MICHELIN - 2008 ANNUAL REPORT

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Companies Registered office Nature % of interest Euromaster France Montbonnot Saint Martin Commercial 98.35 Michelin Aircraft Tyre Clermont-Ferrand Commercial 100.00 Recamic Services Clermont-Ferrand Commercial 100.00 Transityre France Clermont-Ferrand Commercial 100.00 ViaMichelin Boulogne-Billancourt Commercial 100.00 Michelin Middle East Clermont-Ferrand Financial 100.00 Société des Procédés Industriels Modernes Clermont-Ferrand Financial 100.00 Spika Clermont-Ferrand Financial 100.00 Société Civile Immobilière Michelin Breteuil Paris Miscellaneous 100.00 Société de Technologie Michelin Clermont-Ferrand Miscellaneous 100.00 Greece Elastika Michelin A.E. Halandri Commercial 100.00 Hungary Michelin Hungaria Tyre Manufacture Ltd. Nyíregyháza Manufacturing & commercial 100.00 Michelin Central Europe Commercial Private Company Limited by Shares Budapest Commercial 99.98 Taurus Carbonpack Commercial and Supplying Ltd. Tuzsér Commercial 100.00 Ireland Oboken Limited Dublin Financial 100.00 Mireis Limited Dublin Miscellaneous 100.00 Miripro Insurance Company Limited Dublin Miscellaneous 100.00 Italy Società per Azioni Michelin Italiana Turin Manufacturing & commercial 100.00 ViaMichelin Italia S.r.l. Milan Commercial 100.00 Latvia Michelin Riepas SIA Riga Commercial 100.00 Lithuania UAB Michelin Padangos Vilnius Commercial 100.00 Luxembourg Michelin Luxembourg SCS Luxembourg Financial 100.00 Norway Norsk Michelin Gummi AS Lørenskog Commercial 100.00 The Netherlands Eurodrive Services and Distribution N.V. Amsterdam Commercial 99.94 Euromaster Bandenservice B.V. Deventer Commercial 99.94 Michelin Nederland N.V. Drunen Commercial 100.00 Transityre B.V. Breda Commercial 100.00 Michelin Finance (Pays-Bas) B.V. Amsterdam Financial 100.00 Poland Michelin Polska S.A. Olsztyn Manufacturing & commercial 100.00 138 <strong>2008</strong> Consolidated Financial Statements of Michelin Group
Companies Registered office Nature % of interest Portugal Michelin-Companhia Luso-Pneu, Limitada Lisbon Commercial 100.00 Serbia TIGAR TYRES d.o.o., Pirot Pirot Manufacturing & commercial 100.00 Slovak Republic Michelin Slovensko, s.r.o. Bratislava Commercial 100.00 Czech Republic Michelin Ceská republika s.r.o. Prague Commercial 100.00 Romania Silvania S.A. Zalau Manufacturing & commercial 99.94 Victoria S.A. Floresti Manufacturing & commercial 99.21 Michelin RomRetreading S.R.L. Bucharest Manufacturing 100.00 Michelin Romsteel Cord S.A. Zalau Manufacturing 100.00 Michelin Romania S.A. Bucharest Commercial 100.00 United Kingdom Michelin Tyre Public Limited Company England and Wales Manufacturing & commercial 100.00 Associated Tyre Specialists Limited England and Wales Commercial 99.94 Michelin Lifestyle Limited England and Wales Commercial 100.00 ViaMichelin UK Limited England and Wales Commercial 100.00 Michelin Europe (EEIG) England and Wales Miscellaneous 99.96 Michelin Services Ltd England and Wales Miscellaneous 100.00 XM Services Limited Scotland Miscellaneous 100.00 Russia LLC "Michelin Russian Tyre Manufacturing Company" Davydovo village Manufacturing & commercial 100.00 Michelin Tyres Russian General Agency ZAO Moscow Commercial 100.00 Slovenia Michelin Slovenija, pnevmatike, d.o.o. Ljubljana Commercial 100.00 Sweden Euromaster AB Varberg Commercial 99.94 Michelin Nordic AB Stockholm Commercial 100.00 Switzerland Euromaster (Suisse) S.A. Petit-Lancy Commercial 99.94 Michelin Suisse S.A. Givisiez Commercial 100.00 Compagnie Financière Michelin Granges-Paccot Financial 100.00 Michelin Recherche et Technique S.A. Granges-Paccot Miscellaneous 100.00 NORTH AMERICA AND MEXICO Canada Michelin North America (Canada) Inc. Laval Manufacturing & commercial 100.00 Michelin Retread Technologies (Canada) Inc. New Glasgow Commercial 100.00 Other Information Additional Information Consolidated Financial Statements The Managing Partners’ Report Michelin at a Glance <strong>2008</strong> Consolidated Financial Statements of Michelin Group 139
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2008 ANNUAL REPORT
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Tire Lifecycle: a technological and
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Michelin Durable Technologies: a cl
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Tire Lifecycle Phase 2: Raw Materia
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Tire Lifecycle Phase 3: Manufacturi
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Tire Lifecycle Phase 4: The usage p
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Michelin plays an active role in or
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Innovation, safety, quality, perfor
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Profile 117,565 employees (110,252
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Michel Rollier’s Message Dear Mad
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Management The Company is led by Me
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le Control message de Michel Rollie
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Strategy Competitive Edge, Growth,
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Regulations that promote fuel-effic
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Streamlining inventory and logistic
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A new approach to costs Buying bett
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A brand promise and six commitments
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2008 Figures The Economic Environme
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Michelin Key Figures Sales declined
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The Michelin Share Michelin Share P
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Rationalize specifications, standar
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Passenger Car and Light Truck & Rel
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11 th consecutive success for Miche
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Versatile by nature The BFGoodrich
