AMSTERDAM BRUSSELS. November, 2013
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From this document you will learn the answers to the following questions:
When did Michelin begin to increase sales?
What kind of repositioning Mix was favorable?
What category of car and truck market experienced a significant increase in sales?
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1 AMSTERDAM BRUSSELS November, Amsterdam-Brussels November, 2013
2 The Pillars of our Strategy Innovate to drive differentiation and loyalty Continuously become more competitive Drive faster growth 2 - Amsterdam-Brussels November, 2013
3 November, 2013 AMSTERDAM-BRUSSELS 1 SIX MAJOR AMBITIONS FOR Q NET SALES IN LINE WITH FULL-YEAR OUTLOOK GUIDANCE OUTLOOK 5 APPENDICES 3 - Amsterdam-Brussels November, 2013
4 November, 2013 AMSTERDAM-BRUSSELS 1 SIX MAJOR AMBITIONS FOR Amsterdam-Brussels November, 2013
5 1 Product Performance Leadership Performance composit index specific to each market segment Safety Energy saving Longevity Road noise reduction with a mass reduction bonus when applicable 2020 new product performance objective: up 10% vs product performance 5 - Amsterdam-Brussels November, 2013
6 1 Product Performance Leadership: Example 5% on performance + 5% on mass reduction bonus = 10% global Longevity Mass reduction 105 Safety 105 Road noise 105 Energy saving Amsterdam-Brussels November, 2013
7 2 2 Leadership in Responsible Operations Resource consumption Air emissions Waste Responsible Production Process 2020 Responsible logistics to contribute to 10% CO 2 cut 70% of suppliers in line with Michelin corporate standards 7 - Amsterdam-Brussels November, 2013
8 3 Sustainable Financial Performance Deliver a structural 1billion Free Cash Flow from m 599m 1,000m target 2020 ROCE: 15% 10.5% 10.9% 12.8% 15% 5.4% 9% value creation threshold target 8 - Amsterdam-Brussels November, 2013
9 4 Commitment to the Well-being and Development of our Employees 75% Managers: coming from within the company Total Case Incidence Rate (TCIR) Women managers: from 18% to TARGET 30% Achieve and maintain an 85% 9 - Amsterdam-Brussels November, Employee Engagement Rate at Group level 2 < 2020
10 5 Live in Harmony with our Communities 30,000 working days per year donated by Michelin employees to support communities > 2,000 jobs created annually with Michelin involvement to support local businesses 100% of Michelin sites deploy a community involvement program 10 - Amsterdam-Brussels November, 2013
11 6 Advocacy: Fostering Better Life through Sustainable Mobility Cement kiln Synthetic sport grounds Re-use in new tires 2014 edition in China Promote mobility solutions Action for road safety 11 - Amsterdam-Brussels November, 2013 Recycling tires
12 November, 2013 AMSTERDAM-BRUSSELS 2 4 Q NET SALES IN LINE WITH FULL-YEAR OUTLOOK 12 - Amsterdam-Brussels November, 2013
13 Net Sales of 15,282m over First 9 Months, Sales Volumes Up 2% in 3 rd Quarter Markets: up in Q3 Europe: Q2 rebound confirmed, but level still weak North America: recovery in Car & Light truck tires, especially Tier 3; Truck tires still uncertain Emerging markets: good overall trend Sales volumes: up 2% in Q3 Stable over 9 months, in line with annual objective Price effect: stable in Q3 in relation to H1 Price rises in countries experiencing currency depreciation Currency effect: -5.3% in Q3 Combined impact of decline in the USD and CAD (30%), JPY (10%), BRL and ARS (20%) and other currencies 13 - Amsterdam-Brussels November, 2013
14 November, 2013 AMSTERDAM-BRUSSELS MARKETS ON A GOOD TREND IN Q3 AS EXPECTED 14 - Amsterdam-Brussels November, 2013
