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Individual Shareholder Relations Anne-Marie Vigier-Perret 12, cours Sablon 63040 Clermont-Ferrand Cedex 9 – France Phone: + 33 (0)4 73 98 59 00 Toll-free calls in France: 0 800 000 222 actionnaires-individuels@fr.michelin.com Investor Relations 46, avenue de Breteuil 75324 Paris Cedex 07 – France Phone: + 33 (0)1 45 66 16 15 investor-relations@fr.michelin.com Media Relations 46, avenue de Breteuil 75324 Paris Cedex 07 – France Phone: + 33 (0)1 45 66 22 22 INTERNET ADDRESSES www.michelin.com www.michelin.com/corporate www.michelinsport.com www.viamichelin.com www.challengebibendum.com www.paxsystem.com www.michelin-emplois.com www.tireadvisor.com www.wbcsdmobility.org <strong>Michelin</strong> 23, place des Carmes-Déchaux 63040 Clermont-Ferrand Cedex 9 – France Phone: +33 (0)4 73 32 20 00 www.michelin.com
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Contents 1 • Michelin, a better w
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Simplified corporate organization c
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China, India, Russia: The Group ope
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The safer the factory, the more eff
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Cut pollution, promote safety: We a
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Message from Edouard Michelin “ i
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Management Managing Partners 1 •
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Audit Supervisory Board* 1 • Eric
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Financial year 2004 Key Figures Eco
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Financial year 2004 Key Figures 399
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Michelin Share Performance 3 rd bes
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Michelin’s Corporate Governance S
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Michelin’s strategy Remain the le
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World tire industry and markets Rep
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World tire industry and markets The
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• Porsche France delivered its fi
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In North America, Michelin and BFGo
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• In the United States, the Miche
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• In an original equipment market
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4,637 4,859 02 03 04 Net sales of O
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Agriculture gained market share in
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• During 2004, all of Viborg’s
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• Used with a GPS antenna, ViaMic
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Strategy ● Michelin is a world-cl
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2004 Group earnings analysis Michel
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Operating Income: year-on-year chan
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4,926 4,881 00 01 02 03 04 Net long
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Prospects for 2005 In 2004, in a ch
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2001 2000 1999 1999* 1998* 1997* 19
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Strategy • Fundamentals • Busin
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The dividends paid for the three pr
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• Latest Technology Center innova
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segregation of functions and strict
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CONSOLIDATED STATEMENTS STATUTORY A
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c) Property, plant and equipment Pr
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3.1.2. The second contention arises
Page 84 and 85: 4. Investments Strategy • Fundame
Page 86 and 87: 10. Changes in Shareholders’ equi
Page 88 and 89: The following table presents a reco
Page 90 and 91: 13.3. Summary of the financial situ
Page 92 and 93: 13.4.1. Regional breakdown of the f
Page 94 and 95: 13.5. Changes in financial statemen
Page 96 and 97: Strategy • Fundamentals • Busin
Page 98 and 99: 21. Segment information Strategy
Page 102 and 103: Michelin Group used the following o
Page 104 and 105: 3.2.2. Impact on the presentation o
Page 106 and 107: 4.3. Reconciliation of balance shee
Page 112 and 113: Stock options Since the stock optio
Page 114 and 115: Managing Partners’ special Report
Page 116 and 117: Risk Management Michelin adopts a p
Page 118 and 119: Future cash flows from these long-t
Page 120 and 121: Limited industrial hazards The main
Page 122 and 123: Economic performance target Since 1
Page 124 and 125: Spanish plans, as well as payment o
Page 126 and 127: Fixed-term Contracts In 2004, fixed
Page 128 and 129: up of negotiating groups on sub-con
Page 130 and 131: • provide education and training
Page 132 and 133: 3 - Data recap table 2004 2003 Obse
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