Continental Ag · XETR:CON
Continental — FY2018 Earnings Presentation
63 slides from Continental's earnings presentation, Mar 7, 2019
Slide 1: Preliminary Results for FY 2018
Preliminary Results for FY 2018 Hanover – March 7, 2019 Ticker: CON ADR-Ticker: CTTAY Twitter: @Continental_IR http://www.continental-ir.com Wolfgang Schaefer – CFO
Slide 2: Agenda
Agenda 1 Corporation Highlights 3 2 Automotive Group 11 3 Rubber Group 16 4 Indebtedness and Cash Flow 22 5 2019 Outlook 26 6 Back-up and 2016 – 2018 Fact Sheets 36 Preliminary FY 2018 Results - March 7, 2019 EDMR - Equity and Debt Market Relations 2
Slide 3: Most Important KPIs for FY 2018
1) Corporation Highlights Most Important KPIs for FY 2018 › Sales up 0.9% to €44.4 bn; organic sales growth at 3.1%; FX negative at €1,106 mn › Adj. EBIT1 down 13.3% to €4.1 bn; adj. EBIT1 margin at 9.3% (PPA2 -€173 mn and special effects €80 mn) › NIAT3 amounted to €2.9 bn, down 2.9%; reported earn
Slide 4: Divisional Highlights for FY 2018
1) Corporation Highlights Divisional Highlights for FY 2018 Automotive Group Rubber Group › Automotive Group: Organic sales increased 3.2%, › Rubber Group: Organic sales up 3.0% and adj. EBIT1 exceeding worldwide car production by more than margin down to 13.6% (PY: 15.4%), negatively impacted by 4%
Slide 5: Sales and Adjusted EBIT by Quarter
1) Corporation Highlights Sales and Adjusted EBIT1 by Quarter FY Sales €40,549 mn FY Sales €44,009 mn FY Sales €44,404 mn Adj. EBIT1 €4,749 mn Adj. EBIT1 €4,118 mn 11,284 11,374 11,230 11,000 11,033 11,013 10,788 10,524 10,693 10,191 9,984 9,851 1,313 1,164 1,167 1,104 1,161 1,126 1,059 772 Q1/16 Q2
Slide 6: Automotive Group and Rubber Group by Quarter
1) Corporation Highlights Automotive Group and Rubber Group by Quarter Automotive Group Rubber Group 6,978 6,814 6,806 6,754 6,661 6,652 6,411 6,370 6,344 6,158 6,011 5,958 4,591 4,491 4,410 4,390 4,382 4,361 4,260 4,212 4,164 4,045 4,038 3,852 759 664 557 554 491 578 563 561 635 641 652 531 631 546
Slide 7: Growth Profile of the Corporation FY 2018
1) Corporation Highlights Growth Profile of the Corporation FY 2018 Conti Automotive Group ContiTech 3% organic sales growth 3% organic sales growth PC & LT production PC & LT production -1% -1% Market growth, global growth, global Europe, North America and GDP growth advanced -3% 1 2.3% China econo
Slide 8: Adjusted EBIT Bridge
1) Corporation Highlights Adjusted EBIT1 Bridge (€ mn) 20 20 173 -2 4,118 4,028 -120 › C&S €1.5 mn › C&S – › Powertrain €16.0 mn › Powertrain €22.8 mn › C&S -0.4 mn › C&S €0.0 mn › Interior €1.2 mn › Interior -€3.0 mn › C&S › Powertrain – €1.3 mn › Powertrain €11.4 mn › Tires €1.2 mn › Tires – › Pow
Slide 9: Sustainable Value Creation
1) Corporation Highlights Sustainable Value Creation 21.1% 21.2% 20.0% 20.0% 20.6% 20.6% 19.8% 18.9% 19.0% 19.4% 18.3% 17.0% 19,767 19,983 20,106 20,453 20,978 21,401 21,886 22,172 22,397 23,256 23,641 22,811 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 2018 1 2 Trailing OA (€ mn) Trailing ROCE 1 T
Slide 10: Dividend and Earnings per Share; Payout Ratio
