Earnings Release • May 12, 2022
Earnings Release
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Continental performed well in the first quarter of 2022 despite an increasingly turbulent market environment, reporting particularly strong tire business. Many external factors – such as the war in Ukraine, the COVID-19 pandemic, electronic component shortages and cost increases for raw materials, semi-finished products, energy and logistics – presented major challenges. In addition, measures to contain the COVID-19 pandemic, particularly in China, had an adverse effect on economic development.
Continental took immediate action to address the numerous challenges and effectively maintain production and supply chains. This included further diversifying raw material sources at an early stage, building up security stocks and comprehensively reorganizing its value chain in the electronics sector. Continental is also working with customers to share the burden of increased costs.
In the first three months of the year, global automotive production was significantly lower than in the first quarter of the previous year. The market for passenger cars and light commercial vehicles in Europe fell particularly sharply (3.8 million units, -19.1 percent). North America also recorded a slightly weaker start to the year compared with the previous year's quarter (3.6 million units, -1.8 percent). In China, the production of passenger cars and light commercial vehicles was up year-on-year (6.1 million units, +6.1 percent). According to preliminary figures, global production of passenger cars and light commercial vehicles fell by 4.5 percent compared with the first quarter of 2021 to a total of 19.7 million units (Q1 2021: 20.7 million units).
Consolidated sales in the past quarter were €9.3 billion (Q1 2021: €8.6 billion, +8.2 percent), and adjusted EBIT was €439 million (Q1 2021: €728 million, -39.8 percent), corresponding to an adjusted EBIT margin of 4.7 percent (Q1 2021: 8.5 percent). Before changes in the scope of consolidation and exchange-rate effects, sales increased year-on-year by 5.3 percent. Net income amounted to €245 million (Q1 2021: €448 million for continuing and discontinued operations). Capital expenditure before financial investments totaled €444 million (Q1 2021: €243 million, +82.8 percent). Free cash flow in the first quarter of this year was negative due primarily to higher procurement costs and inventory buildup. Adjusted free cash flow was -€174 million (Q1 2021: €646 million for continuing and discontinued operations).
Sales in the Automotive group sector were €4.2 billion (Q1 2021: €4.1 billion), and the adjusted EBIT margin was -3.9 percent (Q1 2021: 2.4 percent). Before changes in the scope of consolidation and exchange-rate effects, sales decreased year-on-year by 1.2 percent. Continental received two production orders for display solutions in the first quarter, with a combined sales volume of more than €2.5 billion. In total, the Automotive group sector generated an order intake in the first quarter of 2022 of more than €5.8 billion (Q1 2021: €3.9 billion).
Sales in the Tires group sector were €3.3 billion (Q1 2021: €2.7 billion), and the adjusted EBIT margin was 17.1 percent (Q1 2021: 16.6 percent). Inventory valuation had a positive effect of around €200 million on earnings due to increased acquisition and production costs. Before changes in the scope of consolidation and exchange-rate effects, sales increased year-on-year by 17.4 percent.
Sales in the ContiTech group sector were €1.6 billion (Q1 2021: €1.5 billion), and the adjusted EBIT margin was 5.4 percent (Q1 2021: 10.2 percent). Before changes in the scope of consolidation and exchange-rate effects, sales increased year-on-year by 3.6 percent.
Sales in the Contract Manufacturing group sector were €210 million (Q1 2021: €265 million), and the adjusted EBIT margin was 5.8 percent (Q1 2021: 24.5 percent).
Market developments will continue to be characterized by high volatility in the coming months. After a production output of 77.1 million passenger cars and light commercial vehicles last year, Continental expects an increase of between 4 and 6 percent for the year as a whole (previously: 6 to 9 percent). Negative effects from cost inflation for key inputs, especially for oil-based raw materials as well as for energy and logistics in Tires and ContiTech, are becoming significantly more material. Assuming that as the year progresses, exchange rates do not materially differ to those in the first quarter of 2022, Continental therefore adjusted its outlook for the year as a whole on April 21, 2022:
In addition, Continental continues to anticipate the following effects for the year as a whole:
In the event the geopolitical situation, in particular in Eastern Europe, remains tense or worsens, it could result in further lasting consequences for production, supply chains and demand. In addition, further negative effects could arise as a result of the ongoing COVID-19 pandemic and the related supply situation. Depending on the severity of the disruption, this may result in lower sales and especially earnings in all group sectors as well as for the Continental Group compared to the prior year.
The spin-off of Vitesco Technologies on September 15, 2021, resulted in the application of IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, in the comparative period. Vitesco Technologies is reported as discontinued operations in the comparative period.
