Nokian Tyres publishes restated comparison figures for 2021 and 2022 following the Russia exit announcement
Nokian Tyres plc Stock Exchange Release February 7, 2023 at 2:01 p.m.
Nokian Tyres restates alternative non-IFRS figures for 2021 and 2022 to reflect the way Nokian Tyres’ management monitors the business following the Russia exit announcement and the ongoing process. The balance sheet will not be restated.
As of January 1, 2023, Nokian Tyres will report as alternative non-IFRS figures Segments net sales and Segments operating profit excluding Russia and other items that are not indicative of Nokian Tyres’ underlying business performance.
2021 and 2022 restated non-IFRS financial information is presented below.
The Russia exit transaction is subject to approval by the relevant regulatory authorities in Russia and other conditions, which creates substantial uncertainties related to the timing, terms and conditions and the closing of the transaction.
Guidance for 2023, published in the Financial Statement Release on February 7, 2023:
In 2023, Nokian Tyres’ segments net sales are expected to be between EUR 1,300–1,500 million and segments operating profit percentage of net sales between 6–8%. It is expected that due to seasonality, the segments operating profit will be generated in the second half of the year.
As of 2023, segments net sales and segments operating profit exclude Russia and other items, which are not indicative of Nokian Tyres’ underlying business performance.
Segments net sales by business unit (excl. Russia)
|
EUR million |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
|
Passenger Car Tyres |
223.5 |
185.2 |
215.5 |
186.5 |
810.7 |
171.5 |
192.4 |
269.3 |
257.9 |
891.1 |
|
Heavy Tyres |
64.3 |
73.7 |
68.4 |
64.6 |
271.0 |
57.1 |
62.6 |
69.0 |
65.3 |
254.0 |
|
Vianor |
57.1 |
99.1 |
76.5 |
129.4 |
362.0 |
58.1 |
91.5 |
70.1 |
123.1 |
342.9 |
|
Other operations and eliminations |
-22.0 |
-25.7 |
-26.8 |
-18.8 |
-93.2 |
-21.8 |
-20.4 |
-29.8 |
-22.9 |
-94.9 |
|
Total |
322.9 |
332.3 |
333.5 |
361.7 |
1,350.5 |
264.9 |
326.1 |
378.6 |
423.5 |
1,393.1 |
Segments operating profit by business unit (excl. Russia)
|
EUR million |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
|
Passenger Car Tyres |
42.9 |
-22.7 |
-18.1 |
-26.9 |
-24.7 |
27.7 |
37.0 |
70.7 |
48.6 |
184.0 |
|
Heavy Tyres |
12.1 |
16.8 |
9.1 |
6.1 |
44.1 |
12.6 |
11.7 |
11.9 |
4.1 |
40.3 |
|
Vianor |
-12.1 |
9.6 |
-5.1 |
10.7 |
3.1 |
-9.8 |
10.0 |
-4.5 |
8.4 |
4.1 |
|
Other operations and eliminations |
-8.3 |
-2.8 |
-3.7 |
10.3 |
-4.6 |
-5.2 |
-2.8 |
-8.2 |
-2.1 |
-18.3 |
|
Total |
34.6 |
0.9 |
-17.9 |
0.2 |
17.8 |
25.3 |
56.0 |
69.9 |
58.9 |
210.1 |
Segments net sales by geographical area (excl. Russia)
|
EUR million |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
|
Nordics |
135.0 |
175.4 |
178.3 |
233.7 |
722.3 |
133.3 |
163.5 |
159.8 |
228.3 |
684.9 |
|
Other Europe |
106.5 |
85.4 |
58.0 |
52.8 |
302.8 |
83.5 |
103.2 |
147.9 |
129.3 |
463.9 |
|
Americas |
80.5 |
68.9 |
93.2 |
72.1 |
314.6 |
45.7 |
55.9 |
65.5 |
61.7 |
228.9 |
|
Other countries |
0.9 |
2.7 |
4.0 |
3.1 |
10.6 |
2.4 |
3.5 |
5.3 |
4.2 |
15.4 |
|
Total |
322.9 |
332.3 |
333.5 |
361.7 |
1,350.5 |
264.9 |
326.1 |
378.6 |
423.5 |
1,393.1 |
Nokian Tyres Group non-IFRS reporting (excl. Russia)
|
EUR million |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
|
Segments net sales |
322.9 |
332.3 |
333.5 |
361.7 |
1,350.5 |
264.9 |
326.1 |
378.6 |
423.5 |
1,393.1 |
|
Cost of sales |
-230.4 |
-272.1 |
-298.4 |
-303.2 |
-1,104.1 |
-186.1 |
-210.6 |
-248.4 |
-297.9 |
-943.0 |
|
Segments gross profit |
92.5 |
60.2 |
35.1 |
