Review by the President and CEO
Hille Korhonen, President and CEO (Interim Report January-March 2018):
“Nokian Tyres had a good start of the year. Our net sales improved in all market areas despite the negative currency effect. Operating profit increased compared to first quarter in 2017.
In Passenger Car Tyres, sales volumes and prices in local currencies improved together with product mix. Sales growth continued and our market share improved in all market areas. The summer tyre season did not start properly during Q1 due to weather conditions, which had an impact on equity-owned Vianor sales as well. In Heavy Tyres, especially sales of agricultural tyres and forestry tyres increased.
In March 2018, we announced the modernized Nokian Tyres brand in order to support the company’s strategic growth areas of North America and Central Europe, where we are seeking profitable growth also outside the traditional winter tyre markets. The new brand reflects the company’s long history, sustainable way of working and Scandinavian values. The promise of peace of mind under all conditions is at the core of our values.
The construction work for Nokian Tyres’ third factory in Dayton, TN, has started in North America. Preparations for ensuring the successful start of the factory's operation are ongoing in various functions.
I am particularly proud of the Bronze Class distinction in the Auto Components category of the RobecoSAM Sustainability Yearbook 2018 as well as the Industry Mover award which we received during the quarter. We have worked many years to improve our corporate sustainability and intend to continue this development in the future.
This year, we are celebrating 120 years in business. Innovative products, a trusted brand, long-term customer relationships, and a commitment to serving customers have given us a strong position on the market.”