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Roadshow PresentationMarch 2018
Ticker: CONADR-Ticker: CTTAYTwitter: @Continental_IRhttp://www.continental-ir.com
Agenda
2
Electrification4 9
Corporation Highlights 20171 3
Automotive Trends2 4
Key Enabler: Digitalization3 6
Automated Driving5 12
Roadshow PresentationEDMR - Equity and Debt Market Relations
ContiTech – Smart Solutions Beyond Rubber8 23
Holistic Connectivity6 17
Tires: No Disruption but Evolution7 20
Continental Strategy – Outlook 2020 and Beyond9 25
Continental Outlook 201810 26
Back-up FY 2017 Presentation11 33
› Sales up by 8.5% to €44.0 bn ; organic sales growth at 8.1%; FX negative at €435 mn
› Adj. EBIT 1 up by 10.1% to €4.7 bn ; adj. EBIT1 margin at 10.9% (PPA2 -€171 mn and special effects -€14 mn)
› NIAT3 amounted to €3.0 bn, up by 6.5%
› Free cash flow amounted to €1.8 bn including €596 mn cash outflow for acquisitions (mainly Hornschuch and Argus); free cash flow before acquisitions amounted to €2.3 bn
› Gearing ratio down to 13%; equity ratio up to 44%
› Value creation: trailing ROCE 4 up slightly to 20.6%
› Other topics:
› Order intake: lifetime sales in the Automotive Group increased to almost €40 bn
› Dividend to increase by €0.25 to €4.505 for FY 2017
1) Corporation Highlights 2017Most Important KPIs for FY 2017
1 Before amortization of intangibles from PPA, consolidation and special effects2 Amortization of intangibles from PPA3 Attributable to the shareholders of the parent4 Trailing ROCE is calculated as reported EBIT for the last twelve months (LTM) divided by average operating assets for the LTM5 Subject to approval of the Annual Shareholders’ Meeting (ASM) on April 27, 2018
3
Roadshow PresentationEDMR - Equity and Debt Market Relations
› Revenue pool for suppliers reached more than €1 trnin 2017
› Business related to “established” business will grow by ~1% p.a. and reach ~€1.1 trn in 2025
› Revenues share of Electrification1, Automated Driving and Holistic Connectivity represented in total <3% in 2017
› Revenue share of Electrification1, Automated Driving and Holistic Connectivity will grow by ~30% p.a. to >€200 bn in 2025
› It will account for ~15% of the overall supplier revenue market by 2025
4
Roadshow PresentationEDMR - Equity and Debt Market Relations
Sources: Roland Berger and Continental estimates. FX rate assumption 1.13 EUR/USD.1 Not including market for electric vehicle batteries but including hybrid solutions.
2) Automotive TrendsNew Business Opportunities Arise
0
250
500
750
1,000
1,250
1,500
2017 2025
New Business Opportunities
Established Business
30% p.a.
1% p.a.
Global Supplier Revenue Pool (bn €)
5
2) Automotive TrendsFour ACES1 Will Drive Our Growth
1) Four ACES: autonomous, connected, electrified and shared mobility2) Total Addressable Market 3) Not including market for batteries but hybrid solutions4) McKinsey estimates a market for digital services of US70$ - 110 billion in 2025;
FX rate assumption of 1.13 EUR/USD
ElectrificationAutomated Driving Holistic Connectivity
TAM2 in bn €3TAM2 in bn € TAM2 in bn €4
Shared MobilitySources: McKinsey and Continental estimates
Roadshow PresentationEDMR - Equity and Debt Market Relations
6
Roadshow PresentationEDMR - Equity and Debt Market Relations
3) Key Enabler: DigitalizationThe Most Digitalized Portfolio in The Supplier Sector1
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Competitor 10
Competitor 9
Competitor 8
Competitor 7
Competitor 6
Competitor 5
Competitor 4
Competitor 3
Competitor 2
Competitor 1
ContinentalAutomotive
Today: Electronics/Sensors/SW products as % of sales Continental 2025: Electronics/Sensors/SW products as % of sales
Source: Company filings and Continental estimates. 1 Suppliers >€3 bn sales.
7
3) Key Enabler: DigitalizationStrong Order Intake Drives Sustainable Growth…
Automotive Group: Strong Order Intake (bn €)
1 Lifetime Sales
1
23.6 24.526.6
28.5 >3030
35
40
2015 2016 2017 2018E 2019E 2020E 2021E 2022E
Automotive Group Sales Order Intake (LTS)
Roadshow PresentationEDMR - Equity and Debt Market Relations
8
Roadshow PresentationEDMR - Equity and Debt Market Relations
3) Key Enabler: Digitalization… but Causes Sustained High R&D and Capex
1,47
5
1,58
9
1,83
6
2,09
7
2,43
1
2,67
6
7.6%
7.9% 8.8%
8.9% 9.9%
10.1
%
2012
2013
2014
2015
2016
2017
2018
E
2019
E
2020
E
2021
E
2022
E
R&D expenditure (€ mn) R&D as percentage of sales
1,03
6
1,01
6
1,12
6
1,27
5
1,49
7
1,79
0
5.3%
5.1%
5.4%
5.4%
6.1% 6.7%
2012
2013
2014
2015
2016
2017
2018
E
2019
E
2020
E
2021
E
2022
E
Capex (€ mn) Capex ratio
Automotive Group R&D (€ mn) Automotive Group Capex (€ mn)
› Until 2025 the internal combustion engine (ICE) will be the most dominant force amongst the different propulsion types
› More variants of hybridization due to decline in Diesel
› Strong increase in pure Electric Vehicles after 2025
› Breakthrough in battery technology might accelerate scenario
9
4) ElectrificationElectrification of Engines: Estimated Development
Global PC & LT1 Production by Engine Type (mn units)
1 Passenger car and light truck <6t
Roadshow PresentationEDMR - Equity and Debt Market Relations
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014 2017 Sales 2017
Mechanics and hydraulics Electronics Electrification
10
4) ElectrificationPowertrain Division: Order Intake Confirms Shift to Electronics & Electrification
1 Order Intake as Lifetime Sales
Order Intake
€ 13.4 bn∑ € 7.7 bn∑
Roadshow PresentationEDMR - Equity and Debt Market Relations
11
4) ElectrificationRelative Value of Continental’s Content in Powertrains1
Roadshow PresentationEDMR - Equity and Debt Market Relations
HEV-related business including extended offering
Gasoline-related business
Diesel-related business
BEV-related business including extended offering
100%1 160% 160-360% 400%› Engine management systems for
diesel piezo common-rail injection (injector, ECUs, pressure pumps)
› Exhaust aftertreatment› Sensors and actuators
› Engine management systems for solenoid direct injection (injector, ECU, pressure pumps)
› Exhaust aftertreatment› Sensors and actuators› Turbochargers
› Engine management systems (gasoline/diesel)
› Exhaust aftertreatment› Sensors and actuators› Turbochargers
and› 48V solutions (12kW/ 15kW/ 25kW)
or› Plug-in hybrid solutions (incl. thermal
components & charging systems)
› High-voltage axle drive› Power electronics› Onboard charging systems› Battery management systems› DC/DC converter› Thermal management
components
Well positioned in all key technologies!1 Value of displayed gasoline content per car is indexed at 100%; all other values read relative to the gasoline content.
12
5) Automated DrivingMarket for Automated Driving: Estimated Development
12
L5L4L3L0-L2 Total Market
PC & LT1 production (mn units)
1 Passenger car and light truck <6t
Roadshow PresentationEDMR - Equity and Debt Market Relations
13
5) Automated DrivingMarket for Automated Driving: Three-Layer Model
13
System
ElectronicsSoftware
Integration ~€7 bn
Environmental ModelSoftware
Electronics~€2 bn
Market for Automated Driving~€35 bn1 by 2025
ComponentsSensors~€26 bn
Cooperation/Joint Venture
ADCU
Recent Additions to the Portfolio
1 Source: Continental estimates
HUAWEI easyMILE
BMW intel NTT docomo
Baidu China unicom
Roadshow PresentationEDMR - Equity and Debt Market Relations
14
5) Automated DrivingADAS Sensors per Car
14
Roadshow PresentationEDMR - Equity and Debt Market Relations
1 Sources: https://www.bmwgroup.com/content/dam/bmw-group-websites/bmwgroup_com/ ir/technologie_workshops/Technology_Workshops_Autonomous_Driving.pdf https://www.gm.com/content/dam/gm/events/docs/5265893-685163-Chartset-11-30-2017
2 Continental estimates, depending on customers and future regulatory requirements.3 Ultrasonic not in Continental portfolio.
Short Range
Radar
Surround View
Ultrasonic3
Camera
3D Flash Lidar
Long Range
Radar
Sensors per car
Level 4/5Level 3Level 2
441
401
33-402
25-292
18-222
BMW
GM
Continental
System Manufacturers Component Suppliers
OI 2017: ~€3.5
bn
OI 2016:
€3.5 bn
Sales (€ mn)
Incl
. Ele
ktro
bit,
HM
I and
HuD
n/a n/a
~2,
500
OI 2016:
€0.4 bn
OI 2016:
€1.3 bn
15
5) Automated DrivingLeading Position of Continental in ADAS
15
Roadshow PresentationEDMR - Equity and Debt Market Relations
1 Continental ADAS = Radar, Lidar, Camera and ADCUs, 2017 OI includes ADAS related CVAM business OI 2 Bosch PR May 4th, 2017; Bosch has not communicated any future ADAS sales target; Bosch includes ultrasonic in ADAS sensors; Bosch target is a 2019 target 3 Denso reports ADAS sales as part of “Information and safety systems”; Denso’s ADAS target 03/2021 looks for JPY 200 bn; sales are annualized4 Autoliv active safety products: radar systems, vision and night systems, active seatbelts and brake systems, dynamic spot light and system integration; 2020 target 5 Mobileye 2016 sales; company has the target to achieve 1.1 bn USD sales by 20196 Hella: according to Jeffries Research7 Delphi 2016 sales represent company communication from Q2 2016 and target to achieve 1 bn USD sales by 20198 Valeo reports sales for comfort and driving assist only. It includes rain, lighting and ultrasonic sensors in DA sales; it has no official target for future ADAS sales communicated9 ZF has not provided any sales data on its ADAS business
16
For Recuperation in Electric Vehicles For Highly Automated Driving
› The MK C1 for highly automated driving has a redundant fallback-level by combining it with a MK 100 based Hydraulic Brake Extension.
› The MK C1 HAD system architecture with two networked braking system units offers a stepped degradation concept to ensure the required deceleration level at all times without driver interaction.
At lower weight than a traditional braking system (from ̴ 9-10kg to ̴ 6kg)
› The MK C1 supports regenerative braking in a wider range than standard regenerative brake systems
Traditional braking system MK C1
Roadshow PresentationEDMR - Equity and Debt Market Relations
5) Automated DrivingElectrification and ADAS Require New Braking Solutions: MK C1
17
Roadshow PresentationEDMR - Equity and Debt Market Relations
~10%
~20%
~40%
>1,000
~1,400~1,500
Estimated vehicle population (mn units)
6) Holistic ConnectivityRise of Connected Vehicles
18
Roadshow PresentationEDMR - Equity and Debt Market Relations
6) Holistic ConnectivitySoftware Drives Architecture, Process and Organization
morethan 170 Sensors
Actuatorsmorethan 150
Yesterday Today
up to
ECUs
Classic ECU
Performance/Safety ECU
“small ECU”/Sensor/Actor
Virtualized Performance Controller
90 <10
morethan 200 Sensors
Actuatorsmorethan 150
Tomorrow
Only
High performancecomputers
Increasing Computing Power
› Increasing computing powerwill lead to an centralized E/E architecture
› Hardware will be separated from software – software integration capabilities are needed
› Security supporting approach by multilayered, end-to-end solutions and services required
19
Roadshow PresentationEDMR - Equity and Debt Market Relations
6) Holistic ConnectivityCentral Processing Unit in a Server Based Architecture
1 EEA = Electric/Electronic architecture2 I/O = Input / Output
Automated driving
Electrification
Connectivity
New Mobility
010011000101010011
Digitalization
IoTInternet of Things
SW defined carMaster for Cyber Security, SW over-the-air updates and vehicle diagnosis.Elektrobit SW management and Argus cyber security solutions are essential elements.
