Compagnie Générale des Établissements Michelin
2013: Very strong free cash flow, at €1,154 million
Fourth straight year of value creation, with an ROCE of 11.9%
High operating income before non-recurring items, at €2,234 million, up €41 million at constant scope of consolidation and exchange rates



2014: A milestone in line with our 2015 objectives*

  • €1,154 million in free cash flow, resulting from:
    • The Group’s ability to structurally generate cash.
    • The value creation target assigned to every unit.


  • Fourth straight year of value creation, with an 11.9% return on capital employed.
  • Volumes stable, as expected.
  • Operating income before non-recurring items structurally high at €2,234 million, up €41 million at constant scope of consolidation and exchange rates and representing an operating margin before non-recurring items of 11.0% of net sales
    • Margin discipline thanks to the positive €69 million impact of raw materials prices.
    • An effective Competitiveness Plan.
    • A better balance among the contributions from each business, especially in the case of Truck tires.


  • Net Debt lowered to €142 million.


Recommended dividend of €2.50 a share, submitted to shareholder approval at the Annual Meeting on May 16, 2014 and representing an increase in payout to 35% of net income before non-recurring items.


Jean-Dominique Senard, Chief Executive Officer, said: “Michelin’s good results in 2013, achieved in an uneven market environment, confirm our objective of delivering a business performance in line with our 2015 ambition*.”




Outlook for 2014


During the year, tire demand is expected to continue expanding quickly in the new markets, while moving back in line with economic activity in the mature regions.
In this environment, Michelin is committed to increasing its sales volumes by around 3% over the year, in line with growth in the global tire market. This performance will be driven by the successful launch of products like the MICHELIN Premier All Season or the MICHELIN X Multi range, the ongoing deployment of the premium strategy, the structural robustness of the Specialty businesses, the MICHELIN brand’s stronger positions and the ramp-up of the new production plants.


Michelin is maintaining its margin discipline, which preserves a positive balance between pricing policy and raw materials costs. The benefits of the Competitiveness Plan should be strengthened by the growth in net sales.


As a result, Michelin's objective for 2014 is to achieve a more than 11% ROCE and generate structural free cash flow exceeding €500 million, all while maintaining its capital expenditure program at around €2 billion.


*Based on average 2012 exchange rates

Investor Relations Media Relations Individual shareholders
Valérie Magloire
+33 (0) 1 78 76 45 37
+33 (0) 6 76 21 88 12 (cell)
valerie.magloire@fr.michelin.comMatthieu 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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