•  13.4% increase in sales volumes, led by the Group’s global presence and the rebound in mature markets.
  •  Responsive pricing policy in the face of rising raw materials costs.
  •  Sustained productivity gains and cost discipline.
  •  Strong growth in net income, to €1,049 million.
  •  Robust free cash flow at a time of:
    • Sharply rebounding demand
    • Rising raw materials prices
    • Revitalized capital expenditure
    • Prepaid contribution to pension plans
  •  Robust return on capital employed, at 10.5%.
  •  Proposed 2010 dividend of €1.78, subject to approval at the Annual Shareholders Meeting of May 13, 2011


Commenting on the Group’s performance, Michel Rollier, Managing Partner, said: “For Michelin, 2010 was a year of strong growth, enhanced manufacturing flexibility and historically high margins. In recent years, we have laid the foundations for a new phase of dynamic growth, built on the dedication and professionalism of our teams, the value of our brands and a clearly strengthened balance sheet.


“Leveraging these improvements, Michelin has embarked on a new phase of faster growth, supported by an unprecedented capital expenditure program, and aims to increase its sales volumes by at least 6.5% in 2011.


“In response to the sharp increase in raw materials costs, the Group will maintain its dynamic pricing policy and, barring any major change in the economic environment, expects to see an increase in operating income in 2011. In light of our capital expenditure commitments and the increase in raw materials costs, free cash flow is expected to be temporarily negative in 2011. Nevertheless, Michelin confirms its objective of generating positive free cash flow over the entire 2011-2015 period.”


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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