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Nokian tyres Releases Convertible Bonds

On June 20 Nokian Tyres announced its intention to offer convertible bonds to the total value of 130.4 million euros. Nokian Tyres has granted financial services group Nomura International an over-allotment option to subscribe for up to 19.6 million euros of additional bonds solely to cover over-allotments, if any, to a total amount of 150 million euros. The shares to be issued upon conversion of the bonds will represent up to approximately 3.4 per cent of Nokian Tyres’ current issued share capital, assuming the over-allotment option is fully exercised.

At the company’s annual general meeting on April 3 the board of directors were given authority to carry out this operation despite existing pre-emptive subscription rights held by shareholders. The board of directors made the decision to exercise this authority for what it claims are “important financial reasons,” and intend to use the bonds to finance investments “in accordance with the company’s investment strategy”, to re-finance existing financing facilities and for general corporate purposes.

20th June 2007/by Tyrepress Editors

New Contact Details for Nokian Tyres

The phone numbers for Nokian Tyres and Nokian Heavy Tyres change on Friday, 8 June 2007. The new number system is intended to improve employee availability and remove overlapping solutions. The new phone numbers will be of the format +358 10 401 7xxx. The last four numbers – the extensions – will remain unchanged.

The new switchboard number is +358 10 401 7000. The switchboard will operate in the same manner as before, and calls placed to the old switchboard number will be automatically converted to the new number for one year. Callers who dial the old direct dialling-in numbers after 8 June 2007 will hear a recording informing them of the number change, but the calls will not be automatically converted to the new numbers.

8th June 2007/by Tyrepress Editors

Russia: Nokian Tyres intensifies its operations

For Nokian Tyres the Russian tyre market is becoming more and more a domestic market, particularly now that the company has started operating its new tyre factory in Vsevolozhsk, close to St. Petersburg. Last year was even the first year that the Finnish tyre manufacturer generated a higher turnover in Russia than in its home market, and today one in every four euros of turnover stemms from the Russian marketplace. And as the very profitable company always points out, margins in Russia are comparable with those in the Nordic markets. So obviously the company has far-reaching plans regarding its position in this market. In its most recent annual report (2006) Nokian Tyres announced that production capacity in its Vsevolozhsk facility will increase to 10 million passenger car tyres by 2011. This is twice as much as it currently produces. In order to achieve this the company will initiate its second expansion stage, providing for a completely new second factory at the site.

1st June 2007/by Tyrepress Editors

Q1 Results “Better Than Expected” – Nokian

Nokian Tyres had a “better than expected” first quarter of 2007. During the quarter Nokian Tyres recorded sales of approximately 200 million euros a 34 per cent gain on the 149.4 million euro reported a year earlier. Operating profit trebled, with profits of 39 million euros achieved during the quarter.

Nokian cite the main reasons for these better than expected results to be continued strong sales growth in Russia plus stronger than expected summer tyre sales. Winter tyre pre-sales exceeded previous year and the newly launched Nokian Hakka summer tyre range boosted summer tyre sales. Nokian Tyres’ targets for 2007 will remain the same. The company’s projected full year net sales are 900 – 1,000 million euros.

23rd April 2007/by Tyrepress Editors

Russian Tyremakers Meet to Discuss Industry Concerns

Russia’s largest tyre and rubber manufacturers have held their inaugural joint round table meeting to discuss industry concerns. This meeting took place on April 6 as part of the first sitting of a Chamber of Commerce and Industry subcommittee set up to advocate the interests of the country’s industry.

The meeting was attended by representatives of Russia’s major tyre and rubber companies – Sibur-Russian Tyres, Amtel-Vredestein, Nokian Tyres, Michelin, Nizhnekamskshina, Group TADEM, RTI-Kauchuk and by government officers and companies and associations that rely on tyre and rubber production.

10th April 2007/by Tyrepress Editors

Nokian Tyres Carry Rally Champ to Ice Speed Record

A new world record speed for driving on ice has been achieved using a vehicle fitted with Nokian Hakkapeliitta studded winter tyres. Four-times world rally champion Juha Kankkunen reached a speed of 321 km/h on a track that had been ploughed on the ice in the Gulf of Bothnia on Finland’s west coast, next to the city of Oulu.

