Recently, the Michelin Group announced the 2008 annual financial report. In 2008, the Group’s total net sales were 16.408 billion Euros. Calculated at a fixed exchange rate, sales increased by 1.1%, and operating profit before non-recurring items reached 5.6%.
However, from the market trend of Michelin in 2008, it can be seen that the Michelin Group’s sales volume in the first three quarters increased by 1.4% year-on-year. Since then, the market for replacement tires in mature markets and emerging markets has been rapidly shrinking and automakers have stopped production. The downturn led to a 16% decline in the fourth quarter.
However, due to Michelin's price and product portfolio is still very favorable, coupled with the advantages of the Michelin brand and the effectiveness of the price increase action in 2008, it still maintains a certain degree of growth.
The Michelin Company expects that the growth of the tire market in the first half of 2009 will continue to be far below the level of the previous year. Then, as the replacement tire market gradually replenish its inventory, business will begin to recover.
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