1) Corporation Highlights Dividend and Earnings per Share; Payout Ratio 14.92 14.49 13.64 14.01 11.88 1 32.8% 9.53 9.62 30.3% 30.2% 26.0% 27.4% 27.5% 23.6% 1 4.25 4.50 4.75 3.25 3.75 2.25 2.50 2012 2013 2014 2015 2016 2017 2018 2 Dividend per share (€) Earnings per share reported (€) Payout ratio 1
Slide 11: Automotive Group Sales and Adjusted EBIT by Division
2) Automotive Group Sales and Adjusted EBIT1 by Division Automotive Group Sales (€ mn) FY 2018 Automotive Group Adj. EBIT1 (€ mn) FY 2018 9,707 26,856 6.3% - 180 3.2% 899 1,886 7,741 9.3% 7.0% 0 2.9% 9,588 202 785 2.6% 0.5% 8.2% Organic sales growth (%) Adj. EBIT 1 margin (%) Chassis Powertrain Inte
Slide 12: Q4 2018 – Competing in a Difficult PC & LT Production Environment
2) Automotive Group Q4 2018 – Competing in a Difficult PC & LT Production Environment Automotive Group Sales (€ mn) Automotive Group Adj. EBIT1 (€ mn) 6,806 6,814 6,978 6,652 6,411 578 505 8.5% 7.6% -153 -73 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 › Sales decreased €153 mn; organ
Slide 13: Outperformance of PC & LT Production by More than 4%-Points
2) Automotive Group Outperformance of PC & LT1 Production by More than 4%-Points in 2018 Growth of organic sales vs. PC & LT1 production Organic sales growth by division 8% 12% 9% 6% 7% 5% 6% 4% 5% 2% 3% 2% 1% 0% 0% -2% -3% -2% Q1/18 Q2/18 Q3/18 Q4/18E-5% -6% Q1/18 Q2/18 Q3/18 Q4/18 Q1/18 Q2/18 Q3/1
Slide 14: Order Intake in the Automotive Group of Around €40 bn
2) Automotive Group Order Intake (LTS1) in the Automotive Group of Around €40 bn in 2018 Chassis & Safety Powertrain Interior › Higher book-to-bill in ADAS than › HEV order intake at ~€2 bn › Infotainment and connectivity with C&S average › About 45% of the order intake was the strongest order intak
Slide 15: Order Intake Well Balanced
2) Automotive Group Order Intake Well Balanced Sales by market 2018 Order intake by market 2018 Other Other 2% 1% Asia Europe 28% Europe 40% Asia 47% 41% €26.9 bn ~€40 bn North America North 23% America 18% Preliminary FY 2018 Results - March 7, 2019 EDMR - Equity and Debt Market Relations 15
Slide 16: Profitability Impacted by Rise in Raw Material Costs
3) Rubber Group Profitability Impacted by Rise in Raw Material Costs Rubber Group Sales (€ mn) FY 2018 Rubber Group Adj. EBIT1 (€ mn) FY 2018 1,900 2,373 16.8% 0 13.6% 11,352 17,603 3.1% - 94 3.0% 6,345 473 3.2% Organic sales growth (%) 7.6% 1 Adj. EBIT margin (%) ContiTech Tires cons. Rubber Group
Slide 17: Q4 2018 – Topline Driven by Mix and Volume
3) Rubber Group Q4 2018 – Topline Driven by Mix and Volume Rubber Group Sales (€ mn) Rubber Group Adj. EBIT1 (€ mn) 4,491 4,410 4,390 4,591 4,212 759 664 16.9% 14.6% +100 -94 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 › Sales increased €100 mn; organic sales growth in Q4 2018 at 2.3
Slide 18: Tires Sales Bridge FY 2018
3) Rubber Group Tires Sales Bridge (€ mn) FY 2018 +3.1% org. 2 347 11,675 47 11,352 11,326 +/- 0% +3.1% -370 -3.3% +0.2% rep. -€151 mn EBIT drop Sales FY 2017 Volume Price/Mix Sales FY 2018 FX Cons. Sales FY 2018 before Cons. and FX Preliminary FY 2018 Results - March 7, 2019 EDMR - Equity and Debt
Slide 19: Tires: Strong Price/Mix Over the Course of the Year
3) Rubber Group Tires: Strong Price/Mix Over the Course of the Year Volumes Price/Mix FX 6% 5% 4% 3% 3% 3% 3% 3% 2% 2% 1% 2% 1% 1% 1% 1% -1% -1% -2% -2% -3% -4% -5% -6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2017 2018 2017 2018 Preliminary FY 2018 Results -
