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Amtel-Vredestein COO Resigns

Less than three months after stepping into the role of Amtel-Vredestein Group COO, Sergei Bokhanov has tendered his resignation, effective as of June 1. According to the company Mr. Bokhanov is leaving Amtel-Vredestein to accept a position with a company unrelated to the tyre or automotive sectors.

“Sergei played an important role in helping the company complete its transformation into a premium passenger car tyre manufacturer and leading tyre retailer, and he has been a valuable member of our management team during the numerous acquisitions and disposals the company completed over the past year,” said CEO Alexei Gurin. “We wish him every success in all his future endeavours.”

31st May 2007/by Tyrepress Editors

Test Production Starts at Amtel-Vredestein Voronezh Plant

(Akron/Tire Review) Russian tyremaker Amtel-Vredestein N.V. announced the beginning of test production at its new facility in Voronezh. Amtel tyres will be the first to be produced there, followed by Vredestein and Maloya tyres after new rubber mixing equipment is installed by December.

The new 44,000-square metre facility was modeled after the tyremaker’s Vredestein Banden plant in Enschede, Holland. Voronezh II will initially produce approximately 2.5 million passenger car and light truck tyres per year, which could be expanded up to 4.1 million tyres per year with additional investment, according to Amtel-Vredestein.

31st May 2007/by Tyrepress Editors

‘Wind of Change’ Blowing at Amtel

Deutsche Bank analysts have upgraded their rating for Amtel-Vredestein from Hold to Buy, suggesting a 12-month target price of $7.97. “We forecast the pre-tax profits (EBITDA) margin to improve from 12 per cent at present to 15 per cent in 2009 on better retail margins and the cost benefits of producing premium tyres domestically,” the analysts reported.

Deutsche Bank predicts company revenues will grow at a compound annual growth (CAGR) rate of 8 per cent to $1.6 billion in the next eight years. By 2015 EBITDA is predicted to grow to as much as $241 million on the back of increasing sales of Vredestein tyres in Russia and expanding retail operations.

“The stock, in our view, has been severely oversold since its 2005 IPO, as the company did not achieve the announced goals. We believe that Alfa Group, which accumulated a blocking stake in Amtel at the end of 2006 and which is well-known for its ability to turn troubled companies around, will help Amtel realize maximum value from its strategy and improve financial situation,” the analysts conclude.

23rd May 2007/by Tyrepress Editors

Nizhnekamskshina Increases Net Profit 57 per cent

Nizhnekamskshina’s first quarter net profit (RAS) rose 57 per cent to 13.695 million rubles (about £270,000) from 8.71 million rubles the previous, the company told Russian news sources. Revenues increased 12.4 per cent to 1.498 billion rubles from 1.333 billion rubles. Meanwhile gross profits were up 10.3 per cent to 114.142 million rubles from 103.44 million. 2006 net profits rose to 175.845 million against 51.2 million rubles of losses the year before. Revenues grew three-fold to 14.919 billion rubles from 5.425 billion.

Nizhnekamskshina is ranked as the third by the tyre output in Russia after Sibur Russian Tyres and Amtel Vredestein. The company is expected to produce 12 million tyres in 2007.

22nd May 2007/by Tyrepress Editors

Amtel-Vredestein Posts $110 million EBITDA

Amtel-Vredestein N.V. reports in un-audited results that it has exceeded the revenue projections made by the company in November 2006, by delivering sales of $823 million ($800 million estimated) and EBITDA of $110 million ($100 million estimated).

The Company cautions that certain non-cash adjustments to its 2006 results are still possible as it completes a protracted audit as a result of significant and complex transactions last year – including the acquisition of the Moscow Tyre Plant, the sale of its Amtel-Kuzbass chemical fibre plant in Kemerovo, Russia, and acquisitions of retail tyre centres throughout Russia.

Amtel-Vredestein has a positive outlook for 2007 and expects to achieve sales growth – primarily in its key passenger car tyre business. Sales are expected to fall between $1 – 1.1 billion in 2007 based on current sales trends and scheduled production output. Management also anticipates improvements in Gross Profit Margin consistent with previous years. EBITDA may exceed $120 million and rise to as high as $130 million. The Company expects to be profitable in 2007.

21st May 2007/by Tyrepress Editors

Amtel Brand Named Russia Superbrand

(Akron/Tire Review) For the second straight year, Amtel-Vredestein NV’s Amtel tire brand has been tapped as “Superbrand 2007” in Russia.

The Amtel brand was selected based on a series of polls and surveys of consumers and business analysts concerning product quality, brand awareness and brand recognition.

Other Superbrand 2007 winners included BMW, Samsung, VTB 24 and MasterCard.

8th May 2007/by Tyrepress Editors

Mansurov Appointed AV-TO Executive Director

AV-TO, the retail and distribution subsidiary of Amtel-Vredestein, N.V. has announced that Dilshod Mansurov has been appointed as Executive Director of the company. Mr. Mansurov’s responsibilities will include supervision of all AV-TO retail and distribution operations. He will report to AV-TO General Director, Aleksandr Tryndin.

Mansurov has held senior positions at the Megapolis (a leading Russian FMCG group) since 2003. From 1994 to 2002 he held several executive sales and marketing positions at British American Tobacco (Central Asia). He graduated with an honours degree from the Uzbek State University of World Languages in 1995.

27th April 2007/by Tyrepress Editors

Poor Perception of Russian Quality a Stumbling Block – Gurin

During an address to the 10th Annual Russian Economic Forum in London, Amtel-Vredestein CEO Alexei Gurin pointed to Russia’s poor quality image as a major stumbling block to diversification, and called for President Putin to identify and support industries outside the energy sector in which Russia could become a quality producer. Amongst those industries suggested was the automotive sector.

