Press release
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may 12, 2023 - Hankook
Hankook announces 2023 Q1 financial results
- Reports show sales up 17.5 percent and operating profit up 51.5 percent year-on-year (YoY)
- Hankook plans to consolidate its leading position in the EV tyre and high-performance tyre markets
Premium tyre manufacturer #hankook has announced sales of KRW 2,104.0 billion (approx. EUR 1,537.4m) and an operating profit of KRW 190.9 billion (approx. EUR 139.4m) based on global consolidated financial results for the first quarter of 2023. Both sales and operating profit increased by 17.5 percent and 51.5 percent respectively YoY.
Based on premium brand strategies that include increasing the proportion of high-value-added products and securing sales of tyres exclusive to electric vehicles (EVs), Hankook’s sales and operating profit achieved growth despite the backdrop of difficult business conditions, such as the global economic downturn, intensifying competition and more. This performance was supported by the increase in supply of original equipment (OE) tyres with the stabilisation of semiconductor supply and the rise of global sales of replacement tyres in regions like Europe.
Hankook has been growing rapidly in the global electric vehicle market by pioneering customised technologies and strategies even before the widespread commercialisation of EVs. The company is now leading the market, raising its target proportion of EV tyres to about 20 percent this year out of the total supply for passenger car and light #truck OE tyres – which recorded 5 percent in 2021 and 11 percent in 2022.
In the first quarter, #hankook maintained steady progress by providing premium tyres for electric vehicles, including Chinese electric vehicle start-up Leapmotor’s ‘C11 electric SUV’, Volkswagen’s electric bus the ‘ID. Buzz’, and Toyota’s first fully electric SUV ‘bZ4X’.
In addition, the proportion of sales attributable to 18-inch and higher passenger car tyres – which are high-value-added products – reached 43.5 percent, up by 4.5 percentage points (pp) YoY. By region, there was an increase of 4.6pp in Korea (53.9 percent), 4.0pp in Europe (31.9 percent), 6.6pp in North America (54.2 percent), and 7.2pp in China (56.3 percent), showing consistent growth across all global regions.
In 2023, #hankook will continue to sustain its leadership in the EV tyre and high-performance tyre markets. As of this season, the company has been selected as the exclusive technical partner and tyre supplier for the ABB FIA Formula E World Championship. #hankook is also the exclusive tyre partner of the Lamborghini Super Trofeo. Through these valued partnerships, #hankook will further enhance its position as a premium global brand and continue to gather data to enhance research and development.
Hankook’s goal is to grow sales by more than 5 percent YoY and achieve 45 percent sales for 18-inch and higher passenger car tyres. To achieve this, the company will focus on increasing sales in major markets, strengthening partnerships with premium car makers and sustaining leadership in the electric vehicle tyre segment.
Q1 2023 Consolidated Financial Result
(Unit: Billion KRW) | Q1 FY 2022 | Q4 FY 2022 | Q1 FY 2023 |
Sales | 1,790.6 | 2,263.8 | 2,104.0 |
Operating Profit | 126.0 | 212.0 | 190.9 |
(Unit: Million USD) | Q1 FY 2022 | Q4 FY 2022 | Q1 FY 2023 |
Sales | 1,486.0 | 1,665.4 | 1,649.4 |
Operating Profit | 104.5 | 155.9 | 149.6 |
(Unit: Million EUR) | Q1 FY 2022 | Q4 FY 2022 | Q1 FY 2023 |
Sales | 1,323.9 | 1,631.8 | 1,537.4 |
Operating Profit | 93.1 | 152.8 | 139.4 |
*Exchange Rates:
| Q1 FY 2022 | Q4 FY 2022 | Q1 FY 2023 |
USD / KRW | 1,204.95 | 1,359.26 | 1,275.58 |
EUR / KRW | 1,352.44 | 1,387.29 | 1,368.51 |
(NOTE: Average exchange rates for the given annual period, retrieved from Korea Exchange Bank)
20230512 Hankook Tire announces financial results
1200x917, 733KB
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