Slide 20: Tires: Strong in Mix
3) Rubber Group Tires: Strong in Mix Growth Matrix PC & LT1 Tires CAGR 2010-2018 Sales growth PLT tires 5% Unit sales growth (ww) 3% Unit sales growth winter tires 2% Unit sales growth ≥ 17" 11% Unit sales growth ≥ 18" 18% Preliminary FY 2018 Results - March 7, 2019 EDMR - Equity and Debt Market Rel
Slide 21: Expected Raw Material Price Development in 2019
3) Rubber Group Expected Raw Material Price Development in 2019 Raw material price development1 2015 - 2019E (U.S. cents/kg) › Natural rubber moving upwards again Average (Y) Average (Y) Average (Y) Average (Y) Average (Y) recently, expected to rise 7% TSR 20: 137 TSR 20: 138 TSR 20: 167 TSR 20: 136
Slide 22: Free Cash Flow Before Acquisitions Decreased due to Capex
4) Indebtedness and Cash Flow Free Cash Flow Before Acquisitions (€ mn) Decreased due to Capex 2017 2017 before acquisitions 2018 2018 before acquisitions 5,145 5,221 Pension funding Pension 1,936 €167mn funding 2,349 €167mn 1,753 1,351 4,977 -337 1,769 -76 -413 -2,871 -3,208 -3,468 -3,626 Cash flow
Slide 23: Net Indebtedness Bridge
4) Indebtedness and Cash Flow Net Indebtedness Bridge (€ mn) 358 418 3,285 38 457 2,208 900 €137 mn inflow from change in working capital 2,048 2,645 1,661 Gearing 13% ratio 9% 1 Net Dividend Capex Acquisitions Change in Change in Change in Depr. and Other CF Net indebtedness 2017 inventories receiv
Slide 24: Net Indebtedness and Gearing Ratio
4) Indebtedness and Cash Flow Net Indebtedness and Gearing Ratio Net indebtedness (€ mn) Gearing ratio applying IAS 19 (rev. 2011) 219% Gearing ratio 118% 90% 65% 46% 8,896 26% 27% 19% 13% 9% 7,317 6,772 58% 5,320 4,289 3,542 2,824 2,798 2,048 1,661 YE YE YE YE YE YE YE YE YE YE 2009 2010 2011 2012
Slide 25: Cash Conversion
4) Indebtedness and Cash Flow Cash Conversion ∑ 2,701 1 99% ∑ 2,287 ∑ 2,349 87% 95% 79% 1 ∑ 1,936 85% 82% 1 61%1 Pension 39% 1,257 516 596 funding €167mn 418 ∑ 1,769 1,640 1,653 1,818 2,015 1,771 1,753 1,444 1,351 567 491 More than €14.5 bn of cumulative free cash flow 2009 2010 2011 2012 2013 2014
Slide 26: PC & LT Production by Quarter
5) 2019 Outlook PC & LT Production by Quarter1 Europe (mn units) North America (mn units) China (mn units) 2017: 22.1 2018: 21.7 2019E: 21.7 2017: 17.1 2018: 17.0 2019E: 17.0 2017: 27.8 2018: 26.5 2019E: 26.1 8.354 7.500 6.889 6.839 6.717 6.704 6.487 6.350 6.200 5.948 6.163 5.848 5.832 6.046 6.000 5
Slide 27: Market Outlook
5) 2019 Outlook Market Outlook PC & LT1 Production (mn units) Commercial Vehicle2 Production (k units) Worldwide production 2018E 2019E Chg. Worldwide production 2018E 2019E Chg. to stay flat Europe 21.7 21.7 0% to decrease 1% Europe 663 633 0% North America 17.0 17.0 0% North America 638 638 0% Sou
Slide 28: Continental Corporation 2019 Outlook
5) 2019 Outlook Continental Corporation 2018 2019E Consolidated sales €44.4 bn To increase to about €45 bn – €47 bn at constant FX adj. EBIT1 margin 9.3% about 8% – 9% adj. EBIT1 margin Automotive Group €26.9 bn About €27 bn – €28 bn at constant FX adj. EBIT1 €1.9 bn about 6% – 7% adj. EBIT1 margin
Slide 29: Thank you!
