Continental: targets 2024 sales of E41bn to E44bn

(CercleFinance.com) - Continental has posted consolidated sales of E41.
4bn for 2023, up +5.1% from E39.4bn in 2022. Adjusted EBIT amounted to E2.5bn, vs. E1.9bn in 2022 (+31.6%), corresponding to an adjusted EBIT margin of 6.1% (2022: 4.9%). All three of the group's sectors contributed to the improvement in adjusted EBIT margin, it says.

Net income rose to E1.2bn in 2023 (vs. just E67m in 2022, i.e. +1,635%). Adjusted free cash flow amounted to E1.3bn (vs. E200m in 2022, +547%).

For the current financial year, the group targets both sales and earnings growth (consolidated sales from around E41bn to E44bn, with an adjusted EBIT margin of around 6% to 7.0%).

Thanks to the improvement in operating profit and the reduction in inventories and receivables, we have significantly increased our adjusted free cash flow. We have therefore slightly exceeded our cash flow target, which is a testament to our financial strength, management said.


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