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Hankook Tire promptly shares general news on business opeations with interested parties.

Hankook Tire promptly shares general news on business opeations with interested parties.
Date12/02/2012 Hits22,603

Hankook Tire Sets Record Global Sales of KRW 6.48 Trillion in 2011

Hankook Tire Sets Record Global Sales of KRW 6.48 Trillion in 2011
 
- Global sales jump 20.9% year-over-year to KRW 6.484 trillion with operating profit of KRW 566.3 billion
- Hankook Tire continues upwards momentum led by rapid growth in UHP tires and OE supply
 
January 13th, 2012 (Seoul, Korea) – Hankook Tire (www.hankooktire.com), the seventh-largest and one of the fastest growing tire companies in the world, announced today its financial results for the fiscal year 2011, with record global sales of KRW 6.484 trillion and operating profit of KRW 566.3 billion. 
 
Hankook Tire continued to record double-digit growth surpassing its annual target set in the beginning of 2011 to finish upwards with a 20.9% YoY increase in global sales, while the company’s operating profit slowed marginally as a result of sharp increase in price of imported raw materials. 
 
Despite economic downturn, Hankook Tire continued its unprecedented growth in the advanced markets where it saw a 41% and 34% increase in Europe and North America, respectively, followed by healthy growth of over 20% in Asia Pacific and Latin America. 
 
Demand for Hankook Tire’s UHP (Ultra High Performance) tires continued its hot streak, playing a crucial role in achieving sharp, accelerated growth in the premium tire sector. Steady expansion of original equipment tire portfolio also contributed significantly, a key indicator of enhanced brand equity and consumers’ trust in Hankook Tire’s quality of its products.
 
Europe led all markets with accumulated UHP tire sales to finish with 59% increase YoY, while North America and Asia Pacific sales of UHP tires rose 27% and 15% respectively. Supply of OE (Original Equipment) tires, which are delivered to auto makers to be factory-installed in their new cars, enjoyed a drastic 52% increase, where among them were UHP tires which nearly doubled, posting a 92% increase compared to its previous year’s numbers.
 
“In spite of uncertain global economic conditions and sharp increase in raw material prices, we were able to continue our unprecedented growth in 2011 by firmly placing our priorities to deliver utmost quality and technology in our products,” says Mr. Seung Hwa Suh, Vice Chairman & CEO of Hankook Tire. He adds, “We will continue to provide the best products and services while continuing to build a sustainable corporate culture to strengthen Hankook Tire’s position as a leading global company.”
 
* 2011 Consolidated Profit (Tire sales only) 
(Unit: Billion KRW)
  FY 2010 FY 2011 YoY %
Sales 5,363.9 6,484.4 20.9%
Operating Profit 620.9 566.3 -8.8%

 

 

(Unit: Billion KRW)
  FY 2010 FY 2011
Sales 4,639 5,851
Operating Profit 536 511

 

* Exchange Rate: 

  FY 2010 FY 2011
USD/KRW 1,156.26 1,108.11

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