Obligation Continenta 3.125% ( XS0969344083 ) en EUR

Continenta

100 % ▼

Allemagne

XS0969344083 ( en EUR )

3.125% par an ( paiement annuel )

08/09/2020 - Obligation échue

Prospectus brochure de l'obligation Continental XS0969344083 en EUR 3.125%, échue

1 000 EUR

750 000 000 EUR

Continental est un important fournisseur mondial de technologies automobiles et de pneus, actif dans les domaines de la mobilité durable, de la sécurité et de l'automatisation.

L'Obligation émise par Continenta ( Allemagne ) , en EUR, avec le code ISIN XS0969344083, paye un coupon de 3.125% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 08/09/2020

Base Prospectus
Dated May 3, 2019

This document constitutes three base prospectuses for the purpose of article 5 (4) of Directive 2003/71/EC, as amended or
superseded from time to time: (i) the base prospectus of Continental Aktiengesellschaft in respect of non-equity securities
within the meaning of Art. 22 No. 6(4) of the Commission Regulation (EC) No.809/2004 of April 29, 2004, as amended
(Non-Equity Securities), (ii) the base prospectus of Conti-Gummi Finance B.V. in respect of Non-Equity Securities and
(iii) the base prospectus of Continental Rubber of America, Corp. in respect of Non-Equity Securities (together, the
Prospectus).

Continental Aktiengesellschaft
(Hanover, Federal Republic of Germany)
as Issuer and, in respect of Notes issued by
Conti-Gummi Finance B.V. and Continental Rubber of America, Corp., as Guarantor

Conti-Gummi Finance B.V.
(Maastricht, The Netherlands)
as Issuer

Continental Rubber of America, Corp.
(Wilmington, Delaware, United States of America)
as Issuer

EUR 7,500,000,000
Debt Issuance Programme
(the Programme)
Application has been made to the Luxembourg Commission de Surveillance du Secteur Financier (the CSSF), which is the
Luxembourg competent authority for the purposes of the Luxembourg act relating to prospectuses for securities dated July
10, 2005, as amended (Loi du 10 juillet 2005 relative aux prospectus pour valeurs mobilières) (the Prospectus Act) which
implements Directive 2003/71/EC, as amended or superseded from time to time (the Prospectus Directive) into
Luxembourg law, for its approval of this Prospectus.
Application has been made to list notes issued under the Programme (the Notes) on the official list of the Luxembourg
Stock Exchange and to admit Notes to trading on the regulated market of the Luxembourg Stock Exchange. However,
Notes may also be issued under the Programme which are listed on a stock exchange other than the Luxembourg Stock
Exchange or which are not listed on any stock exchange.
Each Issuer has requested the CSSF in its capacity as competent authority under the Prospectus Act to provide the
competent authorities in the Federal Republic of Germany and The Netherlands with a certificate of approval attesting that
the Prospectus has been drawn up in accordance with the Prospectus Act (Notification). Each Issuer may request the CSSF
to provide competent authorities in additional Member States within the European Economic Area with a Notification.
Arranger
Deutsche Bank
Dealers
BNP PARIBAS
BofA Merrill Lynch
Citigroup
Commerzbank
Crédit Agricole CIB
Deutsche Bank
DZ BANK AG
HSBC
ING
J.P. Morgan
Landesbank Baden-Württemberg
Landesbank Hessen-Thüringen Girozentrale
Mizuho Securities
NatWest Markets
SEB
Standard Chartered Bank AG
UniCredit Bank

This Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu)
as well as on the website of Continental (www.continental-corporation.com). This Prospectus replaces the Prospectus dated
May 4, 2018 pertaining to the Programme. This Prospectus is valid for a period of twelve months from its date of approval.

