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    CON   DE0005439004

CONTINENTAL AG

(CON)
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PRESS RELEASE: First Quarter: Continental -2-

05/06/2021 | 02:32am EDT

3 Before amortization of intangible assets from purchase price allocation (PPA), changes in the scope of consolidation, and special effects.

4 Excluding trainees.

Development of the group sectors

Sales in the Automotive Technologies group sector were down in the first quarter by 2.2 percent to EUR4.1 billion (Q1 2020: EUR4.2 billion). The adjusted EBIT margin rose to 4.5 percent (Q1 2020: 1.9 percent). Organic growth came to 3.4 percent. Strong business in China made a major contribution to this positive development. Furthermore, the volume of orders for fully connected central high-performance computers rose to a total of around EUR5 billion. These computers form a crucial link between the vehicle and the digital world. They are already being installed by Volkswagen in the ID.3 and ID.4 as well as in the ID.6 in China, and also in other models that are based on the modular e-drive system. Other car manufacturers such as Hyundai are also using Continental's high-performance computers in volume production, and the mobility supplier has already received a first volume order in the truck sector. In order to further strengthen the field of assisted and automated driving, Continental signed a memorandum of understanding in April to found a joint venture with Horizon Robotics. With a focus on the Chinese market, this will involve, for example, integrating the artificial intelligence processors and algorithms from Horizon Robotics into the cameras and central computers from Continental.

In the Rubber Technologies group sector, the Tires business area performed well at the beginning of the year, particularly in China and North America. In the first quarter, the ContiTech business area benefited from the recovery in global vehicle production, especially in China, and from stable industrial business. In the first quarter of 2021 in total, the Rubber Technologies group sector achieved sales of EUR4.2 billion (Q1 2020: EUR4.0 billion, +6.6 percent) and an adjusted EBIT margin of 14.5 percent (Q1 2020: 9.6 percent). Organic sales growth came to 11.7 percent.

In the first quarter, the Powertrain Technologies group sector achieved sales of EUR2.0 billion (Q1 2020: EUR1.8 billion, +9.3 percent) and an adjusted EBIT margin of 3.8 percent (Q1 2020: 0.7 percent). Organic growth came to 12.8 percent. The group sector continued to profit from steady growth in the electrification market. For example, it landed a large order with a sales volume worth hundreds of millions of euros for an innovative high-voltage component - an 800-volt inverter featuring silicon carbide technology.

Key figures for the group sectors (continuing operations and discontinued operations)

                                             January 1 to March 31 
Automotive Technologies in EUR millions           2021    2020 ? in % 
Sales                                        4,086.9 4,180.4   -2.2 
EBITDA                                         400.6   426.9   -6.2 
in % of sales                                    9.8    10.2 
EBIT                                           139.6   150.7   -7.4 
in % of sales                                    3.4     3.6 
Capital expenditure^1                          142.2   193.6  -26.5 
in % of sales                                    3.5     4.6 
 
Number of employees as at March 31^2          94,288  97,735   -3.5 
 
Adjusted sales^3                             4,086.9 4,111.6   -0.6 
Adjusted operating result (adjusted EBIT)^4    182.5    76.3  139.2 
in % of adjusted sales                           4.5     1.9 
 
                                             January 1 to March 31 
Rubber Technologies in EUR millions               2021    2020 ? in % 
Sales                                        4,235.4 3,971.7    6.6 
EBITDA                                         868.3   651.0   33.4 
in % of sales                                   20.5    16.4 
EBIT                                           583.2   346.4   68.4 
in % of sales                                   13.8     8.7 
Capital expenditure^1                           90.0   164.2  -45.2 
in % of sales                                    2.1     4.1 
 
Number of employees as at March 31^2         100,448 101,620   -1.2 
 
Adjusted sales^3                             4,235.3 3,968.1    6.7 
Adjusted operating result (adjusted EBIT)^4    614.8   381.2   61.3 
in % of adjusted sales                          14.5     9.6 
 The figures for the comparative period have been adjusted due to the change in the accounting policy for revenue recognition for subsidiaries in China. This change was announced in the second quarter of 2020. 

