Nokian Renkaat
Nokian Tyres: Net sales and Operating profit to decline in 2014 compared to 2013
Nokian Renkaat 03.04.2014 08:00 Dissemination of a Adhoc News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Nokia, Finland, 2014-04-03 08:00 CEST (GLOBE NEWSWIRE) -- Nokian Tyres plc Stock Exchange Release 3 April 2014, 9.00 a.m. Nokian Tyres: Net sales and Operating profit to decline in 2014 compared to 2013 Due to a weaker forecast for the economy in Russia and CIS, Nokian Tyres downgrades its guidance for 2014. The clearly devalued Rouble has hurt Russian economy and the purchasing power of Russian consumers, thus weakening tyre demand and Nokian Tyres' sales in Russia. Nokian Tyres estimates growth in 2014 in all its western markets: Nordic countries, Central Europe and North America. Nokian Tyres improved further its market position on all end-user markets in 2013, which gives a good platform for growth. Raw materials are estimated to provide a tailwind of approximately EUR 30 million in 2014, supporting profitability. Nokian Tyres continues to have competitive advantages from having manufacturing operations inside Russia. 55% of the Russian tyre production is exported, and the margin between production costs in Roubles and tyre export sales in Euros has increased. However, this is not enough to fully compensate for the weaker market conditions in Russia. Nokian Tyres will publish its Interim report for January-March on 7th May 2014. Financial guidance (updated) In 2014, Net sales and Operating profit are to decline compared to 2013. Previous guidance from 7 February 2014 In 2014, the company is positioned to show growth in Net sales and Operating profit. Nokian Tyres plc Antti-Jussi Tähtinen, Vice President, Marketing and Communications Further information: Mr. Kim Gran, President and CEO, tel: +358 10 401 7336 Mrs. Anne Leskelä, CFO, tel: +358 10 401 7481 Distribution: NASDAQ OMX Helsinki, media, www.nokiantyres.com News Source: NASDAQ OMX 03.04.2014 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Nokian Renkaat Finland Phone: Fax: E-mail: Internet: ISIN: FI0009005318 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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