Michelin Changes Accounting Standards

Michelin CFO, Michel Rollier has met with analysts in order to discuss the main effects of the Group’s transition to International Financial Reporting Standards or IFRS. The company previously used the French GAAP system. Michelin say its wishes, in line with French market authority recommendations, to provide the financial community with all available information. According to the company, adoption of IFRS standards has had consequences both in terms of measurement and presentation. Michel Rollier indicated that the main impact on Group consolidated accounts has been identified.