PRESS
RELEASE
Clermont-Ferrand, February 11, 2019
COMPAGNIE GÉNÉRALE
DES ÉTABLISSEMENTS MICHELIN
Financial information for the year ended December
31, 2018
2018: in a challenging environment, €2,775 million
in segment operating income*, up €304 million or 11% at constant
exchange rates
€1,274 million in structural free cash
flow
2019: sustained growth in segment operating
income, even before the additional contribution from
acquisitions
-
Sales up 4.1% at constant
exchange rates.
-
Volumes up 0.9%: after
declining in the first quarter, volumes rose by 2% over the
following nine months, in markets disrupted by the
contraction in Chinese and original equipment Passenger car tire
segment demand
-
Sustained fast growth in the
Specialty businesses.
-
Further market share gains in
the 18" and larger Passenger car tire segment.
-
2.7% rebound in Truck tire
volumes in the second half.
-
The price-mix/raw materials
effect added a net €286 million, as expected.
-
The price effect totaled €255
million, confirming disciplined price management.
-
The mix effect was a very
strong €189 million, led by the growth in 18'' and larger tire
sales, the Specialty businesses and the smaller percentage of OE
business in the sales mix.
-
Priority focus was maintained
on protecting margins, particularly in markets impacted by steep
currency declines against the euro.
-
Unfavorable currency effect,
totaling a negative €271 million.
-
Competitiveness plan stepped up
in the second half, lifting total savings to €317 million for the
year and offsetting the impact of a higher inflation cost (up €38
million year-on-year).
-
€1,274 million in
structural free cash flow, confirming the Group's commitment to
improvement.
-
Faster acquisitions-led growth
(Fenner and Camso), in line with Group strategy, and greater access
to the North American market (TBC joint venture).
-
Proposed dividend of €3.70 per
share, representing a payout of 36.4% of consolidated net income
before non-recurring items.
Jean-Dominique
Senard, Chief Executive Officer, said: "In 2018, in a difficult
economic environment, Michelin demonstrated its ability to increase
operating income and sustain the improvements in structural free
cash flow achieved in recent years. The year
also saw faster deployment of the Group's strategy, with the
acquisitions of Fenner and Camso, and the creation of the TBC
wholesaling joint venture in the United States. These transactions
have strengthened the Group in key markets and provided new
opportunities to create value."
In 2019, the
Passenger car and Light truck tire markets are expected to be
mixed, with modest growth in the Replacement segment and a
contraction in the Original Equipment segment. Truck tire markets
are expected to remain stable overall, given the decline in demand
in China, while the Mining, Aircraft and Two-wheel tires markets
should remain dynamic. Based on January 2019 exchange rates,
the currency effect is expected to have a slightly favorable impact
on segment operating income. The impact of raw materials costs is
currently estimated at around a negative €100 million.
In this
environment, Michelin's objectives for 2019 are: volume growth in
line with global market trends; segment operating income exceeding
the 2018 figure at constant exchange rates and before the estimated
€150 million contribution from Fenner and Camso; and structural
free cash flow of more than €1.45 billion.**
* Formerly known as operating income from
recurring activities, segment operating income is the performance
metric for the reporting segments. It is stated before the
amortization of brands and customer lists recognized on the
acquisition of the corresponding companies, which is included in
other operating income and expenses.
