www.michelin.com
OUR STRATEGIC
VISION IS
INSPIRED BY
SUSTAINABLE
MOBILITY
2018 Annual and Sustainable
Development Report
THE JOURNEY TO
SUSTAINABLE
PERFORMANCE
In recent years, the Michelin Group’s
operating environment has been
shifting constantly, as new competition
disrupts our markets, new needs
emerge from our customers, new
technologies reshape our industry,
the digital paradigm profoundly
transforms our organization and the
expectations of our stakeholders,
and new geopolitical realities call old
certainties into question. All of these
changes represent exciting challenges
for the Group.
To meet them, Michelin is leveraging
a number of proven strengths: an
assertive corporate mission widely
embraced across the enterprise, an
ambitious strategy focused on the long
term, a global brand that serves as a
foundation of trust and value, and
engaged employees who have always
been able to foresee and respond
to the emerging aspirations of our
customers and stakeholders.
A shared vision
Underpinning the strength of the Michelin Group is the
seamless alignment between its corporate purpose,
its strategic vision and its commitments, as it offers everyone
a better way forward and improves the mobility
of its customers.
By building on these fundamentals, the Group considerably
stepped up its transformation over the past year, in particular
by deploying a new organization designed to embed
customers and employee empowerment into every aspect
of the business. Among the many valuable lessons learned
from the new operating procedures has been the need to
adjust the Group’s executive bodies, so as to make decision-
making processes clearer, faster and more closely aligned
with critical corporate and market issues. Changes in the
Group Executive Committee take effect on March 28, 2019
and a Group Management Committee has been created.
Responsible
governance
At Michelin, corporate
governance is a solid process
focused on long-term
responsibility, with a clear
segregation of management
and supervisory powers.
Robust results
Across the Michelin community,
employees all share the Group’s
commitment to simultaneously
improving its financial, environmental
and social responsibility performance.
diversified
operations
Michelin delivers superior quality
tires, high-tech materials, solutions
and services for everything that rides,
travels or is carried on every continent
around the world. The segment and
geographic diversity of its markets is
fostering its long-term growth.
A sustainable
mobility enabler
Michelin is helping to make mobility
safer, more affordable, more efficient
and more environmentally friendly by
organizing cooperation among the
various stakeholders in the sustainable
mobility ecosystem.
Michelin 2018 annual report
Differing perspectives
Jean-Dominique Senard,
Managing Chairman
Florent Menegaux
Managing General Partner
Yves Chapot,
General Manager
A SHARED
VISION
1 What can you tell us
about Michelin in 2018?
Jean-Dominique Senard: 2018 was a successful year. The commitment
of our teams enabled us to deliver a robust performance, in line with our
2020 objectives. In a challenging environment shaped by the decline in
the Chinese market, lower demand for original equipment Passenger
car tires in Europe and sharp declines in emerging market currencies,
we delivered growth in our sales volumes. We defended our operating margin
well and generated higher structural free cash flow. We also completed the
strategic acquisitions of Camso and Fenner, which together represent additional
full-year sales of around €1.7 billion. With them, Michelin has stepped up its
expansion in new markets, become the global market leader in off-the-road
mobility and opened up promising new prospects in high-tech materials.
Yves Chapot: Market access for our products
is a priority. To broaden and build on it, we
entered into three partnerships during the year,
including a major alliance in North America,
where we partnered with Sumitomo to create
the region’s largest tire wholesaler, TBC. In
addition, we joined forces with the auto service
center chain Mobivia-A.T.U. in Europe and with
the distributor CFAO in Africa.
Florent Menegaux: Our global footprint was strengthened during the year.
We commissioned a premium car tire plant in Mexico and a synthetic rubber
plant in Indonesia, in partnership with Petrokimia Butadiene Indonesia. With the
Indonesian plant and the rubber compound unit we already operate in Thailand,
we can now meet the strong demand for low rolling resistance tires in Asia.
Michelin 2018 annual report
“With Michelin’s
governance,
we’ve been
preparing all year
long for
the changeover
in Group
leadership, for a
smooth, efficient
transition.”
Jean-Dominique Senard,
Managing Chairman
2 Are you going to pursue your strategy
of partnerships and acquisitions?
