MICHELIN - 2008 ANNUAL REPORT

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Appropriation of 2008 net income (in EUR) Retained earnings brought forward from prior year 281,207,005.56 Net income 286,147,074.19 Legal Reserve 199,651,00 Special long-term capital gains reserve – Dividends 144,997,422,00 Statutory share of income attributed to the General Partners in accordance with the bylaws 3,573,000,00 Tax on distributed earnings – Other reserves – Retained earnings 418,584,006,75 212 2008 Michelin Annual Report
Five-year key figures and ratios (en EUR) 2004 2005 2006 2007 2008 Michelin at a Glance a) Common stock 286,774,050 286,775,250 287,304,636 287,998,338 289,994,844 b) Number of common shares outstanding 143,387,025 143,387,625 143,652,318 143,999,169 144,997,422 c) Number of non-voting preferred shares outstanding – – – – – d) Maximum number of future shares to be created – – – – – a) Net revenues 358,973,808.26 394,642,982.30 419,120,580.51 429,237,593.81 401,937,698.11 b) Income before tax. depreciation. amortization and provision expenses 232,415,973.57 196,470,258.86 252,768,399.13 336,793,391.81 169,247,106.55 c) Income tax 27,222,094.00 11,225,190.00 192,999.00 2,938,016.00 (19,475.00) d) Employee profit-sharing – – – – – e) Net income 295,151,971.68 270,156,351.29 225,095,285.33 277,547,730.64 286,147,074.19 a) Earnings per share before tax, after depreciation amortization and provision expenses 1.43 1.29 1.76 2.32 1.17 b) Earnings per share 2.06 1.88 1.57 1.93 1.97 c) Dividend per share 1.25 1.35 1.45 1.60 1.00 a) Average number of employees 31 30 29 29 25 b) Total payroll 1,135,963.43 1,068,495.48 1,113,338.52 1,956,082.01 2,290,270.86 c) Total benefits 461,065.13 410,152.95 379,481.63 692,839.80 761,615.38 The Managing Partners’ Report Consolidated Financial Statements Additional Information Other Information 213
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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
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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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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
Page 190 and 191: (In number of shares with a nominal
Page 192 and 193: Free share allocations Since the Jo
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Page 196 and 197: Additional Information regarding Ma
Page 198 and 199: 2007 Joint executive chairman of EA
Page 200 and 201: Balance Sheet at 31 December, 2008
Page 202 and 203: Statement of income 2008 (in EUR) 2
Page 204 and 205: Notes to the Balance Sheet and the
Page 206 and 207: Provisions Nature of provisions (in
Page 208 and 209: Prepaid income and expenses Prepaid
Page 210 and 211: Inventory of securities held as at
Page 212 and 213: Statement of changes in shareholder
Page 216 and 217: Statutory Auditors’ Special Repor
Page 218 and 219: Annual Information Document Press r
Page 220 and 221: Information published in a French n
Page 222 and 223: Design and production: W & CIE Copy
Page 224: INVESTOR RELATIONS Valérie Magloir
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MICHELIN - 2008 ANNUAL REPORT

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