MICHELIN - 2008 ANNUAL REPORT

Statement of changes in shareholders equity
(Before appropriation of net income. Company only)
(in thousands of euros and euros per share)
Total: Net income/ (Loss) 286,147 277,548
Earnings per share: Net income/ (Loss) 1.97 1.93
Total 144,997 230,399
Per share 1.00 1.60
(in thousands of euros)
A) 1 - Shareholders equity at December 31, 2007 4,636,078 4,560,070
2 - Dividend approved by the Ordinary Shareholders Meeting 238,116 214,027
3 - Shareholders equity at January 1, 2008 4,397,962 4,346,043
B) Capital contributions credited to 2008 opening Shareholders equity:
1 - Change in common stock
2 - Change in other items
C) Shareholders equity at January 1, 2008 including capital contributions (A3 + B) 4,397,962 4,346,043
D) Movements for the year:
1 - Change in common stock 1,996 694
2 - Increase in paid-in capital in excess of par 46,377 13,070
3 - Increase in revaluation reserve (1,910) (1,277)
4 - Change in other reserves – –
5 - Change in untaxed reserves – –
6 - Increase in retained earnings – –
7 - Net income for the year 2008 286,147 277,548
E) Shareholders equity at 31 December 2008 before dividends (C + D) 4,730,572 4,636,078
G) of which: change in Shareholders equity due to structural changes – –
Notes :
D3 : - Amounts transferred to the revaluation reserve during the year (1,910) (1,277)
D6 : - Dividends on own shares credited to retained earnings – –
210 2008 Michelin Annual Report