1 Capital expenditure on property, plant and equipment, and software.

2 Excluding trainees.

3 Before changes in the scope of consolidation.

4 Before amortization of intangible assets from purchase price allocation (PPA), changes in the scope of consolidation, and special effects.

                                             January 1 to March 31 
Powertrain Technologies in EUR millions           2021    2020 ? in % 
Sales                                        1,998.2 1,829.0    9.3 
EBITDA                                         172.5   116.5   48.1 
in % of sales                                    8.6     6.4 
EBIT                                            37.3   -22.9  262.9 
in % of sales                                    1.9    -1.3 
Capital expenditure^1                           47.8   104.2  -54.1 
in % of sales                                    2.4     5.7 
 
Number of employees as at March 31^2          39,810  39,844   -0.1 
 
Adjusted sales^3                             1,998.2 1,829.0    9.3 
Adjusted operating result (adjusted EBIT)^4     76.6    11.9  543.7 
in % of adjusted sales                           3.8     0.7 
 1 Capital expenditure on property, plant and equipment, and software. 

2 Excluding trainees.

3 Before changes in the scope of consolidation.

4 Before amortization of intangible assets from purchase price allocation (PPA), changes in the scope of consolidation, and special effects.

Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation. In 2020, Continental generated sales of EUR37.7 billion and currently employs around 235,000 people in 58 countries and markets. In 2021, the company celebrates its 150th anniversary.

Press contact Marc Siedler Spokesman, Business & Finance Continental Phone: +49 511 938-1278 Cell: +49 151 24506041 E-mail: marc.siedler@conti.de

Vincent Charles Head of Media Relations Continental Phone: +49 511 938-1364 Cell: +49 173 3145096 E-mail: vincent.charles@conti.de Press portal: www.continental-press.com Media center: www.continental.com/media-center Twitter: @conti_press -----------------------------------------------------------------------------------------------------------------------

2021-05-06 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------

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:  1193129 
 
End of News   DGAP News Service 
=------------ 

1193129 2021-05-06

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1193129&application_name=news 
 

(END) Dow Jones Newswires

May 06, 2021 02:31 ET (06:31 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
CONTINENTAL AG -1.45% 126.5 Delayed Quote.5.86%
DAX -0.12% 15710.57 Delayed Quote.14.66%
DJ INDUSTRIAL -0.77% 34033.67 Delayed Quote.12.37%
HYUNDAI CORPORATION -0.71% 20850 End-of-day quote.30.72%
HYUNDAI MOTOR COMPANY 1.05% 239500 End-of-day quote.24.74%
VOLKSWAGEN AG -0.67% 223.65 Delayed Quote.47.72%
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Financials
Sales 2021 41 851 M 50 193 M 50 193 M
Net income 2021 1 260 M 1 511 M 1 511 M
Net Debt 2021 3 281 M 3 936 M 3 936 M
P/E ratio 2021 20,1x
Yield 2021 1,90%
Capitalization 25 301 M 30 660 M 30 344 M
EV / Sales 2021 0,68x
EV / Sales 2022 0,62x
Nbr of Employees 234 999
Free-Float 54,0%
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 130,73 €
Last Close Price 126,50 €
Spread / Highest target 38,3%
Spread / Average Target 3,34%
Spread / Lowest Target -47,8%
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Managers and Directors
NameTitle
Nikolai Setzer Chairman-Executive Board
Wolfgang Schńfer Head-Finance, Controlling, Compliance & Law
Wolfgang W. Reitzle Chairman-Supervisory Board
Gunter Dunkel Independent Member-Supervisory Board
Siegfried Wolf Independent Member-Supervisory Board
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