5th March 2007/by Tyrepress Editors

Analysts: Nokian Results 10 per cent Above Consensus

Financial analysts are reporting that Nokian Tyres’ recent fiscal results exceeded expectations. According to one Deutsche Bank note the Finnish manufacturer achieved further quarter net sales and EBIT 10 and 11 per cent above consensus respectively. The driver for the strong performance is said to have been the company’s was Car Tyres division, as growth in Russia once again surprised, growing by almost 100 per cent.

16th February 2007/by Tyrepress Editors

Nokian Tyres Accelerates Russian Factory Expansion

Nokian Tyres’ Board of Directors has decided to start the expansion and capacity increase at its Russian factory early. As a result of the start-up of Phase II, the output of the Vsevolozhsk factory will more than double with the target to reach the production of 10 million tyres by 2011.

15th February 2007/by Tyrepress Editors

New Winter Tyres from Nokian

Nokian Tyres has developed a number of new products for the fast growing European winter tyre market. These tyres have been produced with Central European driving conditions in mind and therefore their design and construction features place maximised safety especially in winter conditions as their number one priority.

New legislation and improving economic conditions in Eastern Europe have been two of the main factors behind the rise of the winter tyre market, a market in which about 67 million passenger car winter tyres were sold in 2006, some 12% more than the previous year.

7th February 2007/by Tyrepress Editors

Nokian Tyres Will Not Build CZK 9 billion Czech Plant

Nokian Tyres has decided not to build a 9 billion Czech korona (£216 million) vehicle tyre production plant in Valasske Mezirici, vice-president Raimo Mansikkaoja said in response to a letter from local mayor Jiri Castecka. The Lesna industrial zone near Valasske Mezirici was one of a number of European locations that the Finnish company was considering for the plant that would have employed 900 people.

27th November 2006/by Tyrepress Editors

Nokian Launches Phase Two of its Russian Plant

The second stage of Nokian Tyres‘ Russian factory, which started operation in June 2005, was launched today (22 November) in Vsevolozhsk. The second stage launch marks the conclusion of construction work on the warehouse and the mixing departments, which started in September 2005.

The 19,000 square metre warehouse can house approximately 600,000 tyres. The start-up and test-run of the first mixing line at the new department was done in September and the second line is being installed. The new mixing department enables the company to produce rubber compounds for tyre production locally in Russia and end deliveries from the Nokia factory in Finland.

22nd November 2006/by Tyrepress Editors

Nokian Tyres’ Net Sales Up by 19.8 per cent

Publishing its third quarter results Nokian Tyres announced it achieved pre-tax profits 35.8 million more than doubling the previous year’s total of 16.9 million euros. Nokian’s results were well-received by analysts who applauded the company’s consensus beating results. According to Deutsche Bank, Nokian’s EBIT was 6 per cent higher than analysts’ collective projections and 19 per cent above Deutsche’s estimate.

3rd November 2006/by Tyrepress Editors

ETRMA Seeks to Influence EU Decisions

Earlier in the year, the European tyre and rubber industry formed the ETRMA as a successor to BLIC. The idea was to update the way that this industry association was organised and position it to inform the European legislature on subjects relating to tyre and rubber manufacture. Following the completion of this changeover, Tyres & Accessories interviewed ETRMA secretary general, Fazilet Cinaralp and got a clearer picture of the role and function of the organisation.

1st November 2006/by Tyrepress Editors

Nokian Shares Dip After Morgan Stanley Downgrade

On the Helsinki Stock Exchange, Nokian Tyres’ shares fell slightly to 15.35 euros after the company was downgraded by analysts Morgan Stanley from “overweight” to “equal weight”. Nokian’s valuation has outperformed others in the market since July, says Morgan Stanley, but is now starting to appear stretched. Another factor is the possibility of increased competition in Russia, following reports that Bridgestone has acquired land in St. Petersburg.

20th October 2006/by Tyrepress Editors

Invesco Stake In Nokian Exceeds Five Per Cent

Nokian Tyres has received an announcement from Invesco Asset Management according to which as a result of a share transaction concluded on 17 July 2006, the holdings of AMVESCAP PCL, for and on behalf of funds managed by its affiliates, now represent more than five per cent of the voting rights and share capital in Nokian Tyres plc. AMVESCAP PCL, for and on behalf of funds managed by its affiliates, now holds a total of 6,653,883 Nokian Tyres’ shares, representing 5.45 per cent of company’s 122,032,270 shares and voting rights.

9th October 2006/by Tyrepress Editors