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4. Investments Strategy • Fundamentals • Businesses • Résultats Earnings Notes to the Consolidated Financial Statements Investments can be analyzed as follows: (in € thousand) Cost Allowances Net book value Investments at January 1, 2003 648,252 (191,345) 456,907 Eliminations in connection with Viborg group consolidation (136,098) – (136,098) Other movements for the period 115,253 (12,767) 102,486 Translation adjustments and other (22,625) 11,678 (10,947) Investments at December 31, 2003 604,782 (192,434) 412,348 Movements for the period 100,200 2,416 102,616 Translation adjustments and other (388) (79) (467) Investments at December 31, 2004 704,594 (190,097) 514,497 The increase in the investments item reflects in particular the acquisition of stakes in Apollo Tyres Ltd and PT Gajah Tunggal Tbk. The breakdown by category is as follows: Net book value Investments in non-consolidated companies and other equity securities (1) 122,127 Long-term loans and advances and other investments 392,370 Total 514,497 (1) including 2,826,000 Peugeot S.A. shares: - book value 20,801 - market value 131,974 including 3,730,980 Hankook Tyre Co. Ltd shares: - book value 18,610 - market value 26,962 including 5,712,500 shares of Apollo Tyres Ltd : - net book value 22,676 - market value 22,676 including 316,800,000 shares of PT Gajah Tunggal Tbk : - net book value 16,151 - market value 16,151 including 126,002 shares of Média-Participations S.A., Paris : - book value (unlisted company) 17,671 5. Investments at equity (in € thousand) Company Value at Movement Value at Movement Value at equity at for the year equity at for the year equity at Jan. 1, 2003 2003 Dec. 31, 2003 2004 Dec. 31, 2004 Woco <strong>Michelin</strong> AVS B.V. 55,534 (2,108) 53,426 (5,344) 48,082 MC Projects B.V. – – – 13,134 13,134 Tigar MH, d.o.o. – 8,509 8,509 (772) 7,737 RubberNetwork.com, LLC 379 (5,561) – 5,182 204 (4,978) Other companies 2,427 (375) 2,052 2,149 4,201 Total 58,340 465 58,805 9,371 68,176 Including: Group share of net income (loss) (8,750) (1,310) MC Projects B.V. (Eurofit operations), previously fully consolidated is now accounted for by the equity method. 78•79
6. Inventories (in € thousand) Dec. 31, 2004 Dec. 31, 2003 Raw materials, semi-finished products and other supplies 947,210 885,222 Finished products 2,015,178 1,981,092 Allowances (103,839) 97,178 Net book value 2,858,549 2,769,136 7. Trade receivables (in € thousand) Dec. 31, 2004 Dec. 31, 2003 Trade receivables 3,033,288 3,110,766 Allowances (113,052) (126,265) Net book value 2,920,236 2,984,501 Substantially all trade receivables are due within one year. Transfer of trade receivables The Group implemented a trade receivables transfer program allowing maximum external financing: • a US$550 million until 2005 for North-American operations, • a €720 million until 2007 for European operations. The trade receivables transferred and financing received by the consolidated companies (including the relevant ad hoc entities) are still accounted for under Group assets and liabilities. At December 31, 2004 this amounted to €675 million. 8. Other receivables, prepaid expenses and accrued income (in € thousand) Dec. 31, 2004 Dec. 31, 2003 Other receivables, net (1) 486,542 549,105 Excess of pension plan assets over the related benefit obligations (note 13) 549,073 489,689 Deferred tax assets (note m) 847,676 912,973 Other accruals 73,083 86,420 Total 1,956,374 2,038,187 (1) In most cases, the other net receivables are due within one year. 9. Investment securities (in € thousand) Dec. 31, 2004 Dec. 31, 2003 Treasury stock – 4,861 Net value of the other listed securities – 486 Bank deposits and other cash equivalents 235,258 534,141 Total 235,258 539,488 Treasury stock In the course of 2004, Compagnie Générale des Etablissements <strong>Michelin</strong> has acquired 500,192 of its own shares and sold 655,584 shares. As at December 31, 2004, the Company owned no treasury stock.
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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
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World tire industry and markets The
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• 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 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
Page 130 and 131: • provide education and training
Page 132 and 133: 3 - Data recap table 2004 2003 Obse
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Individual Shareholder Relations An
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