Quarterly Information at September 30, 2009

Compagnie Générale des Établissements Michelin

2009 nine-month net sales down 12.5% to €10.9 billion

  • Unit sales down 20.1% over the first nine months and 14.0% in the third quarter, in line with the decline in global tire markets
  • Price-mix significantly positive at 7.6% for the first nine months, led by the MICHELIN brand’s solid performance and the Group’s pricing policy
  • Tire market conditions expected to vary by business and geography over the final quarter:
    • Passenger car and light truck tires: positive impact of i) automobile industry stimulus programs and ii) a technical rebound as dealer destocking fades and winter tire demand rises
    • Truck tires: original equipment demand has bottomed out at very low levels. In the replacement segment, the trucking market is still hesitant, but dealers and fleets are no longer drawing down inventory
    • Specialty tires: original equipment markets are extremely weak while awaiting, in particular, the initial impact of government stimulus packages. The Mining segment remains on an upward trend
  • Second-half 2009: improved profitability versus the first half, thanks to the raw materials tailwind (full-year costs down €550 million at constant exchange rates). A further reduction in inventory and capital expenditure confirmed at €700 million for the year

Based on these factors, Michelin maintains its objective of generating positive free cash flow in the second half of 2009

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Valérie Magloire
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+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.