› Automotive and cross industry trends require new approaches in EEA*
› Move towards structures known from IT industry
› The In-Vehicle server is a cornerstone of modern vehicle architectures
› The In-vehicle Server offers a HW/SW platform realizing individual use cases:
High performance computing unit. Predefined appli-cations as well as new 3rd party SW and service inte-gration.
Redistribution of application SW. Separation of I/O* logic from appli-cation function + application fusion across domains.
In-vehicle communication. Increasing demand of in-vehicle network bandwidth.
20
7) Tires: No Disruption but EvolutionFour ACES Will Reduce Costs per Mile Traveled
Shared Mobility
Automated Mobility
Electrification
Connectivity
› Higher utilization of car park› Lower cost per mile traveled
› Results in greater access to mobility
Better safety
Fuel efficiency
Economies of scale
Roadshow PresentationEDMR - Equity and Debt Market Relations
21
7) Tires: No Disruption but EvolutionGreater Access to Mobility for a Growing World Population
Increased global mobilityGrowth of global population More miles traveled
World population Miles per capita Global miles traveled
2015 2020 20252015 2020 2025
Sources: Continental, World Bank, Morgan Stanley, Roland Berger
2015 2020 20252015 2020 2025
2015 2020 2025
63%
37%43%
53%
47%57%
2015 2020 2025
Roadshow PresentationEDMR - Equity and Debt Market Relations
22
7) Tires: No Disruption but EvolutionTires Division Strategy 2025: Globalize Growth (mn units)1
Roadshow PresentationEDMR - Equity and Debt Market Relations
0
40
80
120
2010 2015 2025 target
∑120
∑142 ∑>200
2 1 3
› 2010-2025: Continental growth to outperform global market growth
› Strongest growth in APAC, followed by The Americas
› Improving Global sales split
The Americas
APAC
EMEA
1 Continental global production capacity of PC< and CV tires
23
8) ContiTech – Smart Solutions Beyond RubberRelevant Markets and Growth Opportunities
Σ~€82 bn
Σ~€60 bn
1 Benecke-Hornschuch Surface Group (incl. Elastomer Coatings from 1/2018)
3 Industrial Fluid Systems
4 Vibration Control
5 Power Transmission Group
6 Conveyor Belt Group
7 Air Spring Systems
2 Mobile Fluid Systems1
2
3
4
5
67
20252017
› Balanced portfolio of OE Automotive and Non-OE Automotive businesses
› Growth through volume and (added) value1 expansion of products
1 Additional sales driven by servitization and software
Roadshow PresentationEDMR - Equity and Debt Market Relations
24
8) ContiTech – Smart Solutions Beyond RubberUnveiling the Power of Digitalization
Roadshow PresentationEDMR - Equity and Debt Market Relations
› Advanced use of process data helps to improve asset efficiency, logistics and maintenance by facilitating operational excellence.
Servitization and smart Conveyer Belts
Added value through functional integration
of electronics and software 1
Highly automated operations
Automation and horizontal integration
Functional integration Lifecycle integration
1 Example for combination of our air springs with the sensor technology, software, control devices for height adjustment and Continental compressors
Value Creation
2005 2010 2015 2020E 2025E
Rubber sales (€ bn) Automotive sales (€ bn) Automotive sales ACES (€ bn)
9) Continental Strategy – Outlook 2020 and Beyond2020E: Sales Exceed €50 bn and ROCE More Than 20%
25
2005-2010: 3% 2010-2015: 4% 2015-2020E: 1-2%Global PC & LT2
Production CAGR
RubberGroup
AutomotiveGroup
19%
12%
21%
>20%
14
26
39
>50
1 ACES: Automated Driving, Connectivity, Electrification and Shared Mobility2 Passenger car and light truck
1
Return on capital employed (ROCE)
Roadshow PresentationEDMR - Equity and Debt Market Relations
5.50
9
5.87
9
4.71
9
5.33
6
5.82
8
5.67
4
4.88
7
5.67
6
5.75
0
5.97
3
5.08
0
5.71
0
2%9%
-1%
3% 6%
-3%
4% 6%
-1%
5% 4%1%
Q1/
16
Q2/
16
Q3/
16
Q4/
16
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Q1/
18E
Q2/
18E
Q3/
18E
Q4/
18E
Europe chg YOY
4.45
6
4.60
1
4.40
9
4.36
0
4.52
8
4.45
7
3.97
0
4.10
9
4.45
0
4.50
0
3.93
0
3.96
0
4% 2% 1% 0% 2%
-3%-10%
-6%-2%
1%
-1%-4%
Q1/
16
Q2/
16
Q3/
16
Q4/
16
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Q1/
18E
Q2/
18E
Q3/
18E
Q4/
18E
North America chg YOY
6.39
3
6.05
9
6.30
2 8.30
9
6.83
0
6.05
9
6.48
7 8.38
1
6.58
0
6.33
4
6.54
2 8.44
0
7% 6%
30%16%
7%0% 3%
1%-4%
5%1% 1%
Q1/
16
Q2/
16
Q3/
16
Q4/
16
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Q1/
18E
Q2/
18E
Q3/
18E
Q4/
18E
China chg YOY
10)Continental Outlook 2018PC & LT Production by Quarter1
26
North America (mn units)Europe (mn units) China (mn units)
2016: 21.4 2017: 22.1 2018E: 22.5 2016: 17.8 2017: 17.1 2018E: 16.8 2016: 27.1 2017: 27.8 2018E: 27.9
1 Source: IHS until 2017 and own estimates, Europe excluding Kazakhstan and Uzbekistan
Roadshow PresentationEDMR - Equity and Debt Market Relations
10)Continental Outlook 2018Market Outlook for Major Regions
27
Commercial Vehicle 2 Production (k units)
Commercial Vehicle Replacement 3 Tire Market (mn units)
PC & LT1 Production (mn units)
PC & LT1 Replacement Tire Market (mn units)
Worldwide production to increase more than 1%
Worldwide production to decrease by 1%
Worldwide replace-ment tire market to increase by 3%
Worldwide replace-ment market to increase by 2%
IHS and own estimates
LMC and own estimates
IHS and own estimates
LMC and own estimates
2017E 2018E Chg.
Europe 22.1 22.5 +2%
North America 17.1 16.8 -2%
South America 3.3 3.6 +8%
Asia 51.5 52.5 +2%
2017E 2018E Chg.
Europe 660 673 +2%
North America 513 559 +9%
South America 102 112 +10%
Asia 2,140 2,033 -5%
2017E 2018E Chg.
Europe 351 358 +2%
North America 285 290 +2%
South America 73 76 +4%
Asia 453 475 +5%
2017E 2018E Chg.
Europe 25.3 25.8 +2%
North America 24.5 25.3 +3%
South America 15.7 16.4 +5%
Asia 89.2 91.0 +2%
1 Passenger car and light truck <6t2 Medium and heavy vehicles >6t3 Radial and bias
Roadshow PresentationEDMR - Equity and Debt Market Relations
10)Continental Outlook 2018Continental Corporation
28
2017 2018EConsolidated sales adj. EBIT1 margin
€44.0 bn10.9 %
To increase to ~€47 bn at constant FX rates ~10.5% adj. EBIT1 margin
Automotive Groupadj. EBIT1
€26.6 bn€2.2 bn
To increase to ~€28.5 bn at constant FX rates ~8.5% adj. EBIT1 margin
Rubber Groupadj. EBIT1
€17.5 bn€2.6 bn
To increase to ~€18.5 bn at constant FX rates ~15% adj. EBIT1 margin
Raw materials cost impact More than €450 mnfor the Rubber Group
Raw materials to burden Rubber Groupwith about €50 mn, based on current estimates
Special effects -€14 mn -€100 mn
Financial resultTax rate
-€187 mn at constant FX2
29%<-€180 mn at constant FX rates<30%
CapexPPA amortization
€2.9 bn€171 mn
Capex at around 7% of sales ~€180 mn
Free cash flow before acquisitions €2.3 bn ~€2 bn
1 Before amortization of intangibles from PPA, consolidation and special effects2 Before effects of currency translation and effects from changes in the fair value of derivative instruments and other valuation effects
Roadshow PresentationEDMR - Equity and Debt Market Relations
29
Roadshow PresentationEDMR - Equity and Debt Market Relations
29
30
Disclaimer
› This presentation has been prepared by Continental Aktiengesellschaft solely in connection with the Annual Press Conference and the Analyst and Investor Call on March 8, 2018, and the subsequent road shows in Europe, North America and Asia. It has not been independently verified. It does not constitute an offer, invitation or recommendation to purchase or subscribe for any shares or other securities issued by Continental AG or any subsidiary and neither shall any part of it form the basis of, or be relied upon in connection with, any contract or commitment concerning the purchase or sale of such shares or other securities whatsoever.
› Neither Continental Aktiengesellschaft nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss that may arise from any use of this presentation or its contents or otherwise arising in connection with this presentation.
› This presentation includes assumptions, estimates, forecasts and other forward-looking statements, including statements about our beliefs and expectations regarding future developments as well as their effect on the results of Continental. These statements are based on plans, estimates and projections as they are currently available to the management of Continental. Therefore, these statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Furthermore, although the management is of the opinion that these statements, and their underlying beliefs and expectations, are realistic as of the date they are made, no guarantee can be given that the expected developments and effects will actually occur. Many factors may cause the actual development to be materially different from the expectations expressed here. Such factors include, for example and without limitation, changes in general economic and business conditions, fluctuations in currency exchange rates or interest rates, the introduction of competing products, the lack of acceptance for new products or services and changes in business strategy.
› All statements with regard to markets or market position(s) of Continental or any of its competitors are estimates of Continental based on data available to Continental. Such data are neither comprehensive nor independently verified. Consequently, the data used are not adequate for and the statements based on such data are not meant to be an accurate or proper definition of regional and/or product markets or market shares of Continental and any of the participants in any market.
› Unless otherwise stated, all amounts are shown in millions of euro. Please note that differences may arise as a result of the use of rounded amounts and percentages.
