INSTRUMENTOS DE EVALUACIÓN.

6.2.1 Sector developments

The industry association Leaseurope has calculated that, impacted by the worsening global financial and economic crisis, new business in the European leasing sector declined by a moderate 5% or so to around EUR 330 billion in 2008. Developments in the biggest national markets presented a 100 90 80 70 60 50 40 30 20 10 0 2008 Vehicle rental revenue – breakdown by customer group i n % Business customers 2009 54 32 5 9 52 33 6 9 Private/tourists Accident replacement Other

mixed picture. Volumes in Germany and France increased slightly in that year. However, the market situation in Europe deteriorated considerably in the first half of 2009, with the volume of new contracts falling by 38.6% to EUR 100.8 billion. All major national markets recorded significant year-on-year declines in new business. Data for full-year 2009 was not available at the time of preparing this report.

According to data published by the Bundesverband Deutscher Leasing-Unternehmen e.V (BDL – German Association of Leasing Companies), leasing remained the most important alternative to credit purchases in Germany in 2009, especially for middle-market companies. Nevertheless, the sector suffered a sharp year-on-year fall in new business, which contracted by 22.6% to EUR 42.1 billion. The BDL noted at the beginning of 2010 that the recession was also having a massive impact on the leasing sector. Moreover, elements of the business tax reform of 2008, such as the dual trade tax levy, had a negative influence on the leasing market, according to the BDL. In equipment leasing, which also includes the vehicle segment, the volume of new contracts was EUR 39.3 billion in 2009 (-22.7%). As a result, the leasing ratio, which is the proportion of total capital expenditure for the economy as a whole accounted for by equipment leases, decreased from 22.1% to 21.1%. In the vehicle leasing segment, new business in Germany was 21.0% lower in 2009 than in 2008. The BDL attributes this to two main factors. Firstly, the refinancing terms for leasing companies deteriorated as a result of the financial and economic crisis, which meant that many providers were unable to realise the full extent of the new business they had budgeted. Secondly, the continuing collapse in the residual values of vehicles returned at the end of leases meant that in some cases their values were significantly below the amounts originally calculated. Leasing providers allocated the resulting excess costs to the terms of new contracts, which in turn had a dampening effect on demand.

A survey conducted on behalf of the BDL in 2008 found that more than half of all commercial lessees are prepared to pay a fair price for a comprehensive fleet management service offering. For this reason, Sixt Leasing believes that full-service-leasing, its core business, continues to have positive market potential in the medium term. Partnering with an experienced full-service leasing provider enables companies to reduce their mobility costs in an uncertain market environment. For leasing companies, a comprehensive service offering centred on fleet management provides higher margins on average than pure finance leasing.

Sources:

European Federation of Leasing Company Associations (Leaseurope): Leaseurope statistics at www.leaseurope.org Bundesverband Deutscher Leasing-Unternehmen e.V. (BDL): BDL Leasing-News, December 2009 and market data at www.leasingverband.de

6.2.2 Developments in the Leasing Business Unit

Sixt is one of Germany’s leading vendor-neutral, non-bank full-service leasing providers. In addition to vehicle financing, its offering comprises a large number of fleet management services. Companies in particular, but increasingly private individuals as well, use this offering to achieve cost and service benefits.

At the end of 2009, Sixt had 60,800 leases in Germany and abroad in its portfolio, a decline of 6.6% compared with the previous year (65,100). In addition to the continuing reluctance to invest caused by the economic crisis, this contraction was the result of the conscious realignment of the lease

portfolio to focus more on high-margin full-service leasing contracts. Including the leases signed with Sixt’s international franchise partners, the total number of contracts in Sixt’s portfolio stood at 132,000 last financial year, a year-on-year decrease of 2.9% (2008: 136,000 contracts).

At a total of EUR 406.5 million, the Business Unit’s leasing revenue was down slightly on the previous year’s level (2008: EUR 419.8 million; -3.2%). In Germany, leasing revenue in 2009 amounted to EUR 355.2 million, compared with EUR 375.8 in the year before (-5.5%). This means that Sixt Leasing performed better than the market average despite the difficult environment: according to data from the BDL, revenue for the vehicle leasing segment as a whole contracted by 21.0% year-on-year in 2009. Abroad, Sixt generated revenue of EUR 51.3 million, 16.6% more than in 2008 (EUR 44.0 million). The leasing business turned in an especially strong performance in Switzerland in particular. Revenue from the sale of used leasing vehicles, which can be subject to considerable fluctuation, totalled EUR 228.3 million in 2009, 5.7% less than in 2008 (EUR 242.0 million).