** Of which €150 million from the application of IFRS 16
(in € millions) |
2018 |
2018 at 2017 exchange rates |
2017 |
Sales |
22,028 |
22,866 |
21,960 |
Segment operating income1 |
2,775 |
3,046 |
2,742 |
Segment operating margin |
12.6% |
13.3% |
12.5% |
Automotive &
related distribution |
11.6% |
12.3% |
12.3% |
Road transportation &
related distribution |
8.8% |
9.7% |
8.1% |
Specialty businesses &
related distribution |
19.6% |
20.2% |
19.6% |
Other operating income and expenses |
(225) |
|
(111) |
Operating income |
2,550 |
|
2,631 |
Net income |
1,660 |
|
1,693 |
Segment EBITDA |
4,119 |
|
4,087 |
Capital expenditure |
1,669 |
|
1,771 |
Net debt |
3,719 |
|
716 |
Gearing |
31% |
|
6% |
Employee benefit obligations |
3,850 |
|
3,969 |
Free cash flow2 |
(2,011) |
|
662 |
Structural free cash flow3 |
1,274 |
|
1,509 |
ROCE4 |
14.0% |
|
13.0% |
Employees on payroll5 |
117,400 |
|
114,100 |
Earnings per share |
€9.30 |
|
€9.39 |
Dividend per share6 |
€3.70 |
|
€3.55 |
1Formerly known
as operating income from recurring activities, segment operating
income is the performance metric for the reporting segments. It is
stated before the amortization of brands and customer lists
recognized on the acquisition of the corresponding companies, which
is included in other operating income and expenses. In 2018,
amortization of acquired intangible assets amounted to €39 million
for the year.
2Free
cash flow: net cash from operating activities less net cash used in
investing activities and net cash from other current financial
assets, before distributions.
3Structural
free cash flow: free cash flow before acquisitions, adjusted for
the impact of changes in raw materials costs on trade payables,
trade receivables and inventories.
4ROCE excluding
goodwill, acquired intangible assets and associates & joint
ventures. 2017 standard tax rate of 31%; 2018 standard tax rate of
26%.
5At
period-end.
62018 dividend
to be submitted to shareholder approval at the Annual Meeting on
May 17, 2019.
Market
Review
2018/2017
(in number of
tires) |
Europe
including Russia & CIS* |
Europe
excluding Russia & CIS* |
North America |
Central America |
Asia
(excluding India) |
South America |
Africa/ India Middle East |
Total |
Original equipment
Replacement |
- 2 %
+ 2 % |
- 2 %
+ 1 % |
- 1 %
+ 3 % |
+ 1 %
+ 4 % |
- 4 %
- 2 %
|
+ 3 %
- 8 % |
+ 4 %
+ 0 % |
- 2 %
+ 1 % |
Fourth quarter
2018/2017
(in number of
tires) |
Europe
including Russia & CIS* |
Europe
excluding Russia & CIS* |
North America |
Central America |
Asia
(excluding India) |
South America |
Africa/ India Middle East |
Total |
Original equipment
Replacement |
- 7 %
+ 3 % |
- 8 %
+ 2 % |
+ 4 %
+ 4 % |
- 2 %
+ 7 % |
- 10 %
+ 1 % |
- 8 %
- 13 % |
- 10 %
+ 7 % |
- 7 %
+ 2 % |
*Including Turkey.
The global Original Equipment and
Replacement Passenger car and Light truck tire market was stable in
2018, with a slight 1% gain in the first half erased by a 1%
decline in the second, caused by the 5% drop in Original Equipment
demand.
-
In Europe, demand declined by 2% overall during
the year, reflecting the combined impact of (i) a 2%
contraction in Western Europe, pulled down by the drop in
automobile markets following implementation of the WLTP standards
on September 1, with Original Equipment demand down 6% in the
second half; and (ii) a robust 7% increase in Eastern Europe.
-
The North American market ended the year down
1%. After declining by 5% in the first half in the wake of the
contraction that began in second-half 2017, demand turned upwards
in the second six months for a 2% gain, lifted by strong growth in
automobile output off of favorable comparatives.
-
Demand in Asia (excluding India) tumbled 4%
overall in 2018, as the slight 1% gain in the first half was offset
by the sudden drop-off late in the year, which resulted in an 8%
decrease for the second half. The decline was primarily caused by
the downturn in the Chinese market, which swung from a 3% gain in
the first six months to a 13% plunge starting in July, due to the
highly uncertain economic environment created, in particular, by
the trade war with the United States. In the rest of the Asian
market, demand was down 1% for the year.