a Thank you! OFFICIAL PARTNER
Slide 30: Disclaimer
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 7, 2019, and the subsequent road shows in Europe. It has not been independently verified. It does not constitute an offe
Slide 31: Contact Equity and Debt Markets Relations
Contact Equity and Debt Markets Relations Vahrenwalder Str. 9 e-mail: [email protected] 30165 Hanover Fax: +49 511 938 1080 Germany www.continental-ir.com Bernard Wang Phone: +49 511 938 1068 Michael Saemann Phone: +49 511 938 1307 Head of IR e-mail: [email protected] Analysts, Institutional Investors
Slide 32: Financial Calendar
Continental Financial Calendar 2019 Preliminary figures for fiscal 2018 January 14, 2019 Annual Financial Press Conference March 7, 2019 Annual Shareholders’ Meeting (incl. key data for Q1 2019) April 26, 2019 Q1 Financial Report May 9, 2019 Half-Year Financial Report August 6, 2019 Nine-Month Finan
Slide 33: Share Data/ADR Data
Continental Share Data/ADR Data Share Data ADR Data Type of share No-par value share Ratio 1:10 (ordinary share : ADRs)1 Bloomberg Ticker CON Bloomberg Ticker CTTAY Reuters Ticker CONG Reuters Ticker CTTAY.PK German Security Identification Number (WKN) 543 900 ISIN US2107712000 ISIN DE0005439004 ADR
Slide 34: Bond Data
Continental Bond Data Issuer Continental AG Continental AG Issue Senior Notes Senior Notes Principal amount €600 mn €750 mn Offering price 99.410% 99.228% Ba1 (Moody’s3) Rating at issuance date BBB+ (S&P) BB (S&P) BBB+ (Fitch) BBB (Fitch1) Current corporation and bond ratings2 BBB+ (Fitch), BBB+ (S&
Slide 35: Back-up
Back-up Preliminary FY 2018 Results - March 7, 2019 EDMR - Equity and Debt Market Relations 35
Slide 36: Corporation Highlights FY 2018
6) Back-up Corporation Highlights FY 2018 › Sales Increase of 0.9% to €44,404.4 mn (PY: €44,009.5 mn); organic sales up 3.1% › EBITDA Decrease of 6.6% to €6,235.7 mn (PY: €6,678.9 mn) › EBIT Decrease of 11.7% to €4,027.7 mn (PY: €4,561.5 mn); Adj. EBIT1 decrease to €4,118.1 mn (9.3% adj. EBIT1 margi
Slide 37: Sales by Markets
6) Back-up Sales by Markets Automotive Group 2018 Rubber Group 2018 Corporation 2018 €26,856 mn €17,603 mn €44,404 mn Other markets Other makets Other markets 2% 6% Germany 4% Germany Germany Asia 17% 20% 22% Asia Asia 14% 28% 22% North North Europe America Europe America North Europe (excluding 27%
Slide 38: EBITDA by Division
6) Back-up EBITDA by Division Automotive Group 2018 Rubber Group 2018 Corporation 2018 €3,177 mn €3,197 mn €6,236 mn ContiTech ContiTech 11% Chassis & Chassis & Safety 22% Safety 19% 38% Interior 44% Powertrain 9% Tires 39% Interior Tires 22% Powertrain 78% 18% Preliminary FY 2018 Results - March 7,
