SEOUL,
South Korea, Feb. 17,
2025 /PRNewswire/ -- Hanon Systems, a leading
global automotive thermal management supplier and subsidiary of
Hankook & Company Group, last
week reported its full year 2024 financial results.
For the fourth quarter of 2024, Hanon Systems reported
consolidated revenue of KRW 2.5498
trillion, marking a 3.8% increase year-over-year and a 2%
increase from the previous quarter. However, the fourth quarter
operating income showed a loss of KRW 98.8
billion due to one-time factors and global restructuring
costs. The total net loss for the year 2024, including the fourth
quarter operating loss, decreased production volumes due to a
slowdown in EV sales, interest expenses, and impairment losses on
intangible assets, amounted to KRW 334.4
billion.
The company expects that there will be no difficulty achieving
sales exceeding KRW 10 trillion in
2025, and the operating margin is expected to improve
gradually.
In 2025, the company will continue improving profitability and
cash flow, strengthening accountability in management through the
rollout of a new regional organization structure, and enhancing
management efficiency through successful integration. The company
has established specific implementation plans to achieve these
goals. In January, Hanon Systems realigned its organization to
regional business groups to drive greater efficiency and strengthen
responses to customers' needs.
Vice Chairman and CEO Soo Il Lee stated: "In the short term, our
priority is to enhance financial structures through cost reduction
and operational efficiency. In the long term, by strengthening
accountability in management, we will establish a proactive
organizational culture." He added, "Through these measures, we will
lay a foundation for sustainable growth and make company-wide
efforts towards successful integration."
Hanon Systems expects to see tangible results in the second half
of the year and, through synergies with the Hankook & Company
Group, aims to achieve a stable financial structure within two to
three years, continuously enhancing competitiveness by responding
agilely to strategic changes in customers' demands.
About Hanon Systems
Hanon Systems, founded in 1986, is a global leader in thermal
energy management solutions. In January
2025, it became a subsidiary of Hankook & Company Group.
Its offering includes a wide range of solutions in the areas of
heating, ventilation and air conditioning, powertrain cooling,
compressor, fluid transport, and electronics and fluid pressure.
The company currently operates 50 manufacturing sites and three
regional innovation centers and employs more than 20,000 people
across 21 countries. To learn more, visit hanonsystems.com.
Follow Hanon Systems:
LinkedIn: https://www.linkedin.com/company/hanonsystems
YouTube:
https://www.youtube.com/channel/UC6bSZ7NMg7LPhXDyTOMwebQ/feed
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SOURCE Hanon Systems
