ERJ staff report (TP)
Hanover, Germany – Continental released its annual report for 2013 on 24 March and revealed sales are up to €33.3bn – an increase of 2.6 percent compared to 2012.
In the 264-page report, the tire manufacturer also said its share price was up by 82 percent and net indebtedness was down by more than €1bn.
Dr Elmar Degenhart, Chairman of the Executive Board, said: “The end of December 2013 saw our share price peaking at a then historic high of €161.90. On the DAX, we were once again the winner last year in terms of the relative rise in share price.”
As a result of all this he said there was an 82 percent increase in the share price in the past year. A dividend of €2.25 was paid, making for a total return of 86 percent.
In China, the firm increased sales by 23 percent, while in the US its new tire plant in Sumter, South Carolina started operations early this year. After the first expansion stage in 2016, the plant will produce around 4m tires each year.
Degenhart believes 2014 will see even more growth: “We are expecting sales to grow to about €35bn.”
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Press release from Continental