Michelin couv courteGB

Recommendations

Info

Audit Supervisory Board* 1 • Eric Bourdais de Charbonnière Sixty-six Chairman of the Supervisory Board Member of the Audit Committee After twenty five years with JP Morgan, during which he became head of the group’s banking activities in France, Mr. Eric Bourdais de Charbonnière served as Michelin’s CFO from 1989 to 1999. He no longer has any operational responsibilities and has chaired Michelin’s Supervisory Board since 2000. He also serves as director on the boards of Thomson and Associés en Finances, and sits on the Supervisory Boards of Oddo et cie and ING Group. 2 • François Grappotte Sixty-nine Chairman of the Audit Committee After twenty years as CEO of Legrand, Mr François Grappotte was appointed Group chairman in 2004. He also sits on the Board of BNP Paribas, of Valeo and is a Member of the Supervisory Board of Galeries Lafayette. 3 • Pierre Michelin Fifty-six Member of the Audit Committee After joining Philips’ IT management team, he went on to Group Bull and was appointment Head of a Division. 4 • Benoît Potier Forty-eight 2 3 4 • Members of the Supervisory Board during an on-site visit to the Michelin factory in Vitoria (Spain). Mr. Benoît Potier has joined Air Liquide SA 24 years ago and he became CEO in 1997 before being appointed Chairman of the Executive Board in November 2001. He also sits on the Board of Danone. 5 • Grégoire Puiseux Seventy-four Mr. Grégoire Puiseux is now retired. He was at the head of a farm produce company in the Champagne region. Mr. Grégoire Puiseux is also Member of the Supervisory Board of Manufacture Française des Pneumatiques Michelin and Controller of Compagnie Financière Michelin. His mandate expires at the Annual Shareholders Meeting of May 20, 2005 and he does not seek its renewal. 6 • Edouard de Royère Seventy-three Member of the Audit Committee Mr. de Royère joined l’Air Liquide in 1966 and was appointed Chief Executive Officer in 1982 and Chairman in 1985, a post he held until 1995. Currently Honorary Chairman of l’Air Liquide SA, he is a member of the Company’s Supervisory Board. He also sits on the boards of Sodexho Alliance and Siparex Associés.
The Supervisory Board is assisted by: ● an Audit Committee and ● a Compensation Committee Comprised of four members of the Supervisory Board, three of whom are independent, the Audit Committee, under the chairmanship of Mr. Grappotte, is in charge in particular of assisting the Supervisory Board in its control mission over ● the corporate and consolidated accounts; ● risks and internal control procedures. Chaired by Mr. Bourdais de Charbonnière and made up of six Supervisory Board members, the Compensation Committee oversees Group management team remuneration policy, and in particular variable pay, the stock-option plan and the Group Employee Shareholder Plan. Statutory 6 1 5 Strategy Fundamentals Businesses • Earnings 12•13 Audit Statutory Auditors PricewaterhouseCoopers Audit Represented by Dominique Paul, partner Corevise Represented by Stéphane Marie, partner Substitutes Pierre Coll Partner of PricewaterhouseCoopers Audit Jacques Zaks Partner of Corevise
Page 2 and 3: Contents 1 • Michelin, a better w
Page 4 and 5: Simplified corporate organization c
Page 6 and 7: China, India, Russia: The Group ope
Page 8 and 9: The safer the factory, the more eff
Page 10 and 11: Cut pollution, promote safety: We a
Page 12 and 13: Message from Edouard Michelin “ i
Page 14 and 15: Management Managing Partners 1 •
Page 18 and 19: Financial year 2004 Key Figures Eco
Page 20 and 21: Financial year 2004 Key Figures 399
Page 22 and 23: Michelin Share Performance 3 rd bes
Page 24 and 25: Michelin’s Corporate Governance S
Page 26 and 27: Michelin’s strategy Remain the le
Page 28 and 29: World tire industry and markets Rep
Page 30 and 31: World tire industry and markets The
Page 32 and 33: • Porsche France delivered its fi
Page 34 and 35: In North America, Michelin and BFGo
Page 36 and 37: • In the United States, the Miche
Page 38 and 39: • In an original equipment market
Page 40 and 41: 4,637 4,859 02 03 04 Net sales of O
Page 42 and 43: Agriculture gained market share in
Page 44 and 45: • During 2004, all of Viborg’s
Page 46 and 47: • Used with a GPS antenna, ViaMic
Page 48 and 49: Strategy ● Michelin is a world-cl
Page 50 and 51: 2004 Group earnings analysis Michel
Page 52 and 53: Operating Income: year-on-year chan
Page 54 and 55: 4,926 4,881 00 01 02 03 04 Net long
Page 56 and 57: Prospects for 2005 In 2004, in a ch
Page 58 and 59: 2001 2000 1999 1999* 1998* 1997* 19
Page 60 and 61: Strategy • Fundamentals • Busin
Page 62 and 63: The dividends paid for the three pr
Page 64 and 65: Strategy • Fundamentals • Busin
Page 66 and 67:
• Latest Technology Center innova
Page 68 and 69:
segregation of functions and strict
Page 70 and 71:
CONSOLIDATED STATEMENTS STATUTORY A
Page 72 and 73:
Strategy • Fundamentals • Busin
Page 74 and 75:
Page 76 and 77:
c) Property, plant and equipment Pr
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
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:
Page 98 and 99:
21. Segment information Strategy
Page 100 and 101:
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 108 and 109:
Page 110 and 111:
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
Page 134:
Individual Shareholder Relations An
show all

Michelin couv courteGB

Create successful ePaper yourself

Delete template?

Save as template?