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Hankook Tire announces 2022 Q3 financial results

  • Global sales reached KRW 2,299.7 billion (approx. EUR 1,706.6m), a 25.7 percent increase year-on-year (YoY), while operating profit rose 6.4 percent YoY to KRW 192.4 billion (EUR 142.7m)
  • Sales in original equipment and 18-inch and larger tyre sectors contributed to strong financial performance, while the replacement tyre sector overall saw slight downturn in demand
  • Company continues to focus on strengthening leadership in EV and sustainable mobility with FIA Formula E partnership and expansion of EV tyre line-up
Hankook Tire announces 2022 Q3 financial results

Seoul, Korea / Neu-Isenburg, Germany, 02 November 2022 Premium tyre maker Hankook has announced the company’s 2022 Q3 financial results, with consolidated global sales of KRW 2,299.7 billion (EUR 1,706.6m) and operating profit of KRW 192.4 billion (EUR 142.7m).

Amid global economic uncertainties, political conflicts and continued COVID-19-related supply chain disruptions, Hankook Tire recorded positive financial performance during the third quarter of this year. Company sales increased 25.7 percent YoY and 12.7 percent quarter-on-quarter, while operating income rose by 6.4 percent and 9.8 percent respectively, helped by a strong pricing strategy and the impact of foreign exchange rates. Sales of premium tyres improved during the quarter, as did original equipment (OE) tyres in key markets including the U.S., Europe, China, and Korea. However, demand for replacement equipment (RE) tyres declined slightly compared to the same quarter last year.

One of Hankook Tire’s strongest segments, the large-diameter tyre segment, remained an important growth driver in the third quarter. Global sales of passenger car tyres 18 inches or higher accounted for 41.1 percent of the company’s total passenger car tyre sales, up 4.7 percentage points (pp) compared to last year. Broken down by region, Hankook Tire recorded the largest growth in 18 inch and higher passenger car tyres in the Chinese market, rising 8.9pp to 52.3 percent year-on-year, followed by an increase of 4.4pp to 30.1 percent in Europe, up 4.2pp in Korea to 51.4 percent, and up 3.6pp to 51.2 percent in the U.S. market.

Continuing its commitment to OE supply for premium electric vehicle (EV) models, Hankook recently launched its iON family of EV-specific tyres. Furthermore, from the 2022/23 season, Hankook will be the exclusive supplier and technical partner of the world’s first all-electric racing series, the ABB FIA Formula E World Championship.

By the end of this year, Hankook is aiming for double-digit growth compared to the previous year, even though the market uncertainties triggered by the economic downturn and surging energy prices are likely to persist. The company will focus on further increasing the share of high-inch tyres in total passenger tyre sales and becoming the leader in the electric vehicle tyre segment.

 

Q3 2022 Consolidated Financial Result

(Unit: Billion KRW)

Q3 FY 2021

Q2 FY 2022

Q3 FY 2022

Sales

1,829.4

2,039.9

2,299.7

Operating Profit

180.8

1,75.2

192.4

(Unit: Million USD)

Q3 FY 2021

Q2 FY 2022

Q3 FY 2022

Sales

1,580.6

1,619.5

1,718.7

Operating Profit

156.2

139.0

143.7

(Unit: Million EUR)

Q3 FY 2021

Q2 FY 2022

Q3 FY 2022

Sales

1,340.3

1,520.3

1,706.6

Operating Profit

132.4

130.5

142.7

 

*Exchange Rates:

 

Q3 FY 2021

Q2 FY 2022

Q3 FY 2022

USD / KRW

1,157.35

1,259.57

1,337.98

EUR / KRW

1,364.90

1,341.71

1,347.50

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

 

2021/2022 Consolidated Financial Result (Q1-Q3)

(Unit: Billion KRW)

2021

2022

Sales

5,252.6

6,130.3

Operating Profit

553.8

493.7

(Unit: Million USD)

2021

2022

Sales

4,644.7

4,836.5

Operating Profit

489.7

389.5

(Unit: Million EUR)

2021

2022

Sales

3,882.7

4,550.3

Operating Profit

409.3

366.4

 

Exchange Rates:

 

2021

2022

USD / KRW

1,130.88

1,267.50

EUR / KRW

1,352.79

1,347.22

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

Hankook, uno dei principali produttori mondiali di pneumatici, fornisce pneumatici radiali premium ad alte prestazioni per automobili, SUV, fuoristrada, trasporto leggero, camper, autocarri e autobus oltre che per competizioni motoristiche (gare su circuito e su strada/rally).

Hankook investe costantemente in ricerca e sviluppo al fine di offrire ai propri clienti la massima qualità, abbinata all'eccellenza tecnologica. In cinque centri di sviluppo e in otto stabilimenti situati in tutto il mondo, l'impresa sviluppa e produce pneumatici atti a soddisfare pienamente le speciali esigenze e richieste dei diversi mercati. In Europa, presso il centro tecnologico Hankook di Hannover (Germania), avviene lo sviluppo degli pneumatici per i mercati locali e il primo equipaggiamento, nel rispetto delle indicazioni delle principali case automobilistiche europee. Gli pneumatici vengono prodotti, tra l'altro, nella modernissima fabbrica europea dell'impresa di Rácalmás (Ungheria), inaugurata nel 2007 ed in continua espansione.

La sede centrale europea e tedesca Hankook si trova a Neu-Isenburg, nei pressi di Francoforte sul Meno. Il produttore gestisce altre filiali in diversi paesi europei e vende i suoi prodotti tramite distributori regionali in altri mercati locali. L'impresa dà lavoro a 20.000 dipendenti in tutto il mondo e fornisce i propri prodotti in oltre 160 paesi. L'azienda è partner tecnico e fornitore esclusivo degli pneumatici della Generazione 3 per il FIA ABB Formula E World Championship dal 2023. Gli pneumatici Hankook sono utilizzati in primo equipaggiamento dalle principali case automobilistiche internazionali. Circa il 38% del fatturato globale dell'impresa è generato all'interno dell'Europa.

Per ulteriori informazioni visitate il sito www.hankooktire-mediacenter.com o www.hankooktire.com

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

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