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Nokian Tyres: 18.8 million-euro Q1 2023 loss, but pricing should mitigate income problems

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Nokian Tyres has presented its first quarterly results since the company sold its Russian operations to Tatneft its resultant production gap. In short, first quarter 2023 net sales were 236.4 million euros down 26.8 per cent compare with 322.9 million euros during the same period last year. That meant an operating loss of 18.8 million euros compared with 21.5 million euros of operating profit in the first quarter of 2022.

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Related news:

  1. Nokian Tyres exits Chinese market
  2. Nokian Tyres’s Romania plant breaking ground in May 2023, 2-3 offtake deals to fill production gap
  3. Russia continues to pound Nokian Tyres’ sales and profits
  4. Nokian Tyres cuts 2021 dividend as European capacity ramps up
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Nokian Tyres’s Romania plant breaking ground in May 2023, 2-3 offtake deals to fill production gap

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Nokian Tyres’s well-publicised exit from Russia has left it with a similarly well-reported production gap that continues to impact the company’s ongoing business. Speaking as part of the company’s first quarter 2023 results presentation, Nokian Tyres executives emphasised that “new capacity is our #1 priority” and shared further details of how they are planning to fill the firm’s production gap. We already knew that Nokian plans to expand its existing factories in Nokia, Finland and Dayton, USA as well as build a new factory in Romania and make off-take contracts with third-party manufacturers, what’s new is the detail and time frames associated with “building the new Nokian Tyres”.

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Related news:

  1. Nokian Tyres: “substantial uncertainties” relating to timing of Tatneft deal closure
  2. Is Nokian Tyres a takeover target?
  3. Nokian Tyres exits Chinese market
  4. Nokian Tyres staying in Russia
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Former Nokian Tyres exec Kurter heading Playmobil

Bahri Kurter, who was Nokian Tyres’ executive vice-president Central Europe until leaving to “pursue his career” outside the company last year, is the new chief executive officer at toy manufacturer Playmobil. He commenced in this role in March 2023.

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Related news:

  1. Nokian Tyres names new SVP for Central Europe
  2. All-season with a summer focus: New Nokian Seasonproof
  3. Nokian Tyres appoints Anna Hyvönen EVP of entire Passenger Car Tyres business
  4. “Fear & insecurity” within Nokian Tyres’ Central Europe region
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Going, going, gone: Nokian Tyres has left Russia

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In a stock exchange release published this morning, Nokian Tyres plc confirms it has completed the sale of its operations in Russia to vertically integrated oil and gas company PJSC Tatneft after finishing local registration formalities. The Finnish company has “now ended all its operations in Russia,” but this doesn’t mean that the Nokian name will immediately disappear from this market.

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Related news:

  1. Nokian Tyres Russia applies for new brand patents
  2. Tatneft paying just 286 million euros for Nokian Tyres Russian assets
  3. Nokian sells its Russian tyre operation to Tatneft for 400 million euros
  4. Tatneft applies for FAS approval to buy Nokian Tyres’s Russia business
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Tatneft will sell some Nokian Tyres in certain markets

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NokianTyres.ru

Visit NokianTyres.ru today and you will be greeted with the following message: “All Nokian Tyres operations in Russia have ended. For guarantee services and other product information please visit www.vsevtyres.ru.” Browse over to vsevtyres.ru and you will find a page that looks identical to the former Nokian Tyres site. This development follows the sale of Nokian Tyres’s Russian operations to Tatneft and the rebranding of Nokian Tyres’s Vianor tyre retail business as Ivanor in Russia. So who is selling Nokian brand tyres in Russia and Russia-speaking markets? Is it Nokian Tyres or Tatneft?

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Related news:

  1. No Russia clarity for Nokian Tyres
  2. Tatneft paying just 286 million euros for Nokian Tyres Russian assets
  3. Sold: Tatneft pays 285 million euros for Nokian Tyres’ Russian operations
  4. Nokian becomes Ikon in Russia
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Manufacturers jointly launch Agro Tyre Pressure app

Six well-known tyre manufacturers have teamed up to provide their customers with easier access to agricultural tyre pressure indications. Information from Apollo Tyres, Bridgestone, Continental, Michelin, Nokian Tyres and Trelleborg Wheel Systems is now available in a single app, Agro Tyre Pressure. Swiss firm Anura Associates developed the app for the tyre makers.

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  1. 19 finalists chosen for 2015 AutoBild winter tyre test
  2. 3 tyres rated ‘exemplary’ in Auto Bild’s winter tyre test
  3. World’s leading tyre companies 2022: Michelin and Bridgestone neck and neck for pole position
  4. Continental announces ‘pressure monitoring’ tractor tyre
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New warehouse for Nokian Tyres’ USA plant

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Nokian Tyres has begun construction work on a finished goods warehouse at the Dayton, Tennessee production site where it is currently doubling production capacity for all-season and all-weather tyres and adding light truck tyres to the product mix. The warehouse will hold as many as 600,000 tyres and should be ready for use by mid-2024.

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Related news:

  1. Commercial production starts at Nokian Tyres’ USA plant
  2. $174 million investment: Nokian Tyres boosting USA production, warehousing
  3. US association welcomes Nokian Tyres as country’s newest tyre maker
  4. Nokian Tyres staying in Russia
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Ivanor: New Identity for Vianor network in Russia

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With the careful rearrangement of a couple of letters, the Vianor tyre retail network gains a new identity in Russia. Nokian Tyres reports that Russia’s largest network of tyre centres will henceforth operate under the name Ivanor. The new name accompanies a change of ownership, with Tatneft acquiring a 100% stake in Nokian’s Russian business. Rights to the Vianor and N-Tyre trademarks remain with Nokian Tyres.