Roadshow PresentationEDMR - Equity and Debt Market Relations
ReferencesUseful Links
31
Continental Investor Relations website www.continental-ir.com
Annual and interim reports www.continental-corporation.com/en/investors/reports
2017 Fact Book (Investor presentation) www.continental-corporation.com/en/investors/reports
Investor Relationsevents and presentations
www.continental-corporation.com/en/investors/events/presentations
Sustainability at Continental (presentation and fact sheet for investors)
www.continental-corporation.com/en/investors/about-us/presentation-sustainability-at-continental-23118
Corporate Social Responsibility www.continental-sustainability.com
Corporate Governance Principles www.continental-corporation.com/en/company/corporate-governance/principles-and-declarations
Continental shares www.continental-corporation.com/en/investors/share
Continental bonds and rating www.continental-corporation.com/en/investors/debt-and-rating
Continental IR on Twitter twitter.com/Continental_IR
Roadshow PresentationEDMR - Equity and Debt Market Relations
32
ContactEquity and Debt Markets Relations
Vahrenwalder Str. 930165 HanoverGermany
e-mail: ir@conti.deFax: +49 511 938 1080 www.continental-ir.com
Michael SaemannAnalysts, Institutional Investors and Sustainability Investors
Phone: +49 511 938 1307e-mail: michael.saemann@conti.de
Klaus PaeslerAnalysts, Institutional Investors, ADR and Private Investors
Phone: +49 511 938 1316 e-mail: klaus.paesler@conti.de
Marvin KalberlahAnalysts, Institutional Investors,Social Media
Phone: +49 511 938 14034e-mail: marvin.kalberlah@conti.de
Christopher MackeAnalysts, Institutional Investors
Phone: +49 511 938 1062 e-mail: christopher.macke@conti.de
Sabine ReeseSustainability, ASM, CMD Organization, IR Website, Capital Market Disclosure Requirements
Phone: +49 511 938 1027 e-mail: sabine.reese@conti.de
Rolf WollerHead of IR
Phone: +49 511 938 1068e-mail: rolf.woller@conti.de
Jana CrossAssistant to the Head of IRRoadshow and Conference Organization
Phone: +49 511 938 1163e-mail: jana.cross@conti.de
33
11) Back -upFY 2017 Results Presentation
Hanover – March 8, 2018
FY 2017 ResultsEDMR - Equity and Debt Market Relations
FY 2017 Results
Ticker: CONADR-Ticker: CTTAYTwitter: @Continental_IRhttp://www.continental-ir.com
Hanover – March 8, 2018
Agenda
Indebtedness and Cash Flow4 55
Corporation Highlights1 36
Automotive Group2 45
Rubber Group3 50
Outlook 20185 59
Medium-Term Outlook 626
Back-up and 2015-2017 Fact Sheets 677
35
FY 2017 ResultsEDMR - Equity and Debt Market Relations
› Sales up by 8.5% to €44.0 bn ; organic sales growth at 8.1%; FX negative at €435 mn
› Adj. EBIT 1 up by 10.1% to €4.7 bn ; adj. EBIT1 margin at 10.9% (PPA2 -€171 mn and special effects -€14 mn)
› NIAT3 amounted to €3.0 bn, up by 6.5%
› Free cash flow amounted to €1.8 bn including €596 mn cash outflow for acquisitions (mainly Hornschuch and Argus); free cash flow before acquisitions amounted to €2.3 bn
› Gearing ratio down to 13%; equity ratio up to 44%
› Value creation: trailing ROCE 4 up slightly to 20.6%
› Other topics:
› Order intake: lifetime sales in the Automotive Group increased to almost €40 bn
› Dividend to increase by €0.25 to €4.505 for FY 2017
1) Corporation HighlightsMost Important KPIs for FY 2017
1 Before amortization of intangibles from PPA, consolidation and special effects2 Amortization of intangibles from PPA3 Attributable to the shareholders of the parent4 Trailing ROCE is calculated as reported EBIT for the last twelve months (LTM) divided by average operating assets for the LTM5 Subject to approval of the Annual Shareholders’ Meeting (ASM) on April 27, 2018
36
FY 2017 ResultsEDMR - Equity and Debt Market Relations
› Automotive Group: Organic sales increased by 9.3%, exceeding worldwide car production by 7%-points; adj. EBIT1 margin increased by 180 bps to 8.4% (PY: 6.6%);
› Order intake in the Automotive Group increased to almost €40 bn
› Chassis & Safety: 9.2% adj. EBIT1 margin (PY: 6.5%); organic sales up by 10.4%; ADAS unit sales up by 41%
› Powertrain: 6.2% adj. EBIT1 margin (PY: 5.4%); organic sales up by 5.6%; adj. EBIT1 margin before HEV at >9%
› Interior: 9.2% adj. EBIT1 margin (PY: 7.6%); organic sales increased by 11.6% driven by strong demand for displays as well as body and security electronics
1) Corporation Highlights Divisional Highlights for FY 2017
37
1 Before amortization of intangibles from PPA, consolidation and special effects
› Rubber Group: Organic sales up by 6.3% and adj. EBIT1
margin down to 15.6% (PY: 17.5%), negatively impacted by more than €450 mn from rise in raw material costs
› Tires: Adj. EBIT1 margin down to 19.0% (PY: 21.4%), mainly impacted by higher raw material costs; solid price mix 2%; volumes were up by 3%; FX impacted tire sales negatively by 1%; organic sales up by 5.3%Tire markets: PC & LT tire replacement demand in Europe and North America combined was up by 2%
› ContiTech: Adj. EBIT1 margin decreased by 70 bps to 8.8% (PY: 9.5%), negatively impacted by rising raw material costs; organic sales up by 8.1%
Automotive Group Rubber Group
FY 2017 ResultsEDMR - Equity and Debt Market Relations
9,56910,030
9,61810,016 9,851
10,191 9,98410,524
11,000 11,03310,693
11,284
1,0901,292
644
1,284 1,166 1,163 1,0901,329
Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
Sales (€ mn) Adj. EBIT (€ mn)
1) Corporation Highlights Sales and Adjusted EBIT1 by Quarter
38
1 Before amortization of intangibles from PPA, consolidation and special effects
FY Sales €39,232 mn FY Sales €40,549 mnAdj. EBIT1 €4,310 mn
FY Sales €44,009 mnAdj. EBIT1 €4,747 mn
1
FY 2017 ResultsEDMR - Equity and Debt Market Relations
3,66
9
4,04
5
3,96
8
4,02
2
3,85
2
4,04
5
4,03
8
4,16
4
4,26
0
4,38
2
4,36
1
4,49
1
663 800 644 710 628 634 637 745
Q1/
15
Q2/
15
Q3/
15
Q4/
15
Q1/
16
Q2/
16
Q3/
16
Q4/
16
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Sales (€ mn) Adj. EBIT (€ mn)
5,91
2
5,99
6
5,66
1
6,00
5
6,01
1
6,15
8
5,95
8
6,37
0
6,75
4
6,66
1
6,34
4
6,80
6
455 51738
604 567 556 491 608
Q1/
15
Q2/
15
Q3/
15
Q4/
15
Q1/
16
Q2/
16
Q3/
16
Q4/
16
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Sales (€ mn) Adj. EBIT (€ mn)
1) Corporation Highlights Automotive Group and Rubber Group by Quarter
39
1
Automotive Group Rubber Group
1 Before amortization of intangibles from PPA, consolidation and special effects
1
FY 2017 ResultsEDMR - Equity and Debt Market Relations
2.5%
3%
8%
GDP growth advancedeconomies 2017
PC & LT production growth Europe
ContiTechorganic sales growth
4%
4%
5%
Replacement tire volumegrowth North America
Replacement tirevolume growth Europe
Commercial VehicleTires volume growth
0%
2%
9%
PC & LT production growthEurope and North America
PC & LT productiongrowth, global
Automotive Grouporganic sales growth
0%
3%
3%
Replacement tire volumegrowth North America
Replacement tire volumegrowth Europe
Passenger & Light Trucktires volume growth
1) Corporation Highlights Growth Profile of the Corporation FY 2017
40
Market
1 According to IMF definition (WEO Update January 2018)
1
Conti
Market
Conti
FY 2017 ResultsEDMR - Equity and Debt Market Relations
4,562
171 1 45
16 15 4,747
Reported EBIT2017
PPA Consolidationeffects
Assetimpairment (net)
Restructuringcosts
Otherspecialeffects
Adj. EBIT2017
1) Corporation Highlights Adjusted EBIT1 Bridge (€ mn)
41
1 Before amortization of intangibles from PPA, consolidation and special effects2 Amortization of intangibles from PPA3 Including asset impairment and necessary reversal of impairment losses amounting to €5.0 mn
2 13
›C&S €0.0 mn
›Powertrain €11.9 mn
›Interior €46.1 mn
›Tires €19.5 mn
›ContiTech €93.2 mn
- -
›C&S –
›Powertrain €3.6 mn
›Interior €39.5 mn
›Tires -€18.6 mn
›ContiTech -€23.8 mn
›C&S €0.5 mn
›Powertrain €18.8 mn
›Interior €23.0 mn
›Tires €0.5 mn
›ContiTech €2.4mn
›C&S -€0.1 mn
›Powertrain -€0.7 mn
›Interior -€5.4 mn
›Tires -€10.0 mn
›ContiTech -€0.2mn
›C&S –
›Powertrain –
›Interior -€1.9 mn
›Tires -€14.5 mn
›ContiTech €1.6mn
FY 2017 ResultsEDMR - Equity and Debt Market Relations
17,5
10
18,1
98
18,9
10
19,6
81
19,7
67
19,9
83
20,1
06
20,4
53
20,9
78
21,4
01
21,8
86
22,1
72
19.5%20.3%
21.6%20.9% 21.1% 21.2%
18.9%20.0% 20.0%
19.0%20.6% 20.6%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017
Trailing OA (€ mn) Trailing ROCE
1) Corporation Highlights Sustainable Value Creation
42
1 Trailing operating assets are calculated as assets for the last twelve months (LTM)2 Trailing ROCE is calculated as reported EBIT for the last twelve months (LTM) divided by trailing operating assets
1 2
FY 2017 ResultsEDMR - Equity and Debt Market Relations
750500
1,350
2018 2019 2020 2021 2022
1) Corporation Highlights Maturities for Bonds1 (€ mn)
43
As at December 31, 2017
(€ mn) FY 16 FY 17
Gross indebtedness
4,952 4,090
Cash 2,107 1,882
Net indebtedness 2,798 2,048
Available credit lines
3,888 3,687
Total liquidity 5,995 5,568
Bonds1 All amounts shown are nominal values
FY 2017 ResultsEDMR - Equity and Debt Market Relations
2.25 2.503.25 3.75 4.25 4.50
9.53 9.62
11.88
13.64 14.0114.92
23.6% 26.0% 27.4% 27.5%30.3% 30.2%
2012 2013 2014 2015 2016 2017
Dividend per share (€) Earnings per share (€) Payout ratio
1) Corporation Highlights Earnings and Dividend per Share; Payout Ratio
44
2
1 Dividend for FY 2017 subject to approval of the Annual Shareholders’ Meeting (ASM) on April 27, 20182 Dividend paid for the respective fiscal year, payout in the subsequent year
1
FY 2017 ResultsEDMR - Equity and Debt Market Relations
898
474
851
0
2,222
Chassis& Safety
Powertrain Interior cons. AutomotiveGroup
9.2%
6.2%
9.2% 8.4%
Adj. EBIT margin (%)
9,768
7,661
9,305
168
26,565
Chassis& Safety
Powertrain Interior cons. AutomotiveGroup
5.6%
11.6% 9.3%
10.4%
Organic sales growth (%)
2) Automotive GroupSales and Adjusted EBIT1 by Division
45
-
1 Before amortization of intangibles from PPA, consolidation and special effects
