Michelin announces €4.9b in 1Q 2013 sales, in line with its full-year outlook

  • Market environment was weak in Europe in Passenger car & Light truck tires, disappointing in North America and expanding in the new markets.
  • Volume performance reflected:
    – The two fewer business days.
    – The difference in market trends between the mature and the growth regions.
    – The decline in original equipment demand, notably in the Earthmover segment.
  • A negative price-mix, due to:
    – The impact of indexation clauses as raw materials costs decline.
    – The carefully managed price repositioning, targeted on certain tire sizes.
  • Outlook for 2013

Clermont-Ferrand, 23-4-2013 — /europawire.eu/ — In a market environment that is weak in mature regions and expanding in the new markets, Michelin confirms its objective of stable volumes in 2013, taking advantage of its global footprint.

The decline in raw materials prices should have around a €550 million favorable impact on full-year operating income. If so, this would amply exceed the around €300 million price-mix impact.

As indicated in February, the capital expenditure program, totaling some €2 billion, will support Michelin’s ambitious growth objectives by adding new production capacity in the new markets. It is also designed to improve competitiveness in mature markets and drive technological innovation.

In this environment, Michelin confirms its objectives for 2013, when it expects to report stable operating income before non-recurring items, a more than 10% return on capital employed and positive free cash flow.

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Financial Information for the Three Months Ended March 31, 2013

CONFERENCE CALL
The quarterly information for the period ended March 31, 2013 will be reviewed during a conference call in English later today (Monday April 22, 2013) at 6:30 pm CEST (5:30 UT). If you wish to participate, please dial-in one of the following numbers from 6:20 pm CEST:

· In France 01 70 77 09 34
· In the UK 0203 367 9453
· In the United States (866) 907 5923
· From anywhere else +44 203 367 9453

You may also listen to the conference call in the Finance section of www.michelin.com/corporate, where the presentation of first-quarter 2013 net sales is available for download.

INVESTOR CALENDAR
2013 interim net sales and earnings:
Wednesday, July 25, 2013 before start of trading

Quarterly information for the nine months ended September 30, 2013:
Monday, 28 October 2013 after close of trading

Investor Relations

Valérie Magloire
+33 (0) 1 78 76 45 37
+33 (0) 6 76 21 88 12 (cell)
valerie.magloire@fr.michelin.com

Alban de Saint Martin
+33 (0) 4 73 32 18 02
+33 (0) 6 07 15 39 71 (cell)
alban.de-saint-martin@fr.michelin.com

Media Relations

Corinne Meutey
+33 (0) 1 78 76 45 27
+33 (0) 6 08 00 13 85 (cell)
corinne.meutey@fr.michelin.com

Individual Shareholders
Jacques Engasser
+33 (0) 4 73 98 59 08
jacques.engasser@fr.michelin.com

DISCLAIMER
This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des Marchés Financiers, which are also available from the www.michelin.com website.
This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions as at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.

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