Michelin: Michelin announces sales of €15 billion for the first
nine months of 2020, down 15% at constant exchange rates, with a
decline of 5% in the third quarter reflecting an upturn in
business.The Group is upgrading its 2020 guidance.
PRESS RELEASE Clermont-Ferrand – October 22, 2020
COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS
MICHELINFinancial information for the nine months
ended September 30, 2020
Michelin
announces sales of €15 billion for the first nine months of 2020,
down 15% at constant exchange rates, with a decline of 5% in the
third quarter reflecting an upturn in business.The
Group is revising its guidance for 2020 upwards.
- After falling steeply in the second quarter due to the
health crisis, global tire demand picked up more strongly than
expected in the third quarter.
- Passenger car and Light truck tires: demand plunged 17%
over the first nine months, with a 6% decline in the third quarter
demonstrating a robust quarter-on-quarter upturn.
- Truck tires: markets ended the first nine months down
14%, with strong Original Equipment demand in China limiting the
third-quarter decline to 6%.
- Specialty businesses: markets remained in line with
first-half trends, with the recovery in Agricultural tire sales and
the rebound in the Two-Wheel segment offsetting a slowdown in the
Mining business, which felt the effects of the health crisis with a
lag of a few months.
- Over the full nine months, sales were down by 16.8%
year-on-year (of which a 1.7% decline from the currency effect),
reflecting:
- A 17% decline in volumes, cushioned by a stronger than
expected third quarter (down 6.7%). The Automotive (Original
Equipment and Replacement) and Specialty businesses gained market
share, but the Road Transportation business was impacted by an
unfavorable geographic mix.
- A 1.7% improvement in the price-mix, attributable
to:
- the strength of the MICHELIN brand in a crisis
environment and the continued market share gains in the 18-inch and
larger tire market.
- disciplined price management, notably in response to
declines in certain currencies, which offset the negative impact of
raw materials-based price indexation clauses.
- A 0.3% increase from changes in the scope of
consolidation.
- The Michelin Group’s financial strength enabled it to
refinance its syndicated credit line and raise it to €2.5 billion.
The actual cost will depend directly on the Group’s ability to meet
environmental and social objectives, confirming its commitment to
“All Sustainable” growth.
Throughout the Covid-19 crisis, the
Group has consistently demonstrated its robust strength and the
ability of its teams to engage with customers, partners and their
host communities. Managing Chairman Florent Menegaux has also
emphasized the Group’s determination to consolidate its leadership
in the tire businesses by becoming more structurally competitive
while also investing in emerging industries, such as hydrogen
mobility and biomaterials.
Outlook for 2020: in a still highly
uncertain environment, and taking into account the recent change in
tire demand, Passenger car and Light truck tire markets are
expected to decline by 13% to 15% over the year, Truck tire markets
by between 12% and 14% and the Specialty markets by 15% to 19%.
With these new forecasts and the cost reductions linked to the
circumstances, the Group is revising its guidance for 2020 upwards,
with segment operating income in excess of €1.6 billion at constant
exchange rates and structural free cash flow* in excess of €1.2
billion, barring any new systemic effect** from
Covid-19.
* Structural free cash flow corresponds to free
cash flow before acquisitions, adjusted for the impact of changes
in raw material costs on trade payables, trade receivables and
inventories.** Restrictions on freedom of movement that would
result in a significant drop in the tire markets.
Nine months sales
Sales(in € millions) |
Nine months2020 |
Nine months2019 |
% change |
RS1: Automotive and related
distribution |
7,236 |
8,634 |
-16.2% |
RS2: Road transportation and related
distribution |
3,870 |
4,833 |
-19.9% |
RS3: Specialty businesses and related
distribution |
3,782 |
4,430 |
-14.6% |
Group Total |
14,888 |
17,897 |
-16.8% |
Covid-19:
impact of the health crisis on the Group’s financial
position at September 30,2020
Review of the information released by
the Group during the first nine months of the year
- The Group did not release any information specifically related
to the health crisis in the third quarter.
