Michelin couv courteGB

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segregation of functions and stricter IT authorized access management. Outlook The assessment of the three North American processes (purchasing, sales and inventory management) will continue and will be extended to others such as intra-group exchanges. This work should enable sample companies in other geographical areas to launch their own assessments in 2005, with a view to completion in 2006. The Supervisory Board will be regularly updated on progress and results of these assessments. Clermont-Ferrand, March 11, 2005 Eric Bourdais de Charbonnière Chairman of the Supervisory Board. Strategy • Fundamentals • Businesses • Résultats Earnings Report of the Supervisory Board Chairman 62•63
Statutory Auditors’ Report on the Report prepared by the Chairman of the Supervisory Board of Compagnie Générale des Etablissements <strong>Michelin</strong> on the internal control procedures relating to the preparation and processing of financial and accounting information Year ended December 31, 2004 To the Shareholders, In our capacity as statutory auditors of COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN, we report to you on the report prepared by the Chairman of the Supervisory Board of your Company in accordance with article L.621-18-3 of Code Monétaire et Financier for the year ended 31 December, 2004. It is for the Chairman to give an account, in his report, notably of the conditions in which the duties of the Supervisory Board are prepared and organized and the internal control procedures in place within the Company. It is our responsibility to report to you our observations on the information set out in the Chairman’s report on the internal control procedures relating to the preparation and processing of financial and accounting information. We performed our procedures in accordance with professional guidelines applicable in France. These require us to perform procedures to assess the fairness of the information set out in Paris, 16 March, 2005 the Chairman’s report on the internal control procedures relating to the preparation and processing of financial and accounting information. These procedures notably consisted of: • obtaining an understanding of the objectives and general organization of internal control, as well as the internal control procedures relating to the preparation and processing of financial and accounting information, as set out in the Chairman’s report; • obtaining an understanding of the work performed to support the information given in the report. On the basis of these procedures, we have no matters to report in connection with the information given on the internal control procedures relating to the preparation and processing of financial and accounting information, contained in the Chairman of the Supervisory Board’s report, prepared in accordance with article L.621-18-3 of Code Monétaire et Financier. PricewaterhouseCoopers Audit Corevise Dominique PAUL Stéphane MARIE Statutory Auditors Members of the Compagnie Régionale de Paris Translated from the original French language report
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Contents 1 • Michelin, a better w
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Simplified corporate organization c
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China, India, Russia: The Group ope
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The safer the factory, the more eff
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Cut pollution, promote safety: We a
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Message from Edouard Michelin “ i
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Management Managing Partners 1 •
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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 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 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
Page 102 and 103: Michelin Group used the following o
Page 104 and 105: 3.2.2. Impact on the presentation o
Page 106 and 107: 4.3. Reconciliation of balance shee
Page 112 and 113: Stock options Since the stock optio
Page 114 and 115: Managing Partners’ special Report
Page 116 and 117: 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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