-
In Central America, Original Equipment demand
rose by 1% over the year, with brisk growth in the first half and a
slowdown in the second half.
-
The South American market rose 3% overall, with
an 10% gain in the first half followed by a 3% decline in the
second, dragged down by the crisis in Argentina and the uncertain
political environment in Brazil.
-
In the Africa/India/Middle East region, the
market rose by 4% overall, led by growth in India in the first
half.
-
The European market grew by 2% overall in 2018,
as demand rose by a vigorous 11% in Eastern Europe but only by a
weak 1% in Western Europe. The robust growth observed in Franceand,
Italy (up 5%), Poland and the Nordic countries (up 4%), and Spain
(up 3%) was amply offset by the impact of Brexit on the UK market
(down 5%) and by the crisis in Turkey (down 9%). Sales of
All-Season tires remained firm throughout the year, acting as the
primary driver of market growth in Europe.
-
In a favorable economic environment, demand in
North America rose by 3% overall, with an acceleration in the
second half (to 4% from 2% in the first half) fueled by a surge in
Chinese tire imports ahead of the introduction of additional import
duties.
-
In Asia (excluding India), demand ended the year
down 2% overall. After remaining relatively flat in the first half
(down 1%), the market weakened, losing 2% in the second half as the
6% contraction in China was partially offset by a 2% increase in
the rest of the region, led by Japan (up 2%) and South Korea (up
3%).
-
The Central American market rose by 4% over the
year, with Mexico driving a much faster performance in the second
half (up 7%).
-
In South America, demand fell 8% over the year
with a steep 13% plunge in the second half, reflecting the impact
of the recession in Argentina (down 18%) and the political and
economic instability in Brazil (down 15%).
-
In the Africa/India/Middle East region, demand
was stable for the year, with a 3% upturn in the second half
following on from a 2% decline in the first half. The robust 6%
growth in the Indian market was offset by a contraction in the
Middle East and Africa, due to political instability in certain
countries and weakness in the oil-price dependent economies.
2018/2017
(in number of
tires) |
Europe
including Russia & CIS* |
Europe
excluding Russia & CIS* |
North America |
Central America |
Asia
(excluding India) |
South America |
Africa/ India Middle East |
Total |
Original equipment
Replacement |
+3%
+0% |
+4%
-2% |
+19%
+7% |
-8%
+4% |
-6%
-5%
|
+54%
+2% |
+10%
-1% |
+1%
-2% |
Fourth quarter
2018/2017
(in number of
tires) |
Europe
including Russia & CIS* |
Europe
excluding Russia & CIS* |
North America |
Central America |
Asia
(excluding India) |
South America |
Africa/ India Middle East |
Total |
Original equipment
Replacement |
-1%
-1% |
+0%
-3% |
+28%
+5% |
+16%
+6% |
-4%
-8%
|
+31%
-4% |
+10%
-0% |
+3%
-4% |
*Including Turkey.
The number of new Truck tires sold
worldwide declined by 1% in 2018. After gaining 2% in the first
half, led by demand in North America, the market fell back 3% in
the second six months, reflecting strong headwinds from the 12%
drop in Chinese demand off of very high comparatives in an
uncertain economic environment.
-
Original equipment
-
In Europe, the Original Equipment market rose by
3% over the year. After a strong 6% showing in the first half, led
by demand in Germany (up 3%), Poland (up 24%) and Turkey (up 41%),
growth slowed significantly to just 1% in the second half due to
the downturn in Turkey and Poland. Demand remained flat in Eastern
Europe over the year.
-
In a highly favorable economic environment, the
North American market delivered very strong growth throughout the
year, for a 19% gain overall.
-
Demand in Asia (excluding India) contracted by
6% in 2018, with the Chinese market plunging 18% in the second half
alone due to an unfavorable basis of comparison and the highly
uncertain economic environment created by the trade war with the
United States. Demand in the rest of the region was shaped by the
3% decline in Japan, which was partially offset by vibrant growth
in the Indonesian market.
