•  Sales volumes down 9.6%, as expected, due to:
    •  A high basis of comparison with first-quarter 2011, when volumes were boosted by sales ahead of price increases, for which Michelin was the forerunner.
    • Ongoing dealer destocking over the quarter.
  •  A sharp 13.8% improvement in the price mix, primarily reflecting the impact of the 2011 price increases and contractual price adjustments, as well as the favorable shift in the sales mix.

Outlook for full-year 2012


Michelin confirms its objective of stable sales volumes over the full year, in a market environment that is more uncertain in Europe, resilient in North America
and more vigorous in the growth regions.


Capital expenditure, in a projected amount of €1.9 billion, is focusing on the MICHELIN brand premium segments (mining tires, 17-inch and over tires, etc.),
as well as on production capacity in the new markets.


Sustained price management in response to rising raw materials should amply offset their additional cost impact, which is still estimated at €300-350 million
or the year.


Lastly, Michelin reaffirms its 2012 objective of reporting a clear increase in operating income and positive free cash flow, before the impact of the sale of the Paris building.


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 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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