Nokian Tyres plc, Inside information, March 27, 2020 at 8:20 a.m.
Due to the COVID-19 outbreak, which has increased the uncertainty in the car and
tire market, the Board of Directors of Nokian Tyres plc (“Nokian Tyres”) has
decided to withdraw the Company’s financial guidance for 2020 published on
February 4, 2020. Due to the prevailing uncertainties, the Board is not in a
position to give a new guidance.
Earlier guidance from February 4, 2020:
In 2020, net sales with comparable currencies are expected to decline and
operating profit to be significantly below the level of 2019. In line with
Nokian Tyres’ updated 2018 strategy, the company is targeting further growth in
Russia, Central Europe, and North America. In 2020 however, net sales and
operating profit in Russia are expected to decline substantially due to the
changed market dynamics. Operating profit in 2020 will include costs related to
the North American expansion and other investment programs to support long-term
growth, as communicated in 2018.
Nokian Tyres plc
Further information:
Teemu Kangas-Kärki, CFO, tel: +358 10 401 7750
Päivi Antola, SVP, Communications and IR, tel: +358 10 401 7327
Distribution: Nasdaq Helsinki, media, www.nokiantyres.com
Nokian Tyres develops and manufactures premium tires for people who value safety
and sustainability. 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 2019, the company’s net sales were EUR 1.6 billion and it employed some 4,700
people. Nokian Tyres is listed on Nasdaq Helsinki. Further information:
www.nokiantyres.com