-
In South America, the market maintained the
rebound that began in 2017, soaring 54% on the back of strong
demand in Brazil.
-
The Africa/India/Middle East market rose by 10%
over the year, reflecting the 15% gain in Indian demand off of
favorable comparatives and a buoyant economic environment.
-
The European market was stable over the year.
After a 2% gain in the first half led by a 9% increase in Eastern
Europe, demand retreated by 2% in the second half due to the steep
fall-off in Turkey and Poland combined with robust 4% growth in
Eastern Europe.
-
Demand in North America rose by 7% overall,
lifted by the robust US economy and an increase in Chinese tire
imports late in the year ahead of the possible introduction of new
import duties. The Canadian market cooled by a slight 1% over the
year.
-
Replacement tire markets in Asia (excluding
India) retreated by 5% in 2018. After declining by 2% in the first
half, demand dropped another 8% in the second half, primarily due
to the collapse in the Chinese market caused unfavorable
comparatives and the uncertain economic environment created by the
trade war with the United States.
-
Demand in Central America ended the year up a
very strong 12% overall, despite modest 1% growth in the Mexican
market.
-
The South American market rose 2% overall, with
a 5% gain in the first half led by Brazil (up 8%) and
Argentina, followed by a 1% decline in the second half, reflecting
the slowdown to 3% growth in Brazil and the collapse of the
Argentine market.
-
In the Africa/India/Middle East region, new tire
demand edged back 1%, with (i) flat growth overall in India, where
radial tire sales advanced 12%; and (ii) a 1% decline in the Middle
East and African markets, where the political and economic
environment remains unstable.
-
Mining tires: the mining
tire market is still enjoying robust growth in demand from
international mining companies, oil companies and regional
mines.
-
Agricultural and Construction
tires: in the agricultural segment, growth in the Original
Equipment markets was mixed, while replacement demand was stable,
impacted in Europe by a sharp upturn in Asian imports. In
infrastructure, demand continued to trend upwards in both the
Original Equipment and replacement segments.
-
Two-wheel tires: motorcycle
markets experienced fast growth in both Europe and North America.
Demand in the commuting segment remains very strong in the new
markets.
-
Aircraft tires: led by the
increase in passenger traffic, the commercial aircraft tires market
is continuing to expand, with more pronounced gains in the radial
segment.
Sales stood at €22,028 million for
the year ended December 31, 2018, up 0.3% from 2017 due to the
combined impact of the following factors:
- a 0.9% or €195 million increase from
higher volumes and a €267 million increase from changes in the
scope of consolidation (mainly the consolidation of Fenner PLC over
seven months and the deconsolidation of the TCi chain following the
creation of the TBC joint venture with
Sumitomo Corporation).
- a €444 million increase from the highly
favorable price-mix effect. Prices added €255 million, thanks to
(i) the full-year impact of the price increases introduced in 2017
in non-indexed businesses to offset the impact of higher raw
materials costs, as part of the Group's disciplined price
management; and (ii) the €10 million contribution over the
year from price adjustments in the businesses subject to raw
materials indexation clauses. The mix effect added another €189
million, reflecting the still highly positive product mix, the
favorable impact of the rebound in the mining tire business and the
decline in the percentage of Original Equipment business in the
sales mix.
- a €838 million decrease from the
unfavorable currency effect, primarily stemming from
US dollar/euro rates in the first half and to the currency
crises in Argentina, Turkey and other emerging markets in the
second part of the year.
Segment operating
income amounted to €2,775 million or 12.6% of sales, versus
€2,742 million and 12.5% in 2017.
