Financial information for the nine months ended september 30, 2015

• Volumes up 2.8%, outperforming the markets:

  • Growth in Passenger Car/Light Truck tire sales still beating the markets.

  • Truck tire and Specialty Business volumes slightly higher than their market levels.

• Sustained quarter-on-quarter improvement in the price mix, as expected.

• Stepped-up impact from the competitiveness plan, with €167 million in gains as of end-September.

Over the final months of the year, the tire markets are expected to evolve in line with the trends observed since January. Thanks to its evenly balanced geographic footprint, Michelin is maintaining its objective of outperforming its markets in full-year volume growth.

 The sustained deployment of the competitiveness plan will help to offset cost inflation over the year. The Group confirms its target of delivering an increase in operating income before non-recurring items excluding the currency effect, a return on capital employed in excess of 11%, and structural free cash flow of more than €700 million, while pursuing a capital expenditure program totaling around €1.8 billion.

For the full year, operating margin before non-recurring items should come in higher than last year in the Passenger Car/Light Truck business, increase significantly in the Truck tire business; and show a limited decline in the Specialty businesses.