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Hankook announces 2022 financial results

  • Global sales in 2022 reached KRW 8,394.2 billion (approx. EUR 6,184.3m), operating profit KRW 705.7 billion (approx. EUR 519.9m)
  • Annual sales hit a record high, up 17.5 percent year-on-year (YoY)
  • High-inch passenger car tyre sales accounted for 40.8 percent, up 3.1 percentage points YoY
  • Company targets 5 percent sales growth in 2023 and increase in sales portion of high-inch passenger car tyres to 45 percent and electric vehicle original equipment (OE) supply to 20 percent
Hankook announces 2022 financial results

Seoul, Korea / Neu-Isenburg, Germany, 2 February 2023 – Premium tyre manufacturer Hankook announced the company’s 2022 financial results with consolidated global sales at an all-time high of KRW 8,394.2 billion (approx. EUR 6,184.3m). Operating profit stood at KRW 705.7 billion (approx. EUR 519.9m). Sales and operating profit increased YoY by 17.5 percent and 9.9 percent, respectively.

Record high annual sales were propelled by the expansion of high-value-added products and strong pricing strategy despite global market conditions, which saw high raw material costs and global supply chain disruptions in the first half of the year. As costs of raw materials and logistics stabilised in the second half of 2022, a favourable currency situation and an increase in original equipment tyre demand boosted the bottom line for the year.

Sales of the large-diameter tyres were among the biggest contributors to the increase in sales. Global sales of passenger car tyres 18 inches or higher accounted for 40.8 percent of the company’s total passenger car tyre sales, up 3.1 percentage points (pp) YoY. In the fourth quarter alone, the figure reached 43.9 percent, a 5.0pp increase YoY. By region, Hankook saw its largest growth for passenger car tyres 18 inches or higher in the Chinese market with a 12.4pp YoY increase to 58.8 percent during the fourth quarter, followed by a 5.7pp YoY increase to reach 53.5 percent in Korea, a 3.4pp YoY in Europe at 32.5 percent, and the North American market reporting a 2.5pp YoY increase at 51.9 percent. This led Hankook to log consolidated global sales of KRW 2,263.8 billion (approx. EUR 1,613.8m) and operating profit of KRW 212.0 billion (approx. EUR 152.8m), up 19.9 percent and 140.1 percent YoY, respectively, in the fourth quarter. However, demand for replacement equipment (RE) tyres dipped slightly compared to the previous year with inflation weighing on consumer sentiment.

Hankook boosted its presence in the electric vehicle (EV) market in 2022. The iON range, Hankook’s first family of tyres specially designed for high performance, premium electric vehicles, was rolled out in several markets. Hankook secured OE supply deals for several global carmakers’ EV models, including Audi Q4 e-tron, BMW i4, Hyundai IONIQ 6, Škoda Enyaq iV and Toyota bZ4X. Furthermore, Hankook made its debut as exclusive technical partner and tyre supplier of the world’s first all-electric racing series, the ABB FIA Formula E World Championship.

Hankook’s excellence in tyre technology was recognised in tyre tests by renowned automobile magazines. Hankook's Kinergy 4S 2, which is showing strong sales in the European market, won the all weather tyre test by UK’s leading car magazine Auto Express for the second year in a row. The Ventus S1 evo 3 SUV was crowned test winner in Auto Bild Allrad magazine, Europe's largest all-terrain vehicle magazine.

Hankook also continued to solidify its Environmental, Social and Governance (ESG) leadership, earning its seventh consecutive listing in the esteemed Dow Jones Sustainability Indices for industry-leading sustainability.

In 2023 Hankook aims to achieve sales growth of over 5 percent YoY while increasing the portion of high-inch tyres in total sales of passenger car tyres to 45 percent. The company also intends to raise the share of original equipment supply for electric vehicle models to 20 percent among all passenger car and light truck OE contracts. Hankook’s overall focus will be on increasing sales in major markets, strengthening partnership with premium carmakers and solidifying its leading position in the electric vehicle tyre segment.

