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      Press Release
      July 20, 2020

      Second Quarter of 2020: Results Exceed Capital Market Expectations

      • Consolidated sales of €6.620 billion / Adjusted EBIT margin of -9.6 percent
      • Free cash flow before acquisitions and carve-out effects: -€1.782 billion ​​​​​​​(Q2 2019: -€29 million)
      • Continental is currently still refraining from providing an outlook for the 2020 business year

      Hanover, July 20, 2020. Continental announced today, in a mandatory disclosure, its key figures for the second quarter of fiscal 2020 based on preliminary data. The results are above current average estimates of analysts. Accordingly, consolidated sales in the second quarter of the current fiscal year amounted to €6.620 billion and the adjusted EBIT margin was -9.6 percent. Year-on-year organic growth (adjusted for changes in the scope of consolidation and exchange-rate effects) was -39.8 percent.

      Sales in the Automotive Technologies group sector were €2.560 billion and the adjusted EBIT margin was -18.1 percent. Organic sales growth came to -45.6 percent.

      The Rubber Technologies group sector achieved sales of €2.962 billion and an adjusted EBIT margin of 1.2 percent. Organic sales growth came to -33.1 percent.

      In the Powertrain Technologies group sector, sales were €1.131 billion and the adjusted EBIT margin was -16.3 percent. Organic sales growth came to -40.8 percent.

      After the second quarter of 2020, free cash flow before acquisitions and carve-out effects amounted to -€1.782 billion (Q2 2019: -€29 million). The decline is primarily due to the lower EBIT figure versus the prior year period as well as negative working-capital effects. The latter are the result of sales volatility in the past weeks and are expected to neutralize again if the business trend continues.

      As at June 30, 2020, Continental’s liquidity reserves totaled more than €10.1 billion, consisting of cash and cash equivalents of about €2.5 billion and committed unused credit lines of around €7.7 billion. At the end of the first quarter of 2020, liquidity reserves totaled €6.8 billion. The company had thus secured additional liquidity in the second quarter. In May and June, Continental placed three bonds with a total volume of more than €2.1 billion and also expanded its credit facility with its core banks by €3 billion.

      Though the business situation improved substantially over the course of the second quarter, the environment continues to be characterized by considerable uncertainty due to the ongoing coronavirus pandemic. It thus remains difficult to gauge possible further adverse consequences on production, the supply chain and demand. For this reason, Continental is currently still refraining from providing an outlook for the 2020 business year.

      Continental will report its interim report for the first half of 2020 on August 5, 2020.

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