- 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 16 and 17: Innovation, safety, quality, perfor
- 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 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
- Page 66 and 67: Restructuring of Italian operations
- Page 68 and 69: ROCE (Return On Capital Employed) A
- Page 70 and 71: CONSOLIDATED KEY FIGURES AND RATIOS
- Page 72 and 73: Proposed Resolutions As part of the
- Page 74 and 75: Report of the Chairman of the Super
- Page 76 and 77: Nevertheless, in practice, the char
- Page 78 and 79: - risk-prevention measures, - perso
- Page 80 and 81: For each of these processes, an eva
- Page 82 and 83: Through the Design to Cost approach
- Page 84 and 85: Notes to the consolidated financial
- Page 86 and 87: Consolidated balance sheet (in EUR
- Page 88 and 89: Consolidated cash flow statement (i
- Page 90 and 91: interests to be recorded in equity
- Page 92 and 93: 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
- Page 214 and 215:
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