Conti sets new records for sales, profit

ERJ staff report (DS)

Hannover, Germany -- Continental has reported record results for the 12 months to December 2010. in the rubber sector, sales jumped by over 20 percent to euro 10 152 million, compared with 8068 millino a year ago. Employee count also rose strongly, to 61 265 at the end of 2010, compared with 56 183 a year earlier.

EBITDA margin on sales was 18.2 percent, up from 13 percent a year earlier. Capital expenditure also rose, but was low in comparison to other tyre makers at euro 556 million, up from euro 322 million.

EBITDA passenger car tyre sales reached euro 1241 million or a margin of 21.3 percent. In truck tyres, the profit was 142 million for a margin of 10 percent and at Contitech, profit was 468 million, for a margin of 15.1 percent.

The comapny is expected to make a significant announcement about capital expenditure in the tyre and rubber segment in may. A spokesman told ERJ that cash from the rubber unit had helpedthe company through a difficult financial period, and the time was close when the corporate parent would recognise that contribution.

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Press release from Conti

Financial statement from Conti