Press Release

  • Corporate

Hankook Tire Announces Global Financial Results for 2018

Hankook Tire reports sales of KRW 6.79 trillion and an operating profit of KRW 703.7 billion for the fiscal year 2018. This result was driven by a growth of high inch tyre sales, starting at 18-inch, in major markets such as Europe and the United States.

Seoul, Korea / Neu-Isenburg, Germany, February 14, 2019 ‒ Hankook Tire announced the company’s 2018 financial results with consolidated global sales of KRW 6.79 trillion (approx. 5.23 billion Euro) and an operating profit of KRW 703.7 billion (approx. 541.9 million Euro).

Driven by global top-tier technology and premium product quality, sales of high inch tyres, starting at 18-inch, in major markets such as Europe and the United States, accounted for 52.3% of passenger car tyres, leading to a 3.9% increase compared to 2017.

Especially in the fourth quarter replacement market sales and the sales-share of high inch tyres continued to increase due to strengthened distribution channels in the Korean market. In addition, the supply of original equipment tyres for SUVs and Japanese automobiles sold in North America continued to expand.

There was a slowdown in demand from global auto markets like China, that led to a decrease in sales of replacement tyres and supply of OE, which affected the overall financial result negatively.

With 2019’s target of reaching global sales revenues of KRW 7.4 trillion and operating profits of KRW 750.0 billion, Hankook Tire plans to focus on strengthening the company’s position as a premium brand by increasing sales of high inch tyres, starting at 18-inch, in major markets, supplying OE tyres for premium cars, and strengthening competitiveness in its premium product lines. Hankook Tire also plans to diversify its OE portfolio to establish a stable growth structure and optimize distribution strategies for each region.

Moreover, in order to stay up to speed with the rapidly changing industry more effectively, Hankook Tire aims to continuously strengthen its fast-paced and flexible corporate culture, thereby creating a proactive corporate culture through innovating the way employees work, and accelerate its way toward a global top-tier company.

 

Q4 2018 Consolidated Financial Result

(Unit: Billion KRW)

Q4 FY 2017

Q3 FY 2018

Q4 FY 2018

Sales

1,682.30

1,755.40

1,725.60

Operating Profit

139.40

187.50

146.10

 

(Unit: Million USD)

Q4 FY 2017

Q3 FY 2018

Q4 FY 2018

Sales

1,521.5

1,565.1

1,530.5

Operating Profit

126.1

167.2

129.6

 

(Unit: Million EUR)

Q4 FY 2017

Q3 FY 2018

Q4 FY 2018

Sales

1,292.3

1,345.9

1,341.4

Operating Profit

107.1

143.8

113.6

 

*Exchange Rates:

 

Q4 FY 2017

Q3 FY 2018

Q4 FY 2018

USD / KRW

1,105.7

1,121.6

1,127.5

EUR / KRW

1,301.8

1,304.3

1,286.4

 

2018 Consolidated Financial Result

(Unit: Billion KRW)

FY 2017

FY 2018

Sales

6,812.9

6,795.5

Operating Profit

793.4

703.7

 

(Unit: Million USD)

FY 2017

FY 2018

Sales

6,024.6

6,176.0

Operating Profit

701.6

639.6

 

(Unit: Million EUR)

FY 2017

FY 2018

Sales

5,337.6

5,232.8

Operating Profit

621.6

541.9

 

*Exchange Rates:

 

FY 2017

FY 2018

USD / KRW

1,130.84

1,100.30

EUR / KRW

1,276.39

1,298.63

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

Hankook Tire manufactures globally innovative, award winning radial tyres of proven superior quality for passenger cars, light trucks, SUVs, RVs, trucks, and buses as well as motorsports (circuit racing/rallies).

Aspiring to bring consumers the utmost excellence in product quality, technological excellence and driving satisfaction, Hankook Tire continuously invests in research and development maintaining five R&D centres and eight production facilities around the world. Bespoke tyre solutions for the European markets as well as European Original Equipment according to the requirements of leading premium car manufacturers, are developed in the company’s regional Technical Centre in Hanover/Germany. Production for the European region is taking place in the state-of-the-art manufacturing site in Rácalmás/Hungary which was inaugurated in June 2007 and is continuously being expanded. Currently around 3,000 employees produce up to 19 million tyres a year for passenger cars, SUVs and light trucks.

Hankook Tire’s European headquarters are located in Neu-Isenburg near Frankfurt am Main in Germany. The manufacturer operates further branches in Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Russia, Spain, Sweden, Turkey, UK and Ukraine. Hankook products are sold directly through regional distributors in other local markets. Hankook Tire employs approximately 22,000 people worldwide and are selling their products in over 180 countries. Internationally leading car manufacturers rely on tyres made by Hankook for their original equipment. Approximately 30 percent of the company's global sales are generated within the European and CIS-Region. Hankook Tire has been represented in the renowned Dow Jones Sustainability Index World (DJSI World) since 2016.

For more information please visit www.hankooktire-mediacenter.com or www.hankooktire.com


Hankook Tire Europe GmbH | Corporate Communications Europe/CIS | Siemensstr. 14, 63263 Neu-Isenburg | Germany

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Anna Pasternak

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Yara Willems

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Stefan Prohaska

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Kristina Schott

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Annika Malcherek

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