MICHELIN. Paris EUROPLACE Tokyo, November 29, 2010 Imperial Hotel

Transcription

1 MICHELIN Paris EUROPLACE 2010 Tokyo, November 29, 2010 Imperial Hotel

2 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 may contain a number of forward-looking statements. 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.

3 Michelin at a Glance

4 Michelin at a Glance Michelin holds forefront positions in every tire market Company started in 1863 Leveraging its technological lead, capacity for innovation, high quality products and services Michelin s mission is to enhance mobility employees as of December Net sales: 14.8 billion 72 production facilities in 19 countries Marketing operations in more than 170 countries

5 A Comprehensive Tire Offer Passenger car & light truck Earthmover Two-wheel Truck Agricultural Aircraft

6 Pursue a strategy that has proven successful

7 Stepping up implementation of a proven strategy Strengthening our technological leadership Enhancing our competitiveness Increasing our presence in new markets

8 The Group has been relentlessly innovative Ultraflex Range XDA 2 ENERGY

9 Stepping up implementation of a proven strategy Strengthening our technological leadership Enhancing our competitiveness Increasing our presence in new markets

10 Over 1 billion in efficiency gains since 2006 despite the crisis 1,150m 829m Actual as of Dec. 31, 2009 Estimated as of Dec. 31, 2010 CUMULATIVE SAVINGS ON: - Corporate overheads and logistics costs - Production costs - Raw materials costs

11 Stepping up implementation of a proven strategy Strengthening our technological leadership Enhancing our competitiveness Increasing our presence in new markets

12 The contribution from new markets is growing 26% % 74% 67% % of sales in new markets % of sales in mature markets

13 Speed up growth and aim for new goals

14 Growth is gaining stronger momentum worldwide PASSENGER CAR AND LIGHT TRUCK TIRE MARKETS (in millions of tires) 1, , * 1, * 1, , Mature markets New markets * Of which 70% in new markets Michelin estimates

15 Growth will also be robust across every truck tire market RADIAL TRUCK TIRE MARKETS (in millions of tires) * * Mature markets New markets * Of which 60% in new markets Michelin estimates

16 Market growth will be led by low rolling resistance tires ESTIMATED OE MARKET, AND CONTRIBUTION OF LOW ROLLING RESISTANCE TIRES (in millions of tires) 500M 300M 10% 48% 90% 52% Traditional OE market Low rolling resistance OE market Michelin estimates

17 Michelin launches a rights issue Seize growing opportunities in a tire market that is seeing sharply rising demand Finance, starting in 2011, faster expansion, which will lead to an increase in annual capital expenditure Strengthen Michelin s credit rating and ability to raise funds on the financial markets Improve the Group s financial flexibility

18 Rights issue: confidence in the Group s strategy and growth prospects Successful rights issue Subscription rate: 350% Final gross proceeds: 1,222 million Creation of 27 million new shares Shares outstanding now total million

19 The Group has set ambitious targets for strong, profitable growth Lift operating income before non-recurring items to well above 2bn by 2015 Deliver return on capital employed (ROCE) in excess of 9% Generate significant positive free cash flow over the period Michelin confidently confirms its 2010 guidance

20 The Michelin brand is a powerful asset!

21 MICHELIN Paris EUROPLACE 2010 Tokyo, November 29, 2010 Imperial Hotel