The financial results of Continental AG in the first quarter of fiscal 2020 are above the expectations published in its previous communication on April 1, 2020 and above current analyst expectations. Based on preliminary data, key financial results of the first quarter of fiscal 2020 are as follows:
- Consolidated sales of the Group were €9.844 billion and the adjusted EBIT margin was 4.4%. Year-on-year sales growth before changes in the scope of consolidation and exchange-rate effects was -10.9%.
- Sales in Automotive Technologies were €4.112 billion and the adjusted EBIT margin was 1.8%. Year-on-year sales growth before changes in the scope of consolidation and exchange-rate effects was -11.5%.
- Sales in Rubber Technologies were €3.972 billion and the adjusted EBIT margin was 9.8%. Year-on-year sales growth before changes in the scope of consolidation and exchange-rate effects was -10.8%.
- Sales in Powertrain Technologies were €1.829 billion and the adjusted EBIT margin was 0.7%. Year-on-year sales growth before changes in the scope of consolidation and exchange-rate effects was -9.1%.
- Free cash flow before acquisitions and carve-out effects for the Group amounted to €59 million. This figure was -€580 million in the first quarter of fiscal 2019. The improvement versus the prior year period is primarily due to a lower level of cash outflow for working capital, as well as the cash inflow from the sale of the 50 percent stake in SAS Autosystemtechnik GmbH and a reduced level of investments.
As at March 31, 2020, the Company had cash and cash equivalents of €2.527 billion and committed unused credit lines of around €4.315 billion.
Continental AG continues to experience material changes and disruptions in a significant portion of its business due to the ongoing COVID-19 pandemic. The environment continues to be characterized by substantial uncertainty regarding the duration and severity of the disruptions and it remains difficult to gauge possible further adverse consequences on production, the supply chain and demand. Thus, the Executive Board of Continental AG has decided to refrain from providing an outlook for the business year 2020 at this time.
The financial report for the first quarter of 2020 will be released on May 7, 2020.
"Adjusted EBIT" is defined in the Glossary of Financial Terms on page 36 of the 2019 Annual Report, which is available at www.continental-ir.com.
Contact:Person making the notification: Bernard Wang, Head of IR
Continental AG / Key word(s): Quarter Results
Continental AG: Updated Preliminary Key Data for the First Quarter of Fiscal 2020
27-Apr-2020 / 17:20 CET/CEST
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