Slide 39: Capex 2016 – 2018
6) Back-up Capex 2016 – 2018 Capex by Division 2016 – 2018 (€ mn) Capex Distribution by Division 2016 – 2018 C&S PT I Tires CT C&S PT I Tires CT 250 213 212 837 8% 7% 8% 847 882 34% 30% 27% 578 453 16% 19% 429 17% 654 691 544 23% 22% 21% 683 750 24% 24% 524 20% 2016 2017 2018 2016 2017 2018 Prelimin
Slide 40: Breakdown of Capex, Depreciation and Earnings per Share FY 2018
6) Back-up Breakdown of Capex, Depreciation and Earnings per Share FY 2018 Capex, Depreciation and PPA1 (€ mn) EPS ex PPA1,2 (€) 3,124 15.11 2,854 0.62 14.49 2,593 7.0% 6.5% 6.4% 1,947 2,035 1,818 144 171 173 2016 2017 2018 Capex (PPE), percentage of sales 1 Depreciation, w/o PPA 1 1 PPA EPS reporte
Slide 41: Very Sound Balance Sheet
6) Back-up Very Sound Balance Sheet Leverage ratio1 Gearing ratio2 Equity ratio2 4.55 186% 45% 0.19 22% 9% H1/09 FY 2018 H1/09 FY 2018 H1/09 FY 2018 Continental’s current credit rating is: Continental’s targets: › Fitch (since October 24, 2016): BBB+, outlook stable › Rating: BBB / BBB+ › S&P (since
Slide 42: Maturities for Bonds
6) Back-up Maturities for Bonds1 (€ mn) As at December 31, 2018 (€ mn) FY 17 FY 18 Gross 4,090 4,607 indebtedness Cash 1,882 2,761 Net indebtedness 2,048 1,661 1,350 Available credit 3,687 3,504 lines 500 Total liquidity 5,568 6,266 2019 2020 2021 2022 2023 Bonds 1 All amounts shown are nominal valu
Slide 43: Cash Flow Overview
6) Back-up Cash Flow Overview Cash Flow 2018 by Quarter (€ mn) Q1 Q2 Q3 Q4 2,801 1,584 1,356 833 708 634 186 110 82 41 -111 -127 -593 -752 -836 -1,446 Cash flow from Cash flow used Free cash flow Free cash operating activities for investing activities flow before acquisitions Preliminary FY 2018 Res
Slide 44: Gross Indebtedness by Source at YE 2018
6) Back-up Gross Indebtedness by Source at YE 2018 (€ mn) Revolving Credit Facility Apr. 2021 Bond › Gross indebtedness 157 Feb. 2019 €4,607 mn (0.5%) 500 2 (PY: €4,090 mn) Other indebtedness Bond › Cash 1,468 Bonds 41%1 Feb. 2020 €2,761 mn (0.0%) Various other (PY: €1,882 mn) bank lines 24%1 600 2
Slide 45: Key Historical Credit Metrics
6) Back-up Key Historical Credit Metrics 1 (€ mn) 2014 2015 2016 2017 2018 Statement of Cash Flows 2 Adjusted EBITDA 5,318 6,094 6,125 6,701 6,190 Reported EBITDA 5,134 6,001 6,057 6,679 6,236 Net cash interest paid -158 -174 -112 -105 -79 Tax paid -775 -1,015 -1,047 -1,122 -861 Change in net workin
Slide 46: Automotive Group Financials – Chassis & Safety
6) Back-up Automotive Group Financials – Chassis & Safety › Sales increased 0.5% before Chassis & Safety FY 2018 consolidation and FX effects 1 Sales (mn €) EBITDA margin Adj. EBIT margin › EBITDA decreased €88.3 mn to 9,768 €1,213.3 mn (-6.8%) 9,588 8,978 › Adj. EBIT1 decreased €113.2 mn to €784.9
