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1 North America Roadshow Bank of America Merrill Lynch March 2010
2 2009: Tightened Management and Steady Improvement Exceptional drop in tire demand Sharp decline in sales volumes Idle production capacity Tightened management of operations Disciplined management of WCR and capex Improvement in the main financial metrics Limited decline in net sales Firm prices and a resilient MICHELIN brand Improved operating margin Improved competitiveness Strongly positive free cash flow Record low gearing 2 - North America Roadshow Bank of America Merrill Lynch March, 2010
3 2009 Financial Highlights In millions Net sales Operating income before non-recurring items Operating margin before non-recurring items Net income Investments Gearing Free cash flow* 14, % % 1,387 Change YoY -9.8% -6.3% +0.2 pts -70.9% million -29 pt improvement + 1,746 million *Free cash flow equals cash flow from operating activities less cash flow used in investing activities 3 - North America Roadshow Bank of America Merrill Lynch March, 2010
4 Responding to the Record Drop In Demand Tightly Managing Performance Improving Major Financial Metrics Enhancing Growth Potential In North America Roadshow Bank of America Merrill Lynch March, 2010
5 Responding to the Record Drop in Demand 5 - North America Roadshow Bank of America Merrill Lynch March, 2010
6 Record Decline in Global Markets Markets as of December 31, 2009 % change YoY PASSENGER CAR/LIGHT TRUCK Original Equipment Replacement Europe Incl. CIS North America Asia South America Africa Middle East Total * *Europe excluding CIS: -1.1% 6 - North America Roadshow Bank of America Merrill Lynch March, 2010
7 Slight Improvement in Passenger Car and Light Truck Markets in Q4 EUROPE Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 +18 NORTH AMERICA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Original Equipment (% change YoY) Replacement (% change YoY) 7 - North America Roadshow Bank of America Merrill Lynch March, 2010
8 Passenger Car and Light Truck Markets Still Down Versus EUROPE Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4-3 NORTH AMERICA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Original Equipment (% change versus 2007) Replacement (% change versus 2007) North America Roadshow Bank of America Merrill Lynch March, 2010
9 Increase in US Vehicle Miles Driven VEHICLE MILES DRIVEN IN THE UNITED STATES (MOVING 12-MONTH) JANUARY 2005 DECEMBER % 2% 1% 0% Dec % -2% -3% -4% Source: US Department of Transportation / Federal Highway Administration 9 - North America Roadshow Bank of America Merrill Lynch March, 2010
10 Decline in Kilometers Driven in France AVERAGE ANNUAL VEHICLE KILOMETERS DRIVEN IN FRANCE 13,500 13, down 1% per year 12,500 12,000 11,500 11, Source: French Carmakers Association (CCFA), Bipe 10 - North America Roadshow Bank of America Merrill Lynch March, 2010
11 Record Decline in Global Markets Markets as of December 31, 2009 % change YoY TRUCK (RADIAL MARKET) Europe Incl. CIS North America Asia South America Africa Middle East Total Original Equipment Replacement North America Roadshow Bank of America Merrill Lynch March, 2010
12 +8 Truck Markets Stabilized at Very Low Levels +19 EUROPE Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 +0 NORTH AMERICA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Original Equipment (% change YoY) Replacement -20 (% change YoY) North America Roadshow Bank of America Merrill Lynch March, 2010
13 Truck Markets Still Below 2007 Levels EUROPE Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NORTH AMERICA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Original Equipment (% change versus 2007) Replacement (% change versus 2007) North America Roadshow Bank of America Merrill Lynch March, 2010
14 Freight Kilometers in Germany Down 11.8% in ,500,000 KILOMETERS DRIVEN IN GERMANY ( 000s) (MOVING 3-MONTH TOLL-COMMITTED TRUCKS > 15 TONS) 2,400,000 2,300,000 2,200,000 2,100,000 2,000, %* Dec. 09 1,900,000 1,800, Source: Bundesamt für Güterverkehr *Yearly average 14 - North America Roadshow Bank of America Merrill Lynch March, 2010
