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2019: €3,009 million in segment operating income, up €179 million or 6.5% at constant exchange rates


€1,730 million in net income, up €70 million


€1,615 million in structural free cash flow

  • In a deteriorated environment and shrinking markets,
    • Sales rose 7.8% at constant exchange rates, lifted by acquisitions (up 6.8%);
    • The Group improved its performance, thanks to tight steering of operations.
  • Segment operating income at constant exchange rates rose by €179 million, of which €127 million from acquisitions, and segment operating margin held firm at 12.5%.
    • Volumes down 1.2%, in line with the markets;
    • €324 million positive net impact of changes in the price mix and raw materials costs, attesting to sustained price discipline and a product mix enhanced by the growth in sales of 18-inch and larger Passenger car tires, the Specialty businesses and the balance between Original Equipment and Replacement business in the Group sales;
    • €61 million in competitiveness gains, net of inflation, and ongoing transformation of the Group’s manufacturing footprint.
  • Integration of Fenner and Camso in line with expectations, and sustained deployment of the strategy with the acquisition of Indonesian tiremaker Multistrada and telematics provider Masternaut.
  • €1,615 million in structural free cash flow, reflecting growth in EBITDA and responsive production management in declining markets.
  • Proposed dividend of €3.85 per share.
In 2019, in a highly unstable environment, Michelin successfully maintained its market share and improved its earnings. During this particularly demanding period of transformation for the Group, I would like to personally thank all of our employees for demonstrating such remarkable engagement. In addition to delivering this solid performance, the men and women of Michelin are continuing to innovate every day, not only in tires but also in such areas as hydrogen mobility and biosourced and high-tech materials. Michelin remains committed to reducing its environmental footprint.
Florent Menegaux, Managing Chairman


In 2020, the Passenger car and Light truck tire markets are expected to decline slightly over the year, with flat growth in Replacement demand and a sustained contraction in Original Equipment demand. Truck and Off-the-road tire markets should continue to soften, impacted by the sharp decline in Original Equipment business. Mining markets should also shrink due to a slight inventory adjustment, while tire consumption should be sustained.

In this generally declining market environment, Michelin's objectives for 2020 are as follows:

Segment operating income at constant parity slightly down on the prior year and free cash flow of more than €1.5 billion excluding the systemic effect of the coronavirus crisis in China.



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