Michelin is reporting annual operating income before non-recurring items at EUR2.2bn (US$3bn), up EUR41m at constant scope of consolidation and exchange rates and representing an operating margin before non-recurring items of 11% of net sales.
The tyre manufacturer attributes its performance to, among other factors, margin discipline thanks to the positive EUR69m impact of raw materials prices, an effective competitiveness plan and better balance from contributions from each business, especially in the case of truck tyres.
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Net debt was lowered to EUR142m, with a recommended dividend of EUR2.5 a share, submitted to shareholder approval at the Annual Meeting on May 16, this year, representing an increase in payout to 35% of net income before non-recurring items.
“Michelin’s good results in 2013, achieved in an uneven market environment, confirm our objective of delivering a business performance in line with our 2015 ambition,” said CEO, Jean-Dominique Senard.
Michelin added tyre demand this year is expected to continue expanding quickly in the new markets, while moving back in line with economic activity in the mature regions.
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