR. KAI ANDREJEWSKI | DR. FRANZ WEINBERGER | DR. PETER BEERMANN |
CHIEF FINANCIAL OFFICER | HEAD OF CORPORATE FINANCE | EXECUTIVE VICE PRESIDENT |
& APPOINTED CFO | VAN & TRUCK |
11:05AM | 11:25AM | 11:45AM |
DEEP DIVE DIGITAL PROCESSES | Q&A | END |
PROF. DR. KAI ANDREJEWSKI | ||
CHIEF FINANCIAL OFFICER |
SIXT SE ANALYST DAY 2024 | 2 |
OPENING REMARKS AND TRADING UPDATE
PROF. DR. KAI ANDREJEWSKI
Chief Financial Officer
SIXT SE ANALYST DAY 2024 | 3 |
INTRODUCTION FRANZ WEINBERGER
DR. FRANZ WEINBERGER
Head of Corporate Finance
& appointed CFO
SIXT SE ANALYST DAY 2024 | 4 |
PRUDENT FINANCE STRATEGY & FUNDING PRINCIPLES
COMBINED WITH SHAREHOLDER-FRIENDLY AND SUSTAINABLE
DIVIDEND POLICY
SIXT SE ANALYST DAY 2024 | 5 |
FINANCING MILESTONES / ONGOING FURTHER
DEVELOPMENT
MAIN SOURCES OF FINANCING | REFINANCING COVID-RCF | SIGNIFICANT FINANCING | ||
▪ Unrated bonds based on | ▪ | 3y term | TRANSACTIONS | |
stand-alone | ▪ | 750 MEUR | ▪ 864 MEUR borrower's | |
documentation | ▪ | No financial covenants | note loans | |
▪ | Borrower's note loans | ▪ 300 MEUR unrated bond | ||
▪ | Bilateral credit lines | GROUP- AND INSTRUMENT-WIDE | ▪ New bilateral credit lines | |
predominantly granted by | ALIGNMENT OF CREDIT TERMS & | |||
German banks | CONDITIONS | Setting-upABS-Readiness |
2020 | 2022 | STRONG GROWTH | 2024 | ||
2019 | COVID-19 | 2021 | INFLATION / | 2023 | |
INTEREST RATES | |||||
▪ | Establishment of a | ▪ Publication of Credit Rating | |||
REFINANCING OF 3Y RCF TO 5Y | |||||
revolving credit facility | ▪ | 500 MEUR Benchmark-size | |||
▪ | Improvement of terms & | ||||
bond | |||||
conditions | |||||
▪ Set-up of a Debt- | |||||
▪ | Internationalization of | ▪ Increase of lease financing | |||
Issuance Program | |||||
banking group | |||||
▪ Increase of Commercial Paper | |||||
▪ Increase volume to 950 | |||||
MEUR | Financing |
SIXT SE ANALYST DAY 2024 | 6 |
FINANCE STRATEGY & FUNDING PRINCIPLES
LTV-RATIO | ▪ Loan-to-Rental Vehicles Ratio < 100% |
▪ | Real-Estate-Financing |
FLEET FINANCING STRATEGY
WELL-DIVERSIFIED FUNDING MIX
MATCHED FUNDING PRINCIPLES
Policy to fund:
- Base-Fleetwith mid-to-long-term instruments (e.g. bonds, borrower`s note loans, etc.)