RESPONSIBILITY STATEMENT
Continental Aktiengesellschaft (Continental AG or the Guarantor, together with its consolidated group companies,
Continental, Continental Group or the Group) with its registered office in Hanover, Federal Republic of Germany,
Conti-Gummi Finance B.V. (Conti-Gummi Finance or CGF) with its registered office in Maastricht, The
Netherlands and Continental Rubber of America, Corp. with its registered office in Wilmington, Delaware, USA
(Continental Rubber of America or CRoA) (each an Issuer and together the Issuers) accept responsibility for the
information given in this Prospectus.
Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information
contained in this Prospectus for which it is responsible is, to the best of its knowledge, in accordance with the facts
and contains no omission likely to affect its import.
By approving this Prospectus, the CSSF gives no undertaking as to the economic and financial soundness of the
transactions under the Programme and the quality or solvency of the Issuers in line with the provisions of article 7(7)
of the Prospectus Act.
This Prospectus should be read and understood in conjunction with any supplement hereto and with any other
documents incorporated herein by reference and, in relation to any tranche of Notes (each a Tranche), together with
the relevant final terms (the Final Terms). Full information on the Issuers and any Tranche is only available on the
basis of the combination of the Prospectus and the relevant Final Terms.
NOTICE
Each Issuer has confirmed to the Dealers (as defined herein) that this Prospectus contains all information with regard
to the Issuers, the Guarantor and the Notes which is material in the context of the Programme and the issue and
offering of Notes thereunder; that the information contained herein with respect to the Issuers, the Guarantor and the
Notes is accurate and complete in all material respects and is not misleading; that any opinions and intentions
expressed herein are honestly held and based on reasonable assumptions; that there are no other facts with respect to
the Issuers, the Guarantor or the Notes, the omission of which would make this Prospectus as a whole or any of such
information or the expression of any such opinions or intentions misleading; that the Issuers have made all
reasonable enquiries to ascertain all facts material for the purposes aforesaid.
This Prospectus is valid for 12 months following its date of approval and this Prospectus and any supplement hereto
as well as any Final Terms reflect the status as of their respective dates of issue. The delivery of this Prospectus, any
supplement thereto, or any Final Terms and the offering, sale or delivery of any Notes may not be taken as an
implication that the information contained in such documents is accurate and complete subsequent to their respective
dates of issue or that there has been no adverse change in the financial situation of the Issuers or the Guarantor since
such date or that any other information supplied in connection with the Programme is accurate at any time
subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same.
Each Issuer has undertaken with the Dealers to supplement this Prospectus in accordance with Article 13 of the
Prospectus Act or publish a new prospectus in the event of any significant new factor, material mistake or inaccuracy
relating to the information included in this Prospectus in respect of Notes issued on the basis of this Prospectus
which is capable of affecting the assessment of the Notes and which arises or is noted between the time when this
Prospectus has been approved and the closing of any tranche of Notes offered to the public or, as the case may be,
when trading of any tranche of Notes on a regulated market begins in respect of Notes issued on the basis of this
Prospectus.
No person has been authorised to give any information which is not contained in or not consistent with this
Prospectus or any other document entered into in relation to the Programme or any information supplied by any
Issuer or any other information in the public domain and, if given or made, such information must not be relied upon
as having been authorised by the Issuers, the Dealers or any of them.
Neither the Arranger nor any Dealer nor any other person mentioned in this Prospectus, excluding the Issuers, is
responsible for the information contained in this Prospectus or any supplement hereto, or any Final Terms or any
document incorporated herein by reference, and accordingly, and to the extent permitted by the laws of any relevant
2

