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Conti will take even more than previously known

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2010-07-09_continental_fahnen mit logo_ddpHANNOVER ( Dow Jones) – The rapid market recovery after the economic crisis of Continental AG is more than a tailwind they wanted to admit until now . ( Reuters photo 🙂

It is not clear that the good will weaken significantly in the first half , "said the Chief Financial Officer of Hanover automotive , Wolfgang Schäfer, on Thursday in an interview with Dow Jones Newswires. The target Sales growth of around 15 % mark so the lower end of Expectations. He foresaw an increase of "at least 15 %, " said Schäfer.
However , revenues will increase in the second half of something be weaker than in the first six months, acknowledged a shepherd .  From January to June, the third largest supplier in the world 12.7 billion EUR occupied , 40 % more than in the weak period last year. This was Conti only EUR 600 million in the first half of the Vorkrisenwert  2008th
After a surprisingly good first half had Conti In early July for the second time , the forecast for the current year raised  and predicted a sales increase of 15%. On the bottom line should , after two years with billions of losses back in the black stand , even if rising raw material costs , especially for Natural rubber, the cost of the closure of truck tire production in Hanover, further depreciation of the purchase price of the former Siemens  VDO and persistently high interest rates on loans the MDAX group also . burdening
And the Hanoverian seem well on the way : thanks globally attractive automobile sales, a strong tire business and strict austerity was one in the first half , the bottom line Profit of EUR 349 million , as the MDAX Corporation announced . In the Same period last year , in the midst of economic crisis , had still a  Loss of 457 million EUR stood.
By the end of the year, his ailing Conti Propulsion Division Powertrain rehabilitated. Goal is this year  to achieve breakeven , said Chief Financial Officer Schaefer. 2011 the division in which a majority of the acquired Siemens VDO 2007 rose write in adjusted operating profit in the black.
With electronic components , propulsion systems and Conti vehicle had in the first half before interest, taxes, depreciation and amortization of goodwill of the former Siemens VDO, Mio 605 EUR retracted and thus the result of the full year 2009 from 192 million  EUR already exceeded by twice . Significantly more with the cast a margin of 15.5 % highly profitable business with adjusted tire 734 Mio EUR from .
Conti was also reported success in reducing debt . The Suppliers stood by the VDO purchase the end of 2009 with nearly 8.9 Billion EUR for the donors in the Cretaceous . The proceeds from the Capital increase in January by just over 1 billion EUR Conti used in part to to melt away until the end of June, the mountain of debt to 8.0 billion to EUR .

Website: www.conti - online.com 

- By Katharina Becker and Christoph Rauwald , Dow Jones Newswires
+49 ( 0 ) 69 29 725 112 katharina.becker @ dowjones.com
DJG / cat / has / mrf