- A review of the information released in the first six months of
the year may be found in the press release announcing the
first-half results.
Market review for the nine months ended
September 30, 2020
The health crisis and the lockdown policies
applied by governments in most countries around the world led to an
unprecedented slowdown in economic activity in the first half of
the year, resulting in a steep plunge in tire demand in every
geography and most of the business segments. Markets turned around
in the third quarter, with a clear recovery in demand compared with
the previous three months. The market situation over the full
nine-month period is described on page 4 below.
INITIATIVES UNDERTAKEN TO ATTENUATE THE
IMPACT OF THE CRISIS ON CURRENT AND FUTURE PERFORMANCE
From the very first signs of the pandemic,
Michelin defined two absolute priorities: protecting the health and
safety of its employees and doing everything in its power to ensure
business continuity.
Protecting the health and safety of
employees and impact on costs
·The initiatives
undertaken by the Group are described in the press release
announcing the first-half 2020 results.
Protecting business continuity by
limiting the impact of the crisis on Segment Operating Income and
free cash flow:
·The initiatives undertaken by the
Group are described in the press release announcing the first-half
2020 results.
Liquidity risk
To meet its future cash needs, the Group had the
following sources of financing in place as of September 30,
2020:
- €2.9 billion in cash and cash equivalents. Over nine months,
the Group issued €1.1 billion net in commercial paper and arranged
a two-year, €505 million bank loan;
- A €2.5 billion commercial paper program, of which €1.4 billion
had been used at September 30, 2020;
- A $0.7 billion commercial paper program, unused at September
30, 2020;
- A €0.5 billion factoring program, of which €15 million had been
used at June 30, 2020;
- €1.5 billion in confirmed, undrawn lines of credit at September
30, 2020. On October 16, 2020, the Group refinanced its confirmed
credit line, raising its amount to €2.5 billion.
The
updated stress tests at June 30, 2020 (described in the press
release announcing the first-half 2020 results) demonstrated that
with all the financing mechanisms described above and the measures
introduced to attenuate the negative impact of the crisis on
segment operating income and free cash flow, the Group will be able
to withstand any developments as the crisis unfolds.
Based on the trends observed to date, the Group
expects business to return to 2019 levels in the second half of
2022.
IMPACT OF THE HEALTH CRISIS ON THE RISK
FACTORS SPECIFIC TO THE GROUP
To a certain extent, the current health crisis
and the way it has unfolded has exacerbated a number of risks
specific to the Group, such as business interruption or continuity
of supply. On the other hand, the crisis, which is not specific to
the Group, is not such that it alters the scope and classification
of the specific risks identified and described in section 2 Risk
Management of the 2019 Universal Registration Document.
The supply chain has encountered disruptions
since the start of the pandemic, but they have not prevented the
delivery of critical components, semi-finished products and
finished products even though the situation has evolved very
quickly and required the entire chain to respond accordingly.
The main risk that has arisen so far concerns
the sudden collapse in global demand and its impact on the economy,
which by nature is not specific to Michelin.
As of end-September, the business continuity
procedures prepared by the Group have kept its manufacturing, sales
and administrative operations up and running around the world. In
addition, the Michelin Group manages its supplies in such a way as
to avoid shortages.
Market
Review
·Passenger car and Light truck tires
Nine
months2020/2019(in number of tires) |
Europe*including CIS |
Europe*excludingCIS |
North& Central America |
South America |
Asia(excluding India) |
Africa/ India/ Middle East |
Total |
Original Equipment Replacement |
-30% -15% |
-30% -15% |
-27% -13% |
-41% -25% -
|
-17% -13% |
-35% -17% |
-24% -15% |
Third
quarter2020/2019(in number of tires) |
Europe*including CIS |
Europe*excludingCIS |
North& Central America |
South America |
Asia(excluding India) |
Africa/ India/ Middle East |
Total |
Original Equipment Replacement |
-11% -7% |
-10% -6% |
+0% +4% |
-22% -26% -
|
-3% -7% |
-18% -14% |
-6% -6% |
* Including Turkey
Over the first nine months of 2020, the
worldwide Passenger car and Light truck tire market contracted by
17% as the Covid-19 health crisis and related lockdown measures
weighed heavily on demand. The third quarter saw a sharp upturn,
which was stronger than expected in both the Original Equipment and
Replacement segments.