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Truck and Bus & Related Distributio
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The Dutch army chose Michelin Follo
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MICHELIN X One wins America Over…
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Specialty Businesses Active in all
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Quality rewarded Caterpillar delive
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700 More than 700 Michelin Exelagri
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650 publications and 15.5 million m
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Change in Results In a highly deman
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Restructuring of Italian operations
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ROCE (Return On Capital Employed) A
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CONSOLIDATED KEY FIGURES AND RATIOS
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Proposed Resolutions As part of the
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Report of the Chairman of the Super
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Nevertheless, in practice, the char
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- risk-prevention measures, - perso
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For each of these processes, an eva
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Through the Design to Cost approach
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Notes to the consolidated financial
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Consolidated balance sheet (in EUR
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Consolidated cash flow statement (i
Page 90 and 91: interests to be recorded in equity
Page 92 and 93: FOREIGN CURRENCY TRANSLATION Presen
Page 94 and 95: Goodwill is not subject to amortiza
Page 96 and 97: The fair value of the liability por
Page 98 and 99: are hedged on a selective basis acc
Page 100 and 101: Currency Translation Risk A breakdo
Page 102 and 103: 5 Segment reporting Business segme
Page 104 and 105: 9 Non-recurring income and expense
Page 106 and 107: 12 Earnings per share Basic earnin
Page 108 and 109: Goodwill The amounts allocated to t
Page 110 and 111: FINANCE LEASES Capitalized property
Page 112 and 113: The breakdown by currency and matur
Page 114 and 115: The contractual amounts of the non
Page 116 and 117: Deferred tax assets are recognized
Page 118 and 119: 21 Current financial assets The ca
Page 120 and 121: 25 Financial liabilities The carry
Page 122 and 123: LOANS FROM FINANCIAL INSTITUTIONS A
Page 124 and 125: Movement of defined benefit net lia
Page 126 and 127: Change in the financial situation o
Page 128 and 129: The main assumptions (pay increases
Page 130 and 131: Changes in the financial situation
Page 132 and 133: A one-percentage-point change in th
Page 134 and 135: 27.2. SHARE PURCHASE PLANS In 2008,
Page 136 and 137: 30 Details of the cash flow stateme
Page 138 and 139: KEY MANAGEMENT AND SUPERVISORY BOAR
Page 142 and 143: Companies Registered office Nature
Page 144 and 145: 35.2. Companies consolidated using
Page 146 and 147: Experts, managers, cross-sectional
Page 148 and 149: Michelin’s Corporate Governance:
Page 150 and 151: Mission The scope of the Committee
Page 152 and 153: 2 - Summary Table of the Compensati
Page 154 and 155: 5 - Performance bonus shares grante
Page 156 and 157: ● Long Term Incentive The status
Page 158 and 159: Statement of operations on Michelin
Page 160 and 161: Risk Management Operating Risk Mana
Page 162 and 163: ● “Property Damages”, with a
Page 164 and 165: Breakdown of male and female employ
Page 166 and 167: Profit-sharing and variable pay pro
Page 168 and 169: Safety at the workplace For all Mic
Page 170 and 171: mentoring new hires. This last acti
Page 172 and 173: The principles applied by the Purch
Page 174 and 175: The 2008 detailed results on the si
Page 176 and 177: 2.5 Resource consumption Energy The
Page 178 and 179: 3. DATA RECAP TABLE The last column
Page 180 and 181: data with the supporting documents.
Page 182 and 183: In its capacity as major player in
Page 184 and 185: General information regarding Compa
Page 186 and 187: The Bylaws do not provide for an ob
Page 188 and 189: GRANTED BY THE JOINT SHAREHOLDERS M
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(In number of shares with a nominal
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Free share allocations Since the Jo
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Undiluted basis Group share of equi
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Additional Information regarding Ma
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2007 Joint executive chairman of EA
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Balance Sheet at 31 December, 2008
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Statement of income 2008 (in EUR) 2
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Notes to the Balance Sheet and the
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Provisions Nature of provisions (in
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Prepaid income and expenses Prepaid
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Inventory of securities held as at
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Statement of changes in shareholder
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Appropriation of 2008 net income (i
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Statutory Auditors’ Special Repor
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Annual Information Document Press r
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Information published in a French n
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Design and production: W & CIE Copy
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INVESTOR RELATIONS Valérie Magloir
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MICHELIN - 2008 ANNUAL REPORT

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