In 2007, the combined net sales of the Michelin Group increased by 3.0% year-on-year, and the sales volume grew strongly by 3.2%. After years of steady growth, the sales performance of passenger cars and light truck tires in 2007 was particularly satisfactory to the Michelin Group. The original tire market for passenger cars and light trucks grew by 5%, and the replacement tires increased by 1.4%. The Asian market achieved overall growth. With an increase of 8.1% and 2.8%, the sustained growth momentum of the Chinese and Indian markets is the most obvious, increasing by 20% and 10% respectively. Due to favorable market conditions, the sales volume of truck tires has increased significantly. In the Asian market, the radial tire market has expanded rapidly. Sales of specialty tires in all market segments have achieved strong growth.
As product prices remained stable and productivity increased, the gross profit margin of the Michelin Group once again achieved significant progress in 2007, increased by 1 percentage point to 29.9%; in addition, structural costs improved and operating profit increased by 1.6 percentage points. 9.8%. The Michelin Group’s net income in 2007 increased by approximately 35% to 772 million euros. Liquidity increased by 430 million euros compared to 2006.
He Liye, managing partner of the Michelin Group, pointed out: “The overall market demand is positive and the increase in raw material prices is limited. These have helped Michelin to achieve good business performance in 2007. After two years of adjustment and hard work, Michelin has returned. On the track of growth, almost all businesses have achieved healthy sales growth.The Michelin Group started its 2008 business in a healthy and favorable situation and has also prepared for the future with challenging environments full of uncertainties. ready."
Looking ahead to 2008, Michelin expects that the growth of the tire market will be strongly promoted by emerging markets. In the Asian market, the original tires for cars and light trucks are expected to grow by 8%, replacement tires are expected to grow by 5%, trucks' original tires (only included in radial tires) are expected to grow by 15%, and replacement tires (which only include radial tires) are expected to grow by 8%.
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