§ Original Equipment
After a decline of 33% in the first half, when
demand collapsed in the wake of automotive plant shutdowns in
response to the health crisis, the Original Equipment segment saw a
marked improvement in the third quarter, with just a 6% decrease in
global demand over the period.
The Chinese market continued to expand in the
third quarter, by 7%, while in North America, automaker inventory
rebuilding lifted demand to the point that it ended the quarter
unchanged from the prior year. The European market remained
impacted by the crisis, losing 10% in the third quarter. Since
July, however, government measures to stimulate consumer spending
have helped to turn the trend line upwards, with the decline easing
to just 2% in September.
Original Equipment markets in South America
(down 22% in the third quarter) and the Africa‑India‑Middle East
region (down 18%) are still seriously suffering from impact of the
health crisis. Nevertheless, they showed a clear improvement in
September, with just a 5% decline in South America and a 2% gain in
Africa-India-Middle East.
§ Replacement
After an unprecedented 20% drop in demand in
first-half 2020, the global Replacement tire market steadily
improved throughout the third quarter, ending down just 6%
year-on-year.
In Europe, the lifting of lockdown restrictions
at the end of the second quarter spurred a sharp upturn in
mobility, which gradually fed through to an increase in tire
demand. The recovery was stronger in the Southern European
countries (France, Spain and Italy), where lockdowns had had the
deepest impact in the first half, than in the rest of Europe. In
Russia, where the health crisis emerged later, tire demand
continued to drop precipitously in the third quarter (by 16%).
Demand in North America rebounded by 7%
year-on-year in the third quarter, with a steady improvement over
the period led by advanced purchases ahead of the possible
introduction of new duties on Asian imports.
In the South and Central American markets, which
were among the hardest hit in the second quarter (down 46% and 49%
respectively), demand remained deeply depressed in the third
quarter (down 26% in South America and 23% in Central America), but
steadily improved.
Replacement demand in Asia (excluding India)
ended the first half down 7% overall. In China, demand rose by 10%
in the third quarter, adding momentum to the 3% gain delivered in
the second quarter. The market is still being lifted by first-time
replacement buying following strong growth in the Original
Equipment market in recent years. Demand in the rest of the region
fell by 19% in the third quarter, with sharp contractions in Japan
and South Korea (down 21%) and in Indonesia and Malaysia (down
23%).
In the Africa-India-Middle East region, the
recovery in Replacement demand was dampened by the Indian market,
which continued its steep decline, losing 23% in the third
quarter.
· Truck tires (radial and
bias)
Nine months
2020/2019(in number of tires) |
Europe*including CIS |
Europe*excludingCIS |
North& Central America |
South America |
Asia(excluding India) |
Africa/ India/ Middle East |
Total |
Original Equipment Replacement |
-25% -5% |
-27% -10% |
-35% -7% |
-28% -14% -
|
+19% -18% |
-63% -25% |
-6% -16% |
Third
quarter2020/2019(in number of tires) |
Europe*including Russia &
CIS |
Europe*excluding Russia &
CIS |
North& Central America |
South America |
Asia(excluding India) |
Africa/ India/ Middle East |
Total |
Original Equipment Replacement |
-9% -3% |
-8% +1% |
-22% -3% |
-18% -8% -
|
+39% -10% |
-57% -23% |
+11% -10% |
* Including Turkey
The number of new Truck tires sold worldwide
declined by 14% in the period ended September 30, 2020, hit by the
collapse in freight demand at a time of deep economic distress. The
third quarter saw a clear improvement, to just a 6% decline, led by
11% growth in Original Equipment demand.
