Continental

Continental, based in Hanover, is best known for its tyres but has long been a broad automotive supplier, making everything from brake systems to displays. The group is in the middle of a deep reshaping, spinning off its automotive electronics arm so that it can concentrate on the more profitable and less cyclical tyre and industrial-rubber businesses. The dividend has tracked the ups and downs of the car industry, cut during weak years and restored when profits recover. Until the reorganisation settles and the tyre-focused company stands on its own, the income here is cyclical and less predictable than the long history might suggest.