SEPTEMBER 23 & 24, 2020

COPENHAGEN

  • HELSINKI DANSKE

September 23 & 24, 2020

Copenhagen

& Helsinki

2020 H1 results and August YTD market

Copenhagen & Helsinki - September 23 & 24, 2020

August 2020 YTD: demand recovery in most of the markets, particularly strong in China.

PC/LT: -20%

TRUCK: -14%

SPECIALTIES

-12

-6

-24

-46

-40

-16

-11

-9

-10

-19

-21-20-19

-11

-9

-6

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

-2

-5

-22

-51-45-15

-10

-10

-1

+6

-11-34-27-13-10

-8

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

-5-4-18-61-50-15-4-5

-3-6-8-27-36-11-5

-8

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

-17

-68

-38

0

+10

+7

+14

+8

-18

-60

-36

+4

+9

+9

+14 +14

Jan Feb Mar Apr May Jun Jul

Aug

Jan Feb Mar Apr May Jun

Jul Aug

3

Copenhagen & Helsinki - September 23 & 24, 2020

Source: Michelin

* Including Central America for OE

Supported by its diversified offering, engaged employees and robust financial position, Michelin demonstrates its resilience through a crisis of unprecedented intensity

  • Quick deployment of all the measures needed to safeguard employees, ensure business continuity and conserve cash
  • Despite collapsing markets and a 20.6% contraction in sales, SOI* ended the first half at €310m:
    • 22.4% decline in volumes, leading to a deep fixed cost shortfall
    • 0.3% gain from assertive pricing policy at a time of declining raw material prices
    • 1.6% gain from the still buoyant mix, reflecting market share gains in the 18"+ segment and resilience in the Specialty businesses
    • €192m reduction in SG&A costs, excluding €77m in exceptional outlays directly related to Covid-19
  • A robust financial position recognized by the rating agencies, to weather the crisis
  • Strategic choices validated during the first half:
    • A global presence and diversified business base (resilience in the Specialty businesses, with a 15% operating margin)
    • CO2 reduction pathways and objectives approved by the Science Based Targets initiative**
  • Expanded CSR governance within the Supervisory Board
  • Segment Operating Income
  • Initiative launched in 2015, a few months before COP21, SBTi is a collaboration of 4 organizations that offer a voluntary approach to fight against global warming in the private sector

4

Copenhagen & Helsinki - September 23 & 24, 2020

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

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Compagnie Générale des établissements Michelin SA published this content on 23 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2020 08:09:08 UTC