Michelin Groupe: The latest figures, news and market research on Michelin Groupe

Turnover: 28 billion EUR (2023)

Country: France

A member of the exclusive club of 40 companies listed on the CAC 40, Michelin has been contributing to France's economic influence abroad since 1889, thanks to its tire production.
The company's strength lies in its ability to innovate in order to maintain its pole position in the market:
- Radial carcass tire, in 1968, allowing lower fuel consumption thanks to its construction.
- PAX system in 1996, a rim + tire assembly that limits the pressure exerted on the tire, replaced today by the brand's "self-supporting" system: Michelin ZP.
- Sales of tires for two-wheeled vehicles represent only a few hundred million €. This activity remains marginal in the Group's sales

Michelin: the pros and cons of moving upmarket 12/02/2024

Michelin's sales in 2023 are 28.3 billion euros, down 0.9%.
The decline in Michelin tire sales volumes is nearly 5% in 2023.
The measured gain from price increases in 2022 and early 2023 is 1.3 billion euros on sales.
Michelin's operating income for 2023 is €3.6 billion, up 5% on the previous year.
This represents 12.6% of sales.
Michelin's net income is almost stable at €1.98 billion, compared with nearly €2 billion in 2022.
Michelin is counting on efficiency gains from 2025 following the closure of three industrial sites in Germany and one plant in the United States.
The Michelin Group has around 45 plants worldwide

Michelin drastically downsizes in Germany 29/11/2023

The French tire giant announced on Tuesday that it would cut 1,530 of its 5,000 jobs in the country
Gradual closure of two plants, in Karlsruhe and Trier.
The customer service center will be relocated to Poland.
Europe has become uncompetitive because of energy costs," warned Group Chairman Florent Menegaux at the start of the year.
Previously, this item represented 11% of the average cost price. Today, it accounts for over 22%.

Michelin strengthens its business outside tires 21/06/2023

Michelin sales in 2022: €26.8 billion
Percentage of tire-related business by 2030: 75% to 70%
FGC is a company specializing in high-tech materials and fabrics
Value of Michelin's acquisition of Flex Composite Group (FGC): 700 million euros
FCG sales in 2022: 200 million euros
FCG has 400 employees in six production centers in Belgium and Italy
Michelin acquired Fenner in 2018
Sales of Michelin's high-tech materials business in 2022: €1 billion
Expected sales of Michelin's high-tech materials business after the acquisition of FCG: €1.3 billion
FCG average organic growth between 2015 and 2022: 11%

Michelin launches a new wave of acquisitions to ensure diversification 20/06/2023

Michelin acquires Italian company Flex Composite Group (FCG)
FCG enterprise value: 700 million euros
FCG has 400 employees
FCG business sectors: marine, supercars and electric vehicles, sports, construction
FCG sales in 2022: 202 million euros
FCG average annual growth rate since 2015: 11
Michelin target: 20% of sales in "non-tire" activities by 2030
Michelin "non-tire" sales in 2022: 1.3 billion euros (or 5% of total)
Previous Michelin acquisitions before the Covid crisis: approx. 3 billion euros (Fenner, Multistrada, Camso)

Michelin: 5 to 10 billion for acquisitions. 13/05/2023

Over 80% of sales under the Michelin brand.
Less than 10% of passenger car tire sales from original equipment
Objective of generating between 20% and 30% of sales in non-tire businesses by 2030, compared with 5% in 2020.

Tire recycling about to take off 04/04/2023

Total recycling capacity of the joint venture by 2030: 1 million tonnes of end-of-life tires per year (one-third of the annual volume in Europe).
First recycling plant located in Uddevalla, Sweden, operational by 2025.
Products: regenerated carbon black, reusable oils for tire manufacturing and the petrochemical industry.
Partners: Michelin, Enviro Systems, and Antin Infrastructure Partners (majority shareholder).

Automotive: Michelin supports creation of tire recycling group 31/03/2023

Scandinavian Enviro Systems and Antin create a tire recycling company.
Objective: to build several plants in Europe by 2030.
Antin stake: majority
Enviro stake: 30%.
First plant operational in Uddevalla, Sweden, by 2025.
Initial recycling capacity: 34,500 tonnes of used tires (40% of annual volume in Sweden).

