• Sales volumes up 2% in the third quarter, in line with full-year forecasts.
  • Price effect stable in relation to the first half.
    • Price increases in countries experiencing currency depreciation.
  • Significantly unfavorable currency environment combining the impact of the lower US dollar and Japanese yen, anticipated at the beginning of the year, with the depreciation of other currencies against the euro in the third quarter.


Outlook for 2013


In light of the outlook for volume growth in the fourth quarter, Michelin confidently maintains its full-year objective of stable volumes in an environment shaped by recovering, yet still weak demand in mature markets and expanding demand in new markets.


Faced with a currency environment that has deteriorated since the summer, Michelin should experience a more deeply negative currency effect than was expected at the beginning of the year.


As a result, the Group is aiming fora year-on-year increase of around €150 million in operating income before non-recurring items, excluding the currency effect.
To offset the impact of unfavorable exchange rates, Michelin is further tightening its management of key levers, notably through even more careful control of gross margin and costs.


In this environment, the Group confirms its objective of positive free cash flow in line with the structural objective of €500 million and a 10% return on capital employed.




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 www.michelin.com 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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