Continental announces preliminary key data for the first quarter of 2021
23-Apr-2021 / 12:20 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The financial results of Continental AG in the first quarter of fiscal 2021 are above current average analyst expectations. Based on preliminary data, key financial results of the first quarter of fiscal 2021 are as follows:?
Consolidated sales of the Continental Group were ?10.259?billion?(Q1 2020: ?9.913 billion) and the adjusted EBIT margin was?8.1%. Due to the intended spin-off of Powertrain Technologies, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations has been applied. Due to this application, depreciation ceased for discontinued operations starting March 16, 2021. Without this application, the adjusted EBIT margin would have been 7.9% (Q1
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Continental Sets Mid-term Targets
HANOVER (dpa-AFX) - Continental presented its realigned strategy with which it aims to achieve annual organic growth of around 5 to 8 percent on average in the mid-term. In its Automotive Technologies group sector, Continental plans in the mid-term to exceed the expected average market growth of around 5 to 7 percent per year by around 2 to 4 percentage points. The company s aim is to achieve an adjusted EBIT margin for the Continental Group of between around 8 and 11 percent (excluding Powertrain Technologies).
Continental CFO Wolfgang Schäfer said: Growth that outpaces our markets and industries, an adjusted EBIT margin of around 8 to 11 percent and a return on capital employed of around 15 to 20 percent illustrate our ambitious yet realistic growth path. In addition, with a targeted cash conversion ratio of more than 70 percent, we will further increase our financial strength in the future.
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Continental AG on Wednesday announced new targets for the coming years, saying it would realign its strategy.
The German automotive supplier targets a margin for adjusted earnings before interest and taxes, which strips out items like special effects, of around 8% to 11% in the medium term. This figure excludes its Powertrain Technologies business.
In 2019, Continental s full-year adjusted EBIT margin stood at 7.4%. Going forward, we will focus on our growth areas and future technologies with even more intensity and resources, Chief Executive Nikolai Setzer said.
The company, which plans to particularly focus on its software portfolio, said its strategy includes potential acquisitions, disposals or partnerships.