A recovering demand for High Value tyres and the early OEM volume rebound in China both led to Q3 growth, while Europe/Turkey (42% of sales) and North America’s (20% of sales) sales were slow to resume, down respectively 19.7% and 26.3% ytd. However, in the FY20 outlook, the EBIT margin has been downgraded to 11.5%-12%, while the net debt position has been maintained at €-3.3bn. The latter is still overly optimistic in our view.
25 Nov 2020
Rolling up the slope on large diameter tyres
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Rolling up the slope on large diameter tyres
A recovering demand for High Value tyres and the early OEM volume rebound in China both led to Q3 growth, while Europe/Turkey (42% of sales) and North America’s (20% of sales) sales were slow to resume, down respectively 19.7% and 26.3% ytd. However, in the FY20 outlook, the EBIT margin has been downgraded to 11.5%-12%, while the net debt position has been maintained at €-3.3bn. The latter is still overly optimistic in our view.