§ Original Equipment
The global Original Equipment Truck tire market,
as measured by the number of new tires sold, contracted by 6% in
the first nine months of 2020, but rose by 11% year-on-year in the
third quarter. The very robust 58% third-quarter growth in China
masks the generally depressed global market.
In Europe, Original Equipment demand slowly
began to recover in the third quarter, when the decline eased to
9%. In the other regions, however, demand has remained very low due
to the fleet upgrades through the end of 2019 in the Americas and
the still profound impact of the health crisis.
§ Replacement
The global Replacement market declined by 16%
over the first nine months of 2020, with a relative upturn in the
third quarter (down 10%).
In a sign of economic recovery, as reflected in
freight demand, the Replacement market in Europe and North America
edged up by 1% and 2% respectively in the third quarter. Demand for
Asian tire imports into both these regions remains strong, in a
persistently uncertain regulatory environment.
In South America, the 8% decline in the third
quarter showed a significant improvement from the 18% drop in the
first half. Demand was buoyed by the economic recovery in Brazil,
whose positive impact was mitigated by the recession in
Argentina.
Replacement demand remained severely depressed
in the Africa-India-Middle East region, dropping 23% over the third
quarter as the Indian economy was affected by the pandemic and a
downturn in the economic cycle, while Middle Eastern countries, in
addition to the consequences of the pandemic, are suffering from
low oil prices.
Demand in Southeast Asia declined by 10% in the
third quarter. In China, the strong growth in Original Equipment
demand indirectly weighed on the Replacement market, which
contracted by 5%. Elsewhere in the region, Replacement demand was
dampened by the pandemic-related recession, particularly in Japan
and South Korea (down 34% in the third quarter).
- Mining tires: The surface mining tire market
reflected the cyclical slowdown in ore demand, while the Quarry and
Underground Mining segments were adversely impacted by the sharp
downturn in the economy.
- Agricultural and Construction tires: During
the third quarter, Agricultural tire markets maintained the rebound
that began late in the first half, led by the recovery in OEM
demand and in Replacement tire demand in Europe and North America.
The Construction segments, which are more sensitive to the economic
slowdown, continued to contract.
- Two-wheel tires: Two-wheel tire markets are
being lifted by the surging popularity of both powered two-wheelers
and bicycles, which provide a more sanitary alternative to public
transportation.
- Aircraft tires: The commercial aircraft tire
market showed no signs of recovery, except in China, where domestic
flights have returned to pre-Covid levels. Demand in the Military
and General Aviation segments held up well over the period.
- Conveyor belts: Trends in the mining conveyor
belt market varied over the period, with sustained growth in Mining
operations in Australia and a slowdown in North America due to the
closure of certain coal mines and prevailing conditions in the
manufacturing industry.
- Specialty Polymers: As a whole, these markets
demonstrated greater resilience (particularly in the medical
applications segments), with the exception of energy seals.
Michelin sales
·Consolidated sales
(in € millions) |
Nine months 2020 |
Sales |
14,888 |
Change – 9 months 2020/9 months 2019 |
|
|
Total change |
-3,009 |
-16.8% |
Of
which
Volumes* |
-3,046 |
-17.0% |
Price-mix |
+297 |
+1.7% |
Currency effect |
-308 |
-1.7% |
Changes in scope of consolidation |
+48 |
+0.3% |
* In tonnes
Sales for the first nine months of 2020 totaled
€14,888 million, a decrease of 16.8% from the year-earlier period
that was attributable to the following factors:
- a steep 17% or €3,046 million drop in volumes,
caused by the collapse in demand after health measures (lockdowns
and production shutdowns) were deployed in most regions of the
world to address the spread of the Covid-19 virus and by their
economic consequences. The third quarter saw a clear upturn from
the previous three months, with the volume decline easing to
6.7%.
