Financial Information for the Six Months Ended June 30, 2009

Compagnie Générale des Établissements Michelin

First-half net sales down 13.4% to €7.1 billion
Operating margin of 4.0% before non-recurring items and major
business metrics maintained thanks to efficient management of
Net loss of €122 million, after high restructuring costs

  • Unit sales down 23%, primarily due to the fall-off in tire demand in all of the country markets except China. The decline was especially apparent in the original equipment business and, more broadly, in Truck tires.
  •  Highly positive 9.6% impact from the price mix, reflecting the resistance of the MICHELIN brand and the Group’s firm pricing policy.
  •  Operating income before non-recurring items down 60.2% to €282 million,hit by the decline in unit sales and the increase in capacity under-utilization costs.
  •  Generation of €575 million in free cash flow, driven by efficient management of working capital (particularly inventory) and the sharp reduction in capital expenditure, to €319 million from €500 million in first-half 2008.
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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 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.