The following table generally shows the figures for continuing operations in the reporting and comparative periods, with free cash flow (continuing and discontinued operations), net income attributable to the shareholders of the parent and earnings per share referring to continuing and discontinued operations in the comparative period.
| January 1 to March 31 | |||
|---|---|---|---|
| € millions | 2022 | 2021 | |
| Sales | 9,278.3 | 8,575.3 | |
| EBITDA | 932.3 | 1,213.6 | |
| in % of sales | 10.0 | 14.2 | |
| EBIT | 375.3 | 662.6 | |
| in % of sales | 4.0 | 7.7 | |
| Net income attributable to the shareholders of the parent | 245.4 | 447.6 | |
| Basic earnings per share in € | 1.23 | 2.24 | |
| Diluted earnings per share in € | 1.23 | 2.24 | |
| Research and development expenses (net) | 771.2 | 624.4 | |
| in % of sales | 8.3 | 7.3 | |
| Depreciation and amortization1 | 557.0 | 551.0 | |
| thereof impairment2 | –3.1 | 1.4 | |
| Capital expenditure3 | 444.3 | 243.0 | |
| in % of sales | 4.8 | 2.8 | |
| Operating assets as at March 31 | 19,800.4 | 18,075.2 | |
| Number of employees as at March 314 | 192,396 | 194,947 | |
| Adjusted sales5 | 9,244.3 | 8,530.0 | |
| Adjusted operating result (adjusted EBIT)6 | 438.5 | 728.0 | |
| in % of adjusted sales | 4.7 | 8.5 | |
| Free cash flow (continuing operations) | –173.2 | 332.6 | |
| Free cash flow (continuing and discontinued operations) | –173.2 | 637.6 | |
| Net indebtedness as at March 31 | 4,117.0 | 3,706.8 | |
| Gearing ratio in % | 30.1 | n. a. |
1 Excluding impairment on financial investments.
2 Impairment also includes necessary reversal of impairment losses.
3 Capital expenditure on property, plant and equipment, and software.
4 Excluding trainees.
5 Before changes in the scope of consolidation.
The tables on the key figures for the group sectors show only the figures for continuing operations in the reporting and comparative periods for all group sectors. As part of the new organizational structure in place since January 1, 2022, the Continental Group is divided into the four group sectors Automotive, Tires, ContiTech and Contract Manufacturing. All key figures for the group sectors reflect this over the entire reporting period and are adjusted accordingly for the comparative period.
