Continental AG (CTTAY.PK), an automotive industry supplier, Thursday reported a net loss for fiscal year 2008, hurt by adverse market environment and a EUR 1.23 billion goodwill impairment.
The Hanover-based company reported net loss attributable to shareholders of the parent of EUR 1.124 billion or EUR 6.84 per share for fiscal 2008, compared to net profit attributable to shareholders of the parent of EUR 1.021 billion or EUR 6.79 per share reported last year.
Prior to amortization of intangible assets from PPA, depreciation of tangible assets from PPA and goodwill impairment, the earnings per share amounted to EUR 3.16.
Consolidated sales increased 45.8% to EUR 24.239 billion from EUR 16.619 billion a year ago, primarily due to the acquisition of Siemens VDO.
The company noted that the increase in raw material prices had a negative impact of about EUR 325 million on the corporation in 2008, compared to the average prices for 2007.
Net indebtedness decreased to EUR 10.484 billion from EUR 10.856 billion. Compared to 2007, the company's workforce decreased by 12,499 employees to 139,155.
The company said there would be no proposal of a payment of a dividend for fiscal 2008 at the Annual Shareholders' Meeting, as Continental AG as parent company of the Continental Corp. is reporting a net loss for the year.
Moving ahead, the company anticipates that it will be able to generate substantial free cash flow in 2009. The company said its top priority is to continue reducing the corporation's net indebtedness.
CTTAY.PK closed the regular trade last on February 12 at $19.50, flat with the previous close.
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