HANOVER (dpa-AFX) - Automotive supplier and tire manufacturer Continental (CTTAY.PK) said it expects to achieve its 2022 consolidated sales and adjusted margin outlook, despite the unsatisfactory cash flow situation as at the reporting date.
The Continental Group's preliminary consolidated sales were around 10.3 billion euros in the fourth quarter and about 39.4 billion euros for fiscal 2022 compared to annual outlook of around 38.3 billion euros to 40.1 billion euros.
Adjusted EBIT margin is expected to be around 4.8% in the fourth quarter and around 5.0% for fiscal 2022 compared to annual outlook of around 4.7% to 5.7%.
Adjusted free cash flow for the Continental Group is expected to be around 1.6 billion euros in the fourth quarter and around 200 million euros for the year, compared to annual outlook of around 600 million euros to 800 million euros. The main reason for the negative deviation is the lower-than-expected cash inflow, resulting in a correspondingly high level of receivables in the Continental Group. Another reason is the lower-than-expected earnings in the ContiTech group sector.
The company said it will publish preliminary financial results for fiscal 2022 on March 8, 2023 and its annual report on March 22, 2023.
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