Press Release

  • Corporate

Hankook Tire Announces Financial Results for the Third Quarter of 2019

For the third quarter of 2019 tyre maker Hankook reports sales of KRW 1.83 trillion and an operating profit of KRW 180.1 billion. High-inch tyres over 17-inches account for 55 % of total sales, which represents an increase of 3 % compared to the same period last year. In addition to this sustainable growth the company has strengthened its line-up for high-inch tyres, acting as original equipment supplier for Porsche Cayenne, Audi Q8 and Ford Explorer.

Seoul, Korea / Neu-Isenburg, Germany, 5th November 2019Premium tyre maker Hankook announced the company’s financial results for Q3 2019 with consolidated global sales of KRW 1,833.2 trillion (approx. 1.38 billion Euro) and an operating profit of KRW 180 billion (approx. 135.6 million Euro).

Driven by global top-tier technology and premium product quality, sales of high inch tyres, over 17 inches, accounted for 55 % of passenger car tyres, leading to 3 % increase compared to the same period last year. In particular, the steadily growing sales of high inch tyres in major markets such as Korea, Europe, North America, and China have further solidified Hankook’s image as a premium brand.

Following the growing demand in the global SUV market, the tyre maker has further reinforced its line-up for high inch tyres, including original equipment tyre supplies to the 3rd-generation Cayenne SUV of sports car maker Porsche, the new Audi Q8, Audi’s SUV flagship, and to the All-New 2020 Ford Explorer, America’s best-selling SUV.

On the other hand, weakened consumer confidence caused by the global economic downturn has intensified the tyre market sales competition, slowing demands. This has also affected the supply of original equipment tyres and the demand for replacement tyres in major markets.

Hankook focuses on strengthening the company’s position as a premium brand. For this purpose, the tyre maker is further expanding the competitiveness of its premium products, especially in segments with high growth potential. In addition, the company plans to diversify its original equipment portfolio to build a stable growth structure and optimize distribution strategies for different regions abroad.

 

Q3 2019 Consolidated Financial Result

(Unit: Billion KRW)

Q3 FY 2018

Q2 FY 2019

Q3 FY 2019

Sales

1,755.3

1,740.5

1,833.2

Operating Profit

187.5

105.7

180.0

(Unit: Million USD)

Q3 FY 2018

Q2 FY 2019

Q3 FY 2019

Sales

 1,565.0

 1,492.8

 1,536.3

Operating Profit

 167.2

 90.7

 150.8

(Unit: Million EUR)

Q3 FY 2018

Q2 FY 2019

Q3 FY 2019

Sales

 1,345.8

 1,328.7

 1,380.6

Operating Profit

 143.8

 80.7

 135.6

*Exchange Rates:

 

Q3 FY 2018

Q2 FY 2019

Q3 FY 2019

USD / KRW

 1,121.59

 1,165.91

 1,193.24

EUR / KRW

 1,304.25

 1,309.91

 1,327.86

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 21,000 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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Felix Kinzer

Fon: +49 (0) 6102 8149-170

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Stefan Prohaska

Fon: +49 (0) 6102 8149-171

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Kristina Schott

Fon: +49 (0) 6102 8149-175

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Annika Malcherek

Fon: +49 (0) 6102 8149-176

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