2019
2019
INCOME STATEMENT
SR1
Automotive and related distribution
Including Michelin Travel Partner and other Experiences activities
SR2
Road transportation and related distribution
SR3
Specialty business and related distribution
Mining, Off the road, Two-wheel and aircraft tires, High-Tech Materials, Michelin Lifestyle Ltd
Sales (in € million)
21,960 2017
22,028 2018
24,135 2019
Segment operating income (in € million)
2,742 2017
2,775 2018
3,009 2019
Segment operating income (as a % of sales)
12.5% 2017
12.6% 2018
12.5% 2019
Net income (in € Million)
1,693 2017
1,660 2018
1,730 2019
Per share data
Basic earning per share (in €)
Dividend per share
2€*
Yield
1.8%*
* In the current global health crisis, and commitment to optimally balance the interests of all its stakeholders, the Group has decided to reduce the amount of the proposed 2019 dividend to €2, compared with the initially announced
Cost structure
Breakdown of expenses per nature (as a % of sales)
Raw material cost (in %)
Cash flow and balance sheet
Segment EBITDA (in € million)
Segment EBITDA (as a % of sales)
18.6 % 2017
18.7% 2018
19.7% 2019*
* incl. IFRS16 impact
Capital expenditure (in € million)
Capital expenditure (as a % of sales)
8.1% 2017
7.6% 2018
7.5% 2019
Structural free cash flow (in € million)
Definition
The structural free cash flow is defined as free cash flow before acquisitions, adjusted for the impact of raw materials prices on trade receivables, trade payables and inventories
* incl. Zero-coupon payment interest (2017 OCEANE convertible bonds) for €193m
** incl. IFRS16 impact
Net debt
€5,184M
Net debt-to-equity ratio
39%
Net debt-to-ebitda ratio
1.09
ROCE*
13.7%
* ROCE measures the profitability of the capital employed by the group (details of the calculation in chapter 3.6 of the 2019 annual results guide).