15 Car & Light Truck: All Markets Up in Q3 except Eastern Europe Markets at September 30, 2013 (% change YoY, based on number of tires) North America +4%+4% Europe -1% -2% +6% Total +3% +9% +9% Asia (excl. India) +3% +2% +5% Original Equipment Replacement Source: Michelin South America Africa India Middle-East -5% 15 - Amsterdam-Brussels November, 2013
16 Truck: Technical Rebound in Europe but still Uncertain in North America Radial Markets at September 30, 2013 (% change YoY, based on number of tires) +9% North America Europe +9% +0% -2% +7% +4% Total +3% +4% Original Equipment Replacement -9% +40% +5% Asia (excl. India) Africa India Middle-East Source: Michelin 16 - Amsterdam-Brussels November, 2013 South America -10%
17 Cars & Light Trucks and Trucks: Q3 Continues on Q2 Trend 2013 worldwide markets by quarter (% change YoY, based on number of tires) +5% Original Equipment Replacement +8% +8% +6% +6% +4% +4% +4% -1% -2% Source: Michelin -3% -2% Q1 Q2 Q3 Q1 Q2 Q Amsterdam-Brussels November, 2013
18 Earthmover: Slower Growth in Mining; Other Markets Sensitive to the Business Environment Mining: slower growth Mining Markets (in tons, base 100 in 2009) e Other Earthmover: difficult market conditions Original Equipment: sharp decline Infrastructure: continued inventory draw-downs 18 - Amsterdam-Brussels November, 2013
19 Agricultural: Stable Overall, with Growth in Technical Tires Agricultural Markets (base 100 in 2009, in number of tires) Slower demand for OE tires Slight recovery for RT in Europe 114 Growth in demand for technical tires e 19 - Amsterdam-Brussels November, 2013
20 November, 2013 AMSTERDAM-BRUSSELS NET SALES IN LINE WITH FULL-YEAR OUTLOOK 20 - Amsterdam-Brussels November, 2013
21 Volumes in Line with Full-Year Forecasts YoY change (in millions and as a % of net sales) 16, Volumes (-0.3%) Price-Mix (-2.3%) o/w mix: Currency (-2.7%) -5.3% 15,282 9 Months 2012 Net Sales 9 Months 2013 Net Sales 21 - Amsterdam-Brussels November, 2013
22 Continued Growth in Q3, Stable Price Effect and Significant Currency Effect % change YoY Volumes Price-mix Currency Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q Amsterdam-Brussels November, 2013
23 Significant Currency Effect: USD and JPY Generally in Line with our February Assumptions Main currency vs Euro 100 USD Q Q Q Q4 2013e JPY BRL CAD AUD RUB ARS ZAR INR TRY Net sales Guidance 02/2013 Q ,877 Q ,282 H ,159 Q ,123 9M ,282 Currency effect / Net sales Operating income Flat 1,153 Currency effect / Op. income -100/ Amsterdam-Brussels November, 2013
24 November, 2013 AMSTERDAM-BRUSSELS OPERATING SEGMENTS 24 - Amsterdam-Brussels November, 2013
25 Passenger Car & LT and Related Distribution: Stepped-up Growth in Q3 Passenger car and Light truck (in millions) 9 months months 2012 Change Net Sales Volume growth 8, % 8, % Volumes Strong upturn in sales (up 4% in Q3) Winter market down as expected Price-Mix Price: managed repositioning Mix: favorable, led in particular by Amsterdam-Brussels November, 2013
26 The Premium Car & Light Truck Tire Segment: a Major Growth Opportunity Being Seized by Michelin Growth in the replacement Car & Light truck market (YoY change at end-september 2013, in %) Total market Market 17 Michelin sales 17 Total market Market 17 Michelin sales 17 Europe North America China 39 Brazil Amsterdam-Brussels November, 2013
27 Truck & Associated Distribution: Continued Improvement Truck (in millions) 9 months months 2012 Change Net Sales Volume growth 4, % 5, % Priority given to Truck tire profitability improvement Favorable impact from raw materials Unfavorable currency effect cushioned by price increases in markets experiencing currency depreciation 27 - Amsterdam-Brussels November, 2013