The 2018 performance reflected (i)
a €56 million increase from changes in the scope of consolidation
following the inclusion of Fenner PLC over the last seven months of
the year and the deconsolidation of TCi; (ii) a €57 million
increase from the 0.9% growth in volumes; (iii) a robust €444
million increase from the price-mix effect thanks to disciplined
price management, which cushioned (iv) the €158 million adverse
impact from raw materials costs. The €317 million increase in costs
was entirely offset by €317 million in competitiveness gains.
Depreciation and amortization expense rose by €40 million and
start-up costs by €41 million. Other factors totaled a negative €14
million for the year. Lastly, the highly unfavorable currency
effect trimmed €271 million from the reported figure.
The €225 million in net other
operating expenses corresponded primarily to the €146 million
provision for the closure of the Dundee plant, the €39 million in
amortization of acquired brands, and the costs of acquiring Fenner
and Camso.
In all, net
income came to €1,660 million.
Free cash flow ended the year at a
negative €2,011 million, a €2,673 million decline resulting from
the acquisitions of Fenner, A.T.U and Camso and the creation of the
TBC joint venture with Sumitomo Corporation. Based on this
free cash flow, less the payment of €637 million in dividends and
the €75 million in share buybacks, consolidated gearing stands at
31%, corresponding to net debt of €3,719 million.
On January 1, 2018, Michelin
introduced a new business organization, which has led to the
following changes in the reporting segments:
(1) Replacement Light truck tires
have been transferred from the Automotive segment (formerly
Passenger car and Light truck tires) to the Road transportation
segment (formerly Truck tires).
(2) Construction Truck tires have
been transferred from the Road transportation reporting segment to
the Specialty businesses segment.
In €
millions |
Sales |
Segment operating income |
Segment operating margin |
|
2018 |
2017 |
2018 |
2017 |
2018 |
2017 |
Automotive & related distribution |
11,340 |
11,953 |
1,314 |
1,465 |
11.6% |
12.3% |
Road
transportation & related distribution |
5,852 |
5,946 |
513 |
483 |
8.8% |
8.1% |
Specialty
businesses & related distribution |
4,836 |
4,061 |
948 |
794 |
19.6% |
19.6% |
Group |
22,028 |
21,960 |
2,775 |
2,742 |
12.6% |
12.5% |
- Automotive & related
distribution
Sales in the Automotive and
related distribution segment declined by 5.1% to
€11,340 million, from €11,953 million in 2017, mainly due to a
scope effect (TCi deconsolidation) and adverse movements in
exchange rates.
Segment operating income amounted
to €1,314 million or 11.6% of sales, versus €1,464 million and
12.3% the year before.
The decline in segment operating
margin was primarily due to adverse movements in exchange rates.
The steady enhancement in the product mix, reflecting (i) the
sustained success of the MICHELIN lines, particularly the MICHELIN
Primacy 4, MICHELIN CrossClimate +, X Ice North 4 and Alpin
6.tires, and (ii) the strong growth in the 18'' and larger segment
(up 10% in a market up 9%), as well as the disciplined pricing
policy pursued throughout the year all helped to more than offset
the decline in volumes.
- Road transportation &
related distribution
Sales in the Road transportation
and related distribution segment amounted to €5,852 million in
2018, a 1.6% decline from the €5,946 million reported the year
before.
Segment operating income came to
€513 million or 8.8% of sales, compared with €483 million and 8.1%
in 2017.
The improvement was led by a
strong price-mix effect, which amply offset the highly unfavorable
currency effect. New products and services continued to be
introduced over the period, which was shaped by the success of the
BFGoodrich lines in Europe and of the MICHELIN Agilis CrossClimate
light truck and van tires.
- Specialty businesses &
related distribution
Sales by the Specialty businesses
segment stood at €4,836 million for the year, up 19.1% from €4,061
million in 2017.
Segment operating income amounted
to €948 million or 19.6% of sales, versus €794 million and 19.6%
the year before.
The increase in segment operating
income corresponded to the robust growth in volumes led by the
sustained rebound in demand for the Group's mining tires, the solid
performance of the other businesses, the consolidation of Fenner
over the last seven months of the year, and a strong price-mix
effect that offset unfavorable exchange rate movements.
