|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||8.68 - 8.68|
|52 Week Range||8.68 - 13.61|
|Beta (5Y Monthly)||0.93|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.38 (4.43%)|
|Ex-Dividend Date||Apr 27, 2023|
|1y Target Est||N/A|
After months of negotiations, Finland's Nokian Tyres was on the cusp late last year of finalising a 400-million-euro ($440.32 million) sale of its Russian business. Then Moscow changed the rules again. The government in December demanded that companies leaving Russia sell their operations for at least half price and claimed 10% of the sale for the federal budget, termed an "exit tax" by the U.S. Treasury.
HELSINKI (Reuters) -Finland's Nokian Tyres set a long-term growth target on Tuesday to try to overcome the fall in business caused by the sale of its Russian plant, giving the company's share price a 6% boost. Nokian last year lost 80% of its annual passenger car tyre production after sanctions against Moscow stopped exports, and the Finnish company later sold its Russian business to PJSC Tatneft for 285 million euros ($313.9 million). Nokian predicted net sales could rise to 2 billion euros in the next five years, with an operating profit margin of some 15%.
As many other international companies withdrew from Russia in response to the Ukraine war, Nokian Tyres said last year it would exit the Russian tyre-making business. The final impact of the transaction would be disclosed in the company's first quarter 2023 interim report, the statement said.
Nokian Tyres said on Tuesday it had been informed that Russia's Governmental Commission on Monitoring Foreign Investment has approved the Finnish group's sale of its Russian operations to PJSC Tatneft. Nokian Tyres last year said it would sell the Russian tyre making business in response to the war in Ukraine. The price approved by the Russian commission corresponds to 286 million euros ($306.85 million), Nokian Tyres said on Tuesday, significantly less than the 400 million euros that the group originally expected when a deal was first announced in October.
HELSINKI (Reuters) -Finland's Nokian Tyres posted a surprise fourth-quarter operating loss on Tuesday after its supply of passenger car tyres dropped sharply with the loss of its Russian output which accounted for the bulk of production. The company's shares were 11% lower on the Helsinki stock exchange following the release of the earnings report. Following the invasion of Ukraine, Nokian agreed in October to sell the Russian plant where it made 80% of its passenger car tyres, but it has not been able to sufficiently ramp up production elsewhere.
Romania's economy is set to outpace its stagnating neighbours this year, helped by European Union funding, currency stability and foreign investment driven in part by reshoring from Russia and Ukraine. The International Monetary Fund expects a 3.1% expansion, while even the European Commission's 1.8% growth forecast would place it well ahead of Poland - seen growing 0.7% - and Hungary, grappling with a slowdown and sky-high inflation. That follows a decade in which Romania - long one of Europe's poorest countries, and burdened with a reputation for corruption - has quietly closed in on its peers to become eastern Europe's second-largest economy after Poland.
Finland's Nokian Tyres on Monday said it had found a subcontractor in China to replace some of the lost output from Nokian's now divested Russian operation. The move is part of Nokian's strategy to outsource some tire manufacturing to Asia while the company is ramping up its own production in Europe and the United States. "We have started to build the new Nokian Tyres without production in Russia, and contract manufacturing is an essential part of these plans," the company said in a statement.
HELSINKI (Reuters) -Shares of Finland's Nokian Tyres fell 12% on Tuesday on worries over future profitability after the company announced third-quarter earnings and plans to invest 650 million euros ($645.2 million) in a new passenger car tyre factory in Romania. Built to make six million tyres per year, the Romanian plant is set to replace some of the lost output from Nokian's now divested Russian operation which had the annual capacity to produce 17 million passenger car tyres. Nokian last week agreed to sell its Russian operations to local oil producer Tatneft PJSC for 400 million euros, a decision triggered by Moscow's invasion of Ukraine, although there was substantial uncertainty over the closing of the deal.
Nokian Tyres has signed an agreement to sell its Russian operations to Russian oil producer Tatneft PJSC for 400 million euros ($398.7 million), the Finnish company said on Friday. At the end of June, Nokian Tyres said it would initiate a controlled exit from the Russian market due to Russia's war in Ukraine. The company, which used to make 80% of its passenger car tyres in Russia, has been operating in the country since 2005.
HELSINKI (Reuters) -Nokian Tyres plans an investment decision in the third quarter on a new production plant in Europe to replace Russian output, its chief executive said on Tuesday after the company plunged into the red in the second quarter. Shares in Nokian dived more than 10% after the Finnish company said its exit from Russia pushed it to make an operating loss for April-June of 203 million euros ($207.6 million), missing a forecast 33.1 million euro profit in a company-provided poll. Russia's attack on Ukraine, which Moscow calls a "special operation", and sanctions put in place by the European Union forced Nokian to halt production at its plant near St Petersburg, where the company used to make 80% of its passenger car tyres.
CEO of the Russian unit Andrei Pantyukhov said the local company had submitted a proposal to the board of directors that would allow it to continue autonomous operations in Russia. "The board of directors may also look at other potential solutions as part of a controlled exit from the market," he said in a statement.
COPENHAGEN (Reuters) -Finland's Nokian Tyres said on Tuesday it would initiate a "controlled exit" from the Russian market, having already scaled down the production of its Russian tyre plant after Moscow's invasion of Ukraine. The announcement followed a similar move earlier on Tuesday by its French peer Michelin which said it would hand over its Russian operations to local management. Nokian Tyres, which used to make 80% of its passenger car tyres in neighbouring Russia, said it would evaluate different options for the exit.
The company, which used to make 80% of its passenger car tyres in neighbouring Russia, turned from basking in record earnings to survival mode in February when Moscow launched what it calls a "special operation" in Ukraine. The company now expects 2022 net sales to decrease or to be at the previous year's level, compared to previous guidance of sales to decrease significantly from 2021.