• In 2020, the Group focused sharply on protecting its employees and maintaining business continuity, while supporting its host communities.
  • With the steep drop in markets over the year, SOI* came to €1,878 million, a 37% decline that reflected:
    • the Covid-19 crisis, which led to a €1,703 million decrease from the 14% decline in volumes and the under-absorption of production plant fixed costs, as well as to the outlay of around €98 million for dedicated protective measures;
    • the disciplined management of the price-mix (up 1.2%) at a time of declining raw material prices;
    • the €240 million reduction in SG&A expenses.
  • Structural free cash flow** came to €2 billion, thanks to the disciplined cash management during the crisis and the exceptionally low level of year-end inventories due to the sustained recovery in demand in the second half.
    • Gearing stood at 28% at year-end 2020, an 11-point improvement on 2019.
  • The Group is continuing to deploy its strategy:
    • Newly acquired companies are being integrated as planned, generating €55 million in additional synergies in 2020; these synergies represent €81 million on an annualized basis;
    • The Group is expanding its business in new areas of growth, by investing in metal 3D printing, hydrogen mobility and, more recently, new recycling technologies.
  • €625 million in net income, down €1,105 million, and a recommended dividend of €2.30 per share.


In the midst of this major health and economic crisis, I would first like to thank the Michelin teams for their dedication and commitment. Together, we’re getting through this; together, we’re working hard to protect everyone, the entire Group and our operations. We’re also continuing to support our suppliers, our customers and all our communities around the world. In this uncertain environment, the Group is pursuing competitiveness programs and continuing to shift its production toward premium and specialty tires, while also stepping up its expansion in high-tech materials and services & solutions.
Florent Menegaux, Managing Chairman

Outlook for 2021

In 2021, in a still highly uncertain environment as the health crisis unfolds, Passenger car and Light truck tire markets are expected to expand by 6% to 10% over the year, Truck tire markets by between 4% and 8%, and the Specialty markets by 8% to 12%.

In this market scenario, and barring any new systemic impact from Covid-19,*** Michelin’s objectives are to deliver full-year segment operating income in excess of €2.5 billion at constant exchange rates and structural free cash flow of around €1 billion.

* SOI: Segment Operating Income

**Structural free cash flow corresponds to free cash flow before acquisitions, adjusted for the impact of changes in raw material prices on trade payables, trade receivables and inventories.

***Serious supply chain disruptions or restrictions on freedom of movement that would result in a significant drop in the tire markets.

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