Compagnie Générale des Établissements
Michelin
Compagnie Générale des
Établissements Michelin ended the year with net income of €813
million, compared with net income of €1,029 million in 2017.
The financial statements were
presented to the Supervisory Board at its meeting on February 8,
2019. An audit was performed and the auditors' reports on the
consolidated and company financial statements were issued on
February 11, 2019.
The Chief Executive Officer will
call an Annual Shareholders Meeting on Friday, May 17, 2019 at
9:00 am in Clermont-Ferrand. He will ask shareholders to
approve the payment of a dividend of €3.70 per share, compared with
€3.55 in respect of the previous year.
The Group is planning to simplify
its legal structure by the first half of 2020, subject to obtaining
the necessary agreements.
As part of this streamlining
process, the Group's external financing operations would be
transferred to Compagnie Générale des Établissements Michelin, the
Group's parent company, while intra-group financing transactions
would be retained by a dedicated subsidiary.
In addition, all of the
international subsidiaries and affiliates would be consolidated by
Compagnie Générale des Établissements Michelin, as is already the
case for the French subsidiaries and affiliates.
2018 non-financial ratings
In 2018, Michelin was included in
several non-financial performance indices in recognition of its
sustainable development and mobility approach:
VigeoEiris -
Michelin was ranked number 1 for environmental, social and
governance (ESG) performance in the automotive industry and number
10 worldwide (out of more than 4,000 companies).
EcoVadis -
Michelin achieved a "Gold CSR Rating" for its environmental,
social, Human rights and sustainable purchasing policies.
CDP Climate
Change - Included in the "Climate Change A List 2018", Michelin
is one of 127 companies worldwide recognized as being pioneers
in the fight against climate change. More than 7,000 companies
were assessed by the CDP in 2018.
CDP Supply
Chain - Michelin was named "Supplier Engagement Leader 2019"
for its initiatives and strategy to support the energy transition
in its supply chain.
These ratings are testimony to
Michelin's unwavering commitment to sustainable mobility and
development.
-
Michelin and Sumitomo Corporation create the
second largest tire wholesaler in the United States and Mexico by
folding their wholesale and retail operations into a 50/50 joint
venture. (January 3, 2018)
-
Successful non-dilutive convertible 2023 bond
issue. (January 5, 2018)
-
Market launch of the MICHELIN Primacy 4 in
Europe. (January 2018)
-
Mobivia, the European leader in multi-brand
vehicle servicing and parts, joins forces with Michelin to expand
its A.T.U chain in Germany, Switzerland and Austria by selling the
Group a 20% stake in the chain. (February 12, 2018)
-
Implementation of the partial share buyback
management agreement. (February 14, 2018)
-
Launch of the MICHELIN AGILIS CrossClimate light
truck and van tire. (February 22, 2018)
-
The MICHELIN Road 5 high-tech Sport Touring
tire. (February 22, 2018)
-
CFAO and Michelin team up to market high-quality
tires in Kenya and Uganda. (March 21, 2018)
-
MICHELIN's MyBestRoute app wins the SITL
Technologies and Information Systems Innovation Award. (March 22,
2018)
-
MICHELIN X Multi Energy tire fuel saving for
regional transport. (April 10, 2018)
-
Jean Dominique Senard's succession plan: to
prepare for the end of the Chief Executive Officer's term of office
at the close of the 2019 Annual Meeting, shareholders at the May
18, 2018 Annual Meeting elected Florent Menegaux as General
Managing Partner and Yves Chapot as Managing Partner.
-
Acquisition of Fenner PLC, a world leader in
conveyor belt solutions and reinforced polymer products. (May 31,
2018)
-
Total and Michelin join forces to launch an
ambitious worldwide road safety education program.