J-D. S.: Michelin’s strategy is informed by its purpose of “offering everyone a
better way forward.” We want to be a global leader in sustainable mobility
and a company demonstrating sustainability in every aspect of its business,
including financial performance, the environment, employee relations and social
responsibility. Our acquisitions are expected to support this vision, and 2018 was
an important year for completing a series of transactions that are moving us in
the right direction. In 2019, the priority will be successfully integrating the newly
acquired businesses into the Group and closing the acquisition of Indonesian tire
manufacturer Multistrada.
In fact, we began 2019 by taking up an 88% stake in Multistrada, which has net
sales of around €270 million. The same transaction involved the purchase of a
20% stake in wholesaler PT Penta. Together, this has stepped up our expansion
in the most populous country in Southeast Asia, which is a fast-growing market,
and given us efficient, competitive production capacity in the region without
having to build any new facilities.
F. M.: These alliances are helping to strengthen
the Michelin Group in its four core businesses:
high quality tires adapted to our customers’
that make
needs; services and solutions
vehicle fleets more efficient and productive;
experiences,
information and services that
make mobility easier and more pleasant for
that
consumers; and high-tech materials
underpin the performance of our tires over time
and that we can market in other industries. Our
partnerships and acquisitions are helping to
enhance our products and services, accelerate
their digitalization, and expand our innovation
capabilities. We have
than
300 research and development partnerships. We
support startups by helping them to optimize
and process engineer their innovations that will
make the world more sustainable.
formed more
“I fully embrace
Michelin’s
humanistic vision
of enhancing
mobility, using
technology to
improve people’s
well-being and
innovating to
open new ways
forward.”
Florent Menegaux
Managing General
Partner
3 Looking forward, what
are the main challenges
facing Michelin?
J-D. S.: Digitalization is transforming the way we work, the way we
innovate and the way we collaborate. It’s enabling us to manage the
enterprise in a flatter, more efficient way, while nurturing deeper, richer
relationships with our customers. In 2018, we introduced a simpler,
more agile organization that is also more customer focused. Our new
management model empowers our teams, frees up our collective
intelligence, fosters a more open, inquisitive mindset and encourages
everyone to take charge of their own growth. We’re going to continue
building on this.
F. M.: Society is changing, and companies are confronting new
challenges. When it comes to social and environmental issues, companies
are expected to get involved and come up with solutions. Our own
engagement is reflected in our commitment to making tires that deliver
the same high performance throughout
their useful lives and in our initiatives to
support sustainable urban mobility, the
circular economy, carbon taxation and
apprenticeship programs.
“In areas like
training, the
social safety net,
the environment
and climate
change,
companies have
to take the
lead in offering
solutions.
We’re doing
our part.”
Yves Chapot,
General Manager
also
ranked
Y. C.: In 2018, Michelin topped the
list of America’s Best Large Employers1
among world
and
companies with the best reputation.2
We have to live up to this recognition.
We have to continue to improve the
way we fulfill all our responsibilities,
digital
that
demonstrating
revolution currently underway across
the manufacturing industry can be an
opportunity for everyone.
the
Y. C.: We also want our end-users to enjoy a quality of service that reflects
the quality of our tires. That’s why we’re investing in dealerships and
forging partnerships with franchised or independent wholesalers, specialty
chains and retailers. In particular, we provide them with turnkey services,
training and solutions so that they can take advantage of the growth in online sales.
