MICHELIN - 2008 ANNUAL REPORT

Corporate Financial Statements
as at December 31, 2008
Compagnie Générale des Établissements Michelin
Michelin at a Glance
The Financial Statements of the Company show a profit of EUR
286,147,074.19, up EUR 8.6 million on financial year 2007, which
amounted to EUR 277,547,730.64.
Operating income amounted to EUR 114.1 million, down EUR
52.3 million. On the one hand, the amount of royalties received
was slightly lower, and, on the other hand, operating expenses
rose from EUR 266.3 million to EUR 290.2 million mainly due to
an increase in the amount of research expenses re-invoiced to
Compagnie Générale des Etablissements Michelin.
The financial result was positive at EUR 170.6 million versus EUR
111.5 million in 2007. It has improved versus 2007, a year that
had been affected by an allocation to provision of shares in
associated companies amounting to EUR 55 million in connection,
in particular, with the impact of discontinued development of
new GPS product lines by its ViaMichelin subsidiary.
Non-recurring income amounts to EUR 1.2 million. This mainly
corresponds to intra-group share reclassifications designed to
streamline its structure. This involved the transfer of the shares
of société Participation et Développement Industriels and of
Société d'Exportation Michelin, held by Compagnie Générale des
Etablissements Michelin.
In the balance sheet structure, please note the overall EUR 48.4
million increase of capital and issue premiums resulting from
completion of the Employee Shareholder Plan 2008 and from
call of share subscription options.
The Managing Partners’ Report
Consolidated Financial Statements
Other Information
Additional Information
197