2013 Autumn Conference
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1 KEPLER CHEUVREUX 2013 Autumn Conference Paris, September 18, Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
2 September 18, AUTUMN CONFERENCE 1 STRATEGY MOVING FORWARD AS SCHEDULED 2 MICHELIN PERFORMANCE AND RESPONSIBILITY: SIX MAJOR SUSTAINABLE DEVELOPMENT AMBITIONS FOR Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
3 September 18, AUTUMN CONFERENCE 1 STRATEGY MOVING FORWARD AS SCHEDULED 3 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
4 The Three Strategic Pillars Innovate to drive differentiation and loyalty Continuously become more competitive Drive faster growth 4 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
5 Group Key Figures: Leverage the Group s Strengths to Enhance Profitable Growth and Reduce the Cost Structure Operating profit and margin (before non-recurring items) & ROCE 2, , % 13 2,000 1,500 1, , % 9.7% % % 1,945 1, % 10.5% 9.5% 9.4% 11.3% 11.3% 1, operating profit target 2,900m 2015 annual ROCE target above 10% 5.6% 5.4% H Operating profit (in m) Operating margin (as a % of net sales) ROCE (in %) 5 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
6 The Three Strategic Pillars Innovate to drive differentiation and loyalty Continuously become more competitive Drive faster growth 6 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
7 MICHELIN: a 100% Premium Brand in Every Market TIER 1 TIER 2 TIER 3 Tier 1 segment: 1/3 of the global PC/LT tire market 2012 sales: more than 70% under the MICHELIN brand Price positioning (100 = Michelin) 7 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
8 Research & Development Centers around the World 8 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
9 Upgrade Projects at the Global R&D Center in Clermont-Ferrand URBALAD 9 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
10 Labeling: Michelin Well-Positioned with all "A " Ratings in Wet Braking 17/18 Top 10 summer car tires in the most recent range in each size Wet braking F E C B A A 1 3 B C E F Tier 1 competitors: 3 G Rolling resistance 10 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
11 Investing in Indonesia to Insource the Technology and Retain Value Added The Indonesian project Synthetic rubber plant scheduled to come on stream in 2017 Joint venture with Petrokimia Butadiene Indonesia Total investment: $435m Michelin contribution: 55% Strategic vision for vertical integration Secure supply Maintain and protect the technology Retain the value added Costs 11 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
12 The Three Strategic Pillars Innovate to drive differentiation and loyalty Continuously become more competitive Drive faster growth 12 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
13 Competitiveness Plan: 1billion* 317m achieved in 18 months with weak volumes OBJECTIVES - 200m/ - 300m - 200m/ - 300m - 500m/ - 600m SG&A Materials Manufacturing Transport gains H objective H gains Total gains 2012 gains H objective H gains Total gains 2012 gains H objective H gains Total gains *before inflation and including avoided cost 13 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
14 Enhance Productivity: Improving Output per Employee Tonnes per employee (base 100 in 2006) Production Tonnes per employee Continuous improvement + industrial footprint 14 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
15 Managing the Business: Becoming more Agile and Competitive New OPE business management program Annual program costs: around 100 million over the next five years 2013e: 82m 2013 plan successfully deployed: Finance ERP implemented in North America, Poland and China Expected outcomes in 2017: At least a 250 million reduction in inventory At least a 200 million reduction in annual SG&A and supply chain costs 15 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
16 The Three Strategic Pillars Innovate to drive differentiation and loyalty Continuously become more competitive Drive faster growth 16 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
17 A Natural Hedging through Balanced Geographic Exposure and Business Portfolio Western Europe North America Rest of the World 17 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
18 Capital Programs Being Deployed on Schedule to Capture Growth Brazil (Michelin-brand Car & Light truck in large rim diam.): production ramp-up (17KT in 2013) China (Michelin-brand Car & Light truck in large rim diam. and Truck): production ramp-up (25KT in 2013) India (Michelin Radial Truck): 1 st tire: July 2013 United States (Mining giant tires): 1 st tire: end Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
19 Investing to Enhance our Competitive Strengths and Drive New Growth Capex and depreciation (in millions) Capex Depreciation 1,711 1,996 2,000 2,200 1,900 1, ,007 1,100 1,600 1,200 1,300 1,600 1,400 1, e 2014e 2015e 2016e 2017e 19 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
20 September 18, AUTUMN CONFERENCE 2 MICHELIN PERFORMANCE AND RESPONSIBILITY: SIX MAJOR SUSTAINABLE DEVELOPMENT AMBITIONS FOR Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
21 April 2013 International Bib Forum: 3,000 Michelin Group Managers 21 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
22 Michelin Performance and Responsibility: Six Major Ambitions for Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
23 Michelin Performance and Responsibility: Six Major Ambitions for 2020 Corporate sustainability Equal opportunity Environment Employement Diversity Employee health Plant safety Road safety CO2 emissions Business ethic Noise Recycling Raw materials Water Fuel efficiency 23 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
24 1 Product Performance Leadership Performance composit index specific to each market segment Safety Energy saving Longevity Road noise reduction with a mass reduction bonus when applicable 2020 new product performance objective: up 10% vs product performance 24 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
