El Derecho de Autor en los Convenios Internacionales

The long-term business success of Sixt Aktiengesellschaft and the Sixt Group is measured using pre-defined financial control parameters. Non-financial performance indicators also play a role as these indicators refer to specific strengths and skills derived from the Group's business model.

4.1 Financial performance indicators

The key financial control parameters (financial performance indicators) in the Vehicle Rental Business Unit include above all:

. _{the degree of economic utilisation of the rental fleet} . _{revenue per vehicle and day}

. _{fleet costs per vehicle and day}

. the extent to which revenue from the sale of used rental vehicles is secured by buy-back agreements with suppliers

The main financial performance indicators in the Leasing Business Unit are:

. the total net margin from lease contracts

. the calculation of the residual values of lease vehicles

. _{the extent to which revenue from the sale of used leasing vehicles is secured}

The following key overarching control parameters are used at the level of the Sixt Group:

. _{earnings before taxes (EBT)}

. _{the return on sales in the business units (EBT/operating revenue)} . the return on equity (EBT/ equity)

. the equity ratio (equity/total assets)

. _{leverage (net debt / EBITDA)}

. _{the status of cash funds and refinancing opportunities}

4.2 Financial targets

The Sixt Group aims to achieve the following financial targets over the long term and therefore on a sustained basis:

. a pre-tax return on sales of at least 10% in the Vehicle Rental Business Unit (related to the business unit’s operating revenue)

. _{a pre-tax return on sales of 5% in the Leasing Business Unit}

(related to the business unit’s operating revenue)

. a return on equity of at least 20% at Group level

. an equity ratio of at least 20% at Group level

4.3 Non-financial performance indicators

The Group’s non-financial performance indicators include in particular:

. _{Sustainable service culture:Sixt deliberately positions itself as a provider of premium}

products and services. The Company is characterised by above-average quality of service, the employees' strong focus on customers and the swift adjustment of services to changing mobility requirements. Service responsiveness and service quality are the key differentiators setting the Company apart from the competition. Above all business and corporate customers attach considerable importance to a speedy and smooth rental process or handling of the leasing process. This consistent service orientation must be secured by suitable employee qualification. Guaranteeing service quality, for example through appropriate training and development activities, is a key factor for ensuring the company's future success. The German Institute for Service Quality declared Sixt to be the “best car rental company 2012”, thereby confirming Sixt's exceptional service culture. Commissioned by the n-tv news channel, the review had examined the services of all German vehicle rental companies. The institute stressed in particular the high standard of service, the good customer contact, also that maintained by e-mail, and Sixt's convincing Internet presence.

. _{Premium vehicle fleet:Sixt's positioning as a premium mobility services provider requires a}

of the vehicle fleet comprises highly sought-after cars from premium brands such as BMW, Mercedes-Benz and Audi. The vehicles come with state-of-the-art technical features and comfort options such as navigation systems or BMW's ConnectedDrive information service. Furthermore, Sixt offers numerous vehicles with exceptionally economical engine configurations such as BMW's EfficientDynamics, Mercedes-Benz' Blue Efficiency or Volkswagen's BlueMotion. Sixt puts great stress on being able to offer a broad range of vehicle classes and types for a wide variety of requirements, including trucks, estate cars, convertibles, off-roaders, smaller city cars or cars from the luxury segments such as sports cars or SUVs.

. Innovation culture and leadership:The products and services in the mobility industry must be continually adapted to changing economic and social conditions, new technical opportunities as well as changing mobility requirements. Business and corporate customers for example allocate ever smaller time budgets for travel activities and make ever more use of the Internet and mobile applications to make a booking. The generation of younger city-dwellers often has a far less emotional relationship to the car, which is no longer primarily seen as a status symbol but increasingly as a straightforward means of getting from A-to-B. This shift in values results in ever new forms of mobility such as the premium carsharing product DriveNow or the many mobile services offered by Sixt. Over the past decades, Sixt has frequently brought product and service innovations to the market with the aim of making rental and leasing processes as simple, convenient and transparent as possible whilst catering to new trends of mobility. In many cases, these innovations constitute a key differentiation feature that sets the Company apart from its competitors. The promotion and expansion of the Group's innovative culture is therefore an important performance indicator.

4.4 Non-financial targets

The Group’s main qualitative and non-financial targets are:

. to secure and expand its market leadership on the vehicle rental market in Germany

. to extend its market position in the Sixt Corporate countries, so that in the long term, foreign markets will generate a significantly higher contribution to revenue and earnings from the rental business

. _{to expand the leasing business abroad, in both the Sixt Corporate countries and the}

Sixt Franchise countries

. to maintain its market positioning as a premium provider, both in terms of product and service quality as well as orientation of the vehicle fleet

. _{to develop innovative business models that adapt Sixt's offer to changing mobility}

requirements and new mobility behaviour

. to develop up-to-date online applications capable of adapting Sixt's offer to changing requirements for mobility services

. _{to continuously improve the qualification of staff}