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21. Segment information Strategy • Fundamentals • Businesses • Résultats Earnings Notes to the Consolidated Financial Statements (in € thousand) Business segments Passenger Car- Truck Other businesses Inter-segment Total Light Truck eliminations Property, plant and equipment, net 2,595,385 1,303,562 (1) 1,764,544 – 5,663,491 Sales 7,456,824 3,968,507 4,859,336 (914,847) 15,369,820 Operating income 664,002 521,490 (42,420) – 1,143,072 Property, plant and equipment, net 2,692,413 1,390,225 2004 (1) 1,687,234 – 5,769,872 Sales 7,527,664 4,220,617 4,846,179 (905,679) 15,688,781 Operating income 730,924 548,423 19,780 – 1,299,127 (1) Including shared assets: – 2004: 709,383 – 2003: 674,921 Regions Europe North America Other Total and Mexico Property, plant and equipment, net 3,375,356 1,622,487 665,648 5,663,491 Sales 8,035,569 5,311,034 2,023,217 15,369,820 Property, plant and equipment, net 3,529,373 2004 1,524,900 715,599 5,769,872 Sales 8,322,234 5,218,431 2,148,116 15,688,781 22. Management compensation Compagnie Générale des Etablissements Michelin is managed by Managing Partners (Gérants) who are also General Partners (associés commandités) of the Company. As such, they are entitled to a share of the income distributed among all the General Partners in accordance with the provisions of the Company’s bylaws. The Managing Partners do not receive any compensation or other benefits from Compagnie Générale des Etablissements Michelin or any of its subsidiaries or affiliates. 2003 2003 92•93
Statutory Auditors’ Report on the financial statements Year ended 31 December, 2004 To the Shareholders, In compliance with the assignment entrusted to us by the Shareholders, we hereby report to you, for the year ended December 31, 2004, on: • the audit of the accompanying financial statements of Compagnie Générale des Etablissements Michelin; • the justification of our assessments; • the specific verifications and information required by law. These financial statements have been approved by the Managing Partners. Our role is to express an opinion on these financial statements based on our audit. Opinion on the financial statements We conducted our audit in accordance with professional standards applicable in France. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements give a true and fair view of the Company’s financial position and its assets and liabilities as of 31 December 2004 and of the results of its operations for the year then ended in accordance with the accounting rules and principles applicable in France. Paris, 14 March, 2005 Justification of our assessments In accordance with the requirements of article L.225-235 of the Commercial Code relating to the justification of our assessments, we bring to your attention the following matter: • The note to the accounts “Provisions on investments” discloses a release of provision for depreciation for an amount of €96 million on Manufacture Française des Pneumatiques Michelin shares. When assessing the valuation assumptions of the Company, we reviewed the appropriateness of the impairment methodology applied and the correctness of the provision release. The assessments were made in the context of our audit of the financial statements, taken as a whole, and therefore contributed to the formation of the unqualified opinion expressed in the first part of this report. Specific verifications and information We have also performed the specific verifications required by law in accordance with professional standards applicable in France. We have no matters to report regarding the fair presentation and the conformity with the financial statements of the information given in the management report of the Managing Partners, and in the documents addressed to the shareholders with respect to the financial position and the financial statements. As required by the law, we also verified that details of the identity of shareholders are disclosed in the Managing Partners’ Report. PricewaterhouseCoopers Audit Corevise Dominique PAUL Stéphane MARIE Statutory Auditors’ special Report on regulated agreements Year ended 31 December, 2004 To the Shareholders, In our capacity as Statutory Auditors of your Company, we are required to report to shareholders on agreements involving directors that have been disclosed to us by the Company’s management. Our responsibility does not include identifying any undisclosed agreements. We have not been informed of any agreements governed by article L. 226-10 of the Commercial Code. Translated from the original French language report Paris, 14 March, 2005 PricewaterhouseCoopers Audit Corevise Dominique PAUL Stéphane MARIE Statutory Auditors Members of the Compagnie Régionale de Paris
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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
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In North America, Michelin and BFGo
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• In the United States, the Miche
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• In an original equipment market
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4,637 4,859 02 03 04 Net sales of O
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Agriculture gained market share in
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• During 2004, all of Viborg’s
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• 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 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
Page 134: Individual Shareholder Relations An
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