- a 1.7% increase from the favorable price-mix
effect. Prices added 0.4%, reflecting the net impact of (i) the
Group’s unwavering commitment to disciplined price management, in
particular to offset the weakness of certain currencies against the
euro; and (ii) the expected adverse impact of adjustments from the
application of raw materials indexation clauses. The mix effect,
which accounted for 1.3% of the growth, was led by the sustained
enhancement of the product mix and the strength of the MICHELIN
brand.
- the unfavorable 1.7% currency effect,
primarily stemming from the declines against the euro in the
Russian ruble, the Argentine peso, the Chilian peso and the
Brazilian real.
- a 0.3% increase from changes in the scope of
consolidation, primarily due to the first-time inclusion of
Multistrada and Masternaut and the disposal of BookaTable.
·Sales by reporting segment
q Automotive and related
distribution:
Sales in the Automotive segment declined by
16.2% year-on-year to €7,236 million in the first nine months of
2020.
Over the period, volumes fell by 16.6% in a
market down 17.2%, enabling the Group to consolidate its market
share. The price-mix effect was favorable, reflecting the net
impact of (i) the expected downside of applying raw materials
indexation clauses on prices in the indexed businesses; (ii)
disciplined price management in the Replacement markets, in
particular to offset the weakness in certain currencies; and (iii)
the sustained enhancement of the mix, with market share gains in
the 18-inch and larger segment. The consolidation of Multistrada
and the deconsolidation of BookaTable had a net positive impact on
the Automotive business over the quarter.
q Road Transportation and related
distribution
Nine-month sales in the Road Transportation
segment amounted to €3,870 million, a decline of 19.9% compared
with the prior-year period.
Markets ended the first nine months down 14%,
with the strong 30% growth in the Chinese Original Equipment
segment masking steep declines in the other regions. As a result,
the Group was severely impacted by the geographic mix and reported
a 20% decline in volumes. The Services and Solutions business
remained highly resilient. The price-mix effect was robust in the
Road Transportation business, reflecting the selective focus on
markets most capable of creating value and the favorable impact of
consolidating newly acquired Masternaut.
q Specialty businesses and related
distribution
Sales in the Specialty business segment declined
by 14.6% year-on-year to €3,782 million in the first nine months of
2020.
Segment volumes fell back 13% due to the
collapse of certain markets impacted by the health crisis and its
economic consequences, although some of the decline was offset by
the robust price-mix effect.
- Mining tires: in markets that were slightly slower than in the
first half, the Group continued to widen its market share in
surface mining tires.
- Off-the-road tires: Group sales were lifted by the upturn in
demand for Replacement Agricultural tires and tracks.
- Two-Wheel tires: in a rebounding market driven by surging sales
of motorized two-wheelers and bicycles in the wake of the health
crisis, the Group improved its market share while maintaining price
discipline.
- Aircraft tires: sales suffered from the collapse in the
Commercial aircraft market, but the Military and General Aviation
segments remained resilient.
- Conveyor belts: Fenner’s conveyor belt business generally held
firm over the first nine months of the year, buoyed by strong sales
in Australia and robust resistance in Europe.
- Reinforced polymers: except for the energy-related segments,
the more resilient underlying markets for these activities have
been impacted to a lesser extent by the Covid-19 crisis.
“All
Sustainable” Michelin – third quarter 2020
Michelin has embedded the “All Sustainable”
commitment deep in its strategic vision and has undertaken a number
of results-oriented initiatives:
- Michelin has refinanced its syndicated credit line,
while reaffirming its environmental and social responsibility
objectives:
- On October 16, 2020, Michelin refinanced its €1.5 billion
syndicated credit line.
- The new credit line amounts to €2.5 billion. Its cost will be
adjusted according to achievement of three ESG targets:
- The engagement rate of Group employees,
- Reducing Scope 1 & 2 greenhouse gas emissions,
- Reducing the Group’s sites environmental impact.
- The cost of the line will be increased or decreased depending
on whether these targets are met or not.
