MICHELIN - 2008 ANNUAL REPORT

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Innovation, safety, quality, performance and reliability lend the MICHELIN brand its strength everywhere in the world. EUR 1.4 billion is the financial value of the MICHELIN brand, estimated by Interbrand in 2007. 14 2008 Michelin Annual Report
Michelin listed in the DJSI World index for the 4 th year in a row and in the DJSI Stoxx European index for the 5 th year running. They recognized Michelin’s commitment to sustainable development and the results achieved by the Group’s Performance and Responsibility approach. Michelin at a Glance 16 18 20 22 24 34 38 • Profile • Michel Rollier’s Message • Management • Control • Michelin’s Strategy • 2008 Figures • The Michelin Share Other Information Additional Information Michelin at a Glance The Managing Partners’ Report Consolidated Financial Statements 15
Page 1: 2008 ANNUAL REPORT
Page 4 and 5: Tire Lifecycle: a technological and
Page 6 and 7: Michelin Durable Technologies: a cl
Page 8 and 9: Tire Lifecycle Phase 2: Raw Materia
Page 10 and 11: Tire Lifecycle Phase 3: Manufacturi
Page 12 and 13: Tire Lifecycle Phase 4: The usage p
Page 14 and 15: Michelin plays an active role in or
Page 18 and 19: Profile 117,565 employees (110,252
Page 20 and 21: Michel Rollier’s Message Dear Mad
Page 22 and 23: Management The Company is led by Me
Page 24 and 25: le Control message de Michel Rollie
Page 26 and 27: Strategy Competitive Edge, Growth,
Page 28 and 29: Regulations that promote fuel-effic
Page 30 and 31: Streamlining inventory and logistic
Page 32 and 33: A new approach to costs Buying bett
Page 34 and 35: A brand promise and six commitments
Page 36 and 37: 2008 Figures The Economic Environme
Page 38 and 39: Michelin Key Figures Sales declined
Page 40 and 41: The Michelin Share Michelin Share P
Page 42 and 43: Rationalize specifications, standar
Page 44 and 45: Passenger Car and Light Truck & Rel
Page 46 and 47: 11 th consecutive success for Miche
Page 48 and 49: Versatile by nature The BFGoodrich
Page 50 and 51: Truck and Bus & Related Distributio
Page 52 and 53: The Dutch army chose Michelin Follo
Page 54 and 55: MICHELIN X One wins America Over…
Page 56 and 57: Specialty Businesses Active in all
Page 58 and 59: Quality rewarded Caterpillar delive
Page 60 and 61: 700 More than 700 Michelin Exelagri
Page 62 and 63: 650 publications and 15.5 million m
Page 64 and 65: 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
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interests to be recorded in equity
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FOREIGN CURRENCY TRANSLATION Presen
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Goodwill is not subject to amortiza
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The fair value of the liability por
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are hedged on a selective basis acc
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Currency Translation Risk A breakdo
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5 Segment reporting Business segme
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9 Non-recurring income and expense
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12 Earnings per share Basic earnin
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Goodwill The amounts allocated to t
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FINANCE LEASES Capitalized property
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The breakdown by currency and matur
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The contractual amounts of the non
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Deferred tax assets are recognized
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21 Current financial assets The ca
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25 Financial liabilities The carry
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LOANS FROM FINANCIAL INSTITUTIONS A
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Movement of defined benefit net lia
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Change in the financial situation o
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The main assumptions (pay increases
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Changes in the financial situation
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A one-percentage-point change in th
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27.2. SHARE PURCHASE PLANS In 2008,
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30 Details of the cash flow stateme
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KEY MANAGEMENT AND SUPERVISORY BOAR
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Companies Registered office Nature
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Companies Registered office Nature
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35.2. Companies consolidated using
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Experts, managers, cross-sectional
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Michelin’s Corporate Governance:
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Mission The scope of the Committee
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2 - Summary Table of the Compensati
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5 - Performance bonus shares grante
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● Long Term Incentive The status
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Statement of operations on Michelin
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Risk Management Operating Risk Mana
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● “Property Damages”, with a
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Breakdown of male and female employ
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Profit-sharing and variable pay pro
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Safety at the workplace For all Mic
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mentoring new hires. This last acti
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The principles applied by the Purch
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The 2008 detailed results on the si
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2.5 Resource consumption Energy The
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3. DATA RECAP TABLE The last column
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data with the supporting documents.
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In its capacity as major player in
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General information regarding Compa
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The Bylaws do not provide for an ob
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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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