Results Cannot Disguise Weak Period For Continental

In the first half of 2001, the group achieved a turnover of 5,498 million Euro; 12 per cent better than for the same period last year. EBIT came down from 267 million to 158 million Euros due to the closure of plants in Herstal (Belgium) and Bad Nauheim (Germany). Without these, EBIT would have been 58 million Euro better.

The truck division shows some very bad figures; turnover is down 8 per cent to 438 million Euro and instead of an EBIT of 33 million Euro (2000), the group has made a loss of 37 million Euros. The tyre situation in America is even worse – despite a slight increase (+1 per cent) in turnover to 839 million Euro, the group made a loss of 53 million Euro. A year ago, the EBIT was +20 million Euro.

Continental Automotive Systems boasts an increase in turnover of 31 per cent to 1,960 million Euro, but without the acquisition of Temic, the increase would have been 18 per cent. On the other hand, the EBIT improved by only 3 million Euro to 57 million Euro. The ContiTech business was, as always, very good, but ContiTech is up for sale.

The division turned over 933 million Euro and achieved an EBIT of 81 million Euro. The Continental board remains optimistic that it will achieve not only a turnover for the year as a whole of more than 11 billion Euro, but that it will also improve the previous year’s EBIT..