15 US Freight Tonnage Down 8.3% in TRUCK TONNAGE IN THE UNITED STATES (MOVING 3-MONTH) Base 100 in %* *Yearly average 15 - North America Roadshow Bank of America Merrill Lynch March, 2010
16 Mining Segment Underpinned by Strong Demand for Raw Materials CRB COMPOSITE INDEX HAS REBOUNDED 30% OFF ITS LOWS USD/tons 9,000 8,000 7,000 6,000 COPPER PRICES RECOVERED IN , ,000 3,000 2, , Source: CRB traders Source: LME 16 - North America Roadshow Bank of America Merrill Lynch March, 2010
17 Infrastructure Markets Still Depressed US HOUSING STARTS STABILIZED AT VERY LOW LEVEL Thousand of units moving 3-month EU CONSTRUCTION CONFIDENCE INDEX IS STILL LOW 7,000 6,000 5,000 4,000 3,000 2,000 1, Source: Source: Eurostat 17 - North America Roadshow Bank of America Merrill Lynch March, 2010
18 January 2010: Markets Benefit from a Weaker Basis PASSENGER CAR/LIGHT TRUCK Markets as of January 31, 2010 % change YoY Original Equipment Replacement Europe excl. CIS North America China *Europe excluding CIS: -1.1% TRUCK (RADIAL MARKET) Europe excl. CIS North America Brazil Japan China Original Equipment Replacement North America Roadshow Bank of America Merrill Lynch March, 2010
19 Tightly Managing Performance 19 - North America Roadshow Bank of America Merrill Lynch March, 2010
20 Decline in Net Sales Limited to 9.8% YOY CHANGE IN MILLIONS AS A % OF NET SALES 16,408-2,433 Volumes -14.8% Price Mix +5.7% Currency +0.2% 14, % 2008 Net Sales 2009 Net Sales 20 - North America Roadshow Bank of America Merrill Lynch March, 2010
21 Growth in Volumes and Positive Price Mix in Q4 YOY CHANGE AS A % OF NET SALES Volumes Price Mix Currency Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q North America Roadshow Bank of America Merrill Lynch March, 2010
22 Limited Decline in Operating Income YOY CHANGE IN MILLIONS , Price mix Other Costs - 86 Currency % Volumes External Costs* (incl. raw materials: 318 million) 2008 Operating Income before non-recurring items 2009 Operating Income before non-recurring items *External costs: raw materials, energy, logistics at constant exchange rates 22 - North America Roadshow Bank of America Merrill Lynch March, 2010
23 Raw Materials Costs Down 318 Million ADDITIONAL RAW MATERIALS COSTS In millions (at constant exchange rates) H H Impact on operating income, after processing lead-times and changes in currency rates 23 - North America Roadshow Bank of America Merrill Lynch March, 2010
24 Improvement in Passenger Car and Light Truck Robustness in Specialty Businesses Decline in Truck OPERATING MARGIN BEFORE NON-RECURRING ITEMS - AS A % OF NET SALES 17.9% 13.3% 4.3% 8.0% 2.5% 5.6% 5.8% Passenger car Light truck & distribution -1.5% Truck & distribution Specialty businesses Total North America Roadshow Bank of America Merrill Lynch March, 2010
25 Sharp Improvement in Operating Margin Despite the Decline in Volumes PASSENGER CAR & LIGHT TRUCK 2009 (in millions) 2009 / 2008 (year-on-year ) Net Sales 8, % Operating Income (before non-recurring items) Operating Margin (before non-recurring items) % +78.6% +3.7 pts 25 - North America Roadshow Bank of America Merrill Lynch March, 2010
26 Operating Margin Highly Volume Sensitive TRUCK 2009 (in millions) 2009 / 2008 (year-on-year) Net Sales 4, % Operating Income (before non-recurring items) Operating Margin (before non-recurring items) (69) (1.5%) nm* -4.0 pts *not material 26 - North America Roadshow Bank of America Merrill Lynch March, 2010
27 Margin Narrowed But Remains High SPECIALTY BUSINESSES 2009 (in millions) 2009 / 2008 (year-on-year ) Net Sales 2, % Operating Income (before non-recurring items) Operating Margin (before non-recurring items) % -34.5% -4.6 pts 27 - North America Roadshow Bank of America Merrill Lynch March, 2010
