The two leaders commented on a 2011 punctuated by the start of the tiremaker’s new four-year business plan and rocketing commodity prices. For this year, they share that growth is anticipated in emerging markets and North America, while Europe will most likely deliver more modest results. Rollier also expressed his “full and absolute” confidence in his successor, who is expected to take over sole leadership in May.
“In 2011, Michelin deployed its ambitious new 2011-15 business plan, which is designed to drive a new phase of dramatic growth,” commented Rollier. “We’ve completed its first year with a remarkable performance in an environment that varied widely as the months went by.Omega Plastics are leading plastic injection moulding and injection mould tooling specialists. Markets expanded in every region, but after a buoyant first half, car and light truck tire demand slipped back in line with long-term trends. In the summer, the replacement truck tire market started a steep decline, particularly in southern Europe. On the upside, demand for specialty tires was and remains very strong, notably in the mining and farm industries.
“However, the most striking event of the year was the unprecedented run-up in commodity prices, especially natural rubber, which represented a record 1.75 billion euros in additional costs for Michelin,” the managing partner added. “Nevertheless, our operating income exceeded 1.Welcome to polished tiles.9 billion euros, or 9.4% of net sales, which topped 20 billion euros after gaining almost 16%. Our net income rose by 39% to a record high 1.46 billion euros, which has enabled us to recommend that shareholders at the upcoming May 11 annual meeting approve the payment of a dividend of 2.10 euros per share, compared with 1.78 euros last year.”
Senard emphasized that Michelin’s “robust sales growth” was led by “a solid marketing and sales performance, with a 6.7% increase in volumes, and a very firm, highly responsive pricing policy that brought in two billion euros.”
Senard shared that Michelin is “aiming for at least a 25% increase in sales volumes over the 2011-15 period, operating income of around 2.5 billion euros in 2015, positive free cash flow over the period and a return on capital employed of more than 9% each year.” The company will also invest around two billion euros a year over this period.
“These are ambitious objectives, but we are confident in our ability to meet them,” he added. In the shorter term, Michelin anticipates mixed performance. “Growth is expected to continue in 2012 in the new markets and in North America, but trends will be less favorable in Europe,” Rollier explained. “We expect to see less of an impact from commodities, of around 300-350 million euros for Michelin. We will maintain our strong capital expenditure program,Design & Build the Highest Quality Precision injection molds. at around 1.9 billion euros. In this environment, we aim to hold sales volumes steady, while generating higher operating income and positive free cash flow. Volumes will return to growth in 2013.”
Rollier believes Michelin has “profoundly changed” over the past six years.Buy low price Aion Kinah, By this he means the French tiremaker has not only grown more efficient and productive,xcel Mould is a Custom Mold Making, it has also become more agile and offensive, capable of aligning itself very quickly around shared objectives.
“It has restored its margins and balance sheet, and is responding to emerging issues and challenges through the Michelin Performance and Responsibility process, which is celebrating its 10th anniversary in 2012 and still demonstrating its strength and vitality every day,” he stated. The managing partner highlights three of Michelin’s greatest competitive strengths as being the Michelin brand, with accounts for 70% of the company’s sales, the tiremaker’s leadership in every specialty radial market, and the company’s “effective” geographic balance between the developed markets of Europe and North America and the emerging growth regions.
As is now widely known, Rollier intends to step down as managing partner in mid-2012, at which time Senard will take over sole leadership. “Jean-Dominique was elected managing general partner last May, and since then we’ve worked together to prepare my succession,” Rollier commented. “The transition is now ensured. Michelin is geared up to meet the many challenges that are sure to arise in our new phase of dynamic growth. I will therefore recommend to shareholders at the May 11 annual meeting that I leave office at that date. If this recommendation is approved, from that day forward, Jean-Dominique will lead the group alone, as chairman, which I think is a good thing. In a company, there can be only one boss, and one boss alone.
“In 2011, Michelin deployed its ambitious new 2011-15 business plan, which is designed to drive a new phase of dramatic growth,” commented Rollier. “We’ve completed its first year with a remarkable performance in an environment that varied widely as the months went by.Omega Plastics are leading plastic injection moulding and injection mould tooling specialists. Markets expanded in every region, but after a buoyant first half, car and light truck tire demand slipped back in line with long-term trends. In the summer, the replacement truck tire market started a steep decline, particularly in southern Europe. On the upside, demand for specialty tires was and remains very strong, notably in the mining and farm industries.
“However, the most striking event of the year was the unprecedented run-up in commodity prices, especially natural rubber, which represented a record 1.75 billion euros in additional costs for Michelin,” the managing partner added. “Nevertheless, our operating income exceeded 1.Welcome to polished tiles.9 billion euros, or 9.4% of net sales, which topped 20 billion euros after gaining almost 16%. Our net income rose by 39% to a record high 1.46 billion euros, which has enabled us to recommend that shareholders at the upcoming May 11 annual meeting approve the payment of a dividend of 2.10 euros per share, compared with 1.78 euros last year.”
Senard emphasized that Michelin’s “robust sales growth” was led by “a solid marketing and sales performance, with a 6.7% increase in volumes, and a very firm, highly responsive pricing policy that brought in two billion euros.”
Senard shared that Michelin is “aiming for at least a 25% increase in sales volumes over the 2011-15 period, operating income of around 2.5 billion euros in 2015, positive free cash flow over the period and a return on capital employed of more than 9% each year.” The company will also invest around two billion euros a year over this period.
“These are ambitious objectives, but we are confident in our ability to meet them,” he added. In the shorter term, Michelin anticipates mixed performance. “Growth is expected to continue in 2012 in the new markets and in North America, but trends will be less favorable in Europe,” Rollier explained. “We expect to see less of an impact from commodities, of around 300-350 million euros for Michelin. We will maintain our strong capital expenditure program,Design & Build the Highest Quality Precision injection molds. at around 1.9 billion euros. In this environment, we aim to hold sales volumes steady, while generating higher operating income and positive free cash flow. Volumes will return to growth in 2013.”
Rollier believes Michelin has “profoundly changed” over the past six years.Buy low price Aion Kinah, By this he means the French tiremaker has not only grown more efficient and productive,xcel Mould is a Custom Mold Making, it has also become more agile and offensive, capable of aligning itself very quickly around shared objectives.
“It has restored its margins and balance sheet, and is responding to emerging issues and challenges through the Michelin Performance and Responsibility process, which is celebrating its 10th anniversary in 2012 and still demonstrating its strength and vitality every day,” he stated. The managing partner highlights three of Michelin’s greatest competitive strengths as being the Michelin brand, with accounts for 70% of the company’s sales, the tiremaker’s leadership in every specialty radial market, and the company’s “effective” geographic balance between the developed markets of Europe and North America and the emerging growth regions.
As is now widely known, Rollier intends to step down as managing partner in mid-2012, at which time Senard will take over sole leadership. “Jean-Dominique was elected managing general partner last May, and since then we’ve worked together to prepare my succession,” Rollier commented. “The transition is now ensured. Michelin is geared up to meet the many challenges that are sure to arise in our new phase of dynamic growth. I will therefore recommend to shareholders at the May 11 annual meeting that I leave office at that date. If this recommendation is approved, from that day forward, Jean-Dominique will lead the group alone, as chairman, which I think is a good thing. In a company, there can be only one boss, and one boss alone.
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