8 Mar 2024
Pirelli... Kumho/Blatco... Firemax... Conti results... YRC... Tristone... Rubber shares... US tire data... NR prices...
Review of the key figures and data to emerge this week from leading players in the tire & industry:
Projects & investments
Pirelli’s new two-year industrial plan 2024-2025, including overall investment of €820m across operations, as well as efficiencies worth over €270m. Having achieved €93m in savings in 2023, Pirelli expects to deliver efficiencies of €140m this year and another €135m in 2025 in part by greater use of digitalisation, Industrial IoT and automation.
Kumho Tire has signed a technology-transfer agreement with Saudi partner Blatco, which aims to build the 85,000m2 factory in a western Saudi industrial complex by 2027. Blatco has stated that the factory is designed to manufacture 10m units/year of passenger car, SUV, truck & bus and aircraft tires.
Chinese tire maker Shouguang Firemax is planning to invest in a new production facility in Cambodia, according to a filing with tax authorities in China. The €175m project is slated to have a capacity to produce 8m PCR tires and 1.2m TBR tires once completed.
Financials
|
Company |
Sales ‘23 |
vs 2022 |
Earnings |
vs 2022 |
|
Continental Tires |
€13.9bn |
-0.3% |
€2.6bn* |
-2.2% |
|
Yokohama Tires |
Yen875bn |
+41.4% |
Yen92bn** |
+37.0% |
|
Pirelli |
€6.6bn |
+0.5% |
€1.0bn*** |
+2.5% |
|
ContiTech |
€6.8bn |
+3.7% |
€693m* |
+42.5% |
|
Tristone |
€500 |
+11.0% |
n/a |
n/a |
*EBITDA, **Business profit, ***Adjusted EBIT
For 2023, Continental AG's Tires business reported a 2.2% year-on-year decline in earnings (EBITDA) to €2.58bn, on 0.3% lower sales of €13.9bn. The group’s industrial products unit ContiTech, meanwhile, posted a 3.7% year-on-year increase in sales to €6.8bn, while earnings grew 42.5% to €693m.
Yokohama Rubber Co. posted a 41.4% year-on-year increase in business profit to Yen99bn, on 2023 sales 14.5% higher at Yen985bn. Sales at YRC’s tires segment rose 16% to Yen875bn, including a Yen103bn from former Trelleborg-owned off-road tire unit Y-TWS. Tires business profit rose 37% to Yen92bn, helped by Yen1.8bn from Y-TWS.
Frankfurt-based automotive components supplier Tristone Flowtech Group has posted record sales of €500m for 2023, up 11% compared to the previous year. The German supplier expects to see further growth in revenue this year: sales projected to come in at €523m, a 4.4% year-on-year increase. Tristone employs more than 6,000 people at locations worldwide.
Tire markets
USTMA projections for US tire shipments (millions)
|
|
2024 |
Units |
% |
Change |
Units |
% |
|
|
|
Forecast |
2023 |
Vs 2023 |
Vs 2023 |
2019 |
Vs 2019 |
Vs 2019 |
|
Passenger |
46.3 |
45.7 |
1.4% |
0.6 |
46.3 |
0.1% |
0.0 |
|
Light Truck |
6.0 |
5.9 |
2.6% |
0.2 |
5.9 |
2.4% |
0.1 |
|
Truck |
6.0 |
6.2 |
-3.3% |
-0.2 |
6.5 |
-7.7% |
-0.5 |
|
Passenger |
220.2 |
219.2 |
0.5% |
1.0 |
222.6 |
-1.1% |
-2.4 |
|
Light Truck |
35.2 |
34.3 |
2.8% |
1.0 |
32.5 |
8.2% |
2.7 |
|
Truck |
22.0 |
20.8 |
5.9% |
1.2 |
18.9 |
16.2% |
3.1 |
|
Total Shipments |
335.7 |
331.9 |
1.1% |
3.7 |
332.7 |
0.9% |
3.0 |
Development of leading rubber processors’ shares in 2024
|
Company |
25-26 Jan |
7-8 Feb |
Change |
|
Akwel |
€16.20 |
€13.84 |
-14.6%% |
|
Cooper Std |
$17.26 |
$14.19 |
-17.8% |
|
Datwyler |
CHF182.80 |
CHF187.0 |
+2.3% |
|
Hexpol |
SEK118.90 |
SEK121.10 |
+1.9% |
|
Trelleborg |
SEK318.10 |
SEK379.2 |
+19.2% |
Materials prices
Natural rubber
Selected NR futures price trends on major trading exchanges
|
Exchange |
Commodity |
Delivery |
Week to 23/2/24 |
Week to 1/3/24 |
% Change |
|
Osaka |
RSS3 |
May ‘24 |
304.1 (JPY) |
300.0 (JPY) |
-1.4%% |
|
SHFE |
SCR/RSS |
May ‘24 |
13,765 (CNY) |
13,895 (CNY) |
+0.9%% |
|
INE |
TSR |
Apr ‘24 |
11,690 (CNY) |
11,745 (CNY) |
+0.5%% |
|
SICOM |
TSR20 |
May ‘24 |
161.8 (US$c) |
162.0 (US$c) |
+0.1% |
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