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Continental to improve sales and profit forecasts for the fiscal-glow plug,spark plug

Multinational automotive supplier Continental's very successful first half of this year, in sales and operating profitability achieved strong double-digit growth, on the basis of the business group increased annual operating outlook. "We now expect sales to reach at least 29.5 billion euros, after we had expected sales to more than 28.5 billion euros. In addition, we also strive to achieve the adjusted EBIT of about 10%, slightly higher than 9.7% in 2010 a good level, "Continental Executive Board Chairman Degen, Dr. Hart released Friday said the first half of the data. He added: "At this moment we have no reason to believe that a good second half of 2011 revenue slowdown in development than the first half."

    He also pointed out that despite a slight decline in the current price of natural rubber, Rubber Group's raw material cost burden in 2011 is expected to reach 8.5 billion euros. Mainly due to natural disasters in Japan synthetic rubber prices soaring. This development will be particularly affected in the second half of the car and light truck tires and ContiTech Division two Division.

    Compared with a year earlier the first half of Continental's sales increased 17.6 percent to 149 million euros. Meanwhile, the auto parts supplier's profit before interest and tax (EBIT) reached about 13 billion euros, an increase over the previous year by 2.7 billion euros, or an increase of 26.7%. EBIT margin of 8.6%, 8.0% last year. Adjusted due to the acquisition of special charges for depreciation and EBIT (adjusted EBIT) increased to about 15 billion euros, representing an increase of € 174 million or an increase of 13.3%, EBIT margin adjusted to 10 %.

    Group profit distributed to shareholders in the first six months of this year increased 96 percent to 683 million euros, so that earnings per share increased to 3.42 euros, a year earlier to 1.74 euros. Continental after the first six months of this year has a total of 159,116 employees, more than the end of 2010 also 10888.

    Continental Chief Financial Officer Wolfgang • Schaefer stressed that within the first six months of this year, Continental's net financial debt further reduced. "In the first half, we can confirm that we in this business year, the target debt ratio, certainly in the medium term to reach 70 percent," Schaefer said. "Standard & Poor's rating recently made to our credit assessment also confirmed that we are moving in the right path, as late as the end of 2012 to 'stand-alone basis' to achieve investment-grade rating category classification of conditions in this business year, we want to achieve more than 500 million euros of cash flow and our net financial debt was significantly reduced to less than 70 billion euros. strong operating profit growth also gives us the confidence in the business year to achieve 15% return on investment rate, which represents the strength and efficiency of economic indicators, and create additional value. "

    In addition, Schaefer also drew attention, as of June 30, 2011, Continental has liquidity reserves totaled nearly 39 billion euros, of which 1.6 billion euros in cash and cash equivalents, and up to about 23 billion euros in unused line of credit.

    Whether or Rubber Group Automotive Group, are on the sales and earnings growth to make a contribution. Compared with a year earlier, Automotive Group first-half sales rose 15 percent to nearly 9.1 billion euros. The reported EBIT (EBIT) reached € 503 million a year ago to 361 million euros. Rubber Group's sales increased 21 percent to 58 billion euros. Although the material cost burden to reach 5.32 billion euros, reported first half profit before interest and tax (EBIT) or from 691 million euros a year ago increased to 797 million euros.

    "With the additional sales opportunities, we have increased in the first half of the two groups of investment," Degen Dr. Hart added: "On the whole, as we announced in the first quarter, as we All throughout the year 2011, the Division will invest 1.8 billion euros, to create the conditions to consolidate the dominant position. "

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