Reported sales change › Chassis & Safety: 8.8%› Powertrain: 4.7% › Interior: 11.8% › Automotive Group: 8.4%
1
› Reported EBITDA: €3,296 mn (12.4% of sales) › Reported EBIT: €2,087 mn (7.9% of sales)› R&D (net): €2,676 mn (10.1% of sales) › Capex: €1,790 mn (6.7% of sales)
Automotive Group Sales (€ mn) FY 2017 Automotive Group Adj. EBIT1 (€ mn) FY 2017
FY 2017 ResultsEDMR - Equity and Debt Market Relations
604 608
9.5% 8.9%
Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
6,3706,754 6,661 6,344
6,806
Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
2) Automotive GroupQ4 2017: Sales and Profits up in Q4 as Forecast
46
+436 +4
1 Before amortization of intangibles from PPA, consolidation and special effects2 Operating leverage is defined as delta adj. EBIT1 divided by delta adjusted sales
› Sales increased by €436 mn; organic sales growth in Q4 2017 at 10.1%
› Adj. EBIT1 increased by €4 mn; operating leverage2 amounted to 1%
› Adj. EBIT1 margin at 8.9% (PY: 9.5%) mainly due to higher R&D (net) costs which increased by 22% in Q4 2017
Automotive Group Sales (€ mn) Automotive Group Adj. EBIT1 (€ mn)
FY 2017 ResultsEDMR - Equity and Debt Market Relations
11%
7%
9%
10%
6%
0%
2%
1%Q1/17 Q2/17 Q3/17 Q4/17
Automotive Group PC & LT prod. growth ww
13%
10% 12
%
8%
5%
8%
10%
4%
12%
12%
4%
14%
2) Automotive Group Outperformance by 7%-Points in 2017
47
1 Passenger car and light truck <6t
Growth of organic sales vs. PC & LT1 production Organic sales growth by division
Chassis & Safety Powertrain Interior
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Q1/
17
Q2/
17
Q3/
17
Q4/
17
FY 2017 ResultsEDMR - Equity and Debt Market Relations
2) Automotive GroupOrder Intake (LTS1) in the Automotive Group of Almost €40 bn in 2017
48
Interior Chassis & Safety Powertrain
› ADAS order intake at ~€3.5 bn2
› VED book-to-bill at 1.6x mainly on new MK 100 and MK C1
› More than 35% of the order intake was acquired outside of Europe and North America
› Engine Systems book-to-bill ratio at 1.4x
› Sensors & Actuators book-to-bill ratio at 1.7x
› Nearly all business units recorded an order intake above prior year level
› Overall solid order backlog with book-to-bill in IC and CVAM running at >1.7x
› New orders acquired in ITS› 38% of order intake was acquired in
Asia
11.113.5 14.7
1.31.5 1.5
2015 2016 2017
LTS (€ bn) Book-to-bill
9.711.5
13.4
1.41.6
1.7
2015 2016 2017
LTS (€ bn) Book-to-bill
9.6 10.011.7
1.2 1.2 1.3
2015 2016 2017
LTS (€ bn) Book-to-bill1 LTS = Life Time Sales 2 Includes ADAS related CVAM business order intake
FY 2017 ResultsEDMR - Equity and Debt Market Relations
Europe47%
North America
24%
Asia 27%
Other 2%
2) Automotive GroupOrder Intake Well Balanced
49
Sales by market 2017 Order intake by market 2017
Europe44%North
America 15%
Asia 40%
Other 1%
€26.6 bn €39.8 bn
FY 2017 ResultsEDMR - Equity and Debt Market Relations
515
2,128
0
2,644
ContiTech Tires cons. Rubber Group
8.8%
19.0% 15.6%
Adj. EBIT margin (%)
6,246
11,326
77
17,495
ContiTech Tires cons. Rubber Group
8.1%
5.3% 6.3%
Organic sales growth (%)
3) Rubber Group Profitability Impacted by Rise in Raw Material Costs
50
Reported sales change› ContiTech: 14.4%› Tires: 5.7% › Rubber Group: 8.7%
› Reported EBITDA: €3,500 mn (20.0% of sales) › Reported EBIT: €2,594 mn (14.8% of sales)› R&D (net): €428 mn (2.4% of sales) › Capex: €1,060 mn (6.1% of sales)
1 Before amortization of intangibles from PPA, consolidation and special effects
-
1
Rubber Group Sales (€ mn) FY 2017 Rubber Group Adj. EBIT1 (€ mn) FY 2017
FY 2017 ResultsEDMR - Equity and Debt Market Relations
710 745
17.1% 17.0%
Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
4,164 4,260 4,382 4,361 4,491
Q4/16 Q1/17 Q2/17 Q3/17 Q4/17
3) Rubber GroupQ4 2017 Returning Back to 2016 Levels
51
› Sales increased by €328 mn; organic sales growth in Q4 2017 at 8.8%
› Adj. EBIT1 increased by €35 mn
› Adj. EBIT1 margin at 17.0% (PY: 17.1%)
1 Before amortization of intangibles from PPA, consolidation and special effects
Rubber Group Sales (€ mn) Rubber Group Adj. EBIT1 (€ mn)
+328 +35
FY 2017 ResultsEDMR - Equity and Debt Market Relations
6%
1%
3% 1%
5%
-1%
3% 3%
Q1/
17
Q2/
17
Q3/
17
Q4/
17
PC & LT tire volumes, global
PC & LT tire volumes, Continental
8%
2%
7%
4%
15%
6%
2%
-3%
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Truck tire volumes, global
Truck tire volumes, Continental
3) Rubber GroupStrong Volume Growth in Tires Throughout 2017
52
PC & LT1 tire market growth vs. Continental Truck tire market growth vs. Continental
1 Passenger car and light truck <6t
FY 2017 ResultsEDMR - Equity and Debt Market Relations
6%
-1%
3% 3%
1% 2% 3%
5%
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Continental tire volumes, global
Continental P/M20%
12%
1%
4%
6%
Unit sales growth ≥ 18"
Unit sales growth ≥ 17"
Unit sales growthwinter tires
Unit sales growth (ww)
Sales growth PLT tires
3) Rubber GroupStrong in Mix
53
Global volumes and Price/Mix 2017Growth Matrix PC & LT1
Tires CAGR 2010-2017
1 Passenger car and light truck <6t
FY 2017 ResultsEDMR - Equity and Debt Market Relations
149 18
519
520
5
126
155 18
018
0
0
100
200
300
Q1/
13Q
2/13
Q3/
13Q
4/13
Q1/
14Q
2/14
Q3/
14Q
4/14
Q1/
15Q
2/15
Q3/
15Q
4/15
Q1/
16Q
2/16
Q3/
16Q
4/16
Q1/
17Q
2/17
Q3/
17Q
4/17
Q1/
18E
Q2/
18E
Q3/
18E
Q4/
18E
TSR 20 (U.S. cents/kg) Butadiene (U.S. cents/kg)
3) Rubber GroupExpected Raw Material Price Development in 2018
54
› Natural rubber price (TSR 20) expected to rise by 10%
› Synthetic rubber price (butadiene feedstock) forecast to rise by 6%
› Prices for carbon black and chemicals are forecast to rise by at least 10%
› Based on these assumptions, costs of raw materials are expected to burden the Rubber Group with about €50 mn in 2018
› However, H1 2018 will be supported by lower raw materials costs and positive effects from price increases in Q2 2017
1 Source: Bloomberg and Continental estimates for 2018
Raw material price development1 2013 - 2018E (U.S. cents/kg)
Average (Y)TSR 20: 251
Butadiene: 148
Average (Y)TSR 20: 172
Butadiene: 132
Average (Y)TSR 20: 137
Butadiene: 90
Average (Y)TSR 20: 138
Butadiene: 113
Average (Y)TSR 20: 167
Butadiene: 151
Average (Y)TSR 20: 184
Butadiene: 160
FY 2017 ResultsEDMR - Equity and Debt Market Relations
2,798
850
2,951596
737484
738
2,117
3,513 2,048
Netindebtedness
(FY 2016)
Dividend2016
Capex Acquisitions Change inreceivables
Change ininventories
Change inpayables
Depr. and amortization
Other CF Netindebtedness
(FY 2017)
4) Indebtedness and Cash Flow Net Indebtedness Bridge (€ mn)
55
1 According to cash flow statement including intangible assets
€484 mn outflow from change in working capital
1
Gearingratio 19%
13%
FY 2017 ResultsEDMR - Equity and Debt Market Relations
8,89
6
7,31
7
6,77
2
5,32
0
4,28
9
2,82
4
3,54
2
2,79
8
2,04
8
65%46%
26% 27% 19% 13%
219%
118%
90%
58%
YE YE YE YE YE YE YE YE YE
2009 2010 2011 2012 2013 2014 2015 2016 2017
Net indebtedness (€ mn)
Gearing ratio applying IAS 19 (rev. 2011)
Gearing ratio
4) Indebtedness and Cash Flow Net Indebtedness and Gearing Ratio
56
FY 2017 ResultsEDMR - Equity and Debt Market Relations
1,640
567 491
1,653 1,818 2,0151,444
1,771 1,753
1,257 516 59639%
87% 95% 85%99%
82% 79%
2009 2010 2011 2012 2013 2014 2015 2016 2017Free cash flow (€ mn) Cash outflow acquisitions (€ mn) Cash conversion
4) Indebtedness and Cash Flow Cash Conversion
57
1 Free cash flow before acquisitions divided by net income attributable to the shareholders of the parent; IAS 19 (rev.2011) applied since 2012
Cumulative more than €13 bn of free cash flow
1
∑ 2,287 ∑ 2,3491
∑ 2,7011
FY 2017 ResultsEDMR - Equity and Debt Market Relations
4,93
8
-3,1
67
1,77
1
-2,6
51
2,28
7
5,22
1
-3,4
68
1,75
3
-2,8
71
2,34
9
Cash flow fromoperating activities
Cash flow usedfor investing activities
Free cash flow
2016 2016 before acquisitions 2017 2017 before acquisitions
4) Indebtedness and Cash Flow Free Cash Flow Before Acquisitions (€ mn) Increased Despite High Capex
58
+220
+62+283
FY 2017 ResultsEDMR - Equity and Debt Market Relations
5.50
9
5.87
9
4.71
9
5.33
6
5.82
8
5.67
4
4.88
7
5.67
6
5.75
0
5.97
3
5.08
0
5.71
0
2%9%
-1%
3% 6%
-3%
4% 6%
-1%
5% 4%1%
Q1/
16
Q2/
16
Q3/
16
Q4/
16
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Q1/
18E
Q2/
18E
Q3/
18E
Q4/
18E
Europe chg YOY
4.45
6
4.60
1
4.40
9
4.36
0
4.52
8
4.45
7
3.97
0
4.10
9
4.45
0
4.50
0
3.93
0
3.96
0
4% 2% 1% 0% 2%
-3%-10%
-6%-2%
1%
-1%-4%
Q1/
16
Q2/
16
Q3/
16
Q4/
16
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Q1/
18E
Q2/
18E
Q3/
18E
Q4/
18E
North America chg YOY
6.39
3
6.05
9
6.30
2 8.30
9
6.83
0
6.05
9
6.48
7 8.38
1
6.58
0
6.33
4
6.54
2 8.44
0
7% 6%
30%16%
7%0% 3%
1%-4%
5%1% 1%
Q1/
16
Q2/
16
Q3/
16
Q4/
16
Q1/
17
Q2/
17
Q3/
17
Q4/
17
Q1/
18E
Q2/
18E
Q3/
18E
Q4/
18E
China chg YOY
5) Outlook 2018PC & LT Production by Quarter1
59
North America (mn units)Europe (mn units) China (mn units)
2016: 21.4 2017: 22.1 2018E: 22.5 2016: 17.8 2017: 17.1 2018E: 16.8 2016: 27.1 2017: 27.8 2018E: 27.9
1 Source: IHS until 2017 and own estimates, Europe excluding Kazakhstan and Uzbekistan
FY 2017 ResultsEDMR - Equity and Debt Market Relations
5) Outlook 2018Market Outlook
60
Commercial Vehicle 2 Production (k units)
Commercial Vehicle Replacement 3 Tire Market (mn units)
PC & LT1 Production (mn units)
PC & LT1 Replacement Tire Market (mn units)
Worldwide production to increase more than 1%
Worldwide production to decrease by 1%
Worldwide replace-ment tire market to increase by 3%
Worldwide replace-ment market to increase by 2%
IHS and own estimates
LMC and own estimates
IHS and own estimates
LMC and own estimates
2017E 2018E Chg.
Europe 22.1 22.5 +2%
North America 17.1 16.8 -2%
South America 3.3 3.6 +8%
Asia 51.5 52.5 +2%
2017E 2018E Chg.
Europe 660 673 +2%
North America 513 559 +9%
South America 102 112 +10%
Asia 2,140 2,033 -5%
2017E 2018E Chg.
Europe 351 358 +2%
North America 285 290 +2%
South America 73 76 +4%
Asia 453 475 +5%
2017E 2018E Chg.
