Continental

The Hanoverians had warned early on that the additional costs for power, freight, and material would run into the billions.


(Photo: Reuters)

Hanover The car supplier and tire manufacturer Continental it expanded its business significantly again last year, but remained under pressure due to high costs. According to preliminary figures, sales increased by around 17 percent to 39.4 billion euros. the daxGroup announced Tuesday night. However, special effects-adjusted margin before interest and tax was probably 5.0 percent, down 0.6 points from a year earlier. The Hanover company warned early on that additional energy, freight and material costs would run into the billions.

With the values ​​reached with you revenue and profit targets, but missed plans in terms of cash inflow (free cash flow), which is important to investors, because significantly fewer revenue payments ended up in the accounts prior to the reporting date. the expected.

In short, the group generated a total of around 200 million euros in financial inflows before inflows and outflows from the purchase and sale of parts of the company. The management had recently targeted between 600 and 800 million. The fact that Conti made up a lot of ground in the fourth quarter was no longer enough. After hours of trading on the Tradegate trading platform, the stock was 1.1 percent below Xetra’s close.

Continental has struggled recently, especially in the auto supply sector, as global car production has repeatedly faltered as a result of parts shortages and China’s Covid lockdowns. In the past year, the atmosphere has finally improved. In the fourth quarter, the supplier division was operationally in the red again, but during the year, slight losses are likely to have occurred again.

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The group’s profit generator, the tire business, even performed slightly better than expected, thus offsetting margin weaknesses in the Contitech division’s plastics technology business. There, rising production costs, an unfavorable product mix and Covid restrictions in China had a negative impact.

Conti has not yet provided any information on the net result with the key data. After nine months, the group accumulated losses of 216 million euros, mainly due to high amortizations. The group will inform investors with detailed annual figures on March 8 if the latest quarter brought a turning point.

Basically, the company pays between 15 and 30 percent of the net profit. In previous years in the red, Conti had already strayed from dividend policy and yet paid a dividend to shareholders. Conti’s largest shareholder is the family of industrialists schaeffler with 46 percent of the shares.

More: Cyber ​​attack on Continental: This is how the spectacular theft of data from the Dax group was left

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