| January 1 to March 31 | ||
|---|---|---|
| Automotive in € millions | 2022 | 2021 |
| Sales | 4,246.0 | 4,114.2 |
| EBITDA | 60.1 | 304.4 |
| in % of sales | 1.4 | 7.4 |
| EBIT | –204.3 | 55.4 |
| in % of sales | –4.8 | 1.3 |
| Depreciation and amortization1 | 264.4 | 249.0 |
| thereof impairment2 | 1.2 | 0.0 |
| Capital expenditure3 | 261.7 | 140.9 |
| in % of sales | 6.2 | 3.4 |
| Operating assets as at March 31 | 8,635.8 | 7,934.5 |
| Number of employees as at March 314 | 91,414 | 90,759 |
| Adjusted sales5 | 4,212.0 | 4,114.2 |
| Adjusted operating result (adjusted EBIT)6 | –164.8 | 96.8 |
| in % of adjusted sales | –3.9 | 2.4 |
| January 1 to March 31 | |||
|---|---|---|---|
| Tires in € millions | 2022 | 2021 | |
| Sales | 3,295.2 | 2,742.9 | |
| EBITDA | 765.2 | 650.8 | |
| in % of sales | 23.2 | 23.7 | |
| EBIT | 557.9 | 447.5 | |
| in % of sales | 16.9 | 16.3 | |
| Depreciation and amortization1 | 207.3 | 203.3 | |
| thereof impairment2 | 0.1 | 1.0 | |
| Capital expenditure3 | 126.8 | 49.9 | |
| in % of sales | 3.8 | 1.8 | |
| Operating assets as at March 31 | 7,212.8 | 6,680.2 | |
| Number of employees as at March 314 | 56,758 | 56,984 | |
| Adjusted sales5 | 3,295.2 | 2,742.9 | |
| Adjusted operating result (adjusted EBIT)6 | 565.0 | 455.2 | |
| in % of adjusted sales | 17.1 | 16.6 |
1 Excluding impairment on financial investments.
2 Impairment also includes necessary reversal of impairment losses.
3 Capital expenditure on property, plant and equipment, and software.
4 Excluding trainees.
5 Before changes in the scope of consolidation.
| January 1 to March 31 | |||
|---|---|---|---|
| ContiTech in € millions | 2022 | 2021 | |
| Sales | 1,570.4 | 1,520.7 | |
| EBITDA | 144.3 | 217.6 | |
| in % of sales | 9.2 | 14.3 | |
| EBIT | 69.3 | 135.8 | |
| in % of sales | 4.4 | 8.9 | |
| Depreciation and amortization1 | 75.0 | 81.8 | |
| thereof impairment2 | –4.4 | 0.1 | |
| Capital expenditure3 | 38.5 | 40.1 | |
| in % of sales | 2.5 | 2.6 | |
| Operating assets as at March 31 | 3,204.2 | 3,076.0 | |
| Number of employees as at March 314 | 41,314 | 43,464 | |
| Adjusted sales5 | 1,570.4 | 1,475.4 | |
| Adjusted operating result (adjusted EBIT)6 | 85.5 | 150.5 | |
| in % of adjusted sales | 5.4 | 10.2 |
| January 1 to March 31 | |||
|---|---|---|---|
| Contract Manufacturing in € millions | 2022 | 2021 | |
| Sales | 209.9 | 264.9 | |
| EBITDA | 21.2 | 77.6 | |
| in % of sales | 10.1 | 29.3 | |
| EBIT | 11.7 | 63.4 | |
| in % of sales | 5.6 | 23.9 | |
| Depreciation and amortization1 | 9.5 | 14.2 | |
| thereof impairment2 | — | 0.3 | |
| Capital expenditure3 | 2.0 | 0.8 | |
| in % of sales | 1.0 | 0.3 | |
| Operating assets as at March 31 | 662.6 | 120.4 | |
| Number of employees as at March 314 | 2,439 | 3,287 | |
| Adjusted sales5 | 209.9 | 264.9 | |
| Adjusted operating result (adjusted EBIT)6 | 12.1 | 64.9 | |
| in % of adjusted sales | 5.8 | 24.5 |
1 Excluding impairment on financial investments.
2 Impairment also includes necessary reversal of impairment losses.
3 Capital expenditure on property, plant and equipment, and software.
4 Excluding trainees.
5 Before changes in the scope of consolidation.
The spin-off of Vitesco Technologies on September 15, 2021, resulted in the application of IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, in the comparative period. Vitesco Technologies is reported as discontinued operations in the comparative period.
The items in the consolidated statement of income show the figures for continuing operations in the reporting and comparative periods. Net income in the comparative period comprises earnings after tax from continuing and discontinued operations.
| € millions | January 1 to March 31 | |
|---|---|---|
| 2022 | 2021 | |
| Sales | 9,278.3 | 8,575.3 |
| Cost of sales | –7,212.0 | –6,413.9 |
| Gross margin on sales | 2,066.3 | 2,161.4 |
| Research and development expenses | –997.5 | –817.2 |
| Selling and logistics expenses | –616.9 | –568.4 |
| Administrative expenses | –260.9 | –242.5 |
| Other income | 341.3 | 368.0 |
| Other expenses | –161.1 | –243.7 |
| Income from equity-accounted investees | 4.1 | 5.0 |
| Other income from investments | — | — |
| EBIT | 375.3 | 662.6 |
| Interest income1 | 42.4 | 6.6 |
| Interest expense1 | –48.1 | –47.8 |
| Effects from currency translation | 5.3 | –4.0 |
| Effects from changes in the fair value of derivative instruments, and other valuation effects | –30.9 | –39.4 |
| Financial result | –31.3 | –84.6 |
| Earnings before tax from continuing operations | 344.0 | 578.0 |
| Income tax expense | –89.8 | –127.2 |
| Earnings after tax from continuing operations | 254.2 | 450.8 |
| Earnings after tax from discontinued operations | n. a. | 1.7 |
| Net income | 254.2 | 452.5 |
| Non-controlling interests | –8.8 | –4.9 |
| Net income attributable to the shareholders of the parent | 245.4 | 447.6 |
| Earnings per share (in €) relating to | ||
| Basic earnings per share from continuing operations | 1.23 | 2.23 |
| Consolidated basic earnings per share | 1.23 | 2.24 |
| Diluted earnings per share from continuing operations | 1.23 | 2.23 |
| Consolidated diluted earnings per share | 1.23 | 2.24 |
1 Expected income from long-term employee benefits and from pension funds and interest expense from long-term employee benefits are reported net under interest expense. The previous year's figures have been adjusted accordingly.
The spin-off of Vitesco Technologies on September 15, 2021, resulted in the application of IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, in the comparative period. Vitesco Technologies is reported as discontinued operations in the comparative period.
