Compagnie Generale des Etablissements Michelin SCA
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Compagnie Generale des Etablissements Michelin SCA
Compagnie Générale des Établissements Michelin SCA, commonly known as Michelin, has its roots deeply embedded in the history of innovation and industry. Founded in 1889 by the Michelin brothers, André and Édouard, in Clermont-Ferrand, France, the company navigated the industrial advancements of the 19th and 20th centuries to become a giant in the tire manufacturing world. Their journey is characterised by an unyielding focus on quality and innovation, with the iconic radial tire invention marking a pivotal technological advancement, revolutionizing the global tire industry in the late 1940s. Today, Michelin is not just a tire company; it represents a brand synonymous with mobility and safety, offering a diverse range of products from tires for private cars, trucks, and earthmovers, to specialty tires for space shuttles and aircraft.
The heartbeat of Michelin's business operation is innovation and efficiency, guided by a strategic focus on sustainable solutions. Michelin makes money by manufacturing and selling auto and truck tires in over 170 countries, effectively using its expansive distribution network. Additionally, it generates revenue through related services such as repair, maintenance, and the Michelin Travel Guide known for its prestigious restaurant and hotel star awards which indirectly strengthens its brand equity. At the core of its profitability lies the pursuit of technological advancements, environmentally-friendly products, and maintaining a competitive edge through continuous R&D investments. This balanced approach ensures Michelin sustains its market leadership while crafting roads to the future of transportation and mobility, underscoring a storied tradition of excellence and forward-thinking.
Compagnie Générale des Établissements Michelin SCA, commonly known as Michelin, has its roots deeply embedded in the history of innovation and industry. Founded in 1889 by the Michelin brothers, André and Édouard, in Clermont-Ferrand, France, the company navigated the industrial advancements of the 19th and 20th centuries to become a giant in the tire manufacturing world. Their journey is characterised by an unyielding focus on quality and innovation, with the iconic radial tire invention marking a pivotal technological advancement, revolutionizing the global tire industry in the late 1940s. Today, Michelin is not just a tire company; it represents a brand synonymous with mobility and safety, offering a diverse range of products from tires for private cars, trucks, and earthmovers, to specialty tires for space shuttles and aircraft.
The heartbeat of Michelin's business operation is innovation and efficiency, guided by a strategic focus on sustainable solutions. Michelin makes money by manufacturing and selling auto and truck tires in over 170 countries, effectively using its expansive distribution network. Additionally, it generates revenue through related services such as repair, maintenance, and the Michelin Travel Guide known for its prestigious restaurant and hotel star awards which indirectly strengthens its brand equity. At the core of its profitability lies the pursuit of technological advancements, environmentally-friendly products, and maintaining a competitive edge through continuous R&D investments. This balanced approach ensures Michelin sustains its market leadership while crafting roads to the future of transportation and mobility, underscoring a storied tradition of excellence and forward-thinking.
Operating Margin: Segment operating margin rose to 13.2% of sales in H1, up from 12.1% last year, reaching a record high.
Cash Flow: Strong free cash flow before acquisitions of EUR 669 million, driven by disciplined business management and strong EBITDA.
Sales: H1 sales reached EUR 13.5 billion, down 3.1% excluding currency effects, mainly due to lower volumes and negative price effects from contractual indexation.
Mix Improvement: Group mix improved by 1.9%, offsetting negative price impact from indexation clauses.
Guidance Maintained: Full-year guidance confirmed for segment operating income above EUR 3.5 billion and free cash flow before acquisition above EUR 1.5 billion.
Market Conditions: Tire markets were distorted by high inflows of budget imports, especially from Asia, affecting both OE and replacement channels.
Cost Tailwinds: Favorable raw material, energy, and logistics costs contributed positively; labor cost inflation remains a headwind.
Sustainability: CO2 emissions (Scope 1 & 2) reduced 7.2% YoY; SBTi validated emission targets as Paris Agreement-compatible.
