News
MICHELIN 2009 Financial Result
12.02.2010
| Michelin’s main financial metrics strengthened in a recessionary environment €14.8 billion in net sales, down a limited 9.8%. Operating margin before non-recurring items up slightly to 5.8% €1.4 billion in positive free cash flow | 02/12/2010 |
- €862 million in operating income before non-recurring items, compared with €920 million in 2008, reflecting the combined impact of:
o The steep 14.8% decline in unit sales.
o The underutilization of production capacity. These factors were partly offset by:
o The €318 million reduction in raw materials costs.
o The Group’s firm pricing policy and the resistance of the MICHELIN brand.
o The structural improvement in competitiveness.
- Net income of €104 million, despite a high €412 million in restructuring costs.
- Record low 55% gearing, thanks in particular to tight management of working capital and capex.
- Confirmed target of reporting positive free cash flow in 2010.
- Proposed 2009 dividend of €1.00, subject to approval at the Annual Shareholders Meeting of May 7, 2010.
