Michelin couv courteGB

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CONSOLIDATED STATEMENTS STATUTORY AUDITORS’ REPORTS Consolidated Balance Sheet 66 Consolidated Statement of Income 68 Consolidated Statement of Cash Flows 69 Notes to the Consolidated Financial Statements 70 Statutory Auditors’ general Report on the Financial Statements 94 Statutory Auditors’ special Report on the Regulated Agreements 94 Statutory Auditors’ Report on the Consolidated Financial Statements 95 Transition to International Financial Accounting Standards 96 Statutory Auditors’ special Report on the International Financial Reporting Standards (IFRS) transition statements 105 ADDITIONAL INFORMATION Corporate Governance: mandates, compensation, stock options 106 Managing Partners’ special Report on stock options 109 Statutory Auditors 110 Risk Management 111 Economic performance target 117 Benefits 118 Company and environmental information 120
Consolidated Balance Sheet Assets (In € thousand) 2004 2003 French Gaap Issued, uncalled capital 0 0 Fixed assets Goodwill 272,037 303,595 Intangible assets 155,410 163,184 Property, plant and equipment 5,769,872 5,663,491 Investments 514,497 412,348 Investments at equity 68,176 58,805 CURRENT ASSETS 6,779,992 6,601,423 Inventories 2,858,549 2,769,136 Trade receivables 2,920,236 2,984,501 Other receivables, prepaid expenses and accrued income 1,956,374 2,038,187 Cash equivalents 235,258 539,488 Cash 1,420,140 1,234,168 9,390,557 9,565,480 Total assets 16,170,549 16,166,903
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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
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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 68 and 69: segregation of functions and strict
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
Page 118 and 119: Future cash flows from these long-t
Page 120 and 121:
Limited industrial hazards The main
Page 122 and 123:
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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Michelin couv courteGB

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