Michelin net sales up, but down

Michelin’s full-year 2003 net sales reached 15.4 billion Euro with sales volumes up 3.7 per cent. At constant scope and exchange rates, 2003 net sales are up 5 per cent. However, given the continued appreciation of the Euro, especially versus the US dollar, and further to the consolidation of Viborg in Group accounts in the 4Th quarter , net sales are down 1.8 per cent. Operating conditions (tire markets, exchange rates, raw materials …) were globally in line with Group expectations as indicated upon publication of 3 rd quarter net sales on October, 22. The main factors impacting financial year 2003 net sales were a 3.3 per cent increase in sales volume. A positive price / mix effect of +1.6 per cent at constant exchange rates. Impacted by a minus 8.3 per cent effect of the dollar/euro exchange rate.