jurisdiction, none of these persons accepts any responsibility for the accuracy and completeness of the information
contained in any of these documents.
The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final Terms come are
required to inform themselves about and observe any such restrictions. For a description of the restrictions applicable
in the United States of America (United States or USA), the European Economic Area in general, the United
Kingdom, The Netherlands, Luxembourg and Japan see "Selling Restrictions". In particular, the Notes have not been
and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act), and include notes
in bearer form that are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered,
sold or delivered in, into nor within the USA or to U.S. persons.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET Solely for the purposes of the product approval
process conducted by any Dealer who is a manufacturer with respect to the Notes for the purposes of the MiFID II
Product Governance rules under EU Delegated Directive 2017/593 (each a manufacturer), the Final Terms in
respect of any Notes will include a legend entitled "MiFID II Product Governance" which will outline the target
market assessment in respect of the Notes and which channels for distribution of the Notes are appropriate. Any
person subsequently offering, selling or recommending the Notes (a distributor) should take into consideration the
target market assessment; however, a distributor subject to Directive 2014/65/EU (as amended, MiFID II) is
responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining
the target market assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID II Product
Governance rules under EU Delegated Directive 2017/593 (the MiFID II Product Governance Rules), any Dealer
subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger nor the
Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MiFID II Product
Governance Rules. None of Continental AG, Conti-Gummi Finance and Continental Rubber of America is a
manufacturer or distributor for the purposes of the MiFID II Product Governance Rules.
PRIIPs / IMPORTANT EEA RETAIL INVESTORS If the Final Terms in respect of any Notes include a
legend entitled "Prohibition of Sales to Retail Investors in the EEA", the relevant Notes are not intended to be
offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail
investor in the European Economic Area (EEA). For these purposes, a retail investor means a person who is one (or
more) of: (i) a retail client as defined in MiFID II or (ii) a customer within the meaning of Directive 2002/92/EC (as
amended or superseded, the Insurance Mediation Directive), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in
the Prospectus Directive. If the above mentioned legend is included in the relevant Final Terms, no key information
document required by Regulation (EU) No 1286/2014 (as amended the PRIIPs Regulation) for offering or selling
the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering
or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the
PRIIPs Regulation.
The language of the Prospectus is English. Any part of this Prospectus in the German language constitutes a
translation. In respect of the issue of any Tranche of Notes under the Programme, the German text of the Terms and
Conditions may be controlling and binding if so specified in the relevant Final Terms. In respect of the German law
governed Guarantee (including the negative pledge contained therein) the German language version is always
controlling and binding.
This Prospectus may only be used for the purpose for which it has been published.
This Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by anyone in
any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to
make such an offer or solicitation.
This Prospectus, any supplement thereto and any Final Terms do not constitute an offer or an invitation to
subscribe for or purchase any Notes.
IN CONNECTION WITH THE ISSUE OF ANY TRANCHE OF NOTES UNDER THE PROGRAMME,
THE DEALER OR DEALERS (IF ANY) NAMED AS STABILISATION MANAGER(S) IN THE
APPLICABLE FINAL TERMS (OR PERSONS ACTING ON BEHALF OF A STABILISATION
MANAGER) MAY OVER-ALLOT NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO
SUPPORTING THE MARKET PRICE OF THE NOTES AT A HIGHER LEVEL THAN THAT WHICH
3

MIGHT OTHERWISE PREVAIL. HOWEVER, STABILISATION MAY NOT NECESSARILY OCCUR.
ANY STABILISATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE
PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE RELEVANT TRANCHE OF NOTES
IS MADE AND, IF BEGUN, MAY CEASE AT ANY TIME, BUT IT MUST END NO LATER THAN THE
EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE RELEVANT TRANCHE OF NOTES AND 60
DAYS AFTER THE DATE OF THE ALLOTMENT OF THE RELEVANT TRANCHE OF NOTES. ANY
STABILISATION ACTION OR OVER-ALLOTMENT MUST BE CONDUCTED BY THE RELEVANT
STABILISATION MANAGER(S) (OR PERSON(S) ACTING ON BEHALF OF ANY STABILISATION
MANAGER(S)) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.
ANY U.S. PERSON WHO HOLDS AN OBLIGATION UNDER THIS PROGRAMME THAT IS TREATED
AS IN BEARER FORM FOR U.S. FEDERAL INCOME TAX PURPOSES WILL BE SUBJECT TO
LIMITATIONS UNDER THE U.S. INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED
IN CLAUSES 165(j) AND 1287(a) OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED.

