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Hanover (dpa) - Due to the difficult business situation, Continental shareholders should not receive a dividend for the Corona year 2020.
After examining the books, the company determined a negative consolidated result.
It was therefore said on Friday evening that the upcoming annual general meeting at the end of April would propose to waive a distribution.
For the year before, there was still 3 euros per share, despite the red numbers.
CFO Wolfgang Schäfer had already indicated last November that a turnaround into the profit zone could no longer succeed.
In view of the economic crisis and declining sales during the pandemic, at least a reduced profit sharing of the owners was foreseeable.
In the second and third quarters of 2020, the bottom line was that Conti had suffered high three-digit million losses.
Ongoing business was then more stable again in the third quarter.
But structural change and the gloomy prospects for global car production are keeping the industry under pressure.
Works council chairman Hasan Allak had demanded that the shareholders waive the internal austerity program and had already proposed that no dividend be paid out for 2020.
"With the temporary suspension of the group profit-sharing scheme, the employees have made a significant contribution to reducing costs," he said - "not to mention the very painful job losses".
Other groups would also have to "make tangible contributions".
Conti is in a complex conversion to include more electronics, sensors and software.
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© dpa-infocom, dpa: 210219-99-515115 / 2