Michelin couv courteGB

Compagnie Financière
Michelin
Compagnie Financière Michelin (CFM), headquartered in
Granges-Paccot (canton of Freiburg, Switzerland), plays a
twofold role in the Group:
• As an intermediate holding company, it directly or indirectly
owns 100% of the capital of the Group’s manufacturing and
trading companies outside France and 60% of France-based
Manufacture Française des Pneumatiques Michelin.
• CFM is the Group’s financing arm and borrows on its behalf
from banks and other credit institutions.
The Group’s Corporate Finance Division, notably Financing,
Consolidation and Legal departments operate within the
holding company.
CFM’s turnover amounted to €15.9 billion, up 1.9% on 2003.
At constant exchange rates and scope, the increase is of 5.3%.
At €1.22 billion, operating income rose 10.9%. Net profit for
the period amounted to €499 million.
Given that CFM’s sales scope is practically identical to that of
CGEM, observations relative to CGEM in this report likewise
apply to CFM.
Condensed balance sheet
(in € thousand)
Condensed statement of income
(in € million)
2004 2003
Net sales 15,929.6 15,632.2
Other 600.2 594.8
Sub total 16,529.8 16,227.0
Purchases used in production (5,558.5) (5,373.9)
Payroll costs (4,856.1) (4,981.9)
Other operating expenses (3,787.9) (3,682.6)
Taxes other than income tax (226.8) (231.7)
Depreciation and amortization (795.4) (815.9)
Charges to allowances and provisions (82.7) (38.8)
Operating income 1,222.4 1,102.2
Net interest expense (190.2) (249.8)
Income from
ordinary activities 1,032.2 852.4
Non-recurring items, net (206.3) 26.4
Income taxes
Income (loss) from companies
(288.4) (245.1)
accounted for by the equity method (1.3) (8,8)
Amortization of goodwill (37.0) (339.3)
Net income 499.2 285.6
Assets Dec. 31, 04 Dec. 31, 03 Liabilities and Shareholders’ equity Dec. 31, 04 Dec. 31, 03
Goodwill, net 270.6 303.2
Intangible assets, net 155.2 162.7 Capitaux propres Groupe 4,306.2 3,195.3
Property, plant and equipment, net 5,769.0 5,662.3 Minority interests 425.4 465.5
Investments, net 469.8 376.4 Shareholders’ equity including
Investments at equity 67.5 58.2 minority interest 4,731.6 3,660.8
Fixed asset, net 6,732.1 6,562.8 Provisions for contingencies 2,987.3 3,002.9
Inventories 2,855.2 2,766.0 and charges
Trade receivables
Other receivables, prepaid expenses
2,980.4 3,047.1
and accrued income 1,907.3 1,986.4 Long and short-term debt 4,675.4 5,824.2
Cash equivalents 235.3 525.5 Trade payables 1,595.2 1,550.2
Cash 1,416.8 1,232.3 Other payables,
deferred income 2,137.6 2,082.0
Current assets 9,395.0 9,557.3 Liabilities 8,408.2 9,456.4
Total assets 16,127.1 16,120.1 Total liabilities and
Shareholders’ equity 16,127.1 16,120.1