• Weak demand in mature markets in an unfavorable economic environment, especially in Europe.
  • Sales volumes down 6.7%, as expected, on more favorable prior-year comparatives.
  • Stable tonnage since Q4-2011.
  • Price-mix still positive, despite the contractual adjustments on July 1, particularly in the Earthmover business
  • Outlook for full-year 2012
    As a result, Michelin confirms its guidance for full-year 2012, i.e. a clear increase in operating income before non-recurring items, with a 5% decrease in full-year sales volume, and around a €200-300 million favorable impact from raw materials in second half.
    After around €2 billion in full-year capital expenditure, but before the impact of the sale of a property complex in Paris, the Group aims at a €400 to €500 million free cash flow generation.
Investor Relations

Valérie Magloire
+33 (0) 1 78 76 45 37
+33 (0) 6 76 21 88 12 (mobile)
valerie.magloire@fr.michelin.com

Alban de Saint Martin
+33 (0) 4 73 32 18 02
+33 (0) 6 07 15 39 71 (mobile)
alban.de-saint-martin@fr.michelin.com
Media Relations

Corinne Meutey
+33 (0) 1 78 76 45 27
+33 (0) 6 08 00 13 85 (mobile)
corinne.meutey@fr.michelin.com

Individual Shareholders
Jacques Engasser
+33 (0) 4 73 98 59 08
jacques.engasser@fr.michelin.com