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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.
Date11/02/2020 Hits16,301

Hankook Tire announces 2020 Q3 financial results

  • Global sales and operating profit increased 2.8% and 24.6% respectively year-on-year, and 38.3% and 220.5% respectively compared to the previous quarter
  • Recovery is attributed to increased sales of replacement tires in major regions such as Europe, North America, and China
  • Sales of OE and replacement tires as well as high-inch tires of 18 inches or higher increased in China
  • Laufenn’s product portfolio is a key contributor to driving demand for customers who seek both quality and competitive price

Seoul, Korea, November 2, 2020– Global leading premium tire maker Hankook Tire announced today the company’s 2020 Q3 financial results with consolidated global sales of KRW 1.88 trillion and an operating profit of KRW 224.6 billion.

Hankook’s sales and operating profit increased 2.8% and 24.6% respectively YoY, and 38.3% and 220.5% respectively compared to the previous quarter from rise in replacement tires sales in Europe, North America, and China. In China, where sales increased for both OE and replacement tires, sales of high-inch tires - 18 inches or higher - accounted for 33.6% of the sales of tires for passenger cars, up 8.9%p YoY, leading the company’s growth.

The recent recovery is especially meaningful as it stands out in the replacement sector where consumers make their own choices for tires. COVID-19 has influenced the global consumption pattern which includes a further increase in the number of customers seeking value for money products, and this is accredited to Hankook’s overall sales growth.

Hankook has recently received top ratings in several tire tests, including Germany and the United Kingdom, acknowledged for its technical excellence.

Hankook is establishing a two-track brand portfolio; premium brand "Hankook" representing the highest level of performance and "Laufenn", a strategic brand, targets price-sensitive consumers. Performances of these two brands are creating synergy to expand customer base and increasing turnover across the range of products.

Furthermore, Hankook plans to strengthen its standing as a premium brand by expanding its partnership with global carmakers, including the OE supply of Ventus S1 Evo3 ev to Porsche's first high-performance electric sports car, Taycan.

The company plans to further solidify its reputation for excellence in quality in response to challenging market environment and continue to improve performance by expanding sales of high-inch tires (over 18 inches), optimizing distribution strategies for each region, and diversifying the product portfolio.

Q3 2020 Consolidated Financial Result

(Unit: Billion KRW)

Q3 FY 2019

Q2 FY 2020

Q3 FY 2020

Sales

1,835.2

1,364.4

1,886.6

Operating Profit

180.3

70.0

224.6

 

(Unit: Million USD)

Q3 FY 2019

Q2 FY 2020

Q3 FY 2020

Sales

1,537.9

1,117.6

1,587.3

Operating Profit

151.1

57.3

188.9

 

(Unit: Million EUR)

Q3 FY 2019

Q2 FY 2020

Q3 FY 2020

Sales

1,382.0

1,014.6

1,358.8

Operating Profit

135.7

52.0

161.7

 

*Exchange Rates:

 

Q3 FY 2019

Q2 FY 2020

Q3 FY 2020

USD / KRW

1,193.24

1,220.81

1,188.54

EUR / KRW

1,327.86

1,344.74

1,388.39

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