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Hankook Tire announces 2021 Q2 financial results

Tyre maker Hankook has seen steady global sales growth, leading to a global sales of KRW 1.806 trillion (EUR 1,336 million) and operating profit of KRW 187 billion (EUR 138 million) in the second quarter of 2021. This represents an increase in sales and operating profit of 32.4% and 167.1% YoY and 11.7% and 0.6% QoQ respectively. Sales of high-inch tyres of 18 inches and above account for 38% of total sales of passenger car and light truck tyres, an increase of 5.4 percentage points YoY. Hankook Tire once again successfully marked its presence as a premium brand with new fitments in electric and high-performance vehicles.
Hankook Tire announces 2021 Q2 financial results

Seoul, Korea / Neu-Isenburg, Germany, 4th August 2021 – Premium tyre maker Hankook announced the company’s 2021 Q2 financial results with consolidated global sales of KRW 1.806 trillion (EUR 1,336 million) and an operating profit reaching KRW 187 billion (EUR 138 million).

Hankook Tire delivered a strong quarter with sales and operating profit rising 32.4% and 167.1% YoY and 11.7% and 0.6% QoQ respectively. In particular, sales of both original equipment (OE) tyres and replacement (RE) tyres grew compared to the same period last year. In addition, global sales of 18 inches and higher tyres accounted for 38% of total passenger car and light truck tyre sales, a YoY increase of 5.4 percentage points.

Hankook Tire is showing continued increase in sales in several major markets including Europe, North America and China since the second half of last year. In particular, this quarter showed recovery in market demand in Europe and the U.S. The company saw a 6 percentage points increase in sales of 18 inches and higher along with a huge increase in sales of OE and RE tyres in Europe. As for the U.S. market, the sales of high-inch, OE and RE tyres showed a strong YoY growth even at a faster pace than that of market demand recovery. China also showed a strong increase in sales of high-inch tyres recording 8 percentage points YoY, leading to stability in sales, encouraging continued qualitative growth.

Hankook Tire is strengthening its leadership as a premium brand in supplying electric vehicle (EV)s and high-performance cars. Recently, Hankook announced to equip Ventus S1 evo3 ev to Volkswagen’s first all-electric SUV VW ID.4 and Audi’s first all-electric sports car Audi e-Tron GT. In addition to OE fitment, the company supplied Kinergy AS ev for “Volkswagen ID.4: Great Roadshow through the U.S.”, a cross-country tour which kicked off in July to travel over 36,000 miles across all 48 contiguous US states in all-electric Volkswagen ID.4.

As for the high-performance market, Hankook announced in July that the company is fitting the BMW X3 M and X4 M with Ventus S1 evo Z. The tyre was specially developed for the Ultra-Ultra-High-Performance segment for use on particularly sporty high-performance vehicles.

Seeking to reach a sales goal of of KRW 7 trillion in 2021, Hankook Tire will focus on securing further growth momentum of its high-inch tyre sales in major markets and continue to expand OE partnerships with global premium carmakers in the second half of this year. Growth in the electric vehicle tyre sector will remain as one of the major concentrations while continuously driving for both quantitative and qualitative growth through optimising distribution strategies tailored to each region.

 

 

Q2 2021 Consolidated Financial Results

(Unit: Billion KRW)

Q2 FY 2020

Q1 FY 2021

Q2 FY 2021

Sales

1,364

1,616

1,806

Operating Profit

70

186

187

(Unit: Million USD)

Q2 FY 2020

Q1 FY 2021

Q2 FY 2021

Sales

1,117

1,451

1,610

Operating Profit

57

167

166

(Unit: Million EUR)

Q2 FY 2020

Q1 FY 2021

Q2 FY 2021

Sales

1,014

1,203

1,336

Operating Profit

52

138

138

 

*Exchange Rates:

 

Q2 FY 2020

Q1 FY 2021

Q2 FY 2021

USD / KRW

1,220.81

1,113.62

1,121.23

EUR / KRW

1,344.74

1,342.55

1,350.85

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/street circuits/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.

Hankook Tire’s European headquarters are located in Neu-Isenburg near Frankfurt am Main in Germany. The manufacturer operates further branches in several European countries and sells its products through regional distributors in other local markets. Hankook Tire employs approximately 20,000 people worldwide and sells products in over 160 countries. The company has been the technical partner and exclusive tyre supplier of the Generation 3 for the FIA ABB Formula E World Championship since 2023. Internationally leading car manufacturers rely on tyres made by Hankook for their original equipment. Approximately 38 percent of the company's global sales are generated within the European region.

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

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

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Hankook Tire announces 2021 Q2 financial results

Tyre maker Hankook has seen steady global sales growth, leading to a global sales of KRW 1.806 trillion (EUR 1,336 million) and operating profit of KRW 187 billion (EUR 138 million) in the second quarter of 2021.

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