The items in the consolidated statement of comprehensive income for the reporting period show continuing operations. The figures for the comparative period show continuing and discontinued operations. In addition, comprehensive income is shown separately for continuing and discontinued operations in the comparative period.
| January 1 to March 31 | ||||
|---|---|---|---|---|
| € millions | 2022 | 2021 | ||
| Net income | 254.2 | 452.5 | ||
| Items that will not be reclassified to profit or loss | ||||
| Remeasurement of defined benefit plans1 | 689.7 | 666.7 | ||
| Fair value adjustments1 | 694.4 | 685.6 | ||
| Currency translation1 | –4.7 | –18.9 | ||
| Other investments | 0.0 | –0.4 | ||
| Fair value adjustments1 | 0.1 | — | ||
| Currency translation1 | –0.1 | –0.4 | ||
| Tax on other comprehensive income | –196.3 | –171.2 | ||
| Items that may be reclassified subsequently to profit or loss | ||||
| Currency translation1 | 315.4 | 357.4 | ||
| Difference from currency translation1 | 315.4 | 357.4 | ||
| Other comprehensive income | 808.8 | 852.5 | ||
| Comprehensive income | 1,063.0 | 1,305.0 | ||
| Attributable to non-controlling interests | –14.8 | –12.7 | ||
| Attributable to the shareholders of the parent | 1,048.2 | 1,292.3 | ||
| The share of comprehensive income attributable to the shareholders of the parent is as follows: | ||||
| Continuing operations | 1,048.2 | 1,133.2 | ||
| Discontinued operations | n. a. | 159.1 |
1 Including non-controlling interests.
The spin-off of Vitesco Technologies on September 15, 2021, resulted in the application of IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, in the comparative period. Vitesco Technologies is reported as discontinued operations in the comparative period.
All items in the reporting and comparative periods as at December 31, 2021, represent continuing operations. The assets from discontinued operations in the comparative period as at March 31, 2021, are included in assets held for sale. The liabilities from discontinued operations in the comparative period as at March 31, 2021, are included in liabilities held for sale.
| Assets in € millions | March 31, 2022 | December 31, 2021 | March 31, 2021 |
|---|---|---|---|
| Goodwill | 3,740.1 | 3,711.8 | 3,616.2 |
| Other intangible assets | 1,047.4 | 1,087.7 | 1,164.0 |
| Property, plant and equipment | 11,499.8 | 11,411.6 | 11,243.8 |
| Investment property | 12.0 | 12.0 | 11.9 |
| Investments in equity-accounted investees | 313.1 | 305.9 | 328.8 |
| Other investments | 171.2 | 169.4 | 119.8 |
| Deferred tax assets | 2,449.2 | 2,529.5 | 2,498.7 |
| Defined benefit assets | 104.3 | 101.6 | 82.1 |
| Long-term derivative instruments and interest-bearing investments | 82.5 | 113.2 | 137.7 |
| Long-term other financial assets | 249.9 | 229.6 | 191.8 |
| Long-term other assets | 114.3 | 113.7 | 17.5 |
| Non-current assets | 19,783.8 | 19,786.0 | 19,412.3 |
| Inventories | 5,562.3 | 4,993.7 | 4,147.3 |
| Trade accounts receivable | 7,807.1 | 7,089.5 | 6,469.0 |
| Short-term contract assets | 116.5 | 94.0 | 88.6 |
| Short-term other financial assets | 138.5 | 118.4 | 179.7 |
| Short-term other assets | 1,182.2 | 1,066.1 | 1,072.1 |
| Income tax receivables | 304.6 | 303.4 | 203.3 |
| Short-term derivative instruments and interest-bearing investments | 128.4 | 112.7 | 88.1 |
| Cash and cash equivalents | 2,323.9 | 2,269.1 | 2,868.8 |
| Assets held for sale | 7.0 | 7.9 | 6,566.2 |
| Current assets | 17,570.5 | 16,054.8 | 21,683.1 |
| Total assets | 37,354.3 | 35,840.8 | 41,095.4 |
| Equity and liabilities in € millions | March 31, 2022 | December 31, 2021 | March 31, 2021 |
|---|---|---|---|
| Issued/subscribed capital | 512.0 | 512.0 | 512.0 |
| Capital reserves | 4,155.6 | 4,155.6 | 4,155.6 |
| Retained earnings | 10,504.0 | 10,258.6 | 12,407.7 |
| Other comprehensive income | –1,932.7 | –2,735.5 | –3,524.8 |
| Equity attributable to the shareholders of the parent | 13,238.9 | 12,190.7 | 13,550.5 |
| Non-controlling interests | 461.5 | 452.5 | 378.4 |
| Total equity | 13,700.4 | 12,643.2 | 13,928.9 |
| Long-term employee benefits | 4,102.0 | 4,743.0 | 4,661.7 |
| Deferred tax liabilities | 116.2 | 101.6 | 260.5 |