Europe 25.3 25.8 +2%
North America 24.5 25.3 +3%
South America 15.7 16.4 +5%
Asia 89.2 91.0 +2%
1 Passenger car and light truck <6t2 Medium and heavy vehicles >6t3 Radial and bias
FY 2017 ResultsEDMR - Equity and Debt Market Relations
5) Outlook 2018Continental Corporation
61
2017 2018EConsolidated sales adj. EBIT1 margin
€44.0 bn10.9 %
To increase to ~€47 bn at constant FX rates ~10.5% adj. EBIT1 margin
Automotive Groupadj. EBIT1
€26.6 bn€2.2 bn
To increase to ~€28.5 bn at constant FX rates ~8.5% adj. EBIT1 margin
Rubber Groupadj. EBIT1
€17.5 bn€2.6 bn
To increase to ~€18.5 bn at constant FX rates ~15% adj. EBIT1 margin
Raw materials cost impact More than €450 mnfor the Rubber Group
Raw materials to burden Rubber Groupwith about €50 mn, based on current estimates
Special effects -€14 mn -€100 mn
Financial resultTax rate
-€187 mn at constant FX2
29%<-€180 mn at constant FX rates<30%
CapexPPA amortization
€2.9 bn€171 mn
Capex at around 7% of sales ~€180 mn
Free cash flow before acquisitions €2.3 bn ~€2 bn
1 Before amortization of intangibles from PPA, consolidation and special effects2 Before effects of currency translation and effects from changes in the fair value of derivative instruments and other valuation effects
FY 2017 ResultsEDMR - Equity and Debt Market Relations
2005 2010 2015 2020E 2025E
Rubber sales (€ bn) Automotive sales (€ bn) Automotive sales ACES (€ bn)
6) Medium Term Outlook Sales Exceed €50 bn and ROCE More Than 20%
62
2005-2010: 3% 2010-2015: 4% 2015-2020E: 1-2%Global PC & LT2
Production CAGR
RubberGroup
AutomotiveGroup
19%
12%
21%
>20%
14
26
39
>50
1 ACES: Automated Driving, Connectivity, Electrification and Smart Mobility2 Passenger car and light truck
1
Return on capital employed (ROCE)
FY 2017 ResultsEDMR - Equity and Debt Market Relations
63
Disclaimer
› This presentation has been prepared by Continental Aktiengesellschaft solely in connection with the Annual Press Conference and the Analyst and Investor Call on March 8, 2018, and the subsequent road shows in Europe, North America and Asia. It has not been independently verified. It does not constitute an offer, invitation or recommendation to purchase or subscribe for any shares or other securities issued by Continental AG or any subsidiary and neither shall any part of it form the basis of, or be relied upon in connection with, any contract or commitment concerning the purchase or sale of such shares or other securities whatsoever.
› Neither Continental Aktiengesellschaft nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss that may arise from any use of this presentation or its contents or otherwise arising in connection with this presentation.
› This presentation includes assumptions, estimates, forecasts and other forward-looking statements, including statements about our beliefs and expectations regarding future developments as well as their effect on the results of Continental. These statements are based on plans, estimates and projections as they are currently available to the management of Continental. Therefore, these statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Furthermore, although the management is of the opinion that these statements, and their underlying beliefs and expectations, are realistic as of the date they are made, no guarantee can be given that the expected developments and effects will actually occur. Many factors may cause the actual development to be materially different from the expectations expressed here. Such factors include, for example and without limitation, changes in general economic and business conditions, fluctuations in currency exchange rates or interest rates, the introduction of competing products, the lack of acceptance for new products or services and changes in business strategy.
› All statements with regard to markets or market position(s) of Continental or any of its competitors are estimates of Continental based on data available to Continental. Such data are neither comprehensive nor independently verified. Consequently, the data used are not adequate for and the statements based on such data are not meant to be an accurate or proper definition of regional and/or product markets or market shares of Continental and any of the participants in any market.
› Unless otherwise stated, all amounts are shown in millions of euro. Please note that differences may arise as a result of the use of rounded amounts and percentages.
FY 2017 ResultsEDMR - Equity and Debt Market Relations
ContinentalFinancial Calendar
64
2018
Preliminary figures for fiscal 2017 January 9, 2018
Annual Financial Press Conference March 8, 2018
Annual Shareholders’ Meeting (incl. key data for Q1 2018) April 27, 2018
Q1 Financial Report May 8, 2018
Half-Year Financial Report August 2, 2018
Nine-Month Financial Report November 8, 2018
2019
Preliminary figures for fiscal 2018 January 2019
Annual Financial Press Conference March 2019
Annual Shareholders’ Meeting (incl. key data for Q1 2019) April 26, 2019
Q1 Financial Report May 2019
Half-Year Financial Report August 2019
Nine-Month Financial Report November 2019
FY 2017 ResultsEDMR - Equity and Debt Market Relations
ContinentalShare Data/ADR Data
65
Share Data
Type of share No-par value share
Bloomberg Ticker CON
Reuters Ticker CONG
German Security Identification Number (WKN) 543 900
ISIN DE0005439004
Shares outstanding as at December 31, 2017 200,005,983
ADR Data
Ratio 1:5 (ordinary share : ADRs)
Bloomberg Ticker CTTAY
Reuters Ticker CTTAY.PK
ISIN US2107712000
ADR Level Level 1
Exchange OTC
Sponsor Deutsche Bank Trust Company Americas
FY 2017 ResultsEDMR - Equity and Debt Market Relations
ContinentalBond Data
66
Issuer Continental AGContinentalRubber of America, Corp.1
Continental AG Continental AG
Issue Senior Notes Senior Notes Senior Notes Senior Notes
Principal amount €750 mn €500 mn €600 mn €750 mn
Offering price 98.950% 99.739% 99.410% 99.228%
Rating at issuance dateBa2 (Moody’s4)BB (S&P)BB (Fitch2)
BBB (S&P)BBB (Fitch)
BBB+ (S&P)BBB+ (Fitch)
Ba1 (Moody’s4)BB (S&P)BBB (Fitch2)
Current corporation and bond ratings 3 BBB+ (Fitch), BBB+ (S&P), Baa1 (Moody’s 4)
Coupon 3.0% p.a. 0.5% p.a. 0.0% p.a. 3.125% p.a.
Issue date July 16, 2013 November 19, 2015 December 5, 2016 September 9, 2013
Maturity July 16, 2018 February 19, 2019 February 5, 2020 September 9, 2020
Interest paymentSemi annualJanuary 16/July 16
AnnualFebruary 19,Commenced February 20, 2017
Not applicableAnnualSeptember 9
WKN A1X24V A1Z7C3 A2DARM A1X3B7
ISIN XS0953199634 DE000A1Z7C39 XS1529561182 XS0969344083
Denomination €1,000 with minimum tradable amount €1,000
1 Guaranteed by Continental AG2 Non-contracted rating at date of issuance3 Fitch since October 24, 2016; S&P since May 11, 2016; Moodyʼs since June 30, 20154 Non-contracted rating since February 1, 2014
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Back-upCorporation Highlights FY 2017
67
1 Before amortization of intangibles from PPA, consolidation and special effects2 Amortization of intangibles from PPA, tax rate of 28% applied for EPS calculation3 Attributable to the shareholders of the parent
› Sales Increase of 8.5% to €44,009.5 mn (PY: €40,549.5 mn); organic sales up 8.1%
› EBITDA Increase of 10.3% to €6,678.9 mn (PY: €6,057.4 mn)
› EBIT Increase of 11.4% to €4,561.5 mn (PY: €4,095.8 mn);Adj. EBIT1 increase to €4,746.9 mn (10.9% adj. EBIT1 margin);PPA2 effect -€170.7 mn; consolidation effects -€0.7 mn; total special effects -€14.0 mn
› NIAT3 Increase of 6.5% to €2,984.6 mn (PY: €2,802.5 mn)
› EPS3 EPS of €14.92 (PY: €14.01)EPS before PPA2 €15.53 (PY: €14.53 before PPA2)
› Capex Capex increased to €2,854.4 mn (PY: €2,593.0 mn); capex ratio 6.5% of sales; capex to depreciation coverage 1.3x (1.5x ex PPA2)
› R&D (net) Expenses increased by 10.4% to €3,103.7 mn (PY: €2,811.5 mn); R&D ratio 7.1% of sales (PY: 6.9%)
› Cash flow Operating cash flow up by €282.4 mn to €5,220.5 mn; free cash flow €1,752.8 mn
› Net indebtedness Net indebtedness down by €750.2 mn to €2,047.6 mn as at Dec 31, year-on-yearLiquidity and undrawn credit lines amounted to €5,568.3 mn
› Pension and similar obligation Long-term provisions for pension and similar obligations amounted to €4,103.0 mn (PY: €4,149.9 mn)
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Back-upOverview of Volume Development
68
Units (YOY change) Q1/15 H1/15 9M/15 FY 15 Q1/16 H1/16 9M/16 FY 16 Q1/17 H1/17 9M/17 FY 17
Market data for PC and LT productionEurope 4% 3% 4% 4% 2% 6% 3% 3% 6% 1% 2% 3%North America 1% 2% 3% 3% 4% 3% 2% 2% 2% -1% -4% -4%Europe and North America combined 3% 3% 4% 4% 3% 4% 3% 3% 4% 0% -1% 0%Worldwide 2% 1% 2% 2% 2% 3% 3% 4% 6% 3% 3% 2%Continental Electronic Brake Systems (EBS) 8% 6% 5% 5% 0% 4% 6% 6% 13% 10% 9% 9%Boosters -1% -4% -8% -7% -3% -3% 4% 1% 3% 3% 4% 6%EPB-Systems 59% 53% 47% 48% 38% 48% 51% 48% 47% 39% 35% 33%Advanced driver assistance systems (ADAS) 46% 53% 59% 58% 51% 45% 38% 36% 40% 40% 41% 41%Engine electronic control units (ECUs) -1% -3% -5% -5% -2% 3% 6% 8% 12% 9% 7% 7%Injectors -8% -8% -11% -11% -5% -5% 2% 7% 19% 17% 15% 11%Transmission control units (TCUs) 6% 2% 0% -1% -1% -1% 1% 1% -2% -3% -5% -4%Turbochargers 59% 45% 50% 43% 23% 24% 18% 17% 45% 44% 50% 56%
Market data tiresPC and LT replacement tires Europe -1% 2% 0% 0% 2% 2% 2% 2% 6% 2% 2% 3%PC and LT replacement tires North America -6% 0% 1% 1% 5% 2% 2% 2% 2% 1% -1% 0%
Commercial vehicle tires OE Europe 0% 4% 5% 5% 6% 5% 3% 3% 9% 6% 7% 10%Commercial vehicle tires OE North America 21% 17% 12% 7% -12% -9% -16% -13% -8% -1% 10% 8%Commercial vehicle replacement tires Europe -4% 2% -1% 0% 2% 3% 3% 3% 11% 6% 6% 4%Commercial vehicle replacement tires North America 3% 5% 3% 3% 4% 3% 3% 2% 12% -1% 4% 4%ContinentalPC and LT tires -1% 3% 2% 5% 9% 8% 6% 6% 5% 2% 2% 3%
Commercial vehicle tires -3% 0% 3% 5% 7% 8% 4% 4% 15% 10% 8% 5%ContiTech organic sales growth 2% 4% 4% 4% 3% 2% 2% 2% 8% 7% 8% 8%
FY 2017 ResultsEDMR - Equity and Debt Market Relations