28 Specialty: Resilience in a Difficult Environment Specialty Businesses (in millions) 9 months months 2012 Change Net Sales Volume growth 2, % 2, % Growth in Mining sales and weakness in Earthmover OE and Infrastructure Good sales dynamic for Agricultural OE Contractual price adjustments in Mining and Earthmover and Agricultural OE Unfavorable currency effect 28 - Amsterdam-Brussels November, 2013
29 A Natural Hedging through Balanced Geographic Exposure and Business Portfolio Western Europe North America Rest of the World 29 - Amsterdam-Brussels November, 2013
30 November, 2013 AMSTERDAM-BRUSSELS GUIDANCE 30 - Amsterdam-Brussels November, 2013
31 2013 Markets in Line with the Original Scenario EUROPE NORTH AMERICA NEW MARKETS MINING 31 - Amsterdam-Brussels November, 2013
32 2013 Objective: Operating Income* excluding the Currency Effect up around 150m YoY Unfavorable currency environment Group steering to offset the currency effect: Volumes up in Q4 Margin management: positive price-mix / raw materials ratio Tighter management of production costs and SG&A FCF confirmed in line with structural objective of 500m Capital spending of around 2bn ROCE > 10% * : before non-recurring 32 - Amsterdam-Brussels November, 2013
33 Q Key Takeaways Volumes up in Q3 as expected Heavily unfavorable currency environment in Q3 and H2 Group steering: objective to offset the annual currency effect as much as possible 33 - Amsterdam-Brussels November, 2013
34 November, 2013 AMSTERDAM-BRUSSELS OUTLOOK 34 - Amsterdam-Brussels November, 2013
35 2014 Outlook MATURE MARKETS NEW MARKETS SPECIALTY MARKETS Mining 2014 operating margin* targets: SR1 SR2 SR3 from 10 to 12% in the middle from 7 to 9% at the upper end from 20 to 24% at the lower end * : before non-recurring 35 - Amsterdam-Brussels November, 2013
36 November, 2013 AMSTERDAM-BRUSSELS 5 APPENDICES 36 - Amsterdam-Brussels November, 2013
37 Europe: Rebound Confirmed in the West and Downturn in Eastern Europe in 3 rd Quarter Quarterly performance at September 30, 2013 (% change YoY, in number of tires) Original Equipment Replacement +10% +11% +6% +6% +4% +2% +2% +2% +2% Source: Michelin -3% -9% -9% Q1 Q2 Q3 Q1 Q2 Q Amsterdam-Brussels November, 2013
38 North America: Recovery in Car and Light Truck Market; Truck Market Still Uncertain Quarterly performance at September 30, 2013 (% change YoY, in number of tires) Original Equipment Replacement +7% +6% +5% +8% +1% +0% +0% -1% -1% Source: Michelin -7% -12% -13% Q1 Q2 Q3 Q1 Q2 Q Amsterdam-Brussels November, 2013
39 Group Key Figures: Leverage the Group s Strengths to Enhance Profitable Growth and Reduce the Cost Structure Operating profit and margin (before non-recurring items) & ROCE 2, , % 13 2,000 1,500 1,000 1, % 9.7% ,945 1, % 10.5% 9.5% 9.4% 11.3% 11.3% 1, % 5.8% 6 5.6% 5.4% H Operating profit (in m) Operating margin (as a % of net sales) ROCE (in %) 39 - Amsterdam-Brussels November, 2013
40 Car & Light truck Margins: Grow OE Profitability and Lift Mix through Product Innovation and 17 &+ Strategy Operating profit and margin (before non-recurring items) 12% 1, ,014 1,018 1, % 2015 op. margin target 10.3% 10% % % 9.3% 600 8% % H Operating profit (in m) Operating margin (as a % of net sales) 40 - Amsterdam-Brussels November, 2013
41 Truck Margins: Ready to Lift Margins thanks to Plant Efficiency, Product & Service Plan Operating profit and margin (before non-recurring items) 1, % 6.6% 6.5% 9% 2015 op. margin target 7% % 3.5% % % H Operating profit (in m) Operating margin (as a % of net sales) 41 - Amsterdam-Brussels November, 2013
42 Specialty Tires: Strong Margins at Targetted Levels Operating profit and margin (before non-recurring items) % 17.9% % % 26% 24% 23.3% 2015 op. margin target % % H Operating profit (in m) Operating margin (as a % of net sales) 42 - Amsterdam-Brussels November, 2013
