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Continental Aktiengesellschaft Annual Report 2000

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Continental Aktiengesellschaft Annual Report 2000 Conti Titel 2000 engl 30.03.2001 16:03 Uhr Seite 1 Continental Aktiengesellschaft Annual Report 2000 High We Continental Aktiengesellschaft P.O. Box 169 30001 Hannover Germany Telephone +49 (0) 5 11 9 38-01 Telefax +49 (0) 5 11 9 38-27 66 Email: [email protected] www.conti-online.com Company address: Vahrenwalder Strasse 9 D-30165 Hanover Germany Conti Titel 2000 engl 30.03.2001 16:04 Uhr Seite 1 Annual Report 2000 Continental is one of t partners in the automotive industr expertise can be seen in the coord systems and chassis; an integrate improves driving safety. A compac is traveling at 100 km/h can now c 30 meters. Continental Corporation at a Glanc Amounts in millions of € 199 Sales 5,333. Earnings before Continental Aktiengesellschaft Annual Report 2000 interest and taxes 268. Consolidated net income 98. Dividend 29. Cash flow 416. Debt ratio 2. Capital expenditures on property, plant and equipment 282. High Performance Depreciation, amortization and writedowns 2) 311. Shareholders’ equity 951. We make individual mobility safer and more comfortable Equity ratio in % 27. Employees at year-end 3) 44,76 Share price (high) in € 14.6 Share price (low) in € 10.4 1) subject to the approval of the Annual Sharehold 2) excluding writedowns of investments 3) excluding trainees The consolidated financial statements for 1998, 199 and those for 1996 and 1997 in accordance with th Conti Titel 2000 engl 30.03.2001 16:04 Uhr Seite 1 Continental is one of the most innovative partners in the automotive industry. Its unique systems and technology expertise can be seen in the coordinated development of tires, brake systems and chassis; an integrated approach to all these systems improves driving safety. A compact car modified by Continental that is traveling at 100 km/h can now come to a complete stop within 30 meters. Continental Corporation at a Glance Amounts in millions of € 1996 1997 1998 1999 2000 Sales 5,333.1 5,719.4 6,743.2 9,132.2 10,115.0 Earnings before interest and taxes 268.0 320.4 380.3 511.3 432.4 Consolidated net income 98.4 164.5 138.2 234.7 204.7 Dividend 29.0 41.0 47.0 58.8 64.11) Cash flow 416.5 490.9 567.0 849.7 866.3 Debt ratio 2.0 0.6 3.4 2.0 2.3 Capital expenditures on property, plant and equipment 282.0 282.6 416.3 581.5 682.8 e Depreciation, amortization and writedowns 2) 311.5 306.8 395.7 576.5 654.7 Shareholders’ equity 951.2 1,381.8 1,329.1 1,760.6 1,844.1 Equity ratio in % 27.8 35.3 19.6 23.8 24.2 Employees at year-end 3) 44,767 44,797 62,357 62,155 63,832 Share price (high) in € 14.60 25.95 31.85 26.95 20.94 Share price (low) in € 10.40 14.11 16.75 17.99 15.85 1) subject to the approval of the Annual Shareholders’ Meeting on May 23, 2001 2) excluding writedowns of investments 3) excluding trainees The consolidated financial statements for 1998, 1999 and 2000 were prepared in accordance with US GAAP, and those for 1996 and 1997 in accordance with the German Commercial Code (HGB). Conti Titel 2000 engl 30.03.2001 16:05 Uhr Seite 2 Continental Tires Continental Automotive Systems ContiTech Continental Automotive Systems Division Sales EBIT 3,023 100.4 2,544 58.7 99 00 99 00 Passenger Tire Division Sales EBIT 2,547 2,639 270.4 177.4 99 00 99 00 Commercial Vehicle Tire Division Tires for Axle modules, corner modules Power transmission systems passenger cars Anti-lock braking systems (ABS) Gasoline injection Sales EBIT Run-flat systems Traction control systems (TCS) diaphragms 976 47.8 “Intelligent tire” Electronic stability programs (ESP) Engine and suspension 879 Tires for Electromechanical brake mounts 35.6 commercial vehicles Electrohydraulic brake Brake and steering Industrial tires Brake actuation components Agricultural tires Foundation brakes Air spring components Motorbike tires Sensors and systems 99 00 99 00 Bike tires Integrated starter alternator Weatherseals and damper (ISAD) guide strips Continental Tire North America Division Air suspension and ride control Fluid technology Sales EBIT systems Vehicle interiors Tire pressure monitoring 1,763 73.8 Adaptive cruise control (ACC) 1,494 11.5 99 00 99 00 ContiTech Division Sales EBIT 1,716 1,787 129.8 138.6 99 00 99 00 Conti Titel 2000 engl 30.03.2001 16:05 Uhr Seite 2 Report on 2000, the Company’s 129th Fiscal Year Continental Automotive Systems Division 1 Letter to Our Shareholders Sales EBIT 4 The Fiscal Year at a Glance 8 Continental’s shares 3,023 100.4 2,544 10 Outlook 12 The Divisions 58.7 32 Our Employees 34 eBusiness 36 Quality and Environment 99 00 99 00 38 The 30-Meter-Car Passenger Tire Division Consolidated Financial Statements Sales