ERJ staff report (DS)
Paris - Michelin sold 6.7 percent more tyres in 2011, but saw full-year revenues up by 39 percent on higher selling prices. The company expects global sales volumes to be more or less constant in 2012, due to declines in developed markets which will be compensated by growth in developing markets.
In addition, the company has said Jean-Dominique Senard, who was elected Non-General Managing Partner in May 2007 and Managing General Partner last May, will succeed Mr. Rollier as the Group's Chairman as from May 11, 2012.
Net sales reached euro 20,719 million, up from euro 17.9 billion a year ago. Operating profit hit 1.945 billion (2010: 1.695 billion); net income also increased, to 1.462 billion from 1.049 billion in 2010.
Capital expenditure in 2011 increased to 1.711 billion (2010: 1.100 billion. The employee count also increased, to 115,000 (2010: 111,100).
The company said, â€œIn 2011, worldwide demand for tyres generally remained strong in every region. After rising sharply in the first quarter, growth slowed to a pace more in line with long-term trends, with demand for truck tyres turning downwards during the summer in a less favorable economic environment. Throughout the year, the market saw ongoing price increases by all tyre manufacturers to offset sharply rising raw material costs.
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Press release from Michelin (Rollier retirement)
Press release from Michelin (Annual results)