Slide 47: Automotive Group Financials – Powertrain
6) Back-up Automotive Group Financials – Powertrain › Sales increased 2.9% before Powertrain FY 2018 consolidation and FX effects 1 Sales (mn €) EBITDA margin Adj. EBIT margin › EBITDA decreased €280.2 mn to €574.6 mn (-32.8%) › Adj. EBIT1 decreased €267.6 mn to €202.3 mn 7,320 7,661 7,741 (adj. EBI
Slide 48: Automotive Group Financials – Interior
6) Back-up Automotive Group Financials – Interior › Sales increased 6.3% before Interior FY 2018 consolidation and FX effects 1 Sales (mn €) EBITDA margin Adj. EBIT margin › EBITDA increased €249.2 mn to €1,389.2 mn (+21.9%) 9,305 9,707 8,325 › Adj. EBIT1 increased €86.4 mn to €899.1 mn (adj. EBIT1
Slide 49: Rubber Group Financials – Tires
6) Back-up Rubber Group Financials – Tires › Sales increased 3.1% before Tires FY 2018 consolidation and FX effects 1 Sales (mn €) EBITDA margin Adj. EBIT margin › EBITDA decreased €253.5 mn to 11,326 11,352 10,717 €2,495.2 mn (-9.2%) › Adj. EBIT1 decreased €246.8 mn to €1,900.0 mn (adj. EBIT1 margi
Slide 50: Rubber Group Financials – ContiTech
6) Back-up Rubber Group Financials – ContiTech › Sales increased 3.2% before ContiTech FY 2018 consolidation and FX effects 1 Sales (mn €) EBITDA margin Adj. EBIT margin › EBITDA decreased €49.5 mn to €701.4 mn (-6.6%) › Adj. EBIT1 decreased €67.0 mn to €472.8 mn 6,246 6,345 (adj. EBIT1 margin 7.6%)
Slide 51: Fact Sheets 2016 – 2018
Fact Sheets 2016 – 2018 Preliminary FY 2018 Results - March 7, 2019 EDMR - Equity and Debt Market Relations 51
Slide 52: Sales by Quarter
6) Fact Sheets Sales by Quarter 2016 2017 2018 Sales (€ mn) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Chassis & Safety 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 9,767.8 2,511.2 2,455.2 2,247.6 2,374.0 9,588.0 Powertrain 1,813.5 1,841.5 1,775.4 1,889.1 7,319.5 2
Slide 53: EBITDA by Quarter
6) Fact Sheets EBITDA by Quarter 2016 2017 2018 EBITDA (€ mn) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Chassis & Safety 302.8 312.0 -14.4 354.2 954.6 336.9 326.9 300.3 337.5 1,301.6 356.8 324.6 219.7 312.2 1,213.3 Powertrain 158.8 201.8 175.5 220.1 756.2 213.9 214.4 187.4 239.1 854.8 207.3
Slide 54: EBIT by Quarter
6) Fact Sheets EBIT by Quarter 2016 2017 2018 EBIT (€ mn) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Chassis & Safety 213.2 220.3 -107.4 254.7 580.8 238.9 227.4 200.0 231.4 897.7 252.9 218.2 110.6 200.8 782.5 Powertrain 66.5 108.8 80.3 122.4 378.0 117.1 114.1 83.1 125.6 439.9 99.4 110.7 -87.
