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Strategy • Fundamentals • Businesses • Résultats Earnings Notes to the Consolidated Financial Statements • Michelin Canada, Inc. Halifax Canada 100.00 • Michelin (China) Investment Co., Ltd. Shanghai China 100.00 • Michelin Tire Research and Development Center (Shanghai) Co., Ltd. Shanghai China 100.00 • Albar Recuperaciones y Reciclajes, S.L. Tres Cantos Spain 99.79 • ViaMichelin España, S.L. Tres Cantos Spain 100.00 • CR Funding Corporation Wilmington USA 100.00 • Michelin Americas Research & Development Corporation Wilmington USA 100.00 • Michelin Corporation New York USA 100.00 • Michelin Asia-Pacific Export (HK) Limited Hong-Kong Hong-Kong 100.00 • Michelin Asia-Pacific Import (HK) Limited Hong-Kong Hong-Kong 100.00 • Michelin Asia-Pacific Import-Export (HK) Limited Hong-Kong Hong-Kong 100.00 • Mireis Limited Dublin Ireland 100.00 • Miripro Insurance Company Limited Dublin Ireland 100.00 • Oboken Limited Dublin Ireland 100.00 • Tayar Receivables Company Dublin Ireland 0.13 • ViaMichelin Italia S.r.l. Milan Italy 100.00 • Michelin Research Asia Co., Ltd. Tokyo Japan 100.00 • Michelin Luxembourg SCS Luxemburg Luxemburg 100.00 • Michelin Mexico Holding, S.A. de C.V. Mexico Mexico 100.00 • Araromi Rubber Estates Limited Nigeria Nigeria 56.39 • Michelin Development Company Limited Nigeria Nigeria 100.00 • Osse River Rubber Estates Limited Nigeria Nigeria 69.80 • Utagba Uno Rubber Estates Limited Nigeria Nigeria 69.80 • Waterside Rubber Estates Limited Nigeria Nigeria 80.00 • Fitlog B.V. ‘s-Hertogenbosch The Netherlands 100.00 • Michelin Finance (Pays-Bas) B.V. Amsterdam The Netherlands 100.00 • Michelin Holding (Pays-Bas) B.V. Amsterdam The Netherlands 100.00 • Michelin Purchasing B.V. Amsterdam The Netherlands 100.00 • Michelin Europe (EEIG) England and Wales United Kingdom 99.96 • Michelin Services Ltd England and Wales United Kingdom 100.00 • ViaMichelin UK Limited England and Waless United Kingdom 100.00 • Michelin Asia-Pacific Pte Ltd Singapore Singapore 100.00 • Société des Matières Premières Tropicales Pte. Ltd. Singapore Singapore 100.00 • Compagnie Financière Michelin Granges-Paccot Switzerland 100.00 • Michelin Participations S.A. Granges-Paccot Switzerland 99.95 • Michelin Recherche et Technique S.A. Granges-Paccot Switzerland 100.00 • M.S. Enterprises Holding Co., Ltd. Bangkok Thailand 50.50 • Michelin Research Asia (Thailand) Co., Ltd. Bangkok Thailand 100.00 • Michelin Siam Group Co., Ltd. Bangkok Thailand 60.00 • ThaiFit Co., Ltd. Chonburi Thailand 60.00 3. Companies accounted for by the equity method Registered office Country % stake • Aliapur Lyon France 28.57 • Innovations in Safety Systems Drancy France 50.00 • EnTire Solutions, LLC Wilmington USA 50.00 • RubberNetwork.com, LLC Wilmington USA 27.75 • SMP Melfi S.r.l. Melito di Napoli Italy 50.00 • Michelin Tire Chiba HBKK Chiba Japan 37.50 • Michelin Tire Fukushima HBKK Fukushima Japan 39.17 • Michelin Tire Shizuoka HBKK Shizuoka Japan 35.00 • Michelin Tire Yamanashi HBKK Yamanashi Japan 35.00 • TIGAR MH, d.o.o., Pirot Pirot Serbia and Montenegro 25.00 74•75
Registered office Country % stake • Global Run-Flat Systems Research, Development and Technology B.V. Amsterdam The Netherlands 50.00 • MC Projects B.V. Amsterdam The Netherlands 50.00 • Woco Michelin AVS B.V. Amsterdam The Netherlands 49.00 • Sapphire Energy Recovery Limited England and Wales United Kingdom 25.00 4. Non-consolidated companies • Pursuant to Article L.223-19 of the French Code de Commerce, various companies that are not material in relation to the Group as a whole have not been consolidated under governing consolidated financial statements. The above list of the main consolidated companies and companies accounted for by the equity method, which is not exhaustive, complies with the requirements of Article 248-12 of decree No. 67-236 of March 23, 1967 concerning the consolidated financial statements of trading companies. Acquisitions and partnership agreements entered into in 2004 1. Apollo - India The partnership agreement signed in November 2003 between Michelin and Apollo Tyres Ltd took effect in March 2004 with: • acquisition by Michelin of a 14.9% stake in the capital of said company for an amount close to US$30 million, • and setting up of the Michelin Apollo Tyres Private Ltd JV, 51% held by Michelin and 49% held by Apollo Tyres Ltd. This company will manufacture and distribute truck and bus tires. It will also market and sell all types of tire. 2. PT Gajah Tunggal (TBK) - Indonesia Michelin and PT Gajah Tunggal Tbk (GT) signed in May 2004 a twin cooperation agreement on manufacture and sale of tires in Indonesia. Under the manufacturing agreement, GT will manufacture a wide range of passenger car tires for different markets in which Michelin Group operates. Under the distribution agreement, GT will sell in Indonesia Michelin and BFGoodrich-branded Passenger Car and Light Truck tires, in particular on the replacement market. Accordingly, Michelin acquired a 10% stake in GT’s capital for an amount of US$25 million. 3. Litigation in connection with acquisition of Viborg group in 2003 Owing to failure to reach an agreement on the findings of the due diligence carried out to determine the amount of adjustments to be made as required to the purchase price under the agreements concluded between the seller and Michelin Group, Michelin Group filed an arbitration claim on December 4, 2003 before the Paris international arbitration court of Chambre de Commerce Internationale. 3.1. Contention points arising from Michelin Group’s due diligence 3.1.1. The first contention relates to the sums to be paid out to the seller for the net guaranteed assets dealt with under the article on adjustment of the acquisition price. Michelin Group disagrees with the net asset valuation claimed by the seller. In light of what Michelin Group considers to be the proper downward revision of the acquisition price to be applied pursuant to the agreements between the parties, Michelin Group refuses to pay the balance of €37 million of the acquisition price claimed by the seller. The large discrepancy between the contractual net guaranteed assets and the actual worth of the net assets as they emerged from the due diligence process led Michelin Group not to include the balance of the price for the purposes of determining goodwill, such goodwill having been fully amortized in 2003.
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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
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Financial year 2004 Key Figures 399
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Michelin Share Performance 3 rd bes
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Michelin’s Corporate Governance S
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Michelin’s strategy Remain the le
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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 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
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
Page 124 and 125: 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
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3 - Data recap table 2004 2003 Obse
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Individual Shareholder Relations An
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