Michelin Full-Year Sales & Income up in 2007
In its 2007 financial results, published February 15, French tyre major Michelin has reported increased sales and a markedly higher net income than that of the previous year. The company recorded sales of 16.867 billion euros in the year to December 31, 2007, a 3 per cent rise over that of a year earlier. Sales volume increased by 3.2 per cent over the same period.
Prior to taking non-recurring income and expenses into account, operating income for the year was 1.645 billion euros, up 22.9 per cent on the year before. After deducting these factors operating income stood at 1.319 billion euros, an increase of 17.9 per cent. Net income shot up 34.7 per cent during the 2007 year, to 772 million euros. The company’s net debt also decreased by 464 million euros, 11.1 per cent of the total, and now stands at 3.714 billion euros.