The Continental group has reported a record-turnover of 12.6 billion euros (16.4 bn $US) for 2004. It has also posted an EBIT of 1096.4 million euros (1.418 bn $US). Its net profit reached 673.8 million euros (872 million $US). The company’s net debt also decreased by 473.6 million and stood at 695 million euros (899 million $US) at the end of 2004.
Before launching its Greatec single drive tyres, incorporating the Aircept safety system, on to the market, Bridgestone subjected it to prolonged and extensive testing.
For the record, the Aircept system consists of an inner tube which, in the case of a tyre blow-out, expands to support the tyre at around half its normal pressure and enables the driver to continue his journey.
Continental AG’s executive board has announced that it will propose a payment of 0.80 euros per share to the Annual Shareholders meeting. The record dividend represents an increase of 53.8 per cent over the previous year’s payment of 0.52 euros per share. According to Continental, “a considerable improvement in cash flow and a marked reduction in corporate debt allow for the proposed dividend.” At the end of the 2004 the company’s net debt dropped to under 700 million euros, including debt assumed from the company’s acquisition of Phoenix.
“Investors are to share in Continental AG’s business success not only in the form of a much higher stock market value for their company but also in the form of a more than 50 per cent increase in the per-share dividend, raising it to the highest level in the history of the company,” said executive board chairman Manfred Wennemer.
(Washington/Tire Review) The Associated Press has reported that the US trade deficit in 2004 hit a massive $665.9 billion – the largest in history, and 25.5 per cent higher than the previous record shortfall of $530.7 billion posted in 2003. The Commerce Department trade report noted that the trade deficit worsened as 2004 progressed, hitting $187.9 billion in the fourth quarter alone. That figure was a full 13.3 per cent higher than the third quarter of 2004.
Bandag Incorporated’s board of directors has declared a regular quarterly dividend of $.33 per share on the company’s Common Stock, Class A Common Stock and Class B Common Stock payable 20 April for shareholders of record at the close of business on 28 March.
Kwik-Fit staff, friends and family have successfully set a new Guiness World Record for simultaneous tyre rolling. In doing so they helped to raise over £30,000 for the Tsunami Appeal. The attempt, held at Chester Race Course resulted in 238 people each rolling a tyre over 100 metres, narrowly breaking the previous world record by just one person.
The board of directors of Titan International, Inc has approved a quarterly cash dividend of $.005 (half a cent) per common share for the first quarter of 2005. The cash dividend is payable 15 April, 2005, to stockholders of record on 31 March 2005.
The UK’s February new car registrations are down 14,368 units or 15.7 per cent to 77,092. However the decrease was expected due to the twice-yearly plate change, reports the SMMT with February accounting for a mere 3.5 per cent of the annual market.
Commenting on the figures, SMMT chief executive, Christopher Macgowan, said, ‘February is traditionally a slow month as new car buyers and the motor industry prepare for the surge that accompanies the March plate change. After last year’s significant growth in the first quarter, we expect March registrations to fall by around six per cent. While this is lower than last year’s record total, it still represents a new car market in good shape.’
Kwik-Fit is urging the fleet and tyre industries to sponsor its world record attempt and support the Tsunami appeal at the same time. 300 Kwik-Fit staff family and friends are aiming to break the existing record for the most people rolling tyres simultaneously over a designated distance.
Bridgestone Firestone North American Tire’s (BFNAT) LaVergne, Tennessee, tyre plant has been accepted into the US Environmental Protection Agency’s (EPA) National Environmental Performance Track (NEPT) program, Tire Review has reported. The LaVergne plant joins five other BFNAT plants already involved in the voluntary program.
German police investigating a fatal coach crash have criticised the “irresponsible” decision to send the British coach to Germany without winter tyres, according to British media reports. The accident resulted in the death of coach hostess Rosie Nolan, who died when she was hurled from the vehicle as it overturned in snowy conditions. The coach was en route to Austria for a ski trip when the accident occurred.
Watford-based Cantabrica Coaches said it was “flabbergasted” at police claims that the coach had the wrong tyres. The Highway Police in Wattenheim had said the coach was only equipped with balding summer tyres. “In the opinion of the police, it is irresponsible to send a bus with such tyres on a trip in the winter,” they said in a statement.
“We are flabbergasted that the police would say such a thing. The company has been operating for 26 years without a serious accident,” company spokesman Simon Posner said, defending his company’s safety record. “It is a modern coach, it has all the safety fittings and it was fully checked before it went,” he said. Another seven Britons were seriously injured in the crash near Grunstadt on the Mannheim-bound stretch of motorway.
January’s UK commercial vehicle rolling year total was the highest ever, according to the latest figures released by the SMMT. The numbers show that the rolling total stands at 391,070, up 7.6 per cent. The year-on-year figure also shows improvement, having grown 4.6 per cent compared with 2004.
The German Helaba Trust has changed its advice for Michelin shares to a sell rating. The announcement pre-empts Michelin’s quarterly sales results, which are due to be released on the 11 February. In the first nine months of 2004 Michelin’s turnover increased 4.6 per cent to 11.7 billion euros. The analysts believe that company will record fourth quarter sales of 4.3 billion, a one per cent increase. Their report suggests that this growth has been largely driven by the commercial vehicle sector, which it predicts will have been responsible for 1.1 billion euros of that total. The trust also suggests that the company’s passenger car sales remained virtually flat, with sales only increasing 0.3 per cent or 1.9 billion euros.
The number of cars produced for export hit a record level last year, rising three per cent to 1,179,753 units, says the Office for National Statistics. However production for the UK market fell 9.1 per cent bringing last year’s total to 467,020 units, compared to 513,799 in 2003.
More than seven out of every 10 cars made in the UK are now destined for export markets, says the SMMT, adding that output for export markets rose for the third year in a row.
Kwik-Fit has appointed Ian Fraser as its new chief executive, as of the 1st February 2005. Mr Fraser takes over from Tim Parker, who resigned last summer in order to take up the CEO role at the AA. Despite the move Mr Parker remains deputy chairman of Kwik-Fit.
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