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Continental AG Withdraws Guidance - Quick Facts

Continental AG (CTTAY.PK) said, due to business impacts from COVID-19 Pandemic, the company's Executive Board has decided to withdraw the outlook for fiscal 2020. Over 40 percent of Continental's production locations worldwide have temporarily ceased activities.

For the first quarter of fiscal 2020, based on the most recent preliminary key data, Continental AG expects consolidated sales of around 9.4 billion euros to 9.8 billion euros, and an adjusted EBIT margin of around 2% to 3%. In the Automotive divisions, sales are expected to be around 5.7 billion euros to 5.9 billion euros.

Continental AG said the company is implementing numerous measures to adapt costs and reduce demands on liquidity. This includes actions to adjust working times as well as wage and salary costs.

As at February 29, 2020, the company had cash and cash equivalents of around 2.3 billion euros and committed unused credit lines of around 4.6 billion euros.

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