Gurin believes that Russia needs to stop its sole orientation towards the oil or raw materials export sector and develop other industries with high export potential and domestic competitiveness which can act as ‘ambassadors’ for Russian-made products – and improve government taxation, customs and industrial policies for those who invest in producing quality, premium, competitive and ‘exportable’ Russian goods.

25th April 2007/by Tyrepress Editors

Putin “Banned” Execs from UK Forum – Amtel-Vredestein CEO

According to Bloomberg news, a number of Russian business leaders have withdrawn from the annual Russian Economic Forum in London at the last minute, following what Alexei Gurin, CEO of Amtel-Vredestein NV called an “unofficial and maybe official ban” by President Vladimir Putin.

There’s an “unofficial, and maybe official ban for politicians to come to this forum in London,” said Mr. Gurin. “Russians tend to speak much more openly and frankly being outside of Russia. I don’t know why it happens, but it’s a matter of fact.”

23rd April 2007/by Tyrepress Editors

Nizhnekamskshina Net Profit Increases.

For the 2006 year Russian tyremaker Nizhnekamskshina gained 175.845 million roubles (£3.4 million) in net profit, contrasting strongly with the 51.2 million roubles (£1 million) loss the previous year. The company explained that this growth was achieved via the writing off of receivables to the value of 90.6 million roubles.

In terms of tyres produced, Nizhnekamskshina is ranked as the third largest tyre maker in Russia, after Sibur-Russian Tyres and Amtel Vredestein. In 2007 the company estimates it will produce 12 million tyres, valued at a total of 12 million tyres, valued at 24 billion roubles (£469.5 million).

2nd April 2007/by Tyrepress Editors

Ultra High Performance

Attending the Geneva Motor Show is a great opportunity to see the newest vehicles around close-up, not to mention a good chance to check-out which tyres car manufacturers are brandishing on the latest concepts and releases. So when, after visiting the motor show, Tyres & Accessories was given the opportunity to drive a beautiful Ferrari F430 from Geneva back to London on Pirelli Sotto Zero cold weather tyres, we jumped at the chance.

Put the car through its paces, they said. Drive it on snow and take the tyres to the limit, they said. And we would have done, had there have been any. But in March even the Alps are short on snow and ice. There were, however, plenty of mountain roads; more than a sprinkle of rain; and cold temperatures consistently below seven degrees. So while the sight of the F430 sports coupe sticking to sheet ice was out of the question, driving on wet “snow-chain only” Alpine roads in March was definitely on the menu. And the truth is these conditions are probably more akin to what the drivers experience during the majority of the cold weather season.

30th March 2007/by Tyrepress Editors

Throw One’s Weight Around

Last year Vredestein unveiled the newest big gun in its UHP arsenal, the Ultrac Sessanta. Designed and marketed as a cut above the existing Ultrac range, the new tyre was the Dutch-Russian tyremaker’s response to the ever growing high performance vehicle segment, and with a low profile wide-tread design, Y speed rating and styling by Italy’s Giugiaro Design, the Ultrac Sessanta fitted comfortably into the upper end of Vredestein’s range. However this series of performance car tyres only partially catered for the performance market, and those wishing to drive vehicles the size of small trucks at incredible speeds found themselves without a suitable Ultrac Sessanta offering.

As of March 2007 all this would change: Enter the Ultrac SUV Sessanta, Vredestein’s UHP tyre for 4×4 sport utility vehicles. Based upon the Ultrac Sessanta, this latest tyre takes into account the unique qualities possessed by vehicles that are both fast and very heavy. The Audi Q7, for example – a vehicle Vredestein expressly states the Ultrac SUV Sessanta is ideally suited to – in its 4.2 litre petrol-engine guise has a top speed of close to 250km/h combined with a kerb weight of two and a quarter tonnes. So it goes without saying that the demands these vehicles place upon a tyre when cornering and stopping are far above the norm.

28th March 2007/by Tyrepress Editors

Amtel-Vredestein to Issue Eurobond

(Akron/Tire Review – Russia Newswire) Amtel-Vredestein N.V. said it will issue its first Eurobond.

The unsecured debt, slated to be issued in the second quarter, will mature in three years and carry a fixed rate of interest. Proceeds will reportedly be used to refinance existing debt.

The Russian tyremaker said full details would be forthcoming.

28th March 2007/by Tyrepress Editors

Two Quit Amtel-Vredestein Board

(Akron/Tire Review) Vredestein Banden CEO Rob Oudshoorn has unexpectedly resigned from the executive board of parent company Amtel-Vredestein NV. Also leaving the board was Vredestein CFO Ton Tholens.

The two executives said they left the company’s managing board to give their full attention to Vredestein’s business.

Tholens also gave up his post as CFO of Amtel-Vredestein.

Amtel-Vredestein CEO Alexei Gurin will temporarily assume the responsibilities of CFO of the group.

21st March 2007/by Tyrepress Editors

Amtel-Vredestein CFO Steps Down, New COO Appointed.

Amtel-Vredestein N.V. has stated that Ton Tholens will relinquish his role as chief financial officer of the group, but will retain his position as CFO of its Vredestein Banden unit. Alexei Gurin will temporarily assume the responsibilities of group CFO in addition to his duties as CEO. In a further appointment, Sergey Bokhanov, Chief Operating Officer of the company’s Russian enterprise and member of the Executive Board, has stepped into the role of group COO.

15th March 2007/by Tyrepress Editors