Michelin has recorded 2019 net income up 4% to EUR1.73bn and segment operating income up 6.5% to EUR3bn.

Sales rose 7.8% at constant exchange rates, lifted by acquisitions (up 6.8%).

“In 2019, in a highly unstable environment, Michelin successfully maintained its market share and improved its earnings,” said Michelin managing chairman, Florent Menegaux.

“During this particularly demanding period of transformation for the Group, I would like to personally thank all of our employees for demonstrating such remarkable engagement.

“In addition to delivering this solid performance, the men and women of Michelin are continuing to innovate every day, not only in tyres but also in such areas as hydrogen mobility and bio-sourced and high-tech materials. Michelin remains committed to reducing its environmental footprint.”

In 2020, the passenger car and light truck tyre markets are expected to decline slightly during the year, with flat growth in replacement demand and a sustained contraction in original equipment demand.

Truck and off-the-road tyre markets should continue to soften, impacted by the sharp decline in original equipment business. Mining markets should also shrink due to a slight inventory adjustment, while tyre consumption should be sustained.

In this generally declining market environment, Michelin’s objectives for 2020 are segment operating income at constant parity slightly down on the prior year and free cash flow of more than EUR1.5bn excluding the systemic effect of the coronavirus crisis in China.