1 Forbes, America’s Best Large Employers 2018.
2 Reputation Institute, Global RepTrak® 2019:
Michelin ranked eighth in the 15 countries surveyed worldwide
and number one in France
Michelin 2018 annual report
BUSINESS MODEL AND
CORPORATE GOVERNANCE
A BUSINESS MODEL
THAT CREATES VALUE FOR EVERYONE
OUR PURPOSE:
OFFERING EVERYONE A BETTER WAY FORWARD
OUR SUSTAINABLE GROWTH STRATEGY:
SUSTAINABLY IMPROVING CUSTOMER MOBILITY BY OFFERING:
Tires
seamlessly
aligned with
customer needs
Services and
solutions
that make
mobility more
efficient
Digital
services, maps
and guides
for an outstanding
customer
experience
Our expertise
in high-tech
materials
to innovate
sustainably
TO MAKE SUSTAINABLE MOBILITY:
Safe
Affordable
Effective/Efficient
Clean
A CUSTOMER-CENTRIC ORGANIZATION
14 global Business Lines that design
solutions to meet the needs of
customers with similar expectations
10 Regions responsible for increasing
sales and managing customer
relationships
8 Operating Units whose capabilities
and expertise support the Regions and
Business Lines in their commitment to
superior customer service
1 lean Corporate Unit
with departments focused on
their strategic missions to serve
our customers
Michelin 2018 annual report
THE GROUP EXECUTIVE COMMITTEE
as of March 28, 2019
Michelin is led by Jean-Dominique Senard, Managing Chairman and Managing General Partner,
assisted by a 10-member Executive Committee.
1
2
3
4
5
6
7
8
9
10
11
1. JEAN-DOMINIQUE SENARD
Managing General Partner and Managing
Chairman until May 17, 2019
2. FLORENT MENEGAUX
Managing General Partner and Managing
Chairman effective May 17, 2019
3. YVES CHAPOT
General Manager and Chief Administrative
and Financial Officer effective July 31, 2019
4. SONIA ARTINAN-FREDOU
Services & Solutions, High-Tech Materials
5. LAURENT BOURRUT
Road Transportation, Distribution,
Europe Regions
6. ADELINE CHALLON-KEMOUN
Brands, Sustainable Development,
Communication and Public Affairs
7. SCOTT CLARK
Automotive, Motorsport, Mobility
Experiences, North, Central and South
America Regions
8. JEAN-CHRISTOPHE GUÉRIN
Manufacturing
9. SERGE LAFON
Specialties, Africa/India/Middle East,
China, East Asia & Australia Regions
10.JEAN-CLAUDE PATS
Personnel
11. ÉRIC VINESSE
Research and Development.
the supervisory board
The Supervisory Board exercises permanent oversight of Michelin’s management
and assesses its quality on behalf of the shareholders.
1.OLIVIER BAZIL
Independent member
Chairman of the Audit Committee
2.JEAN-PIERRE DUPRIEU
Independent member
Member of the Audit Committee
3.ANNE-SOPHIE DE LA BIGNE
Independent member
Member of the Audit Committee
Member of the Compensation and
Appointments Committee
4.CYRILLE POUGHON
Non-independent member (non-executive)
Member of the Audit Committee
5.BARBARA DALIBARD
Senior independent member
Chair of the Compensation and
Appointments Committee
6.MICHEL ROLLIER
Non-independent member (non-executive)
Chairman of the Supervisory Board
Member of the Compensation and
Appointments Committee
7.ARUNA JAYANTHI
Independent member
Member of the Compensation and
Appointments Committee
8.MONIQUE LEROUX
Independent member
Member of the Audit Committee
9.THIERRY LE HENAFF
Independent member
Michelin 2018 annual report
2018: ROBUST RESULTS
FINANCIAL HIGHLIGHTS
ENVIRONMENTAL
INDICATORS
SALES
in € millions
ENERGY CONSUMPTION
in Gj per tonne of finished product
1 Gj = 277.5 kWh
19,553
21,199
20,907
21,960
22,028
13.3
13.1
12.5
12.1
12.0
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
OPERATING INCOME1
in € millions
OPERATING MARGIN 1
as a % of net sales
CO2 EMISSIONS
in tonnes per tonne of finished product
2,170
2,577
2,692
2,742
2,775
1.16
1.09
0.99
0.89
0.88
11.1% 12.2% 12.9% 12.5% 12.6%
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
1. For the reporting segments.
NET INCOME
in € millions
WATER CONSUMPTION
in cu.m per tonne of finished product
1,031
1,163
1,667
1,693
1,660
11.2
10.5
9.3
8.6
8.1
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
Michelin 2018 annual report
2018: ROBUST RESULTS
SOCIAL RESPONSIBILITY
OUTCOMES
EMPLOYEE
INDICATORS
CSR ASSESSMENTS OF