HANOVER (dpa-AFX) - Automotive supplier and tire manufacturer Continental is inviting its shareholders to its Annual Shareholders' Meeting on Thursday (10:00 a.m.). Topics of the shareholders' meeting, which will once again be held as an online-only event, include the current business performance and the restructuring of the Dax corporation from Hanover.

A program is still running at Conti until 2029, as part of which quite a few jobs will be eliminated. "From 2024, we want to make gross annual savings of more than 850 million euros," said CEO Nikolai Setzer, according to the speech manuscript published in advance. High raw material prices had recently weighed on the company, and increases were discussed with major customers. "We are also keeping an eye on the issue in the coming months," Setzer said. "Because inflation is here to stay. So do our negotiations."

Continental's net profit had shrunk from €1.4 billion (2021) to €67 million last year. High write-downs due to the renewed rise in interest rates and the Russia sanctions also played a role. For 2023, the management was more optimistic, assuming an increase in global auto production as well as sales and profit margin.

This time, the Executive Board and Supervisory Board proposed a dividend of 1.50 euros per share. That would be a cut of 70 cents from the previous profit share for 2021. In addition, the management is to be given the right to continue holding general meetings basically "virtually" - a point that is viewed critically by several shareholder representatives and shareholder activists./jap/DP/nas