This release is a summary of
January-
- Net sales were
EUR 236.6 million (January-March 2023 : 236.4). With comparable currencies, net sales increased by 1.4%. -
Segments operating profit was
EUR -15.1 million (-14.1). Operating profit wasEUR -26.2 million (-18.8).EUR -11.1 million (-4.7) was booked as non-IFRS exclusions. -
During the quarter, there was negative impact coming from the
Red Sea crisis and the political strikes inFinland , causing loss of production, delays in shipments, and increased logistics costs. -
Earnings per share were
EUR -0.18 (-2.59). -
Cash flow from operating activities was
EUR -87.3 million (-57.6). -
In March,
Nokian Tyres' President & CEOJukka Moisio informedNokian Tyres' Board of Directors of his intention to retire from his position during 2024. The Board of Directors has initiated the process of finding a successor for Moisio.
Guidance for 2024 (unchanged)
In 2024,
"The first quarter net sales and segments operating profit were at previous year's level. The car and tire market continues to be demanding due to economic uncertainties and low consumer confidence. During the first quarter, we faced additional disadvantages due to the
Despite these setbacks we continue building the new
We are taking firm steps forward in sustainability. During the quarter, we scored an A- from CDP for our actions aimed at reducing greenhouse gas emissions and mitigating climate change-related risks. Scores A and A- represent leadership level. In February we also announced a long-term purchase agreement for recovered carbon black with a tire recycling joint venture. The agreement will help
Tire sell-in is expected to grow in 2024, and with our increasing capacity and competitive product portfolio, we are ready to seize this opportunity. Due to seasonality, the sales growth and segments operating profit are expected to be generated in the second half of the year. Our strong balance sheet enables us to both continue executing on our clear growth strategy toward
Key figures
EUR million | 1-3/2024 | 1-3/2023 | 2023 |
Net sales | 236.6 | 236.4 | 1,173.6 |
Net sales change, % | 0.1% | -26.8% | -13.1% |
Net sales change in comparable currencies, % | 1.4% | -25.1% | -9.2% |
Operating profit | -26.2 | -18.8 | 32.1 |
Operating profit, % | -11.1% | -8.0% | 2.7% |
Result before tax | -31.6 | -22.5 | 14.2 |
Result for the period | -25.5 | -357.7 | -325.5 |
EPS, EUR | -0.18 | -2.59 | -2.36 |
|
|
|
|
Segments EBITDA | 12.5 | 11.2 | 170.5 |
Segments EBITDA, % | 5.3% | 4.7% | 14.5% |
Segments operating profit | -15.1 | -14.1 | 65.1 |
Segments operating profit, % | -6.4% | -6.0% | 5.5% |
Segments ROCE, %* | 4.0% | -1.4% | 4.0% |
|
|
|
|
Equity ratio, % | 57.6% | 67.8% | 58.0% |
Gearing, % | 29.7% | 3.3% | 16.6% |
Interest-bearing net debt | 395.1 | 46.8 | 223.6 |
Capital expenditure | 69.7 | 34.4 | 252.1 |
Cash flow from operating activities | -87.3 | -57.6 | 82.4 |
* Rolling 12 months
In addition to IFRS figures,
Following the completion of the
BUSINESS UNIT REVIEWS
Passenger Car Tyres
EUR million | 1-3/2024 | 1-3/2023 | 2023 |
Net sales | 143.1 | 133.3 | 653.4 |
Net sales change, % | 7.3% | -40.3% | -19.4% |
Net sales change in comparable currencies, % | 8.7% | -38.9% | -15.8% |
Operating profit | -13.5 | -9.3 | 4.1 |
Operating profit, % | -9.4% | -6.9% | 0.6% |
Segment operating profit | -2.8 | -4.6 | 36.7 |
Segment operating profit, % | -2.0% | -3.4% | 5.6% |
Heavy Tyres
EUR million | 1-3/2024 | 1-3/2023 | 2023 |
Net sales | 55.1 | 68.2 | 257.1 |
Net sales change, % | -19.3% | 6.0% | -5.1% |
Net sales change in comparable currencies, % | -18.5% | 6.4% | -3.4% |
Operating profit | 6.3 | 9.6 | 32.8 |
Operating profit, % | 11.5% | 14.0% | 12.8% |
Segment operating profit | 6.3 | 9.6 | 32.8 |
Segment operating profit, % | 11.5% | 14.0% | 12.8% |
Vianor, own operations
EUR million | 1-3/2024 | 1-3/2023 | 2023 |
Net sales | 55.9 | 55.5 | 344.0 |
Net sales change, % | 0.7% | -2.8% | -5.0% |
Net sales change in comparable currencies, % | 2.3% | 2.7% | 1.8% |
Operating profit | -15.9 | -13.5 | 3.4 |
Operating profit, % | -28.5% | -24.3% | 1.0% |
Segment operating profit | -15.9 | -13.5 | 3.4 |
Segment operating profit, % | -28.5% | -24.3% | 1.0% |
Number of own service centers at period end | 175 | 173 | 174 |
CONFERENCE CALL
A conference call for investors, analysts and media will be held on
To ask questions, please participate in the conference call by registering at http://palvelu.flik.fi/teleconference/?id=10012190. The phone numbers and a conference ID to access the conference call will be provided after the registration.
A recording of the conference call will be available on the company's website for 12 months after the call.
THE ANNUAL GENERAL MEETING 2024
The Annual General Meeting of
FINANCIAL REPORTING
Half Year Financial Report January-
Releases and company information are available at www.nokiantyres.com/company/investors/.
Further information:
https://news.cision.com/nokian-tyres/r/nokian-tyres-plc-interim-report-january-march-2024--building-the-new-nokian-tyres-on-track-in-a-chal,c3969763
https://mb.cision.com/Main/10563/3969763/2767354.pdf
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