28 Major Impact From Non-Recurring Expenses In millions Change YoY Net Sales 14,807 16, % Operating Income (before non-recurring items) % of net sales % % -6.3% +0.2pt Non-Recurring Items (412) (77) - Operating Income % Cost of Net Debt Other Financial Income and Expenses (252) (333) - Tax (103) (163) - Share of Profit from Associates Net Income % 28 - North America Roadshow Bank of America Merrill Lynch March, 2010
29 Improving Major Financial Metrics 29 - North America Roadshow Bank of America Merrill Lynch March, 2010
30 Free Cash Flow of Nearly 1.4 Billion In millions EBITDA* (before non-recurring items) Change in Inventory Change in Trade Receivables Change in Trade Payables Taxes and Interests Paid Change 1,802 1, (190) (226) (419) 537 (97) (541) +1, Change in Operating Provisions Other WCR CASH FLOW FROM OPERATIONS Gross Investments Other FREE CASH FLOW** (372) 174 (672) (64) 1,387 (268) (145) (1,271) (3) (359) , , ,746 *EBITDA before non-recurring items: operating income excluding depreciation, amortization and impairment of PP&E and intangibles **Free cash flow: Cash flow from operations less gross capex and other 30 - North America Roadshow Bank of America Merrill Lynch March, 2010
31 Sharp Reduction in Net Debt IN MILLIONS 4,273-1,387-1, ,051 Free Cash Flow Dividend (cash) Currency Effect Other Net Debt January 1, 2009 Net Debt December 31, North America Roadshow Bank of America Merrill Lynch March, 2010
32 Strengthened Financial Structure 112% 104% GEARING (NET DEBT / EQUITY RATIO) 90% 90% 89% 86% 70% 80% 84% 75% 55% /30/ /30/ /30/ /30/ /30/ North America Roadshow Bank of America Merrill Lynch March, 2010
33 Enhancing Growth Potential in North America Roadshow Bank of America Merrill Lynch March, 2010
34 2010: The Need For Vigilance RISKS Poor Market Visibility Rising Raw Materials Costs Uncertain Economic Environment Lack of Consumer Confidence in Mature Markets OPPORTUNITIES Sustained Tight Management and Improving Competitiveness Firm Pricing Policy Record Low Customer Inventory Demand in Fast Growth Markets 34 - North America Roadshow Bank of America Merrill Lynch March, 2010
35 Uncertain Economic Environment in the US Economic environment Raw materials Competitiveness Growth regions CONSTRUCTION (MONTHLY, NON-SEASONALLY ADJUSTED) UNEMPLOYMENT 200, , , ,000 60,000 20, ,000 MANUFACTURING 160 CONSUMER CONFIDENCE 110, , , , North America Roadshow Bank of America Merrill Lynch March, 2010
36 Uncertain Economic Environment in Europe Economic environment Raw materials Competitiveness Growth regions 100 CONSUMER CONFIDENCE 90 UNEMPLOYMENT MANUFACTURING North America Roadshow Bank of America Merrill Lynch March, 2010
37 Strong Growth in the Chinese Economy Economic environment Raw materials Competitiveness Growth regions 60 PMI CHINA 20 MANUFACTURING GROWTH IN CHINA PMI for China Manufacturing Sector 37 - North America Roadshow Bank of America Merrill Lynch March, 2010
38 Rising Raw Materials Prices, Particularly for Natural Rubber Economic environment Raw materials Competitiveness Growth regions SUSTAINED INCREASE IN NATURAL RUBBER PRICES (USD/kg) % INCREASE IN BRENT PRICES IN 2009 (USD/Barrel) TSR20 Source: Michelin 38 - North America Roadshow Bank of America Merrill Lynch March, 2010
39 Raw Materials: : Favorable Impact on Operating Income Economic environment Raw materials Competitiveness Growth regions 2010 SIMULATION based on: 1 = $ P&L Cost: Purchases: Purchases: P&L Cost: 124 Natural Rubber: $2,90/kg 115 Oil: $80/barrel Purchases: Purchases: P&L Cost: 97 P&L Cost: H H H H North America Roadshow Bank of America Merrill Lynch March, 2010
40 Raw Materials: A Challenge for Pricing Policy Economic environment Raw materials Competitiveness Growth regions Sensitivity over a full year: Natural rubber: Oil: 40 - North America Roadshow Bank of America Merrill Lynch March, 2010 $70 to 80 million in purchase costs $15 to 20 million in purchase costs Announced 2010 price increases: North America (February 1): - Replacement Truck: +7% - Passenger car/light truck: various increases depending on the range - Replacement Earthmover: +4% Europe: +/- $0.10 change in price +/- $1 change in price - April 1: Replacement Truck: +4% - 2 nd Quarter: Replacement Passenger car & Light truck: +3% to 4% depending on the countries