58.6 |
246.3 |
78.8 |
115.6 |
130.2 |
125.5 |
450.1 |
|
Other operating income |
0.4 |
0.4 |
0.3 |
1.6 |
2.8 |
0.5 |
0.4 |
0.2 |
0.6 |
1.7 |
|
Sales, marketing and R&D expenses |
-40.8 |
-41.1 |
-36.9 |
-41.8 |
-160.6 |
-40.6 |
-42.8 |
-42.0 |
-45.2 |
-170.6 |
|
Administration |
-16.5 |
-18.3 |
-16.2 |
-18.4 |
-69.4 |
-12.7 |
-15.7 |
-19.9 |
-22.2 |
-70.5 |
|
Other operating expenses |
-0.9 |
-0.2 |
-0.3 |
0.2 |
-1.3 |
-0.7 |
-1.4 |
1.4 |
0.2 |
-0.5 |
|
Segments operating profit |
34.6 |
0.9 |
-17.9 |
0.2 |
17.8 |
25.3 |
56.0 |
69.9 |
58.9 |
210.1 |
Russia exclusions
|
EUR million |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
|
Net sales |
93.5 |
149.8 |
132.7 |
49.6 |
425.6 |
76.9 |
90.1 |
65.0 |
89.1 |
321.0 |
|
Cost of sales |
-57.1 |
-57.2 |
-50.9 |
-24.4 |
-189.6 |
-47.1 |
-51.7 |
-34.7 |
-48.9 |
-182.4 |
|
Gross profit |
36.5 |
92.5 |
81.8 |
25.2 |
236.0 |
29.8 |
38.4 |
30.2 |
40.2 |
138.6 |
|
Other operating income |
0.1 |
-0.1 |
0.0 |
1.5 |
1.5 |
0.0 |
0.0 |
0.0 |
0.2 |
0.2 |
|
Sales, marketing and R&D expenses |
-2.0 |
-2.7 |
-2.7 |
-4.5 |
-11.9 |
-1.7 |
-2.0 |
-1.8 |
-5.9 |
-11.4 |
|
Administration |
-2.7 |
-4.3 |
-4.5 |
-9.5 |
-20.9 |
-3.1 |
-2.9 |
-2.8 |
-5.4 |
-14.1 |
|
Other operating expenses |
0.0 |
0.0 |
-1.9 |
0.7 |
-1.3 |
0.0 |
0.0 |
1.4 |
0.0 |
1.5 |
|
Segment operating profit |
31.9 |
85.4 |
72.8 |
13.3 |
203.3 |
25.0 |
33.6 |
27.0 |
29.1 |
114.7 |
Nokian Tyres Group as reported in 2021–2022
|
EUR million |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
1–3 |
4–6 |
7–9 |
10–12 |
1–12 |
|
Net sales |
416.5 |
482.1 |
466.2 |
411.3 |
1,776.1 |
341.8 |
416.2 |
443.5 |
512.6 |
1,714.1 |
|
Cost of sales |
-287.5 |
-329.4 |
-349.3 |
-327.6 |
-1,293.8 |
-233.2 |
-262.2 |
-283.1 |
-346.9 |
-1,125.4 |
|
Gross profit |
128.9 |
152.7 |
116.9 |
83.7 |
482.3 |
108.6 |
154.0 |
160.4 |
165.7 |
588.7 |
|
Other operating income |
0.5 |
0.3 |
0.3 |
3.1 |
4.3 |
0.5 |
0.4 |
0.2 |
0.8 |
1.8 |
|
Sales, marketing and R&D expenses |
-42.9 |
-43.8 |
-39.5 |
-46.3 |
-172.5 |
-42.3 |
-44.8 |
-43.8 |
-51.1 |
-182.0 |
|
Administration |
-19.2 |
-22.6 |
-20.7 |
-27.9 |
-90.3 |
-15.8 |
-18.6 |
-22.7 |
-27.6 |
-84.6 |
|
Other operating expenses |
-1.0 |
-0.3 |
-2.2 |
0.9 |
-2.5 |
-0.7 |
-1.4 |
2.8 |
0.2 |
1.0 |
|
Segments operating profit |
66.5 |
86.3 |
54.9 |
13.5 |
221.2 |
50.3 |
89.6 |
96.9 |
88.0 |
324.8 |
|
Non-IFRS exclusions |
-7.1 |
-289.1 |
-14.1 |
-27.0 |
-337.4 |
-6.1 |
-7.8 |
-7.8 |
-35.0 |
-56.7 |
|
Operating profit |
59.3 |
-202.8 |
40.7 |
-13.5 |
-116.2 |
44.3 |
81.8 |
89.1 |
53.0 |
268.2 |
|
Net financial items |
-1.7 |
3.5 |
-6.9 |
-25.0 |
-30.1 |
-0.6 |
-2.2 |
-4.2 |
-3.0 |
-10.0 |
|
Result before tax |
57.6 |
-199.3 |
33.8 |
-38.5 |
-146.3 |
43.7 |
79.6 |
85.0 |
49.9 |
258.2 |
|
Tax expenses |
-10.6 |
-31.8 |
-9.5 |
22.8 |
-29.2 |
-8.2 |
-15.1 |
-15.8 |
-12.9 |
-52.0 |
|
Result for the period |
47.0 |
-231.1 |
24.3 |
-15.7 |
-175.5 |
35.5 |
64.5 |
69.1 |
37.1 |
206.2 |
Further information:
Teemu Kangas-Kärki, CFO, tel. +358 10 401 7750
Investor relations: ir@nokiantyres.com
Media: media@nokiantyres.com
Nokian Tyres develops and manufactures premium tires for people who value safety, sustainability and predictability. Our purpose is to empower the world to drive smarter. Inspired by our Scandinavian heritage, we craft innovative products for passenger cars, trucks and heavy machinery that give you peace of mind in all driving conditions. Our Vianor chain provides tire and car services. In 2021, the company’s net sales were EUR 1.7 billion and it employed some 4,900 people. Nokian Tyres is listed on Nasdaq Helsinki. Further information: www.nokiantyres.com