1 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
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1 1 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
2 Outline 1. Truck General Overview 2. Customer expectations & Market segmentation 3. Levers for Growth 4. Levers for Profitability 5. Key Takeaways 2 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
3 3 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
4 From 2008, volatile economies put pressure on transport companies Economies expected to grow stronger in new markets 15.0 GDP growth Mature countries New countries United States Western Europe Russia China India Brazil Source: Global Insight 4 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
5 Economic crisis reset mature transport demand to lower levels Transport Demand (tons-kilometers) Index 100 = US Germany Source: American Trucking Association, Eurostat 5 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
6 while truck costs constantly increase as new norms are implemented, adding pressure on transport company costs Norm Euro V January 2013 Euro VI January 2014 China IV January 2015 Truck Cost Increase +8 to 15% +8 to 12% +15 to 20% 6 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
7 Tread market: an annual 2% growth driven by transport demand Transport companies under profitability pressure In million tires New Retread CAGR N+R = +2% Source: Michelin estimates Tread market = new OE + new RT + retread 7 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
8 Market expansion driven by new countries In million tires CAGR % CAGR % Mature New 2022 Source: Michelin estimates 8 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
9 In 2022, China & India account for 40% of the tread market Rest of World 20% 27% Mature South America 13% 13% 27% India China Source: Michelin estimates 9 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
10 The truck-tire technologies Bias, the historical technology (1900 s) Flat-rim: radial technology on bias wheel (1950 s) Drop-center: radial technology on specific wheel (1970 s) Wear life twice as long 10% more fuel efficient Increased safety (new wheel) Global system 10% lighter 10 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
11 Strong growth of Radial Drop-center driven by modernization Flat-rim radial still growing in India, South-East Asia & Africa Mid.-East In million tires Total Radial +48M Radial Drop Center Radial Flat Rim India/SEA/AFME Radial Flat Rim Rest of the World Bias Retread 2022 Source: Michelin estimates 11 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
12 Pricing tiers: Premium increasing in line with market expansion Intermediate fastest growing segment at expense of Budget Market price Premium 25% 24% +15% Average Intermediate 27% 36% -15% Budget 48% 40% DEFINITION Source: Michelin estimates % = weight of total market (new tires) 12 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
13 An increasing pressure from Chinese manufacturers WW Radial market share (%) 45% 40% 37% 38% 36% 40% 41% 35% 30% 28% > 100 manufacturers > 300 brands 25% Source: Michelin estimates 13 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
14 14 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
15 3 specific needs segment transport companies Leading to 3 key tire expectations: TCO, CPK, Price Out-of-Pocket CPK Opportunists Value Load Care TCO* Safety Uptime Price CPK** Cost Control *TCO: Total Cost of Ownership **CPK: Cost Per Kilometer 15 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
16 MICHELIN Best TCO: mileage, fuel efficiency, uptime, brand equity Leading position in Premium segment Out-of-Pocket CPK Opportunists Value Load Care Uptime Cost Control 16 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
17 Intermediate brands CPK: wear life, reliability and price Strong positions in Europe and North America Out-of-Pocket CPK Opportunists Value Load Care Uptime Cost Control 17 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
18 Strengthen MICHELIN: Best TCO and more affordable Expand Intermediate : CPK, reliability Out-of-Pocket CPK Opportunists Value Load Care Uptime North America South America Africa / Middle East Cost Control Asia 18 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
19 19 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
20 Michelin Truck tire offer LONG HAUL REGIONAL URBAN ON/OFF ROAD OFF ROAD X LINE X MULTI X WORKS X INCITY AGILIS X FORCE X COACH X METRO 20 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
21 MICHELIN brand Matching customer expectations (wear life and fuel efficicency) with innovation INFINICOIL TM Wear life Fuel efficiency Mass Xone Multi X Line Tropic ENERGYFLEX TM Fuel efficiency Mass Retreadability X Line X Multi Performance lever Patent clusters Industrial Know-How REGENION TM Wear life Fuel efficiency Mass CARBION TM Wear life Fuel efficiency X Multi X Incity, X Line X Multi 21 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
22 MICHELIN brand A fast deployment of key technologies % of MICHELIN tires equipped 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% INFINICOIL ENERGY FLEX REGENION MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