BENCHMARKS REGULATION - STATEMENT IN RELATION TO ADMINISTRATOR'S
REGISTRATION The Final Terms in respect of any Notes offered on the basis of this Prospectus may specify
that interest amounts payable under the relevant Notes may be calculated by reference to the Euro Interbank Offered
Rate (EURIBOR), which as at the date of this Prospectus is provided by European Money Markets Institute (EMMI),
or the London Interbank Offered Rate (LIBOR), which as at the date of this Prospectus is provided by ICE
Benchmark Administration Limited (IBA). As at the date of this Prospectus, IBA appears whereas EMMI does not
appear on the register of administrators and benchmarks established and maintained by the European Securities and
Markets Authority (ESMA) pursuant to article 36 of Regulation (EU) 2016/1011 (the Benchmarks Regulation). As
far as the Issuers are aware, the transitional provisions in Article 51 of the Benchmarks Regulation apply, such that
EMMI is not currently required, or may not be required at the date of the relevant Final Terms, to obtain
authorisation or registration (or, if located outside the European Union, recognition, endorsement or equivalence).
The registration status of any administrator under the Benchmarks Regulation is a matter of public record and save
where required by applicable law the Issuers do not intend to include in the relevant Final Terms any information on
the registration status of any administrator.
In this Prospectus, all references to , EUR or euro are to the currency introduced at the start of the third stage of the
European economic and monetary union, and defined in Article 2 of Council Regulation (EC) No 974/98 of May 3,
1998, on the introduction of the euro, as amended.
Tranches of Notes may be rated or unrated. Where a Tranche of Notes is rated, such rating and the respective rating
agency will be specified in the relevant Final Terms. A rating is not a recommendation to buy, sell or hold Notes and
may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency.
To the extent not otherwise indicated, the information contained in this Prospectus on the market environment,
market developments, growth rates, market trends and competition in the markets in which the Issuers operate is
taken from publicly available sources, including, but not limited to, third-party studies or the Issuers' own estimates
that are also primarily based on data or figures from publicly available sources. The information from third-party
sources that is cited here has been reproduced accurately. As far as the Issuers are aware and are able to ascertain
from information published by such third-party, no facts have been omitted which would render the reproduced
information published inaccurate or misleading.
This Prospectus also contains estimates of market data and information derived from these estimates that would not
be available from publications issued by market research firms or from any other independent sources. This
information is based on the Issuers' internal estimates and, as such, may differ from the estimates made by the
Issuers' competitors or from data collected in the future by market research firms or other independent sources. To
the extent the Issuers derived or summarized the market information contained in this Prospectus from a number of
different studies, an individual study is not cited unless the respective information can be taken from it directly.
The Issuers have not independently verified the market data and other information on which third parties have based
their studies or the external sources on which the Issuers' own estimates are based. Therefore, the Issuers assume no
responsibility for the accuracy of the information on the market environment, market developments, growth rates,
market trends and competitive situation presented in this Prospectus from third-party studies or the accuracy of the
information on which the Issuers' own estimates are based. Any statements regarding the market environment,
market developments, growth rates, market trends and competitive situation presented in this Prospectus regarding
4

Continental Group and its operating divisions contained in this Prospectus are based on own estimates and/or
analysis unless other sources are specified.
Any websites included in the Prospectus are for information purposes only and do not form part of the Prospectus
(except with respect to the documents incorporated by reference into this Prospectus).
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement that does
not relate to historical facts and events. They are based on analyses or forecasts of future results and estimates of
amounts not yet determinable or foreseeable. These forward-looking statements are identified by the use of terms and
phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project"
and similar terms and phrases, including references and assumptions. This applies, in particular, to statements in this
Prospectus containing information on future earning capacity, plans and expectations regarding Continental Group's
business and management, its growth and profitability, and general economic and regulatory conditions and other
factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the Issuers make
to the best of their present knowledge. These forward-looking statements are subject to risks, uncertainties and other
factors which could cause actual results, including Continental Group's financial condition and results of operations,
to differ materially from and be worse than results that have expressly or implicitly been assumed or described in
these forward-looking statements. Continental Group's business is also subject to a number of risks and uncertainties
that could cause a forward-looking statement, estimate or prediction in this Prospectus to become inaccurate.
Accordingly, investors are strongly advised to read the following sections of this Prospectus: "Summary", "Risk
Factors", "Continental AG", "Conti-Gummi Finance", "Continental Rubber of America" and "Business of the
Continental Group". These sections include more detailed descriptions of factors that might have an impact on
Continental Group's business and the markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not occur. In
addition, neither the Issuers nor the Dealers assume any obligation, except as required by law, to update any forward-
looking statement or to conform these forward-looking statements to actual events or developments.