- Taking action to prevent global
warming: As part of Michelin’s strong
commitment to reduce its CO2 emissions, Florent Menegaux recently
signed an open letter by the Corporate Leaders Group (CLG Europe)
urging EU heads of state and the European Commission to consider an
emission reduction target of at least 55% by 2030 and calling for
an ambitious implementation of the EU Recovery package focused on
achieving a green and digital transition. The letter received the
support of CEOs from over 170 businesses, investors and business
and investor networks.
- Announcement of France’s “Hydrogen Strategy”
plan: “This is a major step in the development of a French
hydrogen industry of excellence. Michelin is convinced that
hydrogen mobility will be one of the essential components of clean
mobility, complementary to electric batteries. However, the
advantages of hydrogen go far beyond mobility, as it represents a
very interesting solution for combating CO2 emissions and air
pollution. Through its flexibility of production and use, hydrogen
is becoming essential to the energy transition. In particular, it
will help make steel production, chemicals, district heating and of
course transportation carbon free. It is also, by far, one of the
few technologies promoting industrial and energy sovereignty for
Europe. For all these reasons, hydrogen is a strategic growth
driver for Michelin. A significant share of the Group’s business
will effectively be non-tire related in ten years’ time.” – Florent
Menegaux, Managing Chairman, Michelin Group.
- Circular economy: Michelin has reached a major
milestone in the development of a circular economy with the
BlackCycle project. Coordinated by the Group, the project brings
together 13 organizations in an unrivaled European
public-private partnership that will demonstrate the technical,
environmental and economic viability of the world's first circular
processes. It will develop dedicated solutions to produce
sustainable raw materials for tires, including processes for
end-of‑life tire collection and feedstock selection optimization,
pyrolysis optimization, oil refining and reuse, furnace process
optimization, and performance metrics for the resulting sustainable
tires. The project’s objective is that within five or six years,
nearly half of all end-of-life tires in Europe will be recovered
and reused in this virtuous circle.
- Michelin wins the Sustainable Industry Award:
The plant in Gravanches, France, one of Michelin’s 69 tire
production facilities, has been honored by French magazine Usine
Nouvelle for its initiative that has made it the Group’s first
“Zero CO₂ emissions” plant. The Gravanches facility effectively
embodies the Group’s “All Sustainable” vision, particularly its
goal of making all its plants carbon neutral by 2050.
- Biodiversity: Michelin plays an active role in
preserving biodiversity, as part of its commitment to conducting
its business sustainably. In particular, it designs environmental
stewardship into every product, while constantly striving to
improve the environmental performance of its production plants and
encouraging the development of sustainable natural rubber-tree
farming. In 2018, the Group formalized its commitment to
biodiversity by joining the act4nature international initiative
launched by French association Entreprises pour l’Environnement.
For the first time, more than 60 business leaders signed a
charter of ten common commitments, along with individual
commitments for each member company. Two years later, during the
United Nations Summit on Biodiversity, Michelin presented a
detailed video review of its performance in meeting these
commitments.
Third-Quarter
2020 Highlights
- Michelin joins the Coalition for the Energy of
the Future: which brings together 11 leading multinational
companies to develop 9 concrete projects. The Coalition aims to
accelerate the development of energy sources and technologies to
address the challenges posed by sustainable mobility in the
transportation and logistics industry. (July 3, 2020)
– Michelin joins the European Clean Hydrogen
Alliance, which is supporting the EU’s commitment to reach carbon
neutrality by 2050. (July 8, 2020)
– Michelin reaffirms its commitment to
sustainable mobility by participating in the all-electric MotoE
motorcycle racing championship, introducing new tires incorporating
bio-sourced and regenerated materials. (July 16, 2020)
– A pioneer in connected tires, Michelin has
upgraded its MICHELIN Track Connect solution to add two new modes.
