ERJ staff report (TP)
Hanover, Germany − With an adjusted EBIT (Earnings Before Interest and Taxes) margin of 11.2 percent, the Continental Corporation said it significantly exceeded its target for fiscal 2013. Sales of the international automotive supplier, tire manufacturer, and industry partner increased slightly year-on-year to approximately €33.3bn in 2013.
At the announcement of the provisional key figures on Monday during the Auto Show in Detroit, US, Continental’s CEO Dr. Elmar Degenhart said: “Our strong commitment has paid off. We were able to more than offset the economic limitations in Southern Europe and some emerging markets. Our success was achieved in spite of considerable negative exchange rate effects due to the strong euro, which amounted to over €700m.
“The adjusted EBIT of €3.7bn represents an extremely strong performance by the whole Continental team. In 2013 we therefore achieved an impressive continuation of the successful path we have been pursuing for years.
“In 2014, we expect global production of cars with a total weight of up to six metric tons to increase from around 83m units in 2013 to more than 85m units. We want to grow faster than the global passenger car market and are aiming to increase sales by around 5 percent to approximately €35bn. At the same time, we want to comfortably achieve a double-digit adjusted EBIT margin.”
Continental will present its provisional business figures on 6 March in Frankfurt am Main, Germany.
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Press release from Continental