25 1 Product Performance Leadership: Example 5% on performance + 5% on mass reduction bonus = 10% global Longevity Mass reduction 105 Safety 105 Road noise 105 Energy saving Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
26 2 2 Leadership in Responsible Operations Resource consumption Air emissions Waste Responsible Production Process 2020 Responsible logistics to contribute to 10% CO 2 cut 70% of suppliers in line with Michelin corporate standards 26 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
27 3 Sustainable Financial Performance Deliver a structural 1billion Free Cash Flow from m 599m 1,000m target 2020 ROCE: 15% 10.5% 10.9% 12.8% 15% 5.4% 9% value creation threshold target 27 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
28 4 Commitment to the Well-being and Development of our Employees 75% Managers: coming from within the company Total Case Incidence Rate (TCIR) Women managers: from 18% to TARGET 30% Achieve and maintain an 85% 2012 Employee Engagement Rate at Group level 28 Kepler Cheuvreux 2013 Autumn Conference September 18, < 2020
29 5 Live in Harmony with our Communities 30,000 working days per year donated by Michelin employees to support communities > 2,000 jobs created annually with Michelin involvement to support local businesses 100% of Michelin sites deploy a community involvement program 29 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
30 6 Advocacy: Fostering Better Life through Sustainable Mobility Cement kiln Synthetic sport grounds Re-use in new tires 2014 edition in China Promote mobility solutions Action for road safety 30 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013 Recycling tires
31 Caring about Giving People a Better Way Forward Because we believe mobility is essential for human development. WHY HOW WHAT We innovate passionately to make road mobility safer, more convenient and environmentally friendly. We meet our economic, social and environmental responsibilities through the Michelin Performance and Responsibility Approach. 31 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
32 Key Takeaways Sustainable Financial Performance Robust profitability Efficient competitiveness plan Capital programs being deployed on schedule A new commitment to improvement and growth 6 major ambitions for 2020 Including two financial performance targets: 1 billion structural free cash flow ROCE 15% ACTING FOR SUSTAINABLE MOBILITY AS A RESPONSIBLE COMPANY 32 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
33 September 18, AUTUMN CONFERENCE 2 APPENDICES 33 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
34 Mining Business: Favorable, Enduring Market Structure Customer demand focused on cost reduction and dumper uptime A wide base of profitable customers such as: No credible substitute product High degree of independence from suppliers: - proprietary processes - vertical integration in semi-finished products Multiple barriers to entry: - capital intensity, - no turnkey plant, - high technological content, - testing capabilities Long-term partnership relations with customers 34 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
35 Sales in Mature and New Markets As a % of net sales 67% 45% 55% 33% As a % of net sales in new markets As a % of net sales in mature markets 35 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
36 Passenger Car and Light Truck: Stronger Momentum Worldwide Passenger car & Light truck tire markets (in millions of tires) Mature markets New markets 1,100 1, * 1, * 1, , Michelin estimates * Of which 70% in new markets 36 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
37 Truck: Robust Growth across every Truck Tire Market Radial Truck Tire Markets (in millions of tires) Mature markets New markets * * Michelin estimates * Of which 70% in new markets 37 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
38 Car & Light truck Margins: Grow OE Profitability and Lift Mix through Product Innovation and 17 &+ Strategy Operating profit and margin (before non-recurring items) 12% 1, ,014 1,018 1, % 2015 op. margin target 10.3% 10% % % 9.3% 600 8% % H Operating profit (in m) Operating margin (as a % of net sales) 38 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
39 Truck Margins: Ready to Lift Margins thanks to Plant Efficiency, Product & Service Plan Operating profit and margin (before non-recurring items) 1, % 6.6% 6.5% 9% 2015 op. margin target 7% % 3.5% % % H Operating profit (in m) Operating margin (as a % of net sales) 39 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
40 Specialty Tires: Strong Margins at Targetted Levels Operating profit and margin (before non-recurring items) % 17.9% % % 26% 24% 23.3% 2015 op. margin target % % H Operating profit (in m) Operating margin (as a % of net sales) 40 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
41 Passenger Car and Light Truck: August Market Data in Line with July Passenger car and Light truck tire market data 41 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
42 Truck: August Market Data in Line with July Truck tire market data 42 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
43 Contacts Investor Relations Valérie Magloire Matthieu Dewavrin +33 (0) , cours de l île Seguin Boulogne-Billancourt - France investor-relations@fr.michelin.com 43 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
44 Disclaimer "This presentation is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documentation published in France by Autorité des marchés financiers available from the website. This presentation may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions at the time of the publication of this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or induced by these statements." 44 Kepler Cheuvreux 2013 Autumn Conference September 18, 2013
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