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    ML   FR0000121261


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Michelin CGDE : Présentation investisseurs – SOCIETE GENERAL – Premium Review

12/02/2021 | 03:21am EST

Demand has suffered in PC/LT from the slowdown in OE markets, but

... in an environment that is likely to remain disrupted for a

remains robust in the RT segment and in Truck tires excluding China...

long time across every supply chain

Global Passenger car/Light truck tire market


FY Market scenario*+6% / +8% vs 2020

Market scenario presented with Q3 sales

Jan Fev Mar Avr Mai Jui

Jul Aou Sep Oct Nov Dec

Truck tire market (excluding China)


FY Market scenario*+11% / +13% vs 2020

Market scenario presented with Q3 sales

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Unstable health situation

Maritime shipping crisis

Shortage of truck drivers

Sharp increase in raw materials and logistics costs

Sharp run-up in energy costs

Labor shortages

Specialties FY market scenario*: +9% / +11% vs 2020

Premium Review - December 2, 2021

* Slide 10

Source: Michelin Market data are regularly adjusted and may be updated following their initial publication.


  • The environment in which the Group is currently operating is characterised by:
    • the persistent health crisis
    • extensive disruption across every supply chain
    • rising raw materials, logistics and now, energy costs
    • worsening labor shortages in North America and, to a lesser extent, in Europe
  • As comparatives turned less favorable than in H1, demand varied widely in the third quarter:
    • the OE PC/LT tire market fell 21% over the quarter, dragged down by the ongoing chip shortage, while the RT segment was stable
    • the Truck tire market continued to expand outside China, gaining 7% over the quarter, but plunged by a steep 30% in China
    • demand in the Specialty markets remained robust, with a particularly strong rebound in the OE Construction and Agricultural tire segments
  • With sales of €6 billion in the third quarter, consolidated sales ended the first nine months at €17.2 billion, up 15.6% year on year:
    • 14.8% growth in tire volumes, of which 1.3% in the third quarter
    • a 2.8% gain from price increases designed to offset sharply rising costs
    • a 1.3% increase from the mix effect, reflecting market share gains in the 18"+ segment and a favorable OE/RT mix in the Automotive division
    • a 5.8% increase in non-tire sales
    • a 3.5% decrease from the unfavorable currency effect
  • The Group maintains its guidance for 2021(1)
  1. Barring any new systemic impact from Covid-19, such as deeper supply chain disruptions or tighter restrictions on freedom of movement that could result in a significant drop in the tire markets.

Premium Review - December 2, 2021

Analysis of Nine-month sales

(in € millions and %)





17 737


17 204

14 888



Non-tire activities









o/w mix


9M 2020

9M 2021 sales

9M 2021


at constant exchange



  • Deconsolidation of the printing, publishing and marketing businesses associated with Maps & Guides for France (Michelin Editions) on February 1, 2021, and of Solesis on May 28, 2021; consolidation of TechnoBalt on May 1, 2021, ConVeyBelt on May 1, 2020 and MAV S.p.A. on December 1, 2020.

Premium Review - December 2, 2021

Pour lire la suite de ce noodl, vous pouvez consulter la version originale ici.


Compagnie Générale des établissements Michelin SA published this content on 01 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 December 2021 08:20:06 UTC.

© Publicnow 2021
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