Press Release

Hankook Tire announces 2021 Q1 financial results
  • Corporate

Hankook Tire announces 2021 Q1 financial results

Tyre maker Hankook announces its financial results for the first quarter of 2021. It reports the global business showing signs of a stable recovery with sales reaching KRW 1.61 trillion (EUR 1,203 million) with an operating profit at KRW 186 billion (EUR 138 million) – a 12.6% and 75.5% increase YoY respectively. Sales of high-inch tyres (18 inches and higher) account for 38% of all tyres sold, up 4 percentage points YoY, indicating continued qualitative growth. Furthermore, Hankook continues to expand its partnerships with premium car makers while solidifying leadership in the electric vehicle tyre sector.

Seoul, Korea / Neu-Isenburg, Germany, 3rd May 2021 Premium tyre maker Hankook announced today the company’s 2021 Q1 financial results with consolidated global sales rising 12.6% YoY to KRW 1.61 trillion (EUR 1,203 million) and operating profit of KRW 186 billion (EUR 138 million), an increase of 75.5% YoY.

As the global market recovers from the impact of the pandemic, Hankook’s business has also been steadily recovering since the second half of 2020. The company is seeing sales stabilize in several major markets that include Europe, North America, and China, particularly in the high-inch tyre sector that accounts for tyres 18 inches or higher. Global sales of high-inch tyres accounted for 38% of entire tyre sales, which is now up 4 percentage points compared to the same period last year.

Sales of replacement tyres also increased as the market demand in the U.S. and Europe continued to improve. China likewise showed a rise in the demand of replacement tyres along with healthy sales of original equipment (OE) tyres, indicating an upturn in the production of automotive vehicles. High-inch tyres in China increased 13 percentage points to 40% YoY.

Despite the slowdown last year, Hankook resumes to remain highly dedicated to its commitment to strengthen its reputation as a premium brand. The company is also continuing to secure partnerships with global carmakers to expand the number of OE contracts, as demonstrated by the recent announcement to supply its ultra high performance tyre, the Ventus S1 evo 3 for the Porsche 718 Boxster and the Porsche Cayman. Hankook is furthermore actively expanding partnerships for EV fitment, as demonstrated by the agreement to supply tyres factory-installed on Porsche’s first high-performance electric sports car, Taycan, as well as the NIO ES6 and EC6, flagship models made by China’s fast-growing electric vehicle brand.

In 2021, Hankook seeks to maintain the growth momentum of its high-inch tyre sales in major markets and add OE partnerships with an already robust portfolio. Growth in the electric vehicle tyre sector will also be one of the primary concentrations, as the company resumes to pursue greatness in the EV tyre innovation as well as future technologies and solutions that transform consumers’ imaginations into reality. In the midst of this growth, Hankook will continue to pace forward in pursuit to be the technology leader that bestows positive influence on the community and the environment respective of a premium brand.

 

Q1 2021 Consolidated Financial Results

(Unit: Billion KRW)

Q1 FY 2020

Q4 FY 2020

Q1 FY 2021

Sales

1,435

1,766

1,616

Operating Profit

106

227

186

(Unit: Million USD)

Q1 FY 2020

Q4 FY 2020

Q1 FY 2021

Sales

1,202

1,578

1,451

Operating Profit

88

202

167

(Unit: Million EUR)

Q1 FY 2020

Q4 FY 2020

Q1 FY 2021

Sales

1,089

1,324

1,203

Operating Profit

80

170

138

*Exchange Rates:

 

Q1 FY 2020

Q4 FY 2020

Q1 FY 2021

USD / KRW

1,193.60

1,118.53

1,113.62

EUR / KRW

1,316.58

1,333.42

1,342.55

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, Austria, Poland, Russia, Serbia, Spain, Sweden, Turkey, UK and Ukraine. Hankook products are sold directly through regional distributors in other local markets. Hankook Tire employs approximately 20,000 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 34 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

all press releases

Contacts

Felix Kinzer

Felix Kinzer

Director Corporate Communications Europe and CIS

Phone: +49 (0) 6102 8149-170

f.kinzerthou-shalt-not-spamhankookreifen.de

Larissa Büsch

Larissa Büsch

PR Manager Corporate Communications

Phone: +49 (0) 6102 8149-173

l.bueschthou-shalt-not-spamhankookreifen.de

Sabine Riedel

Sabine Riedel

PR Manager Corporate Communications

Phone: +49 (0) 6102 8149-172

s.riedelthou-shalt-not-spamhankookreifen.de

Stefan Prohaska

Stefan Prohaska

PR Assistant Corporate Communications

Phone: +49 (0) 6102 8149-171

s.prohaskathou-shalt-not-spamhankookreifen.de

Annika Malcherek

Annika Malcherek

Digital Lead Corporate Communications

Phone: +49 (0) 6102 8149-176

a.malcherekthou-shalt-not-spamhankookreifen.de

Subscribe to press releases

Subscribe to our newsletter!

Downloads

Hankook Tire announces 2021 Q1 financial results

File size: 398 KB