Total segment revenue was EUR 634.8 million in the past financial year, slightly short of the EUR 661.8 million generated in the previous year (-4.1%).

Segment profit before taxes (EBT) amounted to EUR 5.7 million in 2009. This was above the previous year’s figure of EUR 0.2 million, in spite of tighter financing terms and conditions and a weak used car market. The measures initiated at the end of 2008, such as focusing new business on high- margin full-service contracts, adjusting prices and optimising internal processes, started to bear fruit in the efforts to return to the strong earnings generated in the past. The return on sales – the ratio of EBT to the segment’s operating revenue – was 1.4% (2008: 0.0%).

In the 2009 financial year, Sixt Leasing focused its operations on expanding its consulting services, introducing additional innovative products and cooperating more closely with partners as part of joint initiatives for customers.

Additional consulting services:As a full-service leasing company providing its customers with expertise designed to achieve more efficient fleet management, Sixt Leasing again launched new consulting services in the past year. These assist customers in further enhancing fleet management and reducing mobility costs. The enhancements implemented in 2009 included additional functionality for the already comprehensive reporting offering, which allows customers to prepare detailed fleet

Leasing revenue thereof abroad Sales revenue Total revenue

Earnings before net finance costs and taxes (EBIT) Earnings before taxes (EBT)

406.5 51.3 228.3 634.8 39.5 5.7 419.8 44.0 242.0 661.8 38.3 0.2 Key figures for the Leasing Business Unit

in EUR million 2009 2008 - 3.2 +16.6 - 5.7 - 4.1 +3.1 > +100 Change in %

analyses. Internet-based reporting systems provide fleet managers with up-to-date information, such as mileage analyses, consumption and accident statistics, or detailed cost reports. For the first time, Sixt customers can now also benchmark their fleets and obtain proposed solutions for specific management tasks. The incentive system for reducing CO2emissions introduced in the previous year met with particular interest in 2009. The system allows companies to cut their tax bill by reducing emissions, thus combining environmental protection with cost savings.

In addition, Sixt Leasing intensified its mobility consulting offering in 2009. Given the cost-cutting programmes of many companies, Sixt now also offers support in replacing or adding vehicles for large fleets. The objective is to optimise the fleet structure and make it more cost-effective without any significant decline in performance. Closely partnered by Sixt, the process delivers – in some cases significant – savings within a short period of time. The offering was successfully used in several major companies in 2009.

Innovations:As in vehicle rental, Sixt also lays claim to being an innovation leader in leasing. This is reflected, for example, in the consistent use of Internet technology. Among other things, Sixt Leasing started its own blog in spring 2009: at www.leasingblog24.de, customers can find the latest information on all important aspects of leasing and can also contact each other directly. In August 2009, Sixt Leasing expanded its online offering at www.sixt-leasing.de by adding a novel application for vehicle repairs. This allows customers to track the status of accident repairs being carried out on their leased vehicles, plan further mobility requirements in detail and thus limit the cost of replacement vehicles.

The online dealer portal offers companies and car dealers support for and simplified handling of vehicle orders and deliveries, eliminating the need to use paper documents. Sixt already uses this innovative platform to process over 75% of all lease vehicle orders.

Cooperation partners:A close-knit network of cooperation partners allows Sixt Leasing to offer its customers cost-effective additional services on a regular basis. In cooperation with leading European tyre specialist Euromaster, Sixt Leasing provided support for customers switching to summer tyres and fitting winter tyres as part of a special campaign in 2009. Sixt Leasing is planning to further strengthen its partner network and hence to continue giving its customers tangible service and price benefits in the future.

Internationalisation:Expanding its international business is an important strategic objective for Sixt Leasing. In 2009, Sixt Leasing had its own national organisations in Germany, Switzerland, Austria and France. The leasing organisation in Austria was reorganised at the end of the year under review in order to provide better customer support. In around 30 other countries, Sixt offers its leasing services through highly efficient franchisees. As part of its geographical expansion in the future, Sixt Leasing will continue tracking the mobility requirements of many companies that value integrated and tailored services from a single source when entering new national markets.

Private leasing:Leasing can be an interesting alternative to buying a vehicle not only for companies, but also for private customers. Attractive leasing terms are often the first advantage over using private finance or a bank loan to purchase a vehicle. In addition, private customers have access to Sixt Leasing’s know-how for many individual service offerings over the entire lease term. This includes, for example, transparent accident handling and a fair return process. Sixt Leasing plans to expand its private customer business further.