13-02-2009
Financial information for the year ended december 31, 2008
2008 NET SALES UP 1.1% AT CONSTANT EXCHANGE RATES AND 5.6% OPERATING MARGIN BEFORE NON-RECURRING ITEMS
In 2009, Michelin will focus on managing its cash by optimizing production program management and sharply reducing capital expenditure
2008 sales volumes down 2.9% (-16% in the fourth quarter due to the steep fall-off in demand)
Price-mix still highly favorable (+4.2%), reflecting the strength of the MICHELIN brand and the effectiveness of the price increases implemented in 2008
Operating income before non-recurring items down 44% led by the decline in sales volume, the increase in raw materials prices and the cost of idle capacity
Mid-term competitiveness improvement objectives and expansion projects in high-growth potential markets maintained
Proposed EUR 1 dividend per share submitted for approval at the Shareholders Meeting of May 15, 2009
In response to the prevailing bearish outlook for the coming months, Michelin is strengthening the management of its production programs in order to increase plant flexibility, tighten inventory management and optimize cash. We have decided to reduce our capital spending substantially in 2009 while maintaining the key orientations of our midterm strategy. We will further enhance our competitiveness, strengthen our leadership without compromising the value of our products and broaden our footprint in the growth regions. This way, we’ll be ready to rebound as soon as the markets recover
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