If you use continue without END-IF you will not get any compile error. The control passes during the time of execution until it finds any terminator. So continue will start after that statement.
IF VAR1 = 0
In normal condition if condition is satisfied the control passed to first display statement and continue execution. If you will not code END-IF, control comes in the 2nd display directly if the condition matches in the IF statement.
Please let me know if you have any doubt