- Peak-Fleetwith Commercial Paper, bilateral Credit Lines and RCF
- No dependence on single markets, instruments, banks or investors
- Diversification of funding sources and instruments with particular consideration of leasing
- FX-Hedgingof intercompany loans
- Risk-adequateinterest rate hedging
STAGGERED | ▪ | Avoidance of high refinancing risks in single periods |
MATURITY PROFILE | ||
SIXT SE ANALYST DAY 2024 | 7 |
DIVIDEND POLICY
SHAREHOLDER-FRIENDLY, PRUDENT AND SUSTAINABLE
PAY-OUT RATIO1 [EUR m] | ||||||||||||||||||||||
74.4 | ||||||||||||||||||||||
70 | 61.0 | Ø PAY-OUT RATIO: 46,7 % | 61.1 | |||||||||||||||||||
60 | 60.6 | 50.2 48.6 | 51.3 | 52.7 | 55.8 | 49.7 | 55.6 | |||||||||||||||
50 | 44.9 | 45.0 | 54,7 | |||||||||||||||||||
in mEUR | 42.1 | |||||||||||||||||||||
37.2 | ||||||||||||||||||||||
40 | 35.835.7 | 31.8 | 33.1 | |||||||||||||||||||
30 | ||||||||||||||||||||||
20 | ||||||||||||||||||||||
10 | 0.3 | |||||||||||||||||||||
0 | ||||||||||||||||||||||
03 | 04 | 05 | 06 | 07 | 08 | 09 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 |
- Dividend Policy is based on the earnings situation of the SIXT Group and allowing for distributions between 35% and 60% of the consolidated earnings of the SIXT Group as a dividend. In order to maintain or adjust the capital structure, the Group may propose different dividends to the shareholders or, in special situations, propose special dividends.
- Based on SIXT's prudent financial policy, SIXT suspended its ordinary dividend in FY20 and FY21 to preserve cash amid the COVID-19 pandemic. The dividend payments were resumed in 2022 and a special dividend paid in 2023 to compensate dividend suspension in 2020 and 2021.
¹Pay-out ratio based on consolidated profit after tax. For normalization purposes, the special dividend for the sale of DriveNow was added here to the | |
SIXT SE ANALYST DAY 20242018 financial year (the year in which the profit accrued) and not to the year of the actual distribution (FY 2017). | 8 |
WELL-STAGGERED MATURITY PROFILE
MATURITY PROFILE as of 31 March 20241
[EUR m]
623
30
300
258
159
255
134
3
2024 2025
950
513 | 500 | |||
351 | ||||
510 | 300 | 500 | ||
251 | 50 | |||
3 | 51 | 50 | ||
2026 | 2027 | 2028 | 2029 | 2030 |
MATURITIES IN 2024: | 331 | ||||||||||||
205 | |||||||||||||
30 | 300 | ||||||||||||
43 | |||||||||||||
132 | |||||||||||||
87 | 29 | ||||||||||||
2 | |||||||||||||
Apr May Jun Jul Aug Sep | Oct Nov | ||||||||||||
Bonds | Dec | ||||||||||||
RCF
CP
Borrower's note loans
Bilateral credit lines
SIXT SE ANALYST DAY 2024 | Sources: Sixt data; 1Financial liabilities as of 31 March 2024; Repayment amounts excluding accrued and in future payable interest; Lease | 9 |
liabilities resulting from leases and hire purchase agreements recognised in accordance with IFRS 16 are not included |
DEEP DIVE RATING
SELECTION PROCESS
- Sector Coverage
- US- & EU- Footprint
- Investor / Bank acceptance
- Understanding of business model
RATING RESULT
- S&P
- Anchor Rating BBB+
- Comparable rating analysis - 1 notch
- Rating BBB (outlook stable)
HIGHLIGHT
"S&P explicitly honors the profitable revenue growth, the
premium positioning and strategy of fleet acquisition based on
solid balance sheet and moderate debt levels."
SPREAD / VOLUME ADVANTAGE
BOND
- Reoffer Spread 2024 +128bps vs. 2023 +216bps
-
Orderbook 2024 > EUR 2.4bn. vs. 2023 > EUR 550m at peak
COMMERCIAL PAPER - Spread 2024 +25bps vs. 2023 +35bps
- Larger volume expected
SIXT SE ANALYST DAY 2024 | 10 |
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Disclaimer
Sixt SE published this content on 17 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2024 04:07:02 UTC.