| Long-term provisions for other risks and obligations | 775.9 | 787.7 | 934.6 |
| Long-term indebtedness | 4,606.1 | 4,643.2 | 4,997.5 |
| Long-term other financial liabilities | 10.4 | 10.3 | 6.9 |
| Long-term contract liabilities | 7.5 | 7.6 | 7.9 |
| Long-term other liabilities | 33.2 | 36.0 | 61.4 |
| Non-current liabilities | 9,651.3 | 10,329.4 | 10,930.5 |
| Short-term employee benefits | 1,384.6 | 1,243.5 | 1,255.7 |
| Trade accounts payable | 6,511.7 | 5,865.4 | 4,937.9 |
| Short-term contract liabilities | 232.1 | 265.2 | 203.9 |
| Income tax payables | 719.6 | 672.9 | 736.9 |
| Short-term provisions for other risks and obligations | 1,096.3 | 1,130.7 | 1,257.5 |
| Short-term indebtedness | 2,045.7 | 1,617.3 | 1,803.9 |
| Short-term other financial liabilities | 1,157.5 | 1,265.0 | 1,240.6 |
| Short-term other liabilities | 855.1 | 808.2 | 791.4 |
| Liabilities held for sale | — | — | 4,008.2 |
| Current liabilities | 14,002.6 | 12,868.2 | 16,236.0 |
| Total equity and liabilities | 37,354.3 | 35,840.8 | 41,095.4 |
The spin-off of Vitesco Technologies on September 15, 2021, resulted in the application of IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, in the comparative period. Vitesco Technologies is reported as discontinued operations in the comparative period.
The items in the consolidated statement of cash flows for the reporting period show continuing operations. The figures for the comparative period show continuing and discontinued operations. In addition, cash flow arising from operating activities, investing activities and financing activities is shown separately for continuing operations and discontinued operations in the comparative period.
| January 1 to March 31 | ||||
|---|---|---|---|---|
| € millions | 2022 | 2021 | ||
| Net income | 254.2 | 452.5 | ||
| Income tax expense | 89.8 | 178.8 | ||
| Financial result | 31.3 | 88.6 | ||
| EBIT | 375.3 | 719.9 | ||
| Interest paid | –14.4 | –31.2 | ||
| Interest received | 11.2 | 8.0 | ||
| Income tax paid | –108.3 | –148.4 | ||
| Dividends received | 0.4 | — | ||
| Depreciation, amortization, impairment and reversal of impairment losses | 557.0 | 683.1 | ||
| Income from equity-accounted investees and other investments, incl. impairment and reversal of impairment losses | –4.1 | –5.0 | ||
| Gains/losses from the disposal of assets, companies and business operations | –1.1 | –4.4 | ||
| Changes in | ||||
| inventories | –474.3 | –466.0 | ||
| trade accounts receivable | –608.9 | –495.2 | ||
| trade accounts payable | 559.8 | 327.9 | ||
| employee benefits and other provisions | 99.4 | 348.2 | ||
| other assets and liabilities | –267.7 | –50.8 | ||
| Cash flow arising from operating activities | 124.3 | 886.1 | ||
| Cash flow arising from operating activities – continuing operations | 124.3 | 542.1 | ||
| Cash flow arising from operating activities – discontinued operations | n. a. | 344.0 | ||
| Cash flow from the disposal of assets | 11.8 | 16.7 | ||
| Capital expenditure on property, plant and equipment, and software | –301.3 | –236.5 | ||
| Capital expenditure on intangible assets from development projects and miscellaneous | –8.7 | –20.8 | ||
| Cash flow from the disposal of companies and business operations | –1.0 | 0.5 | ||
| Acquisition of companies and business operations | 1.7 | –8.4 | ||
| Cash flow arising from investing activities | –297.5 | –248.5 | ||
| Cash flow arising from investing activities – continuing operations | –297.5 | –209.5 | ||
| Cash flow arising from investing activities – discontinued operations | n. a. | –39.0 |
| January 1 to March 31 | |||||
|---|---|---|---|---|---|
| € millions | 2022 | 2021 | |||
| Cash flow before financing activities (free cash flow) | –173.2 | 637.6 | |||
| Change in indebtedness | 183.4 | –477.2 | |||
| Dividends paid to and cash changes from equity transactions with non-controlling interests | 0.5 | –15.1 | |||
| Cash flow arising from financing activities | 183.9 | –492.3 | |||
| Cash flow arising from financing activities – continuing operations | 183.9 | –480.9 | |||
| Cash flow arising from financing activities – discontinued operations | n. a. | –11.4 | |||
