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Reviews car supplier: Chip crisis and delivery problems: Continental lowers winning forecast clearly

22:55  22 october  2021
22:55  22 october  2021 Source:   handelsblatt.com

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The car supplier must reduce its outlook. Continental expects losses and margins for the current year.

Chipmangel und Probleme in der Lieferkette setzen den Dax-Konzern unter Druck. © dpa Chip deficiency and problems in the supply chain put pressure on the DAX Group.

It was only a matter of time until Continental would be captain his profit goals for the current year. According to the suppliers Hella, Faurecia, Aptiv and Magna, the DAX Group must also tribute the chip deficiency and brittle supply chains. Instead of up to 34.5 billion euros, Conti now expects sales of 32.5 to 33.5 billion euros. This was announced by of the DAX concerture at the early Friday afternoon by compulsory message.

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The chip crisis and lack of material also affect the profit from . The adjusted operating profit margin is estimated for the full year between 5.2 and 5.6 percent. Originally, Conti had expected 6.5 to seven percent.

, above all, the company is responsible for the market figures falling as a result of the chip crisis for the profit warning. At the beginning of the year, the industry was based on the corona year from a significant recovery of worldwide car sales figures. Up to ten percent more cars had to be produced 2021. Instead, in the worst case, Conti even expects a sales minus from one percent compared to the previous year.

, especially the third quarter ran badly for the supplier industry. Conti shows a free cash flow from just twelve million euros for this period. In the same period of the previous year, there were still just under 1.8 billion euros. The share after the profit warning was almost the entire day win, but then recovered quite fast and recently recalled more than three percent in the plus.

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"The negative effects of the cost increase for important supplies, including electronics and electromechanical components for automotive technologies, raw materials for Rubber Technologies and Energie and Logistics significantly reinforce themselves," it said in the communication of the Group.

Faint result in the core business

The DAX Group must accept significantly higher logistics costs for the delivery of chips alone. Because the part are flown in part by plane, the company expects only this year with an additional effort of around 200 million euros. On the other hand, Conti reduces its expenditure on research and development in the field of automated driving of up to 200 to 100 to 150 million euros.

This ensures management the free cash flow, which is significantly lower this year than originally targeted. Instead of 1.1 to 1.5 billion euros Conti goes out in the worst case of only 800 million euros and at best of 1.2 billion euros.

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Especially bitter is likely to be the result of the automotive division for Continental Chief Nikolai Setzer. In it, the company bundles its core business with autocomponents, sensors and software. This year, the division will be retracted with a minus of two to 2.5 percent higher losses than in the Corona Fiscal Year 2020. This shows that the chip crisis makes more of the supplier than the Coronabended factory closures a year ago.

The tire and industrial sectors, on the other hand, rescues the total balance of Continental. Sales and profit should only be just under the prognosis. Compared with the previous year, the company even expects a higher EBIT margin of up to 12.7 percent - and although the increased cost of rubber costs, for example, with an additional burden of 550 million euros in the balance sheet.

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