23 MICHELIN brand The best total performance for customers Europe: 315/70R22,5 Steer Axle Long Haul MICHELIN Xline Energy Z Competitor A Competitor B ROLLING RESISTANCE ROLLING RESISTANCE ROLLING RESISTANCE WET GRIP WEAR LIFE WET GRIP WEAR LIFE WET GRIP WEAR LIFE ENDURANCE ENDURANCE ENDURANCE Source: Michelin estimates Reference: Premium Average 23 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
24 MICHELIN brand A unique panel of Services & Solutions 3 - Optimize Sophistication Key enablers by EFFITIRE End-to-end Tire Program: Pay-as-you-go Solutions beyond tires EFFIFUEL by 2 - Monitor Tire Data & BI 1 - Ready Tire sales We capture the data and organize the right service at the right time for your tires. Key countries under deployment Customer Loyalty 24 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
25 INTERMEDIATE brands Reliability and Cost per Kilometer 1 st life at low price Intermediate Product Design Product wear life and balance of performance designed to targeted segments Reliable casing, excellent manufacturing quality Adaptation of material specification to reduce material cost Focus on lower mass & fewer components A lean RDI process Small and efficient design team A lean manufacturing Driven by standardization and process optimization 25 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
26 INTERMEDIATE brands Cost per Kilometer 1 st life at low price Resulting in commercial launches from 2013 KORMORAN in South America and Africa-Middle East New ranges for BFGoodrich New ranges for KORMORAN in Europe SIAM Radial in Asia UNIROYAL in North America 26 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
27 27 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
28 A recovering profitability SR2 Operating margin (before non-recurring items) In % of Net sales 9% 7% 7.8% 8-9% 2.5% 4.4% 3.5% 6.6% -1.5% e 28 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
29 MICHELIN brand: Less mass/more performance Reduce product complexity 120 Performance* Michelin Performance and Responsability (PRM) 120 Complexity** % % *PRM index: rolling resistance, wear life, wet grip and mass **Complexity index: number of casing, components 29 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
30 Cost of production: double average plant output from 2011 to 2022 x 2 30 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
31 Cost of production: continuing efficiency gains Productivity*: 3% annual target % *Productivity index / output ratio 31 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
32 Cost of production: Modernization New Automatic Assembly Machine Productivity x 3 Drastic flexibility improvement Enable deployment of new technologies Improve manufacturing quality 32 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
33 Manufacturing footprint optimization to get closer to markets In thousands of tires Mature markets Growth regions Capacity closures -1,500 (Tours, Budapest) -1,565 (Bogota, Alger, bias Thailand, Shenyang1) Capacity additions +925 (Marginal capacity) +2,200 (Campo Grande extension, Chennai, Shenyang2) Total -3,065 +3, MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
34 Projects deployed in 2013 and 2014 to optimize the truck manufacturing footprint will deliver close to 70m in annual gains In millions e 2015e 2016e 2017e Total Non recurring expense (202) (39) (241) of which cash out (41) (56) (60) (18) 0 (175) Annual gains after 2017 Productivity gains MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
35 Localization in key expanding markets Start of large Shenyang2 plant, China 2012 Extension of Campo Grande, Brazil Start of Chennai, India MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
36 Distribution: Profitability improvements Cost optimization in overheads Externalization & pooling IS / IT optimization Lean back office processes policy Productivity in service centers Euromaster operating method and productivity program Footprint management Development of services to fleets Mass-customized IS-based services, extracting more value from preventive maintenance and maximized vehicle uptime 36 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
37 Truck division to contribute 400m to Group 1bn competitiveness plan Gains* achieved 2012 Sept in million SG&A Materials Manufacturing Transport Total Group 94 o/w SR2 87 Group 30 o/w SR2 Group 76 o/w SR2 Group 200 o/w SR2 *Before inflation and including avoided costs 37 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
38 38 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
39 Key takeaways A growing market mostly in new markets A growth strategy suited to the various market segments MICHELIN brand: innovative products more affordable and services Intermediate: offer designed to segment, new brands, geographical expansion Improve profitability through Product costs reduction, localization, SG&A control and distribution efficiency Grow MICHELIN share of Premium segment Expand in Intermediate Keep improving profitability 39 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
40 40 MICHELIN INVESTOR DAY Shenyang, China November 10, Serge Lafon
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