Michelin couv courteGB

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Strategy ● Michelin is a world-class brand as measured by brand awareness, synonymous with state-of-the-art technology and quality. To leverage this valuable asset and increase its consumer appeal, the Group is expanding its new global product line, put on the market under Michelin’s supervision and through licensees. Michelin Lifestyle’s mission is to develop these new Michelin products, which fall into three major categories: ● useful products associated with automobiles and motorcycles, ● sports, leisure and working clothes and equipment, ● personal accessories, gift articles and collectibles embodying the Michelin culture and history. Following its success with tennis shoes developed with Babolat, Michelin entered on the safety shoe market in North America and Europe. Automotive accessories a success Well ensconced in specialized retail outlets, sales of automotive accessories continued to mount, particularly snow chains and tire pressure gauges, jacks, wipers and safety products and accessories for the passenger compartment. The product range was expanded and several new products received very positive media coverage, such as the Michelin brand bicycle racks and footpumps. Promising prospects in sports and leisure In the area of safety equipment, the launch of Michelin safety shoes in Europe and North America and the launch of individual protection gear in Europe were successful. These were made in the wake of the tennis shoes launch featuring a Michelin sole designed jointly with Babolat, a world-class tennis racket manufacturer. The outlook for growth appears to be good in the sports and leisure areas, where a number of projects with potential partners are in the pipeline. A Michelin Innovation agency was set up to expand the range of apparel, personal accessories and equipment for sports and leisure. • Quick and easy to install, the new Michelin bike rack is one of few that meets the ISO 15263-4 European safety standard. World By year-end 2004, the Michelin Lifestyle catalog contained 450 products sold in more than 15,000 sales outlets in some 34 countries.
Strategy • Fundamentals • Businesses Earnings 2004 Group earnings analysis 46 Economic performance 51 Simplified Consolidated Balance Sheet 52 Simplified Consolidated Statement of Income 52 Simplified Consolidated of Cash-Flows 53 Ten-year key figures and ratios 54 Prospect for 2005 56 44•45
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 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 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
Page 76 and 77: c) Property, plant and equipment Pr
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 98 and 99:
21. Segment information Strategy
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Strategy • Fundamentals • Busin
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Michelin Group used the following o
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3.2.2. Impact on the presentation o
Page 106 and 107:
4.3. Reconciliation of balance shee
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Page 110 and 111:
Page 112 and 113:
Stock options Since the stock optio
Page 114 and 115:
Managing Partners’ special Report
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Risk Management Michelin adopts a p
Page 118 and 119:
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
Page 126 and 127:
Fixed-term Contracts In 2004, fixed
Page 128 and 129:
up of negotiating groups on sub-con
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• provide education and training
Page 132 and 133:
3 - Data recap table 2004 2003 Obse
Page 134:
Individual Shareholder Relations An
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