EBIT 41 Analysis of Financial Condition 48 Consolidated Statements of Income 2,547 2,639 270.4 49 Consolidated Balance Sheets 177.4 50 Consolidated Statements of Cash Flow 51 Statements of Changes in Consolidated Shareholders’ Equity 99 00 99 00 52 Statements of Changes in Commercial Vehicle Tire Division ystems Consolidated Fixed Assets Sales EBIT and Investments 54 Notes to the Consolidated 976 47.8 on 879 Financial Statements 35.6 58 Notes to the Consolidated Statements of Income 60 Notes to the Consolidated s Balance Sheets 99 00 99 00 70 Other Disclosures Continental Tire North America Division 75 Significant Consolidated Companies 76 Report of the Supervisory Board Sales EBIT 78 Members of the Supervisory Board 1,763 73.8 80 Members of the Executive Board 1,494 81 Selected Financial Terms 84 Continental Corporation 11.5 Ten-Year Survey 99 00 99 00 ContiTech Division Sales EBIT 1,716 1,787 129.8 138.6 99 00 99 00 Conti Titel 2000 engl 30.03.2001 16:06 Uhr Seite 2 pany’s INFORMATION Continental AG’s annual financial state- ments, which were prepared in accordance with German accounting provisions and issued with an unqualified audit certificate by KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungs- gesellschaft, will be published in the Bundesanzeiger (Federal Gazette) and entered in the commercial register of Hanover Local Court. This Annual Report is also available published in German. A shorter version is obtainable in German and English as well. ents The financial statements of Continental Aktiengesellschaft are available in English and German. ome This information can be obtained from: Continental AG Corporate Communications P.O. Box 169 Equity 30001 Hanover Germany Tel. +49 (0)511/938-1146 Fax +49 (0)511/938-1055 e-mail: [email protected] Information about Continental is also available on the Internet under: www.conti-online.com Published by: Continental Aktiengesellschaft Corporate Communications, anies Hanover, Germany d ard Designed and produced by: Charles Barker GmbH d Frankfurt am Main, Germany Photos: Manfred Zimmermann, Hanover, Germany S&W Fotostudios, Hanover, Germany Printed by: Druckerei Josef Grütter GmbH & Co KG, Hanover, Germany This report was printed using CONTI AIR® printing blankets and paper produced from chlorine-free pulp. Conti Innen 2000 engl 30.03.2001 16:01 Uhr Seite 1 Stephan Kessel, Chairman of the Executive Board Dear Shareholders, 2000 was a mixed year for the Divisions within the Conti- nental Corporation. We achieved our goal of increasing overall sales to € 10 billion with all Divisions contributing to this result. However, in some areas we were unable to realize the earnings growth anticipated at the beginning of the year. Our strat- egy of positioning ourselves as a systems provider was once again validated. While Continental Automotive Systems and ContiTech recorded gratifying increases in earnings, our tire activities faced substantial raw materials price increases and considerable price pressure, and as a result were unable to meet our expectations. In addition, Conti- nental Tire North America (formerly Continental General Tire) suffered from the strength of the US Dollar and Mexi- can Peso. Nevertheless, the price pressures within the tire markets did not adversely affect our market share, and, we were, in fact, able to maintain our position. Integration of Core Business Units “We make individual mobility safer and more comfortable” is the first statement of our vision heading our corporate guidelines. Our “Reduced Stopping Distance” project, also known as the “30 meter car”, represents a huge step towards turning this vision into reality. In December 2000, we presented customers, journalists and analysts a modi- fied compact car that has the ability to come to a stop a mere 30 meters after the brakes are applied at a speed of 100 km/h. The comparable distance for series-production vehicles is approximately 38 meters. We specifically chose a medium-range compact car as our demonstration model Conti Innen 2000 engl 30.03.2001 16:01 Uhr Seite 2 Konzernbereich Pkw-Reifen because of the prevalence of this type of vehicle on the our company. To achieve this goal, we built a new facility market. As these are the most frequently sold cars, they near Detroit in the vicinity of North American vehicle could have an enormous effect on road traffic safety. manufacturers. This building houses not only marketing and administration but also a technology center for Continental’s test vehicle differs from series production cars research and development and a workshop for vehicle through the interaction of its tires, brakes and chassis prototypes. components, and additionally it is fitted with the sidewall torsion sensor (SWT).
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