Michelin Updates Analyst Consensus

Michelin's Investor Relations Department has updated its company consensus. The figures presented in the consensus are based upon data published by financial analysts who monitor the Michelin share, or directly collected from them. The average of the analysts’ responses anticipate full-year 2010 net sales of 16,772 million euros, increasing to 17,979 million in 2011 and 18,832 million euros in 2012. The analysts’ average figure for operating income and operating margin in 2010 is 1,138 million euros and 6.8 per cent respectively. For 2011 these figures are 1,436 million euros and 8.1 per cent, and 1,696 and 9.0 per cent for 2012. The average estimate for net income this year is pegged at 637 million, while in 2011 and 2012 net income is expected to rise to 870 million and 1,041 million respectively.

Net sales for Michelin’s passenger car and light truck tyre sales, along with related distribution activities, is on average tipped to be 9,215 million euros in 2010. The following year this is expected to increase to 9,849 million and to 10,182 million euros in 2012. The analysts have on average estimated truck tyre and related distribution net sales to reach 5,260 million this year, 5,714 million euros in 2011 and 6,023 million euros in 2012. The average analyst estimate of net sales for other company activities, including off-road tyres, aircraft tyres and non-tyre products, is 2,188 million euros for 2010, 2,372 million for 2011 and 2,598 million euros for 2012.