(May 30, 2018)
-
In 2048, MICHELIN tires will be made using 80%
sustainable materials and 100% of tires will be recycled. (May 31,
2018)
-
Movin'On - Engaged, innovative leaders and
executives convene in Montreal for the second edition of the global
sustainable mobility summit. (June 1, 2018)
-
Michelin and Maxion Wheels receive a 2018 CLEPA
Innovation Award for the ACORUS Flexible Wheel. (June 18,
2018)
-
MICHELIN Track Connect, the first fully
networked solution for car tires, wins the 2018 Creative Prize at
the Tire Cologne trade fair. (June 18, 2018)
-
First edition of the MICHELIN guide Guangzhou.
(June 26, 2018)
-
Successful three-tranche bond offering for a
total amount of €2.5 billion. (August 29, 2018)
-
Michelin announces the launch of a new employee
share ownership plan. (September 17, 2018)
-
In Singapore, Michelin receives the "Best of the
Best" award from Red Dot for its VISION concept. (September 28,
2018)
-
Michelin Man named "Icon of the Millennium."
(October 2, 2018)
-
Michelin launches the MICHELIN Alpin 6, the winter
tire that delivers lasting performance. (October 2, 2018)
-
Michelin presents sustainable mobility at Paris
Motorshow 2018 (October 2, 2018)
-
Michelin announces its intention to close its
Dundee plant in the United Kingdom in 2020 (November 5, 2018)
-
A new synthetic rubber plant in Indonesia for
the Group. (November 29, 2018)
-
Michelin completes the acquisition of Camso,
thereby strengthening its global leadership position in the
Specialty businesses (December 18, 2018)
A full
description of 2018 highlights
may be found on the Michelin website:
https://www.michelin.com/en
Presentation and
conference call
Full-year 2018 results will be reviewed with analysts and investors
during a presentation today, Monday, February 11, at 6:30 pm CET.
The event will be in English, with simultaneous interpreting in
French.
Webcast
The presentation will be webcast live on:
https://www.michelin.com/en/finance/
Conference call
Please dial-in on one of the following numbers from 6:20 pm
CET:
-
In France
+33 (0)1 70 71 01 59 (French) PIN code: 99794235#
-
In France
+33 (0)1 72 72 74 03 (English) PIN code:17692636#
-
In the United Kingdom
+44 (0) 207 194 3759 (English) PIN code:17692636#
-
In North America
+1 (844) 286 0643 (English) PIN code:17692636#
-
From anywhere else
+44 (0) 207 194 3759 (English) PIN code:17692636#
The presentation of financial
information for the year ended December 31, 2018 (press release,
presentation, financial report) may also be viewed at
https://www.michelin.com/en/, along with practical information
concerning the conference call.
Investor
calendar
-
Quarterly information for the
three months ended March 31, 2019: Wednesday,
April 24, 2019 after close of trading
Investor Relations
Édouard de Peufeilhoux
+33 (0) 4 73 32 74 47
+33 (0) 6 89 71 93 73 (mobile)
edouard.de-peufeilhoux@michelin.com
Matthieu Dewavrin
+33 (0) 4 73 32 18 02
+33 (0) 6 71 14 17 05 (mobile)
matthieu.dewavrin@michelin.com
Humbert de Feydeau
+33 (0) 4 73 32 68 39
+33 (0) 6 82 22 39 78 (mobile)
humbert.de-feydeau@michelin.com
|
Media Relations
Corinne Meutey
+33 (0) 1 78 76 45 27
+33 (0) 6 08 00 13 85 (mobile)
corinne.meutey@michelin.com
Individual Shareholders
Isabelle Maizaud-Aucouturier
+33 (0) 4 73 98 59 27
isabelle.maizaud-aucouturier@michelin.com
Clémence Rodriguez
+33 (0) 4 73 98 59 25
clemence.daturi-rodriguez@michelin.com
|
DISCLAIMER
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 on our www.michelin.com 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.
20190211_PR_Michelin_FY Results
2018
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Michelin via Globenewswire
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