| Change in cash and cash equivalents | 10.7 | 145.3 | |||
| Cash and cash equivalents at the beginning of the reporting period | 2,269.1 | 2,938.7 | |||
| Effect of exchange-rate changes on cash and cash equivalents | 44.1 | 58.4 | |||
| Cash and cash equivalents from continuing and discontinued operations | 2,323.9 | 3,142.4 | |||
| Less cash and cash equivalents from discontinued operations | n. a. | –273.6 | |||
| Cash and cash equivalents from continuing operations at the end of the reporting period | 2,323.9 | 2,868.8 |
| Difference from | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| € millions | Issued/ subscribed capital1 |
Capital reserves |
Retained earnings |
Successive purchases2 |
remeasurement of defined benefit plans |
currency translation |
financial instruments3 |
Subtotal | Non controlling interests |
Total |
| As at January 1, 2021 | 512.0 | 4,155.6 | 11,960.2 | –302.1 | –2,817.0 | –1,232.7 | –13.6 | 12,262.4 | 376.7 | 12,639.1 |
| Net income | — | — | 447.6 | — | — | — | — | 447.6 | 4.9 | 452.5 |
| Comprehensive income | — | — | –0.1 | — | 495.3 | 349.9 | –0.4 | 844.7 | 7.8 | 852.5 |
| Net profit for the period | — | — | 447.5 | — | 495.3 | 349.9 | –0.4 | 1,292.3 | 12.7 | 1,305.0 |
| Dividends paid/resolved | — | — | — | — | — | — | — | — | –11.1 | –11.1 |
| Other changes4 | — | — | — | –4.2 | — | — | — | –4.2 | 0.1 | –4.1 |
| As at March 31, 2021 | 512.0 | 4,155.6 | 12,407.7 | –306.3 | –2,321.7 | –882.8 | –14.0 | 13,550.5 | 378.4 | 13,928.9 |
| As at January 1, 2022 | 512.0 | 4,155.6 | 10,258.6 | –311.8 | –1,994.9 | –507.8 | 79.0 | 12,190.7 | 452.5 | 12,643.2 |
| Net income | — | — | 245.4 | — | — | — | — | 245.4 | 8.8 | 254.2 |
| Comprehensive income | — | — | — | — | 493.2 | 309.6 | 0.0 | 802.8 | 6.0 | 808.8 |
| Net profit for the period | — | — | 245.4 | — | 493.2 | 309.6 | 0.0 | 1,048.2 | 14.8 | 1,063.0 |
| Dividends paid/resolved | — | — | — | — | — | — | — | — | –10.7 | –10.7 |
| Other changes4 | — | — | — | — | — | — | — | — | 4.9 | 4.9 |
| As at March 31, 2022 | 512.0 | 4,155.6 | 10,504.0 | –311.8 | –1,501.7 | –198.2 | 79.0 | 13,238.9 | 461.5 | 13,700.4 |
1 Divided into 200,005,980 (PY: 200,005,983) outstanding shares with dividend and voting rights.
2 The comparative period includes an amount of €4.2 million relating to effects from the first-time consolidation of previously non-consolidated subsidiaries.
3 The change in the difference arising from financial instruments, including deferred taxes, was due to other investments of €0.0 million (PY: -€0.4 million).
4 Other changes in non-controlling interests due to changes in the scope of consolidation and capital increases.
All segment report tables show only the figures for continuing operations in the reporting and comparative periods for all segments. As part of the new organizational structure in place since January 1, 2022, the reporting segments are Automotive, Tires, ContiTech and Contract Manufacturing. All key figures for the segments reflect the resegmentation over the entire reporting period and are adjusted accordingly for the comparative period.
| € millions | Automotive | Tires | ContiTech | Contract Manufacturing |
Other/ Holding/ Consolidation |
Continental Group |
|---|---|---|---|---|---|---|
| External sales | 4,245.5 | 3,270.4 | 1,552.5 | 209.9 | — | 9,278.3 |
| Intercompany sales | 0.5 | 24.8 | 17.9 | 0.0 | –43.2 | — |
| Sales (total) | 4,246.0 | 3,295.2 | 1,570.4 | 209.9 | –43.2 | 9,278.3 |
| EBIT (segment result) | –204.3 | 557.9 | 69.3 | 11.7 | –59.3 | 375.3 |
| in % of sales | –4.8 | 16.9 | 4.4 | 5.6 | — | 4.0 |
| Depreciation and amortization1 | 264.4 | 207.3 | 75.0 | 9.5 | 0.8 | 557.0 |
| thereof impairment2 | 1.2 | 0.1 | –4.4 | — | — | –3.1 |
| Capital expenditure3 | 261.7 | 126.8 | 38.5 | 2.0 | 15.3 | 444.3 |
| in % of sales | 6.2 | 3.8 | 2.5 | 1.0 | — | 4.8 |
| Operating assets as at March 31 | 8,635.8 | 7,212.8 | 3,204.2 | 662.6 | 85.0 | 19,800.4 |
| Number of employees as at March 314 | 91,414 | 56,758 | 41,314 | 2,439 | 471 | 192,396 |
| Adjusted sales5 | 4,212.0 | 3,295.2 | 1,570.4 | 209.9 | –43.2 | 9,244.3 |
| Adjusted operating result (adjusted EBIT)6 | –164.8 | 565.0 | 85.5 | 12.1 | –59.3 | 438.5 |
