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Welcome to the Hankook Tire press room, where you can access the latest news on Hankook Tire and our industry.
Date02/13/2020 Hits7,529

CategoryFinancial News

Hankook Tire announces 2019 Financial Result

  • Reports KRW 6.8964 trillion in sales and KRW 542.9 billion in operating profit
  • Sales of high inch tires (over 17 inches) amount to 55.4%, a 3.1%p increase showing quality growth
  • Strengthens SUV tire competitiveness with additional original equipment to SUV models of global premium car makers

Seoul, Korea, Feb 13, 2020– Global leading tire maker, Hankook Tire announced today the company’s 2019 financial result with consolidated global sales of KRW 6.8964 trillion and an operating profit of KRW 542.9 billion.

Driven by global top-tier technology and premium product quality, sales of high inch tires (over 17 inches) amounted to 55.4% of all sales, a 3.1%p YoY increase and strengthening Hankook’s premium brand value. Especially, the sales proportion of high inch tires in China grew, leading to a much more stable growth in the replacement tire market.

Aligned to the demand growth in the global SUV market, Hankook also strengthened its high inch tire lineup by expanding partnerships with premium car makers, namely supplying original equipment tires to Porsche’s third generation of the Cayenne, new Audi Q8, and SQ8 TDI.

On the other hand, sales affected from the intensified global tire market competition due to slowdown in demand from the global automotive market and uncertainty stemming from trade disputes led to operating profit decrease.

With 2020 target of reaching KRW 7.2 trillion and improving YoY operating profit margins, Hankook Tire plans to focus on enhancing its premium image through increasing sales of high inch in major markets, supplying OE tires for premium cars, and strengthening competitiveness in its premium product lines. In addition, the company plans to focus on enhancing competitiveness by building a stable growth structure through securing new distribution channels and strengthening synergy between OE and RE and optimizing distribution strategies by region.

Moreover, in order to cope 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 road toward a global top-tier company.

Q4 2019 Consolidated Financial Result

(Unit: Billion KRW)

Q4 FY 2018

Q3 FY 2019

Q4 FY 2019

Sales

1,725.2

1,835.3

1,678.1

Operating Profit

145.0

180.4

116.2

 

(Unit: Million USD)

Q4 FY 2018

Q3 FY 2019

Q4 FY 2019

Sales

1,530.1

1,538.1

1,427.2

Operating Profit

128.6

151.2

98.8

 

(Unit: Million EUR)

Q4 FY 2018

Q3 FY 2019

Q4 FY 2019

Sales

1,341.1

1,382.1

1,288.9

Operating Profit

112.7

135.9

89.2

 

*Exchange Rates:

 

Q4 FY 2018

Q3 FY 2019

Q4 FY 2019

USD / KRW

1,127.52

1,193.24

1,175.81

EUR / KRW

1,286.42

1,327.86

1,301.97

 

2019 Consolidated Financial Result

(Unit: Billion KRW)

FY 2018

FY 2019

Sales

6,795.0

6,896.4

Operating Profit

702.6

542.9

 

(Unit: Million USD)

FY 2018

FY 2019

Sales

6,175.76

5,916.4

Operating Profit

638.6

465.7

 

(Unit: Million EUR)

FY 2018

FY 2019

Sales

5,232.54

5,285.4

Operating Profit

541.10

416.1

 

*Exchange Rates:

 

FY 2018

FY 2019

USD / KRW

1,100.30

1,165.65

EUR / KRW

1,298.63

1,304.81

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


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