DGAP-Adhoc: Continental announces preliminary key data for the first quarter of 2021

2021. április 23., péntek, 12:20





DGAP-Ad-hoc: Continental AG / Key word(s): Preliminary Results/Quarter Results


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 2020: 4.4%). Year-on-year sales growth before changes in the scope of consolidation and exchange-rate effects was 8.6%. 

  • Sales in Automotive Technologies were €4.087 billion (Q1 2020: €4.180 billion) and the adjusted EBIT margin was 4.5% (Q1 2020: 1.9%). Year-on-year sales growth before changes in the scope of consolidation and exchange-rate effects was 3.4%. 

  • Sales in Rubber Technologies were €4.235 billion (Q1 2020: €3.972 billion) and the adjusted EBIT margin was 14.5% (Q1 2020: 9.6%). Year-on-year sales growth before changes in the scope of consolidation and exchange-rate effects was 11.7%. 

  • Sales in Powertrain Technologies were €1.998 billion (Q1 2020: €1.829 billion) and the adjusted EBIT margin was 3.8%. Due to the intended spin-off of Powertrain Technologies, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations has been applied to this group sector. Due to this application, depreciation ceased for this group sector starting March 16, 2021. Without this application, the adjusted EBIT margin would have been 2.9% (Q1 2020: 0.7%). Year-on-year sales growth before changes in the scope of consolidation and exchange-rate effects was 12.8%. 

  • Free cash flow before acquisitions and carve-out effects for the Continental Group amounted to €670 million (Q1 2020: €87 million). This figure benefitted from a lower value for capital expenditures before financial investments of 2.8% of sales in the first quarter. For fiscal 2021, Continental continues to expect that capital expenditures before financial investments will be around 7% of sales.

Continental continues to experience numerous challenges in its business activities, including the ongoing COVID-19 pandemic, the continued shortage of semiconductors, increasing costs for raw materials, constraints related to logistics as well as uncertainty and volatility in customer demand. In addition, the planned increase in research and development expenses in the Autonomous Mobility and Safety business area will have a greater effect in subsequent quarters. Due to the aforementioned factors, the outlook for fiscal 2021 remains unchanged to those described in the 2020 Annual Report.



The quarterly statement for the first quarter of fiscal 2021 will be released on May 6, 2021.



"Adjusted EBIT" is defined in the Glossary of Financial Terms on page 42 of the 2020 Annual Report, which is available at www.continental-ir.com.




Contact:

Person making the notification: Bernard Wang, Head of IR








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Language: English
Company: Continental AG

Vahrenwalder Straße 9

30165 Hannover

Germany
Phone: +49 (0)511 938-1068
Fax: +49 (0)511 938-1080
E-mail: ir@conti.de
Internet: www.continental-corporation.com/de
ISIN: DE0005439004
WKN: 543900
Indices: DAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg, Hanover, Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Tradegate Exchange; Luxembourg Stock Exchange, SIX
EQS News ID: 1187967





 
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1187967  23-Apr-2021 CET/CEST







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