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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.
Date02/13/2019 Hits11,330

Hankook Tire Announces 2018 Financial Result

Hankook Tire Announces 2018 Financial Result

  • Reports KRW 6.7955 trillion in sales and KRW 703.7 billion in operating profit
  • Sales growth of high inch tires (over 17 inch) in major markets such as Europe and the United States, strengthening premium brand image

February 13, 2019 (Seoul, Korea) – Global leading premium tire maker, Hankook Tire (President & CEO Hyun Bum Cho) announced today the company’s 2018 Financial Result with consolidated global sales of KRW 6.7955 trillion and an operating profit of KRW 703.7 billion.

Driven by global top-tier technology and premium product quality, sales of high inch tires (over 17 inches) in major markets such as Europe and the United States accounted for 52.3% of passenger car tires, leading to 3.9%p YoY increase.

In particular, during the fourth quarter, sales in the replacement market and the proportion of high inch tires continued to increase based on stabilization of distribution channel innovation in the Korean market. In addition, the supply of original equipment tires for SUVs and Japanese automobiles sold in North America continued to expand as well.

On the other hand, a slowdown in demand from the global auto market such as China led to a decrease in sales of replacement tires and supply of OE, which negatively affected the overall financial result.

With 2019 target of reaching KRW 7.4 trillion and operating profits of KRW 750.0 billion, Hankook Tire plans to focus on enhancing its premium image through increasing sales of high inch (over 17 inch) in major markets, supplying OE tires for premium cars, and strengthening competitiveness in its premium product lines. Hankook Tire also plans to diversify its OE portfolio to establish a stable growth structure and optimize distribution strategies for each 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 2018 Consolidated Financial Result

(Unit: Billion KRW)

Q4 FY 2017

Q3 FY 2018

Q4 FY 2018

Sales

1,682.30

1,755.40

1,725.60

Operating Profit

139.40

187.50

146.10

 

(Unit: Million USD)

Q4 FY 2017

Q3 FY 2018

Q4 FY 2018

Sales

1,521.5

1,565.1

1,530.5

Operating Profit

126.1

167.2

129.6

 

(Unit: Million EUR)

Q4 FY 2017

Q3 FY 2018

Q4 FY 2018

Sales

1,292.3

1,345.9

1,341.4

Operating Profit

107.1

143.8

113.6

 

*Exchange Rates:

 

Q4 FY 2017

Q3 FY 2018

Q4 FY 2018

USD / KRW

1,105.7

1,121.6

1,127.5

EUR / KRW

1,301.8

1,304.3

1,286.4

 

2018 Consolidated Financial Result

(Unit: Billion KRW)

FY 2017

FY 2018

Sales

6,812.9

6,795.5

Operating Profit

793.4

703.7

 

(Unit: Million USD)

FY 2017

FY 2018

Sales

6,024.6

6,176.0

Operating Profit

701.6

639.6

 

(Unit: Million EUR)

FY 2017

FY 2018

Sales

5,337.6

5,232.8

Operating Profit

621.6

541.9

 

*Exchange Rates:

 

FY 2017

FY 2018

USD / KRW

1,130.84

1,100.30

EUR / KRW

1,276.39

1,298.63

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

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