2019 Report

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Our performance

Our financial performance

€24,135M sales
€3,009M in 2019 12.5 is of operating income %
€1,730M net income in 2019
13.7 % equity in 2019 Return on capital employed (ROCE) (1) :
€1,615M of free cash flow in 2019
39 % of equity in 2019 Net debt :
Credit ratings
Standard
& Poor's		 Moody's Fitch
Short term A-2 P-2 F2
Long term A- A3 A
Outlook Stable Stable Stable
(1)
ROCE after tax, excluding goodwill, intangible
assets acquired and equity-accounted companies
(including IFRS 16 impact in 2019).
For more information, click here

Our extra-financial
performance

81 % of employees engaged 27.4 % women in management and supervisory roles 74 % of managers promoted from within 67.4  % Net Promoter Score : in 2019 Customer satisfaction

26

%

renewable
or recycled
materials used
in making a tire (1)

Michelin environmental
footprint (1)
100 2005 57 2016 52.7 2017 49.3 2018 48.8 2019 🡣

(1) Weighted indicator measuring water withdrawals, energy use, CO2 and VOC emissions, the amount of waste produced and amount of waste landfilled, all per tonne of tires produced.

715  Assessed suppliers en 2019 84 are confirmed as compliant with Michelin standards % 1.4  % of workplace safety in 2019 Total Case Incident Rate (1)

(1) Number of accidents and cases of occupational illness recorded per 200,000 hours worked.

32,850

Paid working days
offered to local
communities

ESG RATINGS
CDP 2019 LEADERSHIP
ECOVADIS 2019 GOLD
ISS-OEKOM 2019 PRIME
MSCI 2019 AA
VIGEO EIRIS 2018 A1+
SUSTAINALYTICS 2018 OUTPERFORMER

Progression on our
ambitions for 2020

Defined and deployed in 2013, our six Ambitions for 2020 are designed
to make Michelin one of the world's most innovative, responsible
and top-performing companies in fulfilling all of its financial,
environmental and social responsibility commitments.

INVESTOR
RELATIONS

By investing in Michelin, our shareholders not only become part of an extraordinary human, technological and industrial saga that has been improving mobility for more than 130 years, they are also contributing to human well-being.

They are supporting a project whose success is being driven by an extraordinary capacity for innovation, widely recognized technological leadership, engaged employees, a world-renowned brand, and global expansion in buoyant, diversified end-markets around the world. And lastly, they are embracing the “All Sustainable” vision in a commitment to creating more value for everyone.

Ownership structure and voting rights (in %)
at December 31, 2019
Shares held in the same name for at least four years carry double voting rights.
28.7 10.1 58.2 59.4 26.5 3.0 2.3 11.8 Share capital VOTING RIGHTS STRUCTURE French institutional investors Non-resident institutional investors Individual shareholders Employee shareholders plan
28.7 10.1 58.2 59.4 26.5 3.0 2.3 11.8 Share capital VOTING RIGHTS STRUCTURE French institutional investors Non-resident institutional investors Individual shareholders Employee shareholder plan

The Michelin
share

  • TRADED ON THE
    Euronext Paris
    STOCK EXCHANGE
  • Compartment A
  • Eligible for the SRD deferred settlement system
  • ISIN: FR 0000121261
  • Par value: €2
  • Traded in units of: 1
Market capitalization
€19.5 BN
at December 31, 2019
Average daily
trading volume
577,545
shares in 2019
Stock index
weighting
CAC 40: 1.47 %
of the index at December 31, 2019
Euronext 100: 0.64 %
of the index at December 31, 2019
SRI INDICES
FTSE4Good, Ethibel Sustainability Index (ESI) Europe

Share performance

Michelin share from December 2014 to December 2019

€75.27 Jan. 1 st , 2015 €109.10 Dec. 31, 2019 Dec. 2019 June 2015 Dec. 2015 June 2016 June 2018 Dec. 2017 Dec. 2018 June 2019 June 2017 Dec. 2016 Dec. 2014 0 40 80 120 140

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