•  Market environment was weak in Europe in Passenger car & Light truck tires, disappointing in North America and expanding in the new markets.
  •  Volume performance reflected:
    • The two fewer business days.
    • The difference in market trends between the mature and the growth regions.
    • The decline in original equipment demand, notably in the Earthmover segment.
  •  A negative price-mix, due to:
    • The impact of indexation clauses as raw materials costs decline.
      • The carefully managed price repositioning, targeted on certain tire sizes.



Outlook for 2013


In a market environment that is weak in mature regions and expanding in the new markets, Michelin confirms its objective of stable volumes in 2013, taking advantage of its global footprint.


The decline in raw materials prices should have around a €550 million favorable impact on full-year operating income. If so, this would amply exceed the around €300 million price-mix impact.


As indicated in February, the capital expenditure program, totaling some €2 billion, will support Michelin’s ambitious growth objectives by adding new production capacity in the
new markets. It is also designed to improve competitiveness in mature markets and drive technological innovation.


In this environment, Michelin confirms its objectives for 2013, when it expects to report stable operating income before non-recurring items, a more than 10% return on capital employed and positive free cash flow.





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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