Despite facing a continuously challenging market environment, Continental Group, as a technology-based company, has always maintained growth. On November 9, 2015, the Continental Group determined its sales forecast for 2015 and raised its annual forecast again after releasing business data for the first nine months of 2015. Dr. Elmar Degenhart, Chairman of the Executive Board of the Continental Group, stated: “We take 2015 as a whole. We still forecast full-year sales in 2015 will exceed 39 billion euros, and the adjusted EBIT margin will exceed 11%. The market prospects at the end of the year let us We are optimistic about achieving this goal. Based on our current positive operating performance, we have also increased our forecast of free cash flow before the acquisition, from at least 1.8 billion euros before the current to more than 2 billion euros." “Overall, we can look back at the difficult form of the third quarter in a difficult environment. Despite the slowdown in passenger car production in China and the slowdown in the industry, we have been compensated for steady growth in Europe and North America. Degenhart explained. More and more cars are equipped with advanced electronic products, and automobile suppliers also benefit from it. Continental, an international automotive supplier, tire manufacturer and industry partner, posted an increase of 14.2% in sales in the first three quarters of 2015 compared to the same period last year, reaching 29.2 billion euros. Without considering the impact of scope and exchange rate changes, sales increased by 3.3%. At the same time, the group's profit attributable to shareholders increased by 15.9% to 2.1 billion euros. Correspondingly, earnings per share increased to 10.42 euros, which was higher than 8.99 euros in the same period of previous years. On September 30, 2015, EBIT increased 30.6% compared to the same period last year to EUR 3.2 billion. This is equivalent to 10.9% EBIT margin, which is higher than 9.6% last year. The adjusted EBIT was increased by 15.6% compared with the 3.4 billion euros in the same period of last year. The adjusted EBIT margin was 12.0%, which was higher than the 11.4% last year. Pre-acquisition free cash flow increased by 473 million euros compared with the same period last year, exceeding 1.5 billion euros. The total cash outflow amounted to 1.2 billion euros, mainly for the acquisition of Grundfos and Elektrobit Automotive. Wolfgang Schäfer, chief financial officer, emphasized: “The free cash flow in the first nine months of 2015 exceeded 316 million euros.†As of September 30, 2015, Continental's net financial debt increased to 4.3 billion euros. This represents an increase of 370 million euros compared to the same period last year. As a result of the acquisition of Grundig Technologies AG at the end of January 2015 and the Elektrobit Automotive acquisition in July 2015, the net financial debt has increased by 1.5 billion euros compared to the end of 2014. However, the debt ratio at the end of September 2015 was 33.9%, which was lower than the 36.2% recorded in the same period of last year. At the end of the third quarter of 2015, the Continental Group had 5 billion euros of liquidity buffer funds, including 1.8 billion euros of liquidity and 3.2 billion euros of committed but unused credit lines. Compared with the first half of 2015, this represents a 1.4 billion euro reduction in working capital. "The main reason is the early redemption of US dollar bonds in mid-September and the acquisition of Elektrobit Automotive in July 2015," explained Schäfer. Interest expense decreased by 31 million euros compared to the same period last year to 260 million euros. The interest expenses in the first nine months of 2015 were about the same as in the same period of last year, which was 217 million euros. In the first nine months of 2015, Continental invested a total of 1.3 billion euros in fixed assets and software. Therefore, the investment rate increased to 4.5%, which was a decrease from 5.1% in the same period of last year. As of September 30, 2015, funds for research and development increased by 16.6% to 1.9 billion euros. The corresponding ratio accounted for 6.5% of sales, compared with 6.4% in the same period of last year. At the end of the third quarter of 2015, the number of employees of the Continental Group exceeded 208,000, which is approximately 19,000 more employees than at the end of 2014. The Automotive Group has increased the number of employees by more than 6,300 by increasing production and the acquisition of Elektrobit Automotive. The Rubber Group added 12,600 employees by continuing to expand its production capacity and sales channels and the acquisition of Guernsey Technology Inc. into the ContiTech Division. Compared with last year’s report date, Continental’s employees increased by approximately 18,800. In the first three quarters of 2015, the automotive group achieved sales of 17.6 billion euros. The adjusted EBIT margin was 8.8%, higher than 8.0% in the same period of last year. In the first three quarters of 2015, rubber group sales reached 11.7 billion euros, and the adjusted EBIT margin increased from 17.5% last year to 18.3% this year.
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Growth in revenue in the first three quarters prompted Continental to increase annual sales expectations
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