Automobilzulieferer zieht zum Jahrestag eine positive Zwischenbilanz:
International weiter gestiegenes Interesse bei Anlegern – Aktienumsatz ist gewachsen – Prognose für 2004 bestätigt
Continental´s shares profited noticeably from return to DAX
Automotive parts supplier comes to a positive assessment on first anniversary: Interest amongst international investors continues to grow - Trading volume has risen - Forecast for 2004 confirmed
Hannover/Frankfurt, September 22, 2004. One year after returning to the DAX, Continental AG has come to a positive assessment of its membership in the top segment of the German stock market. "The company has profited noticeably from its return to the DAX ," said the chairman of the Continental Executive Board Manfred Wennemer on Wednesday at the IAA Commercial Vehicle Show in Hannover.
"In addition to our key financial indicators, the fact that European and US investors have become more aware of Continental´s successful business model has undoubtedly contributed to the rise in the share price by more than 80 percent since September 22, 2003. This has been confirmed by the substantial increase in demand from internationally renowned investors with medium- and long-term investment strategies following our talks with them," explains Wennemer. "In view of this interest, Dr. Alan Hippe, our Executive Board member responsible for finance, and his team have once again stepped up the number of talks with investors, perspective investors and of course also analysts compared with last year," he emphasized.
Wennemer pointed out that Continental has edged its way up to the 19th place on the stock market with a market capitalization of more than €5.6 billion at the end of August. With a trading volume of more than €8.6 billion from the first part of September 2003 to the end of August 2004, the Continental share is one of the 25 most highly-traded German stocks.
"We assume that the interest in our company will continue in view of the growth strategy based upon sustainable creation of value," said the chairman of the Continental Executive Board. He cited a few examples, such as the planned takeover of Phoenix, for which a decision is expected from the EU commission in October, as well as the projected entry into the Chinese tire market. The day before, the international automotive supplier had announced the signing of a memorandum of understanding with Qingdao Doublestar Tire Industrial Co., Ltd, Qingdao, expressing both companies´ intention to found a joint venture in spring 2005.
Wennemer reaffirmed the forecast that, in the current business year 2004 Continental would outperform its previous year´s operating result - despite the charge due to the restructuring at its Mayfield passenger tire plant in the US: "The figures from July and August confirm that we are on the way to reaching our goal despite the fact that the global automotive economy continues to have its ups and downs".
The Continental Corporation is a leading supplier of brake systems, chassis components, vehicle electronics, tires and technical elastomers. In 2003 the corporation realized sales of €11.5 billion. At present it has a worldwide workforce of about 73,000.
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