This release is a summary of
October-
- Net sales were
EUR 368.0 million (October-December 2022 : 361.7) and increased by 1.7%. With comparable currencies, net sales increased by 6.3%. -
Segments operating profit was
EUR 44.5 million (0.2). Operating profit wasEUR 33.1 million (-3.2).EUR -11.3 million (-3.4) was booked as non-IFRS exclusions. -
Earnings per share were
EUR 0.19 (-0.11). -
Cash flow from operating activities was
EUR 297.6 million (318.6).
January-
- Net sales were
EUR 1,173.6 million (January-December 2022 : 1,350.5) and decreased by 13.1%. With comparable currencies, net sales decreased by 9.2% due to lower passenger car tire supply volumes, demanding car and tire market environment and high inventories in the distribution. -
Segments operating profit was
EUR 65.1 million (17.8). Operating profit wasEUR 32.1 million (56.7).EUR -33.0 million (38.9) was booked as non-IFRS exclusions. -
Earnings per share were
EUR -2.36 (-1.27). -
Cash flow from operating activities was
EUR 82.4 million (-4.3). -
The sale of
Nokian Tyres' operations inRussia was completed in March, after which allNokian Tyres' operations inRussia ended. The sale price wasEUR 285 million . -
The Board of Directors proposes a dividend of
EUR 0.55 per share for the financial year 2023 to be paid in two installments (dividend for the financial year 2022: 0.55).
Guidance for 2024
In 2024,
"2023 marked a new beginning for
In 2023, the car and tire market was demanding due to economic uncertainties, high inflation, and low consumer confidence. Dealers focused on reducing their inventories, resulting in lower replacement tire sell-in. We improved our performance and volume delivery towards the end of the year in line with our expectations, and our cash flow was strong. This provides us with a solid foundation for 2024 to continue further improving our activities.
We are taking firm steps forward in sustainability. One of our targets was to reduce our factories' direct CO2 emissions by 52% per production ton by 2030 compared to 2015, and we reached this target already in 2023. Our long-term sustainability target is to achieve net-zero emissions by 2050.
Important and exciting milestones will be reached in 2024, when we celebrate the 90th anniversary of our innovation, the winter tire. Our new and the world's first zero CO2 emission tire factory in
Key figures
EUR million | 10-12/2023 | 10-12/2022 | 2023 | 2022 |
Net sales | 368.0 | 361.7 | 1,173.6 | 1,350.5 |
Net sales change, % | 1.7% |
| -13.1% |
|
Net sales change in comparable currencies, % | 6.3% |
| -9.2% |
|
Operating profit | 33.1 | -3.2 | 32.1 | 56.7 |
Operating profit, % | 9.0% | -0.9% | 2.7% | 4.2% |
Result before tax | 27.1 | -26.6 | 14.2 | 11.2 |
Result for the period | 26.2 | -15.7 | -325.5 | -175.5 |
EPS, EUR | 0.19 | -0.11 | -2.36 | -1.27 |
|
|
|
|
|
Segments net sales | 368.0 | 361.7 | 1,173.6 | 1,350.5 |
Segments net sales change, % | 1.7% |
| -13.1% |
|
Segments net sales change in comparable currencies, % | 6.3% |
| -9.2% |
|
Segments EBITDA | 71.9 | 26.4 | 170.5 | 118.7 |
Segments EBITDA, % | 19.5% | 7.3% | 14.5% | 8.8% |
Segments operating profit | 44.5 | 0.2 | 65.1 | 17.8 |
Segments operating profit, % | 12.1% | 0.0% | 5.5% | 1.3% |
Segments ROCE, % |
|
| 4.0% | 0.9% |
|
|
|
|
|
Equity ratio, % |
|
| 58.0% | 64.9% |
Gearing, % |
|
| 16.6% | 9.8% |
Interest-bearing net debt |
|
| 223.6 | 140.9 |
Capital expenditure | 95.5 | 65.6 | 252.1 | 129.7 |
Cash flow from operating activities | 297.6 | 318.6 | 82.4 | -4.3 |
In addition to IFRS figures,
Following the completion of the
BUSINESS UNIT REVIEWS
Passenger Car Tyres
EUR million | 10-12/2023 | 10-12/2022 | 2023 | 2022 |
Net sales | 197.9 | 186.5 | 653.4 | 810.7 |
Net sales change, % | 6.1% |
| -19.4% |
|
Net sales change in comparable currencies, % | 10.6% |
| -15.8% |
|
Operating profit | 11.0 | -21.3 | 4.1 | 23.3 |
Operating profit, % | 5.6% | -11.4% | 0.6% | 2.9% |
Segment operating profit | 22.0 | -27.0 | 36.7 | -24.7 |
Segment operating profit, % | 11.1% | -14.5% | 5.6% | -3.1% |
Heavy Tyres
EUR million | 10-12/2023 | 10-12/2022 | 2023 | 2022 |
Net sales | 61.8 | 64.6 | 257.1 | 271.0 |
Net sales change, % | -4.4% |
| -5.1% |
|
Net sales change in comparable currencies, % | -2.6% |
| -3.4% |
|
Operating profit | 7.3 | 1.6 | 32.8 | 39.5 |
Operating profit, % | 11.8% | 2.5% | 12.8% | 14.6% |
Segment operating profit | 7.3 | 6.1 | 32.8 | 44.1 |
Segment operating profit, % | 11.8% | 9.5% | 12.8% | 16.3% |
Vianor, own operations
EUR million | 10-12/2023 | 10-12/2022 | 2023 | 2022 |
Net sales | 126.0 | 129.4 | 344.0 | 362.0 |
Net sales change, % | -2.6% |
| -5.0% |
|
Net sales change in comparable currencies, % | 3.7% |
| 1.8% |
|
Operating profit | 12.1 | 10.7 | 3.4 | 2.8 |
Operating profit, % | 9.6% | 8.3% | 1.0% | 0.8% |
Segment operating profit | 12.1 | 10.7 | 3.4 | 3.1 |
Segment operating profit, % | 9.6% | 8.3% | 1.0% | 0.9% |
Number of own service centers at period end |
|
| 174 | 173 |
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 https://palvelu.flik.fi/teleconference/?id=10012189. 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.
FINANCIAL REPORTING
Nokian Tyres Annual Report for 2023 will be available in English and Finnish on the company's website the week commencing
Interim Report January-
THE ANNUAL GENERAL MEETING 2024
The Annual General Meeting of
Releases and company information are available at www.nokiantyres.com/company/investors/.
Further information:
https://news.cision.com/nokian-tyres/r/nokian-tyres-plc-financial-statement-release-2023--building-the-new-nokian-tyres-on-track,c3923310
https://mb.cision.com/Main/10563/3923310/2585299.pdf
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