43 Passenger Car and Light Truck: Stronger Momentum Worldwide Passenger car & Light truck tire markets (in millions of tires) Mature markets New markets 1,100 1, * 1, * 1, , Michelin estimates * Of which 70% in new markets 43 - Amsterdam-Brussels November, 2013
44 Truck: Robust Growth across every Truck Tire Market Radial Truck Tire Markets (in millions of tires) Mature markets New markets * * Michelin estimates * Of which 70% in new markets 44 - Amsterdam-Brussels November, 2013
45 Enhance Productivity: Improving Output per Employee Tonnes per employee (base 100 in 2006) Production Tonnes per employee Continuous improvement + industrial footprint 45 - Amsterdam-Brussels November, 2013
46 Competitiveness Plan: 1billion* 317m achieved in 18 months with weak volumes OBJECTIVES - 200m/ - 300m - 200m/ - 300m - 500m/ - 600m SG&A Materials Manufacturing Transport gains H objective H gains Total gains 2012 gains H objective H gains Total gains 2012 gains H objective H gains Total gains *before inflation and including avoided cost 46 - Amsterdam-Brussels November, 2013
47 The June-2013 Projects will Eventually Deliver more than 70m in Productivity Gains a Year mainly in Truck Development of a highly competitive Truck tire production center in La Roche-sur-Yon, doubling output from 800,000 to 1.6 million units a year by 2019 Closure project of Truck tire facilities in France, Algeria and Colombia In millions Cash in (asset sales) Productivity o/w Truck Non-recurring expense (250) (250) o/w cash out (42) (70) (25) (10) +23 Total Non-recurring expense Net cash (135) Annual gains after Amsterdam-Brussels November, 2013
48 Investing to Enhance our Competitive Strengths and Drive New Growth Capex and depreciation (in millions) Capex Depreciation 1,711 1,996 2,000 2,200 1,900 1, ,007 1,100 1,600 1,200 1,300 1,600 1,400 1, e 2014e 2015e 2016e 2017e 48 - Amsterdam-Brussels November, 2013
49 Capital Programs Being Deployed on Schedule to Capture Growth Brazil (Michelin-brand Car & Light truck in large rim diam.): production ramp-up (17KT in 2013) China (Michelin-brand Car & Light truck in large rim diam. and Truck): production ramp-up (25KT in 2013) India (Michelin Radial Truck): 1 st tire: July 2013 United States (Mining giant tires): 1 st tire: end Amsterdam-Brussels November, 2013
50 Mining Business: Favorable, Enduring Market Structure Customer demand focused on cost reduction and dumper uptime A wide base of profitable customers such as: No credible substitute product High degree of independence from suppliers: - proprietary processes - vertical integration in semi-finished products Multiple barriers to entry: - capital intensity, - no turnkey plant, - high technological content, - testing capabilities Long-term partnership relations with customers 50 - Amsterdam-Brussels November, 2013
51 Sales in Mature and New Markets As a % of net sales 67% 45% 55% 33% As a % of net sales in mature markets As a % of new markets 51 - Amsterdam-Brussels November, 2013
52 Contacts Investor Relations Valérie Magloire Matthieu Dewavrin +33 (0) , cours de l île Seguin Boulogne-Billancourt - France investor-relations@fr.michelin.com 52 - Amsterdam-Brussels November, 2013
53 Disclaimer "This presentation is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documentation published in France by Autorité des marchés financiers available from the website. This presentation may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions at the time of the publication of this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or induced by these statements." 53 - Amsterdam-Brussels November, 2013
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