Slide 55: Adjusted EBIT by Quarter
6) Fact Sheets Adjusted EBIT1 by Quarter 2017 2018 Adj. EBIT ¹ (€ mn) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Chassis & Safety 238.9 227.4 199.8 232.0 898.1 252.9 218.2 112.1 201.7 784.9 Powertrain 121.1 118.5 91.3 139.0 469.9 107.7 114.7 -68.0 47.9 202.3 Interior 197.3 207.7 200.3 207.4 812.7 202.1 228.0
Slide 56: Consolidated Statement of Income
6) Fact Sheets Consolidated Statement of Income1 2018 2017 2016 2018 2017 2016 (€ mn) Q4 Q4 Q4 Sales 44,404.4 44,009.5 40,549.5 11,230.1 11,283.9 10,524.0 Cost of sales -33,299.5 -32,635.0 -29,783.0 -8,472.2 -8,348.4 -7,764.7 Gross margin on sales 11,104.9 11,374.5 10,766.5 2,757.9 2,935.5 2,759.3 R
Slide 57: Consolidated Statement of Financial Position – Assets
6) Fact Sheets Consolidated Statement of Financial Position – Assets1 (€ mn) Dec. 31, 2018 Dec. 31, 2017 Goodwill 7,233.4 7,010.1 Other intangible assets 1,566.3 1,607.3 Property, plant and equipment 12,375.5 11,202.1 Investment property 12.0 10.5 Investments in equity-accounted investees 644.9 414.
Slide 58: Consolidated Statement of Financial Position – Total Equity and Liabilities
6) Fact Sheets Consolidated Statement of Financial Position – Total Equity and Liabilities1 (€ mn) Dec. 31, 2018 Dec. 31, 2017 Subscribed capital 512.0 512.0 Capital reserves 4,155.6 4,155.6 Retained earnings 15,697.2 13,669.3 Other comprehensive income -2,514.4 -2,508.5 Equity attributable to the s
Slide 59: Consolidated Statement of Cash Flows
6) Fact Sheets Consolidated Statement of Cash Flows (€ mn) 2018 2017 Net income 2,958.3 3,048.3 Income tax expense 891.6 1,227.5 Financial result 177.8 285.7 EBIT 4,027.7 4,561.5 Interest paid -115.5 -131.5 Interest received 36.7 26.1 Income tax paid -860.8 -1,122.1 Dividends received 45.0 40.7 Depr
Slide 60: FY 2018 Results Reported and Adjusted – by Division
6) Fact Sheets FY 2018 Results Reported and Adjusted (€ mn) – by Division Chassis & Safety Interior Powertrain Tires ContiTech Cons./Corr. Corporation 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 Sales 9,767.8 9,588.0 9,305.2 9,707.2 7,660.9 7,741.0 11,325.8 11,352.2 6,246.4
Slide 61: FY 2018 Results Reported and Adjusted – by Group
6) Fact Sheets FY 2018 Results Reported and Adjusted (€ mn) – by Group Q4 2017/2018 FY 2017/2018 Automotive Rubber Cons./Corr. Corporation Automotive Rubber Cons./Corr. Corporation 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 Sales 6,805.7 6,652.4 4,491.4 4,591.3 -
Slide 62: Continental's Credit Rating
6) Fact Sheets Continental’s Credit Rating S&P, Fitch / Moody’s Standard & Poor’s1 Moody’s2 Fitch3 BBB+ / Baa1 Investment Grade BBB / Baa2 BBB- / Baa3 BB+ / Ba1 Non-Investment BB / Ba2 Grade BB- / Ba3 Before B+ / B1 Siemens VDO B / B2 1 Contracted rating since May 19, 2000 2 Non-contracted rating si
Slide 63: References Useful Links
References Useful Links Continental Investor Relations website www.continental-ir.com Annual and interim reports www.continental-corporation.com/en/investors/reports 2018 Fact Book (Investor presentation) www.continental-corporation.com/en/investors/reports Investor Relations www.continental-corpora