0
10
20
30
40
50
RobertBosch
Continental Denso Magna ZF AisinSeiki
Bridgestone HyundaiMobis
Michelin Faurecia
7) Back-upWorldwide Supplier Ranking
69
Top 10 Global OEM Suppliers – 2017 Sales (€ bn)
1 2 3 4
1 Robert Bosch only includes Mobility Solutions division2 Continental not including ContiTech industrial business and other non-OE automotive business3 ZF excluding Industrial Technology business4 Bridgestone including Diversified ProductsSource: Company filings. Calendarized to Dec. year-end. Based on average currency exchange rates 2017
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Back-upSales by Markets
70
Automotive Group 2017€26,565 mn
Rubber Group 2017€17,495 mn
Corporation 2017€44,009 mn
Germany22%
Europe(excluding Germany)
25%
North America
24%
Asia27%
Other markets2% Germany
17%
Europe(excluding Germany)
36%
North America
26%
Asia13%
Other markets8%
Germany20%
Europe(excluding Germany)
29%
North America
25%
Asia22%
Other markets4%
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Back-upEBITDA by Division
71
Automotive Group 2017€3,296 mn
Rubber Group 2017€3,500 mn
Corporation 2017€6,679 mn
Chassis & Safety39%
Powertrain26%
Interior35%
Chassis & Safety19%
Powertrain13%
Interior17%
Tires40%
ContiTech11%
Tires79%
ContiTech21%
FY 2017 ResultsEDMR - Equity and Debt Market Relations
470 524 683
468 544654336
429453658
882847
245
212213
2015 2016 2017
C&S PT I Tires CT
22% 20% 24%
22% 21% 23%
15% 17%16%
30% 34% 30%
11% 8% 7%
2015 2016 2017
C&S PT I Tires CT
7) Back-upCapex 2015 – 2017
72
Capex by Division 2015 – 2017 (€ mn) Capex Distribution by Division 2015 – 2017
FY 2017 ResultsEDMR - Equity and Debt Market Relations
2,1792,593
2,854
1,748 1,818 1,947
138 144 171
2015 2016 2017
Capex (PPE), percentage of sales
Depreciation, w/o PPA
PPA
5.6%
6.4% 6.5% 14.92 0.6115.53
EPS reported PPA after taxper share
EPS excl.PPA
7) Back-upCapex, Depreciation and EPS Breakdown FY 2017
73
1 Amortization of intangibles from PPA2 Assuming corporate tax rate of 28%
1
1
Capex, Depreciation and PPA1 (€ mn) EPS ex PPA1,2 (€)
1 2
1,2
FY 2017 ResultsEDMR - Equity and Debt Market Relations
80.4%74.2%
6.2%
7.1%
4.9%5.5%
3.2%
2.6%
FY 2008 FY 2017Administrative expenses Selling and logistics expensesR&D expenses Cost of sales
Cost comparison 2008 to 2017
› Cost of sales declined by 620 bps
› R&D expenses increased in % of sales and in absolute terms to €3.1 bn
› Selling and logistics costs up by60 bps mainly due to expansion of tire distribution channels
› Administrative costs down by 60 bps
7) Back-up Focus on Costs
74
1
1 IAS 19 (rev. 2011) applied
Cost as Percentage of Consolidated Sales
FY 2017 ResultsEDMR - Equity and Debt Market Relations
22%
44%
H1/09 FY 2017
186%
13%
H1/09 FY 2017
4.55
0.23
H1/09 FY 2017
7) Back-up Very Sound Balance Sheet
75
Continental’s current credit rating is: › Fitch (since October 24, 2016): BBB+, outlook stable › S&P (since May 11, 2016): BBB+, outlook stable › Moody’s (since June 30, 2015): Baa1, outlook stable
Continental’s targets: › Rating: BBB / BBB+› Gearing ratio: <20%› Equity ratio: above 35% › Leverage ratio1: well below 1.00x 1 Leverage covenant ratio as defined in syndicated loan agreement; IAS 19 (rev. 2011) applied for 2017
2 IAS 19 (rev. 2011) applied for 2017
Leverage ratio1 Gearing ratio2 Equity ratio2
FY 2017 ResultsEDMR - Equity and Debt Market Relations
4,93
8
-3,1
67
1,77
1
-2,6
51
2,28
7
5,22
1
-3,4
68
1,75
3
-2,8
71
2,34
9
Cash flow fromoperating activities
Cash flow usedfor investing
activities
Free cashflow
864
-731
133
36484
1
-682
159
16786
5
-685
180
215
2,65
1
-1,3
70
1,28
1
1,60
4
Cash flowfrom
operatingactivities
Cash flowused
for investingactivities
Free cashflow
Free cashflow beforeacquisitions
Q1 Q2 Q3 Q4
7) Back-up Cash Flow Overview
76
2016 2016 before acquisitions 2017 2017 before acquisitions
Cash Flow 2016 – 2017 (€ mn) Cash Flow 2017 by Quarter (€ mn)
FY 2017 ResultsEDMR - Equity and Debt Market Relations
Bond Jul. 2018 (3.0%)
750
Bond Feb. 2019
(0.5%)500
Bond Feb. 2020
(0.0%)600
Bond Sept. 2020 (3.125%)
750
Bond Aug. 2025
(3.9%)50
Various other bank
lines860
Other indebtedness
580
7) Back-up Gross Indebtedness by Source at YE 2017 (€ mn)
77
Bonds 65%1
Various other bank lines 21%1
Other indebtedness 14%1
› Gross indebtedness €4,090 mn(PY: €4,952 mn)
› Cash€1,882 mn(PY: €2,107 mn)
› Net indebtedness€2,048 mn
(PY: €2,798 mn)
› Available credit lines€3,687 mn(PY: €3,888 mn)
1 Percentages are calculated as share of gross indebtedness2 Amounts shown are nominal values
2
2
2
2
2
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Back-upKey Historical Credit Metrics
78
1 Amounts shown may contain rounding differences2 Adjusted EBITDA as defined in syndicated loan 3 Includes changes in inventories, trade accounts receivable, trade accounts payable and discounted notes4 Includes dividends received, income from equity accounted and other investments, incl. impairment and reversal of impairment
losses, gains / losses from the disposal of assets, companies and business operations, other non-cash items as well as changes in employee benefits and other provisions and in other assets and liabilities
5 Adjusted EBITDA to net cash interest paid
(€ mn)1 2013 2014 2015 2016 2017Statement of Cash FlowsAdjusted EBITDA 2 5,094 5,318 6,094 6,125 6,701Reported EBITDA 5,095 5,134 6,001 6,057 6,679Net cash interest paid -534 -158 -174 -112 -105Tax paid -805 -775 -1,015 -1,047 -1,122
Change in net working capital3 -4 -207 -107 -210 -484
Other4 -30 175 210 250 253Cash flow arising from operating activities 3,722 4,1 68 4,916 4,938 5,221Cash flow arising from investing activities -1,904 -2 ,153 -3,472 -3,167 -3,468 - thereof acquisitions -154 -129 -1,257 -516 -596 - thereof capex in PPE and intangibles -2,024 -2,110 -2,265 -2,708 -2,951Cash flow before financing activities 1,818 2,015 1,44 4 1,771 1,753Cash flow before acquisitions 1,972 2,144 2,701 2,288 2, 349Statement of Financial PositionCash and cash equivalents 2,045 3,244 1,622 2,107 1,882Derivative instruments and interest-bearing investments 303 364 81 48 161Total indebtedness 6,638 6,432 5,245 4,952 4,090Net indebtedness 4,289 2,824 3,542 2,798 2,048Credit RatiosNet indebtedness / adjusted EBITDA 2 0.8x 0.5x 0.6x 0.5x 0.3xNet cash interest paid coverage (Ratio) 5 9.5x 33.7x 35.1x 54.8x 63.6x
FY 2017 ResultsEDMR - Equity and Debt Market Relations
8,4508,978
9,768
13.7%
10.6%13.3%
6.5%9.2%
2015 2016 2017
Sales (mn €) EBITDA margin Adj. EBIT margin
7) Back-upAutomotive Group Financials – Chassis & Safety
79
Chassis & Safety FY 2017
1 Before amortization of intangibles from PPA, consolidation and special effects.
Refer to Fact Sheets for further details
› Sales increased by 10.4% before consolidation and FX effects
› EBITDA increased by €347.0 mn to €1,301.6 mn (+36.4%)
› Adj. EBIT1 increased by €315.5 mn to €898.1 mn(adj. EBIT1 margin 9.2%)
› EBIT increased by €316.9 mn to €897.7 mn(EBIT margin 9.2%)
› PPA effect in 2017: €0.0 mn
› Special effects in 2017: -€0.4 mn
1
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7,069 7,320 7,661
10.3% 10.3% 11.2%
5.4% 6.2%
2015 2016 2017
Sales (mn €) EBITDA margin Adj. EBIT margin
7) Back-upAutomotive Group Financials – Powertrain
80
1 Before amortization of intangibles from PPA, consolidation and special effects.
Refer to Fact Sheets for further details
Powertrain FY 2017› Sales increased by 5.6% before consolidation and FX effects
› EBITDA increased by €98.6 mn to€854.8 mn (+13.0%)
› Adj. EBIT1 increased by €75.4 mn to €473.5 mn(adj. EBIT1 margin 6.2%)
› EBIT increased by €61.9 mn to €439.9 mn(EBIT margin 5.7%)
› PPA effect in 2017: -€11.9 mn
› Special effects in 2017: -€18.1 mn
1
FY 2017 ResultsEDMR - Equity and Debt Market Relations
8,155 8,3259,305
13.3%10.9%
12.3%
7.6%9.2%
2015 2016 2017
Sales (mn €) EBITDA margin Adj. EBIT margin
7) Back-upAutomotive Group Financials – Interior
81
1 Before amortization of intangibles from PPA, consolidation and special effects.
Refer to Fact Sheets for further details
Interior FY 2017› Sales increased by 11.6% before consolidation and FX effects
› EBITDA increased by €235.8 mn to €1,140.0 mn (+26.1%)
› Adj. EBIT1 increased by €217.8 mn to €850.5 mn(adj. EBIT1 margin 9.2%)
› EBIT increased by €181.4 mn to €749.2 mn(EBIT margin 8.1%)
› PPA effect in 2017: -€46.1 mn
› Special effects in 2017: -€15.7 mn
1
FY 2017 ResultsEDMR - Equity and Debt Market Relations
10,409 10,717 11,326
25.0% 26.4%24.3%
21.4%19.0%
2015 2016 2017
Sales (mn €) EBITDA margin Adj. EBIT margin
7) Back-upRubber Group Financials – Tires
82
1 Before amortization of intangibles from PPA, consolidation and special effects.
Refer to Fact Sheets for further details
Tires FY 2017› Sales increased by 5.3% before consolidation and FX effects
› EBITDA decreased by -€80.0 mn to €2,748.7 mn (-2.8%)
› Adj. EBIT1 decreased by -€168.4 mn to €2,128.2 mn(adj. EBIT1 margin 19.0%)
› EBIT decreased by -€138.1 mn to €2,151.3 mn(EBIT margin 19.0%)
› PPA effect in 2017: -€19.5 mn
› Special effects in 2017: +€24.0 mn
1
FY 2017 ResultsEDMR - Equity and Debt Market Relations
-5%
0%
5%
-25%
-15%
-5%
5%
15%
Jan-
11
Aug
-11
Mar
-12
Oct
-12
May
-13
Dec
-13
Jul-1
4
Feb
-15
Sep
-15
Apr
-16
Nov
-16
Jun-
17
Jan-
18
PC & LT Tire Replacement (YOY chg.monthly)
Vehicle miles YOY chg. monthly (DOT, rS)
7) Back-upTires – Demand for Passenger Car and Light Truck Tires
83
1 U.S. Department of Transportation, right Scale
1
Replacement Tire Demand for PC & LT EuropeReplacement Tire Demand for
PC & LT North America
-25%
-15%
-5%
5%
15%
Jan-
11
Jul-1
1
Jan-
12
Jul-1
2
Jan-
13
Jul-1
3
Jan-
14
Jul-1
4
Jan-
15
Jul-1
5
Jan-
16
Jul-1
6
Jan-
17
Jul-1
7
Jan-
18PC & LT Tire Replacement (YOY chg. monthly)
FY 2017 ResultsEDMR - Equity and Debt Market Relations
-30%-20%-10%
0%10%20%30%
Jan-
11
Jul-1
1
Jan-
12
Jul-1
2
Jan-
13
Jul-1
3
Jan-
14
Jul-1
4
Jan-
15
Jul-1
5
Jan-
16
Jul-1
6
Jan-
17
Jul-1
7
Jan-
18Truck tire replacement (YOY chg. monthly)
km BAG monthly (adj.)