| in % of adjusted sales | –3.9 | 17.1 | 5.4 | 5.8 | — | 4.7 |
1 Excluding impairment on financial investments.
2 Impairment also includes necessary reversal of impairment losses.
3 Capital expenditure on property, plant and equipment, and software.
4 Excluding trainees.
5 Before changes in the scope of consolidation.
| € millions | Automotive | Tires | ContiTech | Contract Manufacturing |
Other/ Holding/ Consolidation |
Continental Group |
|---|---|---|---|---|---|---|
| External sales | 4,086.9 | 2,722.0 | 1,503.3 | 263.1 | — | 8,575.3 |
| Intercompany sales | 27.3 | 20.9 | 17.4 | 1.8 | –67.4 | — |
| Sales (total) | 4,114.2 | 2,742.9 | 1,520.7 | 264.9 | –67.4 | 8,575.3 |
| EBIT (segment result) | 55.4 | 447.5 | 135.8 | 63.4 | –39.5 | 662.6 |
| in % of sales | 1.3 | 16.3 | 8.9 | 23.9 | — | 7.7 |
| Depreciation and amortization1 | 249.0 | 203.3 | 81.8 | 14.2 | 2.7 | 551.0 |
| thereof impairment2 | 0.0 | 1.0 | 0.1 | 0.3 | — | 1.4 |
| Capital expenditure3 | 140.9 | 49.9 | 40.1 | 0.8 | 11.3 | 243.0 |
| in % of sales | 3.4 | 1.8 | 2.6 | 0.3 | — | 2.8 |
| Operating assets as at March 31 | 7,934.5 | 6,680.2 | 3,076.0 | 120.4 | 264.1 | 18,075.2 |
| Number of employees as at March 314 | 90,759 | 56,984 | 43,464 | 3,287 | 453 | 194,947 |
| Adjusted sales5 | 4,114.2 | 2,742.9 | 1,475.4 | 264.9 | –67.4 | 8,530.0 |
| Adjusted operating result (adjusted EBIT)6 | 96.8 | 455.2 | 150.5 | 64.9 | –39.4 | 728.0 |
| in % of adjusted sales | 2.4 | 16.6 | 10.2 | 24.5 | — | 8.5 |
With the application of IFRS 5, the external sales of Vitesco Technologies resulting from supply and service relationships between the Contract Manufacturing segment and Vitesco Technologies have been shown as external sales of the Contract Manufacturing segment due to the continuation of the supply and service relationships. The external sales of discontinued operations have been reduced by this amount.
1 Excluding impairment on financial investments.
2 Impairment also includes necessary reversal of impairment losses.
3 Capital expenditure on property, plant and equipment, and software.
4 Excluding trainees.
5 Before changes in the scope of consolidation.
| € millions | Automotive | Tires | ContiTech | Contract Manufacturing |
Other/ Holding/ Consolidation |
Continental Group |
|---|---|---|---|---|---|---|
| Sales | 4,246.0 | 3,295.2 | 1,570.4 | 209.9 | –43.2 | 9,278.3 |
| Changes in the scope of consolidation1 | –34.0 | — | — | — | — | –34.0 |
| Adjusted sales | 4,212.0 | 3,295.2 | 1,570.4 | 209.9 | –43.2 | 9,244.3 |
| EBITDA | 60.1 | 765.2 | 144.3 | 21.2 | –58.5 | 932.3 |
| Depreciation and amortization2 | –264.4 | –207.3 | –75.0 | –9.5 | –0.8 | –557.0 |
| EBIT | –204.3 | 557.9 | 69.3 | 11.7 | –59.3 | 375.3 |
| Amortization of intangible assets from purchase price allocation (PPA) |
18.5 | 3.4 | 16.7 | — | — | 38.6 |
| Changes in the scope of consolidation1 | 7.8 | — | — | — | — | 7.8 |
| Special effects | ||||||
| Impairment3 | 0.8 | — | — | — | — | 0.8 |
| Restructuring4 | –4.0 | 0.6 | –4.3 | –0.1 | — | –7.8 |
| Restructuring-related expenses | 10.4 | 0.8 | 1.3 | 0.5 | — | 13.0 |
| Severance payments | 6.0 | 2.4 | 2.5 | 0.0 | 0.0 | 10.9 |
| Gains and losses from disposals of companies and business operations |
— | –0.1 | 0.0 | — | — | –0.1 |
| Other | — | — | — | — | — | — |
| Adjusted operating result (adjusted EBIT) | –164.8 | 565.0 | 85.5 | 12.1 | –59.3 | 438.5 |
1 Changes in the scope of consolidation include additions and disposals as part of share and asset deals. Adjustments were made for additions in the reporting year and for disposals in the comparative period of the prior year.