41 1 1 Billion in Gains Since 2006 Despite the Crisis Economic environment Raw materials Competitiveness Compétitivité Growth regions SG&A + Logistics Production Costs Raw Materials 250m 307m 829m 1,044m 271m 406m 272m 367m As of end-2009 Estimated North America Roadshow Bank of America Merrill Lynch March, 2010
42 An Estimated 1.3 Billion in Gains Since 2006, Excluding the Impact of the Crisis Economic environment Raw materials Competitiveness Growth regions PROFORMA ASSUMING VOLUME GROWTH OF 3.5% A YEAR SG&A + Logistics Production Costs Raw Materials 829m 1,307m 271m 250m 669m (PROFORMA) 307m 272m 367m As of end-2009 Estimated North America Roadshow Bank of America Merrill Lynch March, 2010
43 A Steady Decline in the Workforce 123, , , % -7.1% 109,193 Dec Dec Dec Dec North America Roadshow Bank of America Merrill Lynch March, 2010
44 Increasing Capacity in Growth Regions Economic environment Raw materials Competitiveness Growth regions OBJECTIVE Double Passenger car & Light truck capacity by 2012 Increase Truck capacity by 40% by MID-TERM OBJECTIVE % sales in high-growth markets % sales in mature markets 44 - North America Roadshow Bank of America Merrill Lynch March, 2010
45 Develop Business in Growth Regions Economic environment Raw materials Competitiveness Growth regions Brazil: India: New Passenger Car & Light Truck Plant New Truck Tire Plant China: Double Truck & Passenger Car & Light Truck Capacity Production Capacity Dedicated to Local Markets Growth in MICHELIN Brand Sales 45 - North America Roadshow Bank of America Merrill Lynch March, 2010
46 Europe: Car, Light Truck and Truck Tire Ratings by 2012 Performance thresholds in three areas Rolling resistance Wet grip Noise Classes A-B-C-E-F-G Current Excellent class = C Implementation > 2012 Thresholds scheduled to be lowered > 2016 Label 46 - North America Roadshow Bank of America Merrill Lynch March, 2010
47 United States: Car and Light Truck Tire Ratings by Performance Ratings Rolling resistance Wet grip Wear Applicable in 2011 Label 47 - North America Roadshow Bank of America Merrill Lynch March, 2010
48 Japan: Voluntary Rating Starts in 2010 for Car and Light Truck Tires Voluntary rating in 3 performance areas Rolling Resistance Wet grip Wear Implementation limited to JATMA Members >2012: All tires Label 48 - North America Roadshow Bank of America Merrill Lynch March, 2010
49 2010: The Need for Vigilance RISKS Poor Market Visibility Rising Raw Materials Costs Uncertain Economic Environment Lack of Consumer Confidence in Mature Markets OPPORTUNITIES Sustained Tight Management and Improving Competitiveness Firm Pricing Policy Record Low Customer Inventory Demand in Fast Growth Markets 2010 Objective: Generate Positive Free Cash Flow 49 - North America Roadshow Bank of America Merrill Lynch March, 2010
50 Michelin is Starting 2010 With Confidence Employee Commitment Brand Equity Technology Leader Global Player Price Leader Integrated Service Business Model 50 - North America Roadshow Bank of America Merrill Lynch March, 2010
51 North America Roadshow Bank of America Merrill Lynch March 2010
52 Contacts Investor Relations Valérie Magloire Alban de Saint Martin +33 (0) , avenue de Breteuil Paris Cedex 07 France investor-relations@fr.michelin.com 52 - North America Roadshow Bank of America Merrill Lynch March, 2010
53 Disclaimer This presentation 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 documentation published in France by Autorité des marchés financiers available from the website. This presentation could contain a number of provisional statements. ts. Although the Company believes that these statements are based on reasonable assumptions at the time of the publication of 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 induced by these statements North America Roadshow Bank of America Merrill Lynch March, 2010
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