-30%-20%-10%
0%10%20%30%
Jan-
11
Jul-1
1
Jan-
12
Jul-1
2
Jan-
13
Jul-1
3
Jan-
14
Jul-1
4
Jan-
15
Jul-1
5
Jan-
16
Jul-1
6
Jan-
17
Jul-1
7
Jan-
18
Truck tire replacement (YOY chg. monthly)
ATA monthly (adj.) YOY
7) Back-upTires – Demand for Commercial Vehicle Tires
84
1 BAG = Bundesamt für Güterverkehr2 ATA = American Trucking Association (miles traveled)
21
Replacement Tire Demand for Truck Tires EuropeReplacement Tire Demand for
Truck Tires North America
FY 2017 ResultsEDMR - Equity and Debt Market Relations
5,368 5,4636,246
10.8%13.4% 12.0%
9.5% 8.8%
2015 2016 2017
Sales (mn €) EBITDA margin Adj. EBIT margin
7) Back-upRubber Group Financials – ContiTech
85
1 Before amortization of intangibles from PPA, consolidation and special effects.
Refer to Fact Sheets for further details
ContiTech FY 2017› Sales increased by 8.1% before consolidation and FX effects
› EBITDA increased by €20.0 mn to €750.9 mn (+2.7%)
› Adj. EBIT1 decreased by -€3.8 mn to €515.4 mn(adj. EBIT1 margin 8.8%)
› EBIT increased by €43.0 mn to €442.2 mn(EBIT margin 7.1%)
› PPA effect in 2017: -€93.2 mn
› Special effects in 2017: -€3.8 mn
1
FY 2017 ResultsEDMR - Equity and Debt Market Relations
86
Fact Sheets 2015 – 2017
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Fact SheetsSales by Quarter
87
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 YearChassis & Safety 2,136.0 2,142.1 1,999.0 2,172.6 8,449.7 2,201.8 2,246.2 2,176.8 2,352.8 8,977.6 2,497.4 2,437.8 2,307.8 2,524.8 9,767.8Powertrain 1,826.5 1,819.8 1,657.4 1,764.8 7,068.5 1,813.5 1,841.5 1,775.4 1,889.1 7,319.5 2,003.1 1,947.2 1,810.5 1,900.1 7,660.9Interior 1,975.2 2,057.0 2,028.2 2,094.4 8,154.8 2,023.0 2,099.8 2,041.2 2,160.7 8,324.7 2,293.9 2,318.4 2,269.0 2,423.9 9,305.2Tires 2,419.8 2,644.4 2,654.4 2,690.2 10,408.8 2,512.7 2,692.7 2,708.7 2,803.3 10,717.4 2,756.3 2,815.7 2,815.4 2,938.4 11,325.8ContiTech 1,268.3 1,418.8 1,330.8 1,349.9 5,367.8 1,359.1 1,376.6 1,350.5 1,376.3 5,462.5 1,521.4 1,587.5 1,568.3 1,569.2 6,246.4Other / Consolidation -56.9 -52.4 -52.2 -56.1 -217.6 -59.4 -65.8 -68.8 -58.2 -252.2 -72.2 -73.6 -78.3 -72.5 -296.6Continental Corporation 9,568.9 10,029.7 9,617.6 10,015 .8 39,232.0 9,850.7 10,191.0 9,983.8 10,524.0 40,549.5 10,999.9 11,033.0 10,692.7 11,283.9 44,009.5
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 YearChassis & Safety 3.1 4.9 8.9 8.3 6.2 13.4 8.5 6.0 7.3 8.8Powertrain -0.7 1.2 7.1 7.0 3.6 10.5 5.7 2.0 0.6 4.7Interior 2.4 2.1 0.6 3.2 2.1 13.4 10.4 11.2 12.2 11.8Tires 3.8 1.8 2.0 4.2 3.0 9.7 4.6 3.9 4.8 5.7ContiTech 7.2 -3.0 1.5 2.0 1.8 11.9 15.3 16.1 14.0 14.4Continental Corporation 2.9 1.6 3.8 5.1 3.4 11.7 8.3 7.1 7.2 8.5
Changes Y-o-Y in %2016 2017
Sales (mn €)2015 2016 2017
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Fact SheetsEBITDA by Quarter
88
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 YearChassis & Safety 297.3 293.4 268.3 301.3 1,160.3 302.8 312.0 -14.4 354.2 954.6 336.9 326.9 300.3 337.5 1,301.6Powertrain 177.2 183.5 167.3 202.7 730.7 158.8 201.8 175.5 220.1 756.2 213.9 214.4 187.4 239.1 854.8Interior 252.9 299.8 252.4 277.1 1,082.2 237.4 252.2 132.5 282.1 904.2 273.6 288.1 287.0 291.3 1,140.0Tires 579.7 734.6 667.7 622.3 2,604.3 658.1 773.4 658.0 739.2 2,828.7 651.3 674.8 661.7 760.9 2,748.7ContiTech 129.2 169.1 159.7 119.2 577.2 176.1 197.2 163.5 194.1 730.9 191.3 175.6 184.0 200.0 750.9Other / Consolidation -33.1 -47.1 -23.7 -49.4 -153.3 -27.7 -23.5 -37.7 -28.3 -117.2 -28.5 -27.4 -38.2 -23.0 -117.1Continental Corporation 1,403.2 1,633.3 1,491.7 1,473.2 6,001.4 1,505.5 1,713.1 1,077.4 1,761.4 6,057.4 1,638.5 1,652.4 1,582.2 1,805.8 6,678.9
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 YearChassis & Safety 13.9 13.7 13.4 13.9 13.7 13.8 13.9 -0.7 15.1 10.6 13.5 13.4 13.0 13.4 13.3Powertrain 9.7 10.1 10.1 11.5 10.3 8.8 11.0 9.9 11.7 10.3 10.7 11.0 10.4 12.6 11.2Interior 12.8 14.6 12.4 13.2 13.3 11.7 12.0 6.5 13.1 10.9 11.9 12.4 12.6 12.0 12.3Tires 24.0 27.8 25.2 23.1 25.0 26.2 28.7 24.3 26.4 26.4 23.6 24.0 23.5 25.9 24.3ContiTech 10.2 11.9 12.0 8.8 10.8 13.0 14.3 12.1 14.1 13.4 12.6 11.1 11.7 12.7 12.0Continental Corporation 14.7 16.3 15.5 14.7 15.3 15.3 16.8 10.8 16.7 14.9 14.9 15.0 14.8 16.0 15.2
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 YearChassis & Safety 1.8 6.3 -105.4 17.6 -17.7 11.3 4.8 2,185.4 -4.7 36.4Powertrain -10.4 10.0 4.9 8.6 3.5 34.7 6.2 6.8 8.6 13.0Interior -6.1 -15.9 -47.5 1.8 -16.4 15.2 14.2 116.6 3.3 26.1Tires 13.5 5.3 -1.5 18.8 8.6 -1.0 -12.7 0.6 2.9 -2.8ContiTech 36.3 16.6 2.4 62.8 26.6 8.6 -11.0 12.5 3.0 2.7Continental Corporation 7.3 4.9 -27.8 19.6 0.9 8.8 -3.5 46.9 2.5 10.3
EBITDA margin in %2015 2016 2017
Changes Y-o-Y in %2016 2017
EBITDA (mn €)2015 2016 2017
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Fact SheetsEBIT by Quarter
89
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 YearChassis & Safety 214.9 209.3 181.5 208.6 814.3 213.2 220.3 -107.4 254.7 580.8 238.9 227.4 200.0 231.4 897.7Powertrain 96.7 101.0 81.3 116.6 395.6 66.5 108.8 80.3 122.4 378.0 117.1 114.1 83.1 125.6 439.9Interior 190.9 234.1 178.7 200.8 804.5 160.1 172.9 51.3 183.5 567.8 185.7 196.3 168.5 198.7 749.2Tires 454.0 604.1 536.5 490.6 2,085.2 530.0 645.4 522.3 591.7 2,289.4 505.1 526.9 515.0 604.3 2,151.3ContiTech 54.9 82.3 80.6 -47.2 170.6 98.7 126.7 88.0 85.8 399.2 117.1 95.4 109.5 120.2 442.2Other / Consolidation -33.5 -47.5 -24.0 -49.6 -154.6 -27.8 -24.5 -38.2 -28.9 -119.4 -28.8 -27.8 -38.6 -23.6 -118.8Continental Corporation 977.9 1,183.3 1,034.6 919.8 4,11 5.6 1,040.7 1,249.6 596.3 1,209.2 4,095.8 1,135.1 1,132.3 1,037.5 1,256.6 4,561.5
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 YearChassis & Safety 10.1 9.8 9.1 9.6 9.6 9.7 9.8 -4.9 10.8 6.5 9.6 9.3 8.7 9.2 9.2Powertrain 5.3 5.6 4.9 6.6 5.6 3.7 5.9 4.5 6.5 5.2 5.8 5.9 4.6 6.6 5.7Interior 9.7 11.4 8.8 9.6 9.9 7.9 8.2 2.5 8.5 6.8 8.1 8.5 7.4 8.2 8.1Tires 18.8 22.8 20.2 18.2 20.0 21.1 24.0 19.3 21.1 21.4 18.3 18.7 18.3 20.6 19.0ContiTech 4.3 5.8 6.1 -3.5 3.2 7.3 9.2 6.5 6.2 7.3 7.7 6.0 7.0 7.7 7.1Continental Corporation 10.2 11.8 10.8 9.2 10.5 10.6 12.3 6 .0 11.5 10.1 10.3 10.3 9.7 11.1 10.4
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 YearChassis & Safety -0.8 5.3 -159.2 22.1 -28.7 12.1 3.2 286.2 -9.1 54.6Powertrain -31.2 7.7 -1.2 5.0 -4.4 76.1 4.9 3.5 2.6 16.4Interior -16.1 -26.1 -71.3 -8.6 -29.4 16.0 13.5 228.5 8.3 31.9Tires 16.7 6.8 -2.6 20.6 9.8 -4.7 -18.4 -1.4 2.1 -6.0ContiTech 79.8 53.9 9.2 281.8 134.0 18.6 -24.7 24.4 40.1 10.8Continental Corporation 6.4 5.6 -42.4 31.5 -0.5 9.1 -9.4 74.0 3.9 11.4
EBIT margin in %2015 2016 2017
Changes Y-o-Y in %2016 2017
EBIT (mn €)2015 2016 2017
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Fact SheetsAdjusted EBIT1 by Quarter
90
1 Before amortization of intangibles from PPA, consolidation and special effects
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 YearChassis & Safety 213.3 220.4 -107.3 256.2 582.6 238.9 227.4 199.8 232.0 898.1Powertrain 72.1 114.7 85.1 126.2 398.1 124.7 118.5 91.3 139.0 473.5Interior 169.1 182.0 60.3 221.3 632.7 202.9 210.3 200.2 237.1 850.5Tires 531.9 647.3 520.6 596.8 2,296.6 486.2 513.8 517.7 610.5 2,128.2ContiTech 131.0 152.3 123.0 112.9 519.2 141.6 120.3 119.3 134.2 515.4Other / Consolidation -27.8 -24.5 -38.2 -28.9 -119.4 -28.8 -27.8 -38.6 -23.6 -118.8Continental Corporation 1,089.6 1,292.2 643.5 1,284.5 4,309.8 1,165.5 1,162.5 1,089.7 1,329.2 4,746.9
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 YearChassis & Safety 9.7 9.8 -4.9 10.9 6.5 9.6 9.3 8.7 9.2 9.2Powertrain 4.0 6.2 4.8 6.7 5.4 6.3 6.1 5.0 7.3 6.2Interior 8.4 8.7 3.0 10.2 7.6 8.9 9.2 8.9 9.8 9.2Tires 21.2 24.0 19.2 21.3 21.4 17.9 18.6 18.6 20.8 19.0ContiTech 9.6 11.1 9.1 8.2 9.5 9.6 8.2 8.2 9.2 8.8Continental Corporation 11.1 12.7 6.4 12.2 10.6 10.7 10.7 10.4 11.9 10.9
Q1 Q2 Q3 Q4 YearChassis & Safety 12.0 3.2 286.2 -9.4 54.2Powertrain 73.0 3.3 7.3 10.1 18.9Interior 20.0 15.5 232.0 7.1 34.4Tires -8.6 -20.6 -0.6 2.3 -7.3ContiTech 8.1 -21.0 -3.0 18.9 -0.7Continental Corporation 7.0 -10.0 69.3 3.5 10.1
Adj. EBIT ¹ (mn €)2016 2017
Adj. EBIT ¹ margin in %2016 2017
Changes Y-o-Y in %2017
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Fact SheetsConsolidated Statement of Income
91
2017 2016 2015 2017 2016 2015Q4 Q4 Q4
Sales 44,009.5 40,549.5 39,232.0 11,283.9 10,524.0 10,015.8Cost of sales -32,635.0 -29,783.0 -29,056.8 -8,348.4 -7,764.7 -7,448.6Gross margin on sales 11,374.5 10,766.5 10,175.2 2,935.5 2,759.3 2,567.2Research and development expenses -3,103.7 -2,811.5 -2,449.6 -746.8 -640.5 -551.9Selling and logistics expenses -2,430.2 -2,251.0 -2,179.0 -633.0 -587.8 -566.7Administrative expenses -1,144.3 -1,012.6 -925.5 -278.2 -249.4 -230.1Other expenses and income -212.1 -665.8 -567.7 -47.6 -92.5 -320.0Income from at-equity accounted investees 76.8 69.7 61.4 26.6 20.0 20.9Other income from investments 0.5 0.5 0.8 0.1 0.1 0.4Earnings before interest and tax 4,561.5 4,095.8 4,115.6 1,256.6 1,209.2 919.8Interest income 94.4 101.4 95.4 26.4 27.1 26.1Interest expense -380.1 -218.4 -341.0 -92.5 -70.5 -54.3Financial result -285.7 -117.0 -245.6 -66.1 -43.4 -28.2Earnings before tax 4,275.8 3,978.8 3,870.0 1,190.5 1,165.8 891.6Income tax expense -1,227.5 -1,096.8 -1,090.4 -409.8 -354.4 -250.5Net income 3,048.3 2,882.0 2,779.6 780.7 811.4 641.1Non-controlling interests -63.7 -79.5 -52.2 -20.2 -26.2 2.0Net income attributable to the shareholders of the parent 2,984.6 2,802.5 2,727.4 760.5 785.2 643.1
