Michelin couv courteGB

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 Michelin has acquired 500,192 of its own shares and sold 655,584 shares.
As at December 31, 2004, the Company owned no treasury stock.