Michelin couv courteGB

00 01 02 03 04
- 241
309
637
299
For the 4 th consecutive year,
Michelin generated positive
free cash flow*
In EUR million
* Free cash flow
= cash flow – change in working capital
– net capital expenditure
226
1,416
1,323
00 01 02 03 04
Strong cash flow*
In EUR million
1,257
1,091
905
1,089
871
1,225
809
1,246
Strategy Fundamentals Businesses • Earnings 16•17
1,407
1,017
A sustained investment policy
underpinning an ambitious
industrial strategy
In EUR million
119%
1,353
1,130
1,116
00 01 02 03 04
Key figures
113%
Gearing improves further
Group cash flow continued to be very
strong, representing 8.6% of net sales.
* Cash flow
= net income before minority interests
+ depreciation, amortization and charges
to allowances for impairment in value
of fixed assets
– changes in provisions and deferred taxes
+ / - net gains/losses on disposals of assets.
•
Net capital expenditure
Of which industrial
In 2004, Michelin pursued a sustained
investment strategy: investing
in productivity in Europe
and in North America, increasing capacity
in China, Thailand, Russia, Romania;
taking stakes in manufacturers in India
and Indonesia.
85%
78%
00 01 02 03 04
Once again in 2004, Michelin strengthened
its financial structure: its debt-to-equity ratio
improved and shareholders’ equity increased.
Michelin also continued to strengthen
its financial structure during the year.
69%