2014: Achieving strong free cash flow up to 722 million euros without considering the cash used in the acquisition transaction
Operating profit before deduction of non-recurring items performed solidly, reaching 2.17 billion Euros, an increase of 81 million Euros based on a constant consolidated statement range and exchange rate
2015: The level of growth is in line with the market
With the exception of North America and China, the market is generally in a downturn.
The winter tire market for passenger cars/light trucks and trucks and buses was weak in Europe, and the original business was weak in other emerging markets outside of China.
Thanks to the recovery of the original construction machinery and infrastructure tire market to reduce the decline in agricultural tires and mining tire business.
The market growth in North America and China remains strong.
In this environment, sales rose slightly by 0.7%.
Sales of the Michelin brand are in line with market trends.
Although the sales of mine tires and agricultural tires have declined, the sales of specialty tires are basically stable.
Changes in the price mix and raw material prices produced a favorable effect of 118 million euros, in line with expectations.
The implementation of the competitiveness plan has once again eased the inflation caused by rising production costs and indirect costs.
Free cash flow performance was strong, after deducting 1.883 billion euros of capital expenditures (but not deducting 400 million euros investment in Sascar), amounting to 722 million euros.
The dividend per share is 2.50 Euro, which is the same as last year. It will be submitted to the annual general meeting of shareholders held on May 22, 2015 for approval, reflecting the Group's confidence in the future development.
CEO Jean-Dominique Senard said: "Last year's performance has further proved the strong foundation of the group. This year, we will be more focused on driving our growth drivers, including the introduction of new Michelin products and existing The upgrading of branded products aims to achieve a significant increase in service quality and provide better distribution channels. Competitiveness plans will also be accelerated. The current plan is to realize cumulative savings of EUR 1.2 billion between 2012 and 2016, while the previous The plan is 1 billion euros."
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