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Related news:

  1. No Russia clarity for Nokian Tyres
  2. Nokian Tyres Russia applies for new brand patents
  3. Tatneft paying just 286 million euros for Nokian Tyres Russian assets
  4. Sold: Tatneft pays 285 million euros for Nokian Tyres’ Russian operations
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Sold: Tatneft pays 285 million euros for Nokian Tyres’ Russian operations

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Nokian Tyres

Nokian Tyres reports that it has received the sale price of 285 million euros from PJSC Tatneft for the sale of its operations in Russia. The total permissible transaction price defined by the Russian Governmental Commission was 23,050 million rubles. Now there are just “registration formalities” before the transaction completes and Nokian Tyres’ operations in Russia therefore end.

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Related news:

  1. Nokian sells its Russian tyre operation to Tatneft for 400 million euros
  2. Nokian Tyres: “substantial uncertainties” relating to timing of Tatneft deal closure
  3. No Russia clarity for Nokian Tyres
  4. Tatneft paying just 286 million euros for Nokian Tyres Russian assets
/by

Tatneft paying just 286 million euros for Nokian Tyres Russian assets

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Tatneft

PJSC Tatneft reports that the Russian Governmental Commission on Monitoring Foreign Investments has approved Tatneft’s purchase of Nokian Tyres plc’s operations in Russia, a deal that was announced on 28 October 2022. That much was expected, some would say overdue. However, Nokian Tyres reports that Tatneft will only be paying around 286 million euros for company’s high-tech St. Petersburg factory and other local assets.

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Related news:

  1. Nokian sells its Russian tyre operation to Tatneft for 400 million euros
  2. Nokian Tyres: “substantial uncertainties” relating to timing of Tatneft deal closure
  3. Nokian Tyres exits Chinese market
  4. Nokian Tyres Russia applies for new brand patents
/by

Nokian Tyres Russia applies for new brand patents

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Toward the end of December 2022, we reported that Tatneft had applied for FAS approval to buy the Nokian Tyres St. Petersburg factory. That deal, which is yet to be completed, centred on “the acquisition of 100 per cent of “Nokian Tyres LLC, Hakka Invest LLC and Nokian Shina LLC from Nokian Tyres” for just over 400 million euros.  Around the same time, the Russian national patenting body, Rospatent, reported that Nokian Tyres LLC, which operates Nokian’s Russian tyre for the Finnish tyremaker, had filed applications for the registration of new trademarks.

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Related news:

  1. Tatneft paying just 286 million euros for Nokian Tyres Russian assets
  2. Nokian sells its Russian tyre operation to Tatneft for 400 million euros
  3. Tatneft applies for FAS approval to buy Nokian Tyres’s Russia business
  4. No Russia clarity for Nokian Tyres
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Snowproof 2 – Nokian Tyres’ new winter flagship

Nokian Tyres is renewing its winter tyre portfolio for Europe with the introduction of a new flagship range and updates for an existing product, extending the Nokian Snowproof family to four tyre models. The new flagship is Snowproof 2, and its arrival is accompanied by the European debut of SilentDrive technology.

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Related news:

  1. First Hakkapeliitta Tyres Produced at Nokian’s Plant In Russia
  2. Nokian Tyres Introduces Runflat Winter Tyres
  3. Nokian Tyres Accelerates Russian Factory Expansion
  4. 3 tyres rated ‘exemplary’ in Auto Bild’s winter tyre test
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No Russia clarity for Nokian Tyres

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Anyone listening to the Nokian Tyres conference call on Tuesday in the hope of gaining insights into negotiations with Tatneft were sorely disappointed. More than 3 months after Nokian announced the sale of its Russian operations for around 400 million euros, fundamental aspects of the deal are still completely opaque. Jukka Moisio, president and CEO of Nokian Tyres, brought no clarity to the subject.

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Related news:

  1. Nokian Tyres begins ‘controlled exit’ from Russia
  2. Nokian sells its Russian tyre operation to Tatneft for 400 million euros
  3. Nokian Tyres: “substantial uncertainties” relating to timing of Tatneft deal closure
  4. Is Nokian Tyres a takeover target?
/by

Nokian Tyres exits Chinese market

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The official Chinese website of Nokian Tyres states that the Finnish tyre manufacturer is withdrawing from business in the Chinese market due to its “limited production capacity”.

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Related news:

  1. Nokian Tyres: “substantial uncertainties” relating to timing of Tatneft deal closure
  2. Nokian Tyres staying in Russia
  3. Nokian Tyres cuts 2021 dividend as European capacity ramps up
  4. Is Nokian Tyres a takeover target?
/by

Nokian Tyres: 116.2-million-euro loss down to Russian car tyre production gap

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Nokian Tyres

Nokian Tyres reports that its fourth-quarter 2022 net sales totalled 411.3 million euros, down 19.8 per cent from 512.6 million euros in October–December 2021. Operating profit was 13.5 million euros (Q4 2022: 88.0 million). Despite that, the company’s full-year 2022 net sales grew 3.6 per cent to 1,776.1 million euros (2021: 1,714.1 million euros). However, that wasn’t enough to prevent a full-year 2022 loss of 116.2 million euros (2021: 268.2 million euros profit). Executives put the fourth-quarter declines down to “lower passenger car tyre supply volumes…”, something that is a veiled reference to the fact that the company is wrestling with a serious passenger car tyre production gap.

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Related news:

  1. Hakkapeliitta anniversary website launched
  2. Nokian gives winter market overview
  3. Nokian Tyres’ president resigns
  4. Nokian Tyres: “substantial uncertainties” relating to timing of Tatneft deal closure
/by

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