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February 15, 2022

Michelin records segment operating income of EUR2.96bn

Sales rose by 16.3% to EUR23.8bn, while net income was EUR1.8bn, up from EUR1.7bn in 2019.

Michelin Group has posted segment operating income of EUR2.96bn (US$3.4bn) and a margin back in line with 2019, at 12.5%.

Sales rose by 16.3% to EUR23.8bn, while net income was EUR1.8bn, up from EUR1.7bn in 2019.

 The Group’s performance in 2021 was in line with its ‘Michelin in Motion’ plan’s 2030 objectives set for each of its three pillars: People, Profit, Planet.

“In 2021, Michelin delivered very good results in extremely difficult conditions, while maintaining the priority to protect its employees,” said Michelin managing chairman, Florent Menegaux.

“I would like to warmly thank all our employees who, every day, are successfully meeting the many challenges we face. In line with our drive to share the value created by our Group, we will reward their dedication in these exceptional circumstances, in particular through a substantial increase in variable compensation for the year.

“With these 2021 results, our Group has once again demonstrated its strength and resilience. We are confidently looking forward to the continued deployment of our Michelin in Motion strategy.”

file:///C:/Users/SimonWarburton/Downloads/20220214_PR_Michelin_2021-Full-Year-Results.pdf

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