Michelin couv courteGB

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Michelin’s strategy Remain the leader in innovation and quality of tire, suspension systems and related services. Focus on high value-added growth segments. Expand its positions in regions of the world with high growth potential. Drive product innovation and lower fixed costs while increasing the Group’s flexibility and productivity. Financial objectives A 10% operating margin in a normal operating environment* while maintaining a level of investment commensurate with Group ambitions and growth strategy. Positive free cash flow. Return on capital in excess of the cost of capital employed. * What do we mean by “normal operating environment”? We mean tire markets growing at their average long-term rate of 2% to 3% a year against a background of stable raw material prices, currency exchange rates and interest rates.
2004 Michelin improved performance visibly in 2004 against a mixed economic backdrop. The Company has boosted innovation and firmed up selling prices while targeting growth. It has further expanded in Eastern Europe and Asia while improving its manufacturing efficiency and logistics. Although demand rose in the reporting period, particularly in the first half, external expenses cut deeply into earnings. Michelin’s progress nevertheless reflected its ability to weather adverse conditions with renewed momentum and strong quality potential. Strategy • Fundamentals Businesses Earnings 22•23
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 16 and 17: Audit Supervisory Board* 1 • Eric
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 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 66 and 67: • Latest Technology Center innova
Page 68 and 69: segregation of functions and strict
Page 70 and 71: CONSOLIDATED STATEMENTS STATUTORY A
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c) Property, plant and equipment Pr
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Strategy • Fundamentals • Busin
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3.1.2. The second contention arises
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4. Investments Strategy • Fundame
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10. Changes in Shareholders’ equi
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The following table presents a reco
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13.3. Summary of the financial situ
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13.4.1. Regional breakdown of the f
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13.5. Changes in financial statemen
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21. Segment information Strategy
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Michelin Group used the following o
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3.2.2. Impact on the presentation o
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4.3. Reconciliation of balance shee
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Stock options Since the stock optio
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Managing Partners’ special Report
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Risk Management Michelin adopts a p
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Future cash flows from these long-t
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Limited industrial hazards The main
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Economic performance target Since 1
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Spanish plans, as well as payment o
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Fixed-term Contracts In 2004, fixed
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up of negotiating groups on sub-con
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• provide education and training
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3 - Data recap table 2004 2003 Obse
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Individual Shareholder Relations An
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