REVIEW BY THE PRESIDENT AND CEO
Financial Statement Release 2023, February 6, 2024
Jukka Moisio, President and CEO:
“2023 marked a new beginning for Nokian Tyres. We completed our exit from Russia, announced long-term financial targets, and advanced our strategic investments to build up capacity. I want to thank all our employees for their commitment and excellent work to build the new Nokian Tyres, as well as our customers for their trust.
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. Nokian Tyres was again included in the Dow Jones Sustainability Europe Index, an achievement that we are proud of.
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 Romania will start production, US investment phase will be completed, and new innovative products will be launched. Tire sell-in is expected to grow in 2024, and with our increasing capacity and competitive product portfolio, we are ready to seize this opportunity. Our strong balance sheet enables us to both continue executing on our clear growth strategy toward EUR 2 billion net sales with strong profits and reward our shareholders.”
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Nokian Tyres Annual Report 2023 was published on March 1, 2024
Read the newest CEO's review from pages 7–8.
Nokian Tyres Sustainability Report 2023 was published on March 28, 2024
Read the newest CEO's review from page 5.