Basic earnings per share (in €) 14.92 14.01 13.64 3.80 3.92 3.22Diluted earnings per share (in €) 14.92 14.01 13.64 3.80 3.92 3.22
(€ mn)
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Fact SheetsConsolidated Statement of Financial Position – Assets
92
Assets in € millions Dec. 31, 2017 Dec. 31, 2016
Goodwill 7,010.1 6,857.3
Other intangible assets 1,607.3 1,514.1
Property, plant and equipment 11,202.1 10,538.1
Investment property 10.5 10.3
Investments in equity-accounted investees 414.8 384.8
Other investments 51.0 43.1
Deferred tax assets 1,517.2 1,836.1
Defined benefit assets 16.0 24.3
Long-term derivative instruments and interest-bearing investments 113.3 19.7
Long-term other financial assets 68.8 66.4
Long-term other assets 27.3 26.8
Non-current assets 22,038.4 21,321.0
Inventories 4,128.2 3,753.2
Trade accounts receivable 7,669.3 7,392.7
Short-term other financial assets 529.5 455.5
Short-term other assets 954.3 989.0
Income tax receivables 178.2 124.7
Short-term derivative instruments and interest-bearing investments 47.6 27.8
Cash and cash equivalents 1,881.5 2,107.0
Assets held for sale 13.5 4.0
Current assets 15,402.1 14,853.9
Total assets 37,440.5 36,174.9
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Fact SheetsConsolidated Statement of Financial Position – Total Equity and Liabilities
93
Equity and Liabilities in € millions Dec. 31, 2017 Dec. 31, 2016
Subscribed capital 512.0 512.0
Capital reserves 4,155.6 4,155.6
Retained earnings 13,669.3 11,534.7
Other comprehensive income -2,508.5 -1,932.3
Equity attributable to the shareholders of the pare nt 15,828.4 14,270.0
Non-controlling interests 461.9 464.8
Total equity 16,290.3 14,734.8
Long-term employee benefits 4,394.1 4,392.3
Deferred tax liabilities 348.5 371.5
Long-term provisions for other risks and obligations 139.6 204.2
Long-term indebtedness 2,017.8 2,803.7
Long-term other financial liabilities 36.1 97.1
Long-term other liabilities 25.4 17.1
Non-current liabilities 6,961.5 7,885.9
Short-term employee benefits 1,490.6 1,314.1
Trade accounts payable 6,798.5 6,248.0
Income tax payables 889.7 783.6
Short-term provisions for other risks and obligations 943.0 1,146.4
Short-term indebtedness 2,072.2 2,148.6
Short-term other financial liabilities 1,276.8 1,187.3
Short-term other liabilities 717.9 726.2
Current liabilities 14,188.7 13,554.2
Total equity and liabilities 37,440.5 36,174.9
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Fact SheetsConsolidated Statement of Cash Flows
94
Consolidated Statement of Cash Flows in € millions 2017 2016Net income 3,048.3 2,882.0Income tax expense 1,227.5 1,096.8Financial result 285.7 117.0EBIT 4,561.5 4,095.8Interest paid -131.5 -136.1Interest received 26.1 24.2Income tax paid -1,122.1 -1,047.3Dividends received 40.7 45.1Depreciation, amortization, impairment and reversal of impairment losses 2,117.4 1,961.6Income from equity-accounted investees and other investments, incl. impairment and reversal of impairment losses -77.3 -70.2Gains/losses from the disposal of assets, companies and business operations -34.6 -15.3Changes in
inventories -484.3 -326.5trade accounts receivable -737.1 -631.7trade accounts payable 737.6 748.1employee benefits and other provisions 94.4 384.8other assets and liabilities 229.7 -94.4
Cash flow arising from operating activities 5,220.5 4,938.1
Cash flow from the disposal of property, plant and equipment, and intangible assets 59.3 53.0Capital expenditure on property, plant and equipment, and software -2,849.7 -2,592.5Capital expenditure on intangible assets from development projects and miscellaneous -101.4 -115.7Cash flow from the disposal of companies and business operations 20.4 4.6Acquisition of companies and business operations -596.3 -516.2Cash flow arising from investing activities -3,467.7 -3,166.8
Cash flow before financing activities (free cash fl ow) 1,752.8 1,771.3Net cash change in short-term indebtedness -879.0 -1,006.8Cash change in long-term indebtedness -117.8 659.7Other cash changes1 14.1 7.1Successive purchases -0.7 -109.7Dividends paid -850.0 -750.0Dividends paid to and cash changes from equity transactions with non-controlling interests -46.5 -55.6Cash and cash equivalents arising from the first-time consolidation of subsidiaries 0.7 0.6Cash flow arising from financing activities -1,879.2 -1,254.7
Change in cash and cash equivalents -126.4 516.6Cash and cash equivalents as at January 1 2,107.0 1,621.5Effect of exchange-rate changes on cash and cash equivalents -99.1 -31.1Cash and cash equivalents as at December 31 1,881.5 2,107.0
1 The statement was adjusted in line with the requirements of the changes to IAS 7, Statement of Cash Flows (Disclosure Initiative). The figures from comparative periods have been adjusted accordingly.
1
1
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Fact SheetsFY 2017 Results Reported and Adjusted (€ mn) – by Division
95
1 Before amortization of intangibles from PPA, consolidation and special effects
2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017
Sales 8,977.6 9,767.8 7,319.5 7,660.9 8,324.7 9,305.2 10,717.4 11,325.8 5,462.5 6,246.4 -252.2 -296.6 40,549.5 44,009.5
EBIT 580.8 897.7 378.0 439.9 567.8 749.2 2,289.4 2,151.3 399.2 442.2 -119.4 -118.8 4,095.8 4,561.5in % of sales 6.5% 9.2% 5.2% 5.7% 6.8% 8.1% 21.4% 19.0% 7.3% 7.1% 10.1% 10.4%
Amortization of intangible assets from PPA 0.3 0.0 11. 5 11.9 38.4 46.1 10.7 19.5 82.7 93.2 0.0 0.0 143.6 170.7
Total special effects 1.5 0.4 8.6 18.1 26.5 15.7 -3.7 -24.0 37.4 3.8 0.0 0.0 70.3 14.0
Total consolidation effects 0.0 0.0 0.0 3.6 0.0 39.5 0.2 -1 8.6 -0.1 -23.8 0.0 0.0 0.1 0.7
Total consolidation & special effects 1.5 0.4 8.6 21.7 2 6.5 55.2 -3.5 -42.6 37.3 -20.0 0.0 0.0 70.4 14.7
Adjusted operating result (adj. EBIT) 1 582.6 898.1 398.1 473.5 632.7 850.5 2,296.6 2,128.2 519.2 515.4 -119.4 -118.8 4,309.8 4,746.9in % of adjusted sales 6.5% 9.2% 5.4% 6.2% 7.6% 9.2% 21.4% 19.0% 9.5% 8.8% 10.6% 10.9%
CorporationInteriorChassis & Safety Powertrain Tires ContiTech Cons./Corr.
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Fact SheetsFY 2017 Results Reported and Adjusted (€ mn) – by Group
96
1 Before amortization of intangibles from PPA, consolidation and special effects
2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017
Sales 6,370.1 6,805.7 4,163.7 4,491.4 -9.8 -13.2 10,524.0 11,283.9 24,496.4 26,565.4 16,097.6 17,494.7 -44.5 -50.6 40,549.5 44,009.5
EBIT 560.6 555.7 677.5 724.5 -28.9 -23.6 1,209.2 1,256.6 1,526.6 2,086.8 2,688.6 2,593.5 -119.4 -118.8 4,095.8 4,561.5in % of sales 8.8% 8.2% 16.3% 16.1% 11.5% 11.1% 6.2% 7.9% 16.7% 14.8% 10.1% 10.4%
Amortization of intangible assets from PPA 14.4 14.4 2 4.8 28.3 0.0 0.0 39.2 42.7 50.2 58.0 93.4 112.7 0.0 0.0 143.6 170.7
Total special effects 28.7 6.0 7.2 4.8 0.0 0.0 35.9 10.8 36. 6 34.2 33.7 -20.2 0.0 0.0 70.3 14.0
Total consolidation effects 0.0 32.0 0.0 -12.9 0.0 0.0 0. 0 19.1 0.0 43.1 0.1 -42.4 0.0 0.0 0.1 0.7
Total consolidation & special effects 28.7 38.0 7.2 -8. 1 0.0 0.0 35.9 29.9 36.6 77.3 33.8 -62.6 0.0 0.0 70.4 14.7
Adjusted operating result (adj. EBIT) 1 603.7 608.1 709.5 744.7 -28.9 -23.6 1,284.3 1,329.2 1,613.4 2,222.1 2,815.8 2,643.6 -119.4 -118.8 4,309.8 4,746.9in % of adjusted sales 9.5% 8.9% 17.1% 17.0% 12.2% 11.9% 6.6% 8.4% 17.5% 15.6% 10.6% 10.9%
Rubber Cons./Corr. Corporation
Q4 2016/2017 FY 2016/2017
Automotive Rubber Cons./Corr. Corporation Automotive
FY 2017 ResultsEDMR - Equity and Debt Market Relations
7) Fact SheetsContinental’s Credit Rating
97
BBB+ / Baa1
BBB / Baa2
BBB- / Baa3
BB+ / Ba1
BB / Ba2
BB- / Ba3
B+ / B1
B / B2
S&P, Fitch / Moody’s Standard & Poor’s1 Moody’s2 Fitch3
Before Siemens VDO N
on-I
nves
tmen
t G
rade
Inve
stm
ent
Gra
de
1 Contracted rating since May 19, 2000.2 Non-contracted rating since February 1, 2014.3 Contracted rating since November 7, 2013.
FY 2017 ResultsEDMR - Equity and Debt Market Relations
ReferencesUseful Links
98
Continental Investor Relations website www.continental-ir.com
Annual and interim reports www.continental-corporation.com/en/investors/reports
2017 Fact Book (Investor presentation) www.continental-corporation.com/en/investors/reports
Investor Relationsevents and presentations
www.continental-corporation.com/en/investors/events/presentations
Sustainability at Continental (presentation and fact sheet for investors)
www.continental-corporation.com/en/investors/about-us/presentation-sustainability-at-continental-23118
Corporate Social Responsibility www.continental-sustainability.com
Corporate Governance Principles www.continental-corporation.com/en/company/corporate-governance/principles-and-declarations
Continental shares www.continental-corporation.com/en/investors/share
Continental bonds and rating www.continental-corporation.com/en/investors/debt-and-rating
Continental IR on Twitter twitter.com/Continental_IR
FY 2017 ResultsEDMR - Equity and Debt Market Relations
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