2 Excluding impairment on financial investments.
3 Impairment also includes necessary reversal of impairment losses. It does not include impairment that arose in connection with a restructuring and impairment on financial investments and goodwill.
4 Also includes restructuring-related impairment losses totaling €0.5 million (Automotive €0.4 million; Tires €0.1 million) and a reversal of impairment losses of €4.4 million in the ContiTech segment.
| € millions | Automotive | Tires | ContiTech | Contract Manufacturing |
Other/ Holding/ Consolidation |
Continental Group |
|---|---|---|---|---|---|---|
| Sales | 4,114.2 | 2,742.9 | 1,520.7 | 264.9 | –67.4 | 8,575.3 |
| Changes in the scope of consolidation1 | — | — | –45.3 | — | — | –45.3 |
| Adjusted sales | 4,114.2 | 2,742.9 | 1,475.4 | 264.9 | –67.4 | 8,530.0 |
| EBITDA | 304.4 | 650.8 | 217.6 | 77.6 | –36.8 | 1,213.6 |
| Depreciation and amortization2 | –249.0 | –203.3 | –81.8 | –14.2 | –2.7 | –551.0 |
| EBIT | 55.4 | 447.5 | 135.8 | 63.4 | –39.5 | 662.6 |
| Amortization of intangible assets from purchase price allocation (PPA) |
16.1 | 4.6 | 19.1 | — | — | 39.8 |
| Changes in the scope of consolidation1 | — | — | –9.1 | — | — | –9.1 |
| Special effects | ||||||
| Impairment3 | 0.0 | 0.1 | — | 0.3 | — | 0.4 |
| Restructuring4 | 0.1 | 0.4 | 1.0 | — | — | 1.5 |
| Restructuring-related expenses | 8.9 | — | 0.6 | — | — | 9.5 |
| Severance payments | 6.8 | 2.6 | 3.1 | 1.2 | 0.1 | 13.8 |
| Gains and losses from disposals of companies and business operations |
–0.3 | — | — | — | — | –0.3 |
| Other5 | 9.8 | — | — | — | — | 9.8 |
| Adjusted operating result (adjusted EBIT) | 96.8 | 455.2 | 150.5 | 64.9 | –39.4 | 728.0 |
1 Changes in the scope of consolidation include additions and disposals as part of share and asset deals. Adjustments were made for additions in the reporting year and for disposals in the comparative period of the prior year.
2 Excluding impairment on financial investments.
3 Impairment also includes necessary reversal of impairment losses. It does not include impairment that arose in connection with a restructuring and impairment on financial investments and goodwill.
4 Also includes restructuring-related impairment losses totaling €1.0 million (Tires €0.9 million; ContiTech €0.1 million).
5 Includes expenses of €9.8 million in connection with the spin-off of Vitesco Technologies.
Hanover, April 21, 2022
Continental Aktiengesellschaft The Executive Board
| 2022 | |
|---|---|
| Annual Financial Press Conference | March 9 |
| Analyst and Investor Conference Call | March 9 |
| Annual Shareholders' Meeting | April 29 |
| Quarterly Statement as at March 31, 2022 | May 11 |
| Half-Year Financial Report as at June 30, 2022 | August 9 |
| Quarterly Statement as at September 30, 2022 | November 10 |
| 2023 | |
|---|---|
| Annual Financial Press Conference | March |
| Analyst and Investor Conference Call | March |
| Annual Shareholders' Meeting | April 27 |
| Quarterly Statement as at March 31, 2023 | May |
| Half-Year Financial Report as at June 30, 2023 | August |
| Quarterly Statement as at September 30, 2023 | November |
Continental Aktiengesellschaft Headquarters Vahrenwalder Strasse 9 D-30165 Hanover, Germany Phone: +49 511 938-01 Fax: +49 511 938-81770
E-mail: [email protected] Commercial Register, Hanover Local Court, HR B 3527
All financial reports are available online at: www.continental-ir.com
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