Michelin couv courteGB

Clear rise in operating margin
The significant advances made in Europe and Asia, the latter
raising its operating contribution by 80% over 2003, more
than offset the decline recorded in North America, due
mainly to the weaker dollar and increased raw material
costs.
All told, the Passenger Car-Light Truck business reported
one of its best performances ever, with a 9.7% operating
margin. This clearly comes as proof that Michelin’s strategy
works and is capable of cushioning the currency and raw
material price changes through fair product pricing and
tight cost control.
Michelin XM1, which was introduced in Asia
in 2004, is one of the best balances ever
struck between performance, safety,
durability and energy savings.
Europe
In 2004, Michelin was certified by PSA
for use on the Peugeot 307 and 407
models, by Citroën to equip its latest C6
and C4, by Audi to equip its latest A3,
A4 and A6, by BMW for its new series 1
and 3, by Mercedes for its new Class A
et SLK, to name a few.
Strategy • Fundamentals Businesses Earnings
Michelin X-Ice is the world’s leading brand of Nordic winter
tires. The range can handle any road condition ranging from
ice and snow to wet or dry pavement. They match conditions
in all three continents where they are sold.
Indonesia
Michelin and PT Gajah Tunggal Tbk,
ASEAN’s* biggest tire maker, entered
into a strategic partnership for industrial
and commercial cooperation with
Michelin buying a 10% equity
stake in GT.
*Association of South East Asian Nations.
30•31
The Michelin brand enjoys the best
“brand equity”* in China:
With a brand recognition score of 70%
and a quality score of 9/10,
“the brand equity” comes to 6.3.
Farbehind, its biggest competitor
scored 4.5.
*Brand awareness
Passenger Car–Light Truck