In addition to the Leisure mode, which is already available in 26
countries, users can now access the Expert mode, which lets sports
car owners optimize their performance and driving experience, and
the Motosport mode, which is designed for rally drivers. (July 17,
2020)
– Coordinated by Michelin, the European
BlackCycle project aims to establish a circular tire economy by
designing one of the world’s very first processes to make new tires
from end-of-life tires. (September 3, 2020)
– Michelin hails France’s hydrogen strategy plan
and reaffirms its hydrogen goals. Among the priorities presented by
the government, the development of hydrogen for business travel
solutions will enable Michelin to accelerate its development
projects. (September 8, 2020)
– Michelin expands its X® MULTI™ truck tire
range. Intended for regional transport, the new products will help
trucking companies to improve their safety performance and lower
operating costs. (September 8, 2020)
– Michelin launches a new employee share
ownership plan enabling employees to invest in new company shares
and deepen their stake in the Group’s growth and expansion as part
of a dynamic relationship built on mutual commitments. (September
14, 2020)
– Michelin wins the Sustainable Industry Award,
honoring the “zero CO2 emissions” challenge met by its plant in
Gravanches, France. The performance effectively embodies the
Group’s “All Sustainable” vision, particularly its goal of making
all its plants carbon neutral by 2050. (September 15, 2020)
– Michelin launches a new brand campaign, with
critical investments to secure the brand’s future and support the
recovery in both its operations and the global economy. Rolled out
in China, France and Germany in September, it will gradually be
extended to a broader range of countries. (September 15, 2020)
– Michelin has its 23rd consecutive win at the
Le Mans 24 Hours. The victory offers a compelling illustration of
the Group’s “All Sustainable” vision, in particular through the
long lasting performance of its tires and the new tire distance
record they set. (September 21, 2020)
– Michelin wins an award at the “Grand Prix de
l’Accélération Digitale” organized by BFM Business in the
“Transformation of Customer Relations” category. Digital technology
is a unique opportunity for Michelin to deepen its understanding of
customers and to offer each one a personalized response. (October
8, 2020)
A full description of
highlights for the first nine months of 2020 may be found on the
Michelin website: http://www.michelin.com/en
Presentation and Conference
CallNine-month 2020 sales will be reviewed with analysts
and investors during a presentation today, Thursday, October
22, 2020 at 6:30 p.m. CEST.
WEBCASTThe presentation will be
webcast live on: www.michelin.com/en/finance
CONFERENCE
CALLPlease dial-in on one of the following numbers from
6:20 pm CET:
- In France
- In the UK
- In North America
- From anywhere else
|
+33 (01) 72 72 74 03 (English)+44 (0) 207 194 3759 (English)(+1)
646 722 4916 (English)+44 (0) 207 194 3759 (English) |
PIN code: 61113658#PIN code: 61113658#PIN code: 61113658#PIN code:
61113658# |
The presentation of financial information for
the nine months ended September 30, 2020 (press release,
presentation) may also be viewed at http://www.michelin.com/en,
along with practical information concerning the conference
call.
Investor calendar
- Sales and results for the year ending December 31,
2020: Monday, February 15, 2021 after close of
trading.
- Capital Market Day: Thursday, April 8,
2021
- Quarterly information for the three months ending March
31, 2021: Monday, April 26, 2021 after close of
trading
Investor Relations
Édouard de Peufeilhoux+33 (0) 6 89 71 93 73
(mobile)edouard.de-peufeilhoux@michelin.com
Humbert de Feydeau+33 (0) 6 82 22 39 78
(mobile)humbert.de-feydeau@michelin.com
Pierre Hassaïri+33 (0) 6 84 32 90 81
(mobile)pierre.hassairi@michelin.comMedia
Relations
+33 (0) 1 45 66
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Groupe-michelin.service.de.presse@relationpresse.michelin.com |
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Isabelle
Maizaud-Aucouturier
+33 (0) 4 73 32 23 05isabelle.maizaud-aucouturier@michelin.com
Clémence
Rodriguez
+33 (0) 4 73 32 15 11clemence.daturi-rodriguez@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 Michelin website
https://www.michelin.com/en.
This press release may contain a number of forward-looking
statements. Although the Company believes that these statements are
based on reasonable assumptions 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.
- 20201022_Michelin_PR_2020 Q3 Sales
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