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Continental: Q3 Results To Meet Analyst View; To Recognize Non-cash Impairments

Continental AG (CTTAY.PK) said preliminary key data indicate that the results of the third quarter of 2019 meet current analyst expectations. Consolidated sales were approximately 11.1 billion euros and the adjusted EBIT margin was approximately 5.6 percent. Automotive Group sales were approximately 6.6 billion euros and the adjusted EBIT margin was approximately 1.6 percent.

Continental AG noted that the company will recognize impairments of approximately 2.5 billion euros in the third quarter of 2019. These impairments and expenses will result in a negative value for reported EBIT in the third quarter of 2019. This will also
result in a negative value for net income attributable to shareholders for the third quarter of 2019 and for fiscal 2019.

Continental expects the projected impairments and expenses will not have a material influence on the setting of the dividend for fiscal 2019.

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