 

2022 Consolidated Financial Results

(Unit: Billion KRW)

FY 2021

FY 2022

Sales

7,141.1

8,394.2

Operating Profit

642.1

705.7

(Unit: Million USD)

FY 2021

FY 2022

Sales

6,239.9

6,496.2

Operating Profit

561.0

546.1

(Unit: Million EUR)

FY 2021

FY 2022

Sales

5,278.7

6,184.3

Operating Profit

474.6

519.9

 

*Exchange Rates:

 

FY 2021

FY 2022

USD / KRW

1,144.42

1,292.16

EUR / KRW

1,352.79

1,357.34

(NOTE: Average exchange rates for the given annual period, retrieved from Korea Exchange Bank)

 

Q4 2022 Consolidated Financial Results

(Unit: Billion KRW)

Q4 FY 2021

Q3 FY 2022

Q4 FY 2022

Sales

1,888.4

2,299.7

2,263.8

Operating Profit

88.3

192.4

212.0

(Unit: Million USD)

Q4 FY 2021

Q3 FY 2022

Q4 FY 2022

Sales

1,596.0

1,718.7

1,665.4

Operating Profit

74.6

143.7

155.9

(Unit: Million EUR)

Q4 FY 2021

Q3 FY 2022

Q4 FY 2022

Sales

1,396.2

1,706.6

1,631.8

Operating Profit

65.2

142.7

152.8

 

*Exchange Rates:

 

Q4 FY 2021

Q3 FY 2022

Q4 FY 2022

USD / KRW

1,183.17

1,337.98

1,359.26

EUR / KRW

1,352.51

1,347.50

1,387.29

(NOTE: Average exchange rates for the given period, retrieved from Korea Exchange Bank)

Hankook Tire fabrique à l’échelle mondiale des pneumatiques radiaux premium et innovants – dont plusieurs ont été primés – destinés aux véhicules de tourisme, 4X4/SUV, utilitaires, poids lourds, autobus ainsi qu’aux véhicules de sports automobiles (courses sur circuit, circuits urbains, rallyes).

Afin d'offrir à ses clients une qualité optimale associée à l'excellence technologique et au confort de conduite, Hankook investit en permanence dans la recherche et le développement. L'entreprise élabore et produit des solutions de pneumatiques sur mesure, parfaitement adaptées aux exigences et aux demandes des marchés régionaux dans cinq centres de développement internationaux et huit grandes usines. En Europe, le développement des pneumatiques ainsi que la production des équipements de première monte sont effectués dans le Centre technique d'Hankook à Hanovre en Allemagne selon les critères des plus grands constructeurs automobiles européens. Les pneumatiques sont produits au sein de l'usine européenne ultra moderne de Rácalmás en Hongrie, qui a été inaugurée en 2007 et ne cesse d'être agrandie depuis.

Le siège européen du manufacturier de pneumatiques est situé à Neu-Isenburg, près de Francfort-sur-le-Main en Allemagne. Le manufacturier possède des filiales dans plusieurs pays européens et vend ses produits par l'intermédiaire de distributeurs régionaux sur d'autres marchés locaux. Hankook emploie environ 20 000 salariés dans le monde entier et commercialise ses produits dans plus de 160 pays. L’entreprise a été choisie comme partenaire technique et fournisseur exclusif de pneumatiques de la Génération 3 pour le championnat du monde de Formule E de la FIA ABB, à partir de 2023. Pour leurs équipements de première monte, les plus grands constructeurs automobiles font confiance aux pneumatiques fabriqués par Hankook. L'Europe représente environ 38 % du chiffre d'affaires global de l'entreprise.

Pour obtenir plus d’informations, veuillez consulter www.hankooktire-mediacenter.com ou www.hankooktire.com

Hankook Tire Europe GmbH | Marketing Communications Europe | Siemensstr. 14, 63263 Neu-Isenburg | Germany

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