Compagnie Générale des Établissements Michelin

Volumes up 3.4% in first-quarter 2014
€4.8 billion in net sales,
up 2.5% at constant scope of consolidation and exchange rates


  • Recovering Passenger car and Light truck and Truck tire markets, except in Eastern Europe, with sustained drawdown in mining customer inventory, as expected.


  •  Price mix slightly negative, due to:
    • The impact of indexation clauses and managed price repositionings, in a still favorable raw materials cost environment.
    • Price increases that attenuated the unfavorable impact of certain currencies.
    • The effectiveness of the premium strategy.


  •  A 4.6% negative currency effect, attributable to the strong euro.

 Outlook for 2014


With tire demand rising as fast as expected in the first quarter of 2014, except in Eastern
Europe, Michelin maintains its objective of around a 3% increase in volumes over the full


The Group aims to improve its gross unit margin, while preserving a positive balance between pricing policy and raw materials costs. The competitiveness plan is being deployed on schedule.


Against this backdrop, Michelin is confirming its 2014 objectives of i) an increase in operating income before non-recurring items (at constant exchange rates); ii) a more
than 11% return on capital employed; and iii) structural free cash flow of more than €500 million along with a capital expenditure program maintained at around €2 billion.



Investor Relations Media Relations Individual shareholders
Valérie Magloire
+33 (0) 1 78 76 45 37
+33 (0) 6 76 21 88 12 (cell)

Matthieu Dewavrin
+33 (0) 4 73 32 18 02
+33 (0) 71 14 17 05 (cell)

Corinne Meutey
+33 (0) 1 78 76 45 27
+33 (0) 6 08 00 13 85 (cell)
Jacques Engasser
+33 (0) 4 73 98 59 08



This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des Marchés Financiers, which are also available from the website.


This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions as at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.

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