Michelin has laid the foundations in hydrogen. 16/11/2022

Michelin develops the HyLight fuel cell
The Symbio fuel cell (co-founded by Michelin) has been chosen by Stellantis to prepare its first hydrogen-powered vehicle
30% of sales outside tires by 2030
Michelin invests in Hympulsion to increase the number of recharging stations

Automotive crisis: Michelin slips through the cracks again 26/07/2022

Sales of the Clermont-Ferrand-based tire manufacturer rose by 18.7% in the first half, and operating income by 7.7
The new car tire market was down 2% in the first half compared with 2021, which was already at a low ebb
Original equipment" accounts for only 12% of passenger tire sales
the replacement market is more stable than the new market
The manufacturer is raising its prices, with three increases over the half-year, which generated 1.43 billion in additional sales. For the rest of the year, the Group has revised its market forecasts downwards, but is maintaining its financial forecasts

Hydrogen: Michelin and Forvia join forces with Germany's Schaeffler for fuel cells 08/06/2022

Innoplate is a joint venture between Michelin and Forvia (ex-Faurecia) in hydrogen which, stacked in hundreds with membranes, enables the production of electricity.
Innoplate is financed by Symbio and Schaeffler, who plan to invest at least 100 million euros in a new production unit in Haguenau, Bas-Rhin.
Its target for early 2024 is 40 employees and production of 4 million bipolar wafers, followed by a ramp-up to 120 employees and production of 50 million wafers. The joint venture is determined to start producing bipolar wafers in early 2024

DUNS: 855200507

Legal Name: MANUFACTURE FRANCAISE DES PNEUMATIQUES MICHELIN

Address: 23 PLACE DES CARMES DECHAUX , 63000 CLERMONT-FERRAND

Number of employees: Plus de 10 000 salariés (2021)

Capital: 504 000 004 EUR

Financial Data:

Year	2022	2021	2020	2019	2018	2017	2016	2015
Turnover	5 513 153	5 205 981 000	4 522 654 000	5 366 674	5 492 426 000	5 330 684 820	4 952 683 380	5 109 714 260
Gross margin (€)	3 858 193	3 379 901	3 039 063	3 440 639	3 495 148 000	3 356 261 461	3 257 075 412	-
EBITDA (€)	413 510	455 260	99 499	635 905	390 809 000	293 980 236	340 660 855	-
Operating profit (€)	198 133	99 841	-111 849	118 389	161 079 000	23 567 842	95 415 395	-
Net profit (€)	36 693	-189 699 000	-185 865 000	-4 143	126 038 000	-139 460 430	13 051 570	18 541 060
Turnover growth rate (%)	959	15,1	-15,7	-2,3	3	7,6	-3,1	-
Ebitda margin rate (%)	7,5	8,7	2,2	11,8	7,1	5,5	6,9	-
Operating margin rate (%)	3,6	1,9	-2,5	2,2	2,9	0,4	1,9	-
Working Capital (turnover days)	32,4	26,3	37,6	34,5	30,8	40,1	37	-
Working Capital requirements (turnover days)	63,6	61,5	66,8	57,5	54,2	62,5	66,2	-
Net margin (%)	0,7	-3,6	-4,1	-0,1	2,3	-2,6	0,3	-
Added value / Turnover (%)	35,2	35,8	35,1	34,6	34,4	33,9	36,3	-
Wages and social charges (€)	992 628	1 344 919	1 338 326	1 283 698	1 350 336 000	1 361 898 364	1 312 290 347	-
Salaries / Turnover (%)	18	25,8	29,6	23,9	24,6	25,5	26,5	-

Company Managers:

Position	First Name	Last Name	Age
Directeur général	Yves	Chapot	62
Directeur général délégué	Nour	Bouhassoun	65
Directeur général délégué	Carine	Fediere	49
Commissaire aux comptes suppléant	Jean-baptiste	Deschryver	54
Autre	Florent, Claude, Remi	Menegaux	62