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Hankook Tire Announces 2017 Financial Results
- - Sales of 2017 increased 2.9% YoY driven by premium OE expansion and sales growth of over-17-inch high inch tires especially in Europe and the U.S.
February 8, 2018 (Seoul, Korea) – Hankook Tire today announced its 2017 Financial Results with consolidated global sales of KRW 6.81 trillion and an operating profit of KRW 793.7 billion.
The sales increased by 2.9% YoY which is attributed to an increased sales of over-17-inch high inch tires based on global top-tier technology and product quality along with balanced growth in all the regions. The operating profit decreased by 28%, affected by factors such as price rise in raw materials.
The sales of high inch tires (over 17 inch) accounts for 48.4% of the total sales, increased 3.9% from the previous year, leading the growth of Hankook Tire into a global top-tier company. The company's achievement is driven by the increased supply of OE and RE especially in Europe and China, Additionally, Increased sales of RE with strengthened distribution channel in North America and expanded supply of OE to Japanese companies contributed to positive sales growth.
With 2018 target of reaching KRW 7.4 trillion and operating profits of KRW 1.02 trillion, Hankook Tire plans to focus on strengthening the company’s position as the ‘premium brand’ through improving competitive products, expanding sales of high inch tires in major markets and continual supplying OE tires for new models of major high-end automobile brands. Moreover, the company will diversify OE portfolio to build stable earning structure and optimize each regional distribution strategy as well.
Q4 2017 Consolidated Financial Result
|(Unit: Billion KRW)||Q4 FY 2016||Q3 FY 2017||Q4 FY 2017|
|(Unit: Million USD)||Q4 FY 2016||Q3 FY 2017||Q4 FY 2017|
|(Unit: Million EUR)||Q4 FY 2016||Q3 FY 2017||Q4 FY 2017|
|Q4 FY 2016||Q3 FY 2017||Q4 FY 2017|
|USD / KRW||1,157.37||1,132.24||1,105.72|
|EUR / KRW||1,247.02||1,330.2||1,301.81|
2017 Consolidated Financial Result
|(Unit: Billion KRW)||FY 2016||FY 2017|
|(Unit: Million USD)||FY 2016||FY 2017|
|(Unit: Million EUR)||FY 2016||FY 2017|
|FY 2016||FY 2017|
|USD / KRW||1,160.50||1,130.84|
|EUR / KRW||1,283.30||1,276.39|
(NOTE: Average exchange rates for the given annual period, retrieved from Korea Exchange Bank)