5

TABLE OF CONTENTS
Summary ........................................................................................................................................................................ 7
German Translation of the Summary ........................................................................................................................... 29
Risk Factors ................................................................................................................................................................. 54
General Information on the Issuers .............................................................................................................................. 75
Business of the Continental Group............................................................................................................................... 94
General Description of the Programme ...................................................................................................................... 105
Terms and Conditions of the Notes ............................................................................................................................ 107
Form of Final Terms .................................................................................................................................................. 191
Guarantee (English language version) ....................................................................................................................... 210
Guarantee (German language version) ....................................................................................................................... 215
Use of Proceeds .......................................................................................................................................................... 221
Taxation ..................................................................................................................................................................... 222
Subscription and Sale ................................................................................................................................................. 233
General Information ................................................................................................................................................... 239
Documents Incorporated by Reference ...................................................................................................................... 241
Names and Addresses ................................................................................................................................................ 243

6

SUMMARY
Summaries are made up of disclosure requirements known as 'Elements'. These elements are numbered in Sections
A E (A.1 E.7).
This Summary contains all the Elements required to be included in a summary for this type of securities and Issuer.
Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the
Elements.
Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer,
it is possible that no relevant information can be given regarding the Element. In this case a short description of the
Element is included in the summary with the mention of 'not applicable'.

SECTION A INTRODUCTION AND WARNINGS
Element
Description of Element
Disclosure requirement
A.1
Warnings
This Summary should be read as an introduction to the Prospectus.
Any decision to invest in the Notes should be based on
consideration of the Prospectus as a whole and the relevant Final
Terms by the investor.
Where a claim relating to the information contained in the
Prospectus or the relevant Final Terms is brought before a court,
the plaintiff investor might, under the national legislation of the
Member States of the European Economic Area, have to bear the
costs of translating the Prospectus and the Final Terms, before the
legal proceedings are initiated.
Civil liability attaches only to those persons which have tabled the
Summary including any translation thereof, but only if the
Summary is misleading, inaccurate or inconsistent when read
together with the other parts of the Prospectus or the relevant Final
Terms or it does not provide, when read together with the other
parts of the Prospectus and the relevant Final Terms, key
information in order to aid investors when considering whether to
invest in such Notes.
A.2
Consent to the use of the
[[Each Dealer and/or each further financial intermediary][]
prospectus
subsequently reselling or finally placing Notes if and to the extent
so expressed in [the][these] Final Terms is entitled to use the
Prospectus
and
the
Final
Terms
in
[Luxembourg][,][Germany][and][The
Netherlands]
for
the
subsequent resale or final placement of the Notes during the period
from [] to [], provided however, that the Prospectus is still valid
in accordance with Article 11(2) of the Luxembourg act relating to
prospectuses for securities (Loi du 10 juillet 2005 relative aux
prospectus pour valeurs mobilières) which implements Directive
2003/71/EC of the European Parliament and of the Council of
4 November 2003 (as amended by Directive 2010/73/EU of the
European Parliament and of the Council of 24 November 2010).
The Prospectus may only be delivered to potential investors
together with all supplements published before such delivery. Any
supplement to the Prospectus is available for viewing in electronic
form on the website of the Luxembourg Stock Exchange
7

(www.bourse.lu).
When using the Prospectus and the Final Terms, [each Dealer
and/or relevant further financial intermediary][] must make
certain that it complies with all applicable laws and regulations in
force in the respective jurisdictions.
[Such consent is also subject to and given under the condition [].]
In the event of an offer being made by [a Dealer and/or a
further financial intermediary][], the [Dealer and/or the
further financial intermediary][] shall provide information to
investors on the terms and conditions of the Notes at the time
of that offer.]
[Not applicable. The Issuer does not give consent to the use of the
Prospectus for the subsequent resale or final placement of the
Notes to any dealer or financial intermediary.]

8

SECTION B [ISSUER] [GUARANTOR]
Element
Description of Element
Disclosure requirement
B.1
Legal and commercial name
Continental Aktiengesellschaft (Continental AG)
B.2
Domicile / Legal form / Legis- Continental AG is a stock corporation (Aktiengesellschaft)
lation / Country of incorpor- incorporated under and governed by the laws of Germany and
ation
domiciled in Germany.
B.4b
Known trends affecting the Continental is a worldwide automotive supplier of a broad range
[Issuer] [Guarantor] and the of electronic systems and components, tires and non-tire rubber
industries in which it operates products. Therefore, Continental develops, produces and markets
products that address the key growth trends of the automotive
industry, such as enhanced driving safety, comfort and
convenience, increased fuel efficiency and climate protection.
For the fiscal year 2019, Continental currently anticipates that
global production of passenger cars and light commercial
vehicles will be at roughly the same level as in 2018. The
declining market performance experienced over the second half
of 2018 looks set to continue unabated in the first half of 2019.
For the second half of 2019, Continental anticipates slight
increases in production compared with the low prior-year basis.
The positive trend in demand for replacement tires for passenger
cars and light commercial vehicles is expected to continue in all
regions in 2019. On a global level, Continental expects it to
increase by 2%.
B.5
Description of the Group and Continental AG is the management and holding company for the
the [Issuer's] [Guarantor's] Continental Group. The Continental Group consists of 572
position within the Group
subsidiaries and affiliated companies (including minority
holdings) worldwide (as at December 31, 2018).
B.9
Profit forecast or estimate
Not applicable. No profit forecast or estimate has been made in
the Prospectus.
B.10
Nature of any qualifications in Not applicable. The audit opinions with respect to each of the
the audit report on historical consolidated financial statements of Continental AG for the
financial information
financial years ended December 31, 2018 and 2017 do not
include any qualifications.
9

B.12 Selected historical key financial information
(audited consolidated financial statements 2018 of Continental AG)

Jan. 01 -
Jan. 01 -
Dec. 31,
Dec. 31,
2018
2017

(in EUR millions)
(unless otherwise stated)
Sales ................................................................................................................... 44,404.4
44,009.5
Cost of sales ....................................................................................................... -33,299.5
-32,635.0
Gross margin on sales ........................................................................................ 11,104.9
11,374.5
EBITDA(1) (6) ......................................................................................................
6,235.7
6,678.9
EBIT(2) ...............................................................................................................
4,027.7
4,561.5
Financial result(3) ................................................................................................
-177.8
-285.7
Earnings before tax ............................................................................................
3,849.9
4,275.8
Cash flow arising from operating activities .......................................................
4,977.2
5,220.5
Cash flow arising from investing activities ........................................................
-3,626.2
-3,467.7
Cash flow before financing activities (free cash flow)(4) ..................................
1,351.0
1,752.8
Cash flow arising from financing activities .......................................................
-471.3
-1,879.2
Change in cash and cash equivalents .................................................................
879.7
-126.4
Cash and cash equivalents as at the end of the reporting period ........................
2,761.4
1,881.5
Net income .........................................................................................................
2,958.3
3,048.3
Non-controlling interests ...................................................................................
-61.0
-63.7
Net income attributable to the shareholders of the parent ..................................
2,897.3
2,984.6
Net indebtedness(5) (6) .........................................................................................
1,661.3
2,047.6
Basic earnings per share in EUR .......................................................................
14.49
14.92
Diluted earnings per share in EUR ....................................................................
14.49
14.92

Dec. 31,
Dec. 31,

2018
2017
(in EUR millions)

(unless otherwise stated)
Non-current assets ............................................................................................. e 23,658.7
22,038.4
Current assets ..................................................................................................... 16,786.7
15,402.1
Total assets......................................................................................................... 40,445.4
37,440.5
Equity attributable to the shareholders of the parent ......................................... 17,850.4
15,828.4
Non-controlling interests ...................................................................................
482.9
461.9
Total equity ........................................................................................................ 18,333.3
16,290.3
Non-current liabilities ........................................................................................
6,398.2
6,961.5
Current liabilities ............................................................................................... 15,713.9
14,188.7
Total equity and liabilities ................................................................................. 40,445.4
37,440.5
Number of employees at the end of the reporting period (excluding
trainees) ...........................................................................................................
243,226
235,473

(1)
Continental AG defines EBITDA (Earnings before interest, tax, depreciation and
amortization) as earnings before financial result, tax, depreciation and amortization. It equals
the sum of EBIT, depreciation of property, plant and equipment, amortization of intangible
assets, and impairment, excluding impairment on financial investments. Continental AG
reports its EBITDA because it believes it is a helpful figure for evaluating the Continental
Group's and its divisions' operating performance. EBITDA is not a performance indicator
10