On February 20, 2014, Michelin released the group's 2013 financial report. In 2013, Michelin's net sales were 20.247 billion euros, a decrease of 5.7% over the previous year (the same below); operating profit before non-recurring items was 2.234 billion euros, a decrease of 7.8%; operating profit margin was net sales. 11.0%, down 0.3 percentage points; net income was 1.127 billion euros, down 28.3%.
Michelin's net sales of 29.2 billion euros in 2013
Among them, sales of passenger cars and light truck tires was 10.693 billion euros, down 3.6%; operating profit before non-recurring items increased to 1.068 billion euros, accounting for 10.2% of net sales, an increase of 0.9 percentage points. Car passenger car sales amounted to 6.425 billion euros, a decrease of 4.6%; operating profit before non-recurring items increased to 503 million euros, accounting for 7.8% of net sales, an increase of 1.2 percentage points.
Sales of special tyres amounted to 3.129 billion Euros, a decrease of 14%, due to price adjustments, unfavorable currency effects, and contraction of the original tire market for engineered tyres, resulting in a 7% decline in sales; operating profit before non-recurring items was EUR 645 million, accounting for 20.6% of net sales decreased by 5.4 percentage points.
Michelin CEO Jean-DominiqueSenard said that in a volatile environment, Michelin still achieved outstanding results in 2013: free cash flow of 1.154 billion euros; for four consecutive years to achieve value creation, the return on invested capital reached 11.9%; Net debt fell to 142 million euros, a decrease of 86.5%, and the debt ratio was 2%, a decrease of 10 percentage points.
Sales volume was stable, in line with expectations. In the first half of the year, demand was weak, but demand performance was strong in the second half of the year. Sales of card and passenger car tires rebounded in the last quarter, with an increase of 5%. However, the annual growth rate of the engineering tire market slowed down. The increase in its profit margin is due to the net effect of 69 million euros brought by raw material prices, the second is the establishment of a plan for effective competitiveness, and the third is a more balanced contribution of various business units, especially the card and passenger car tire business.
In addition, the unfavorable price portfolio effect caused net sales to fall by 516 million euros or 2.4%, including the negative impact of the 550 million euros on contract price reductions based on the raw material index terms and price repositioning for certain tire sizes, and The high-end strategy of the car and light truck tire business led to a positive impact of a €34 million increase in product portfolio improvement; as the euro continued to strengthen, the unfavorable currency effect caused net sales to fall by €716 million.
In 2014, it is expected that the demand for tires in emerging markets will continue to expand rapidly, the growth rate of mature market demand will keep pace with economic activity, and Michelin plans to achieve sales growth of approximately 3% throughout the year. In addition, Michelin is committed to maintaining its profitability principle to maintain an effective balance between pricing policy and raw material costs. The goal in 2014 was to achieve a return on invested capital of more than 11%, and to generate more than 500 million euros of structural free cash flow, with capital expenditures planned to remain around 2 billion euros.
At the same time, Michelin will also launch products such as MICHELIN Premier four-season tires or MICHELINX Multi series, continue to implement high-end strategies, maintain the structural stability of the special tire business, expand the market position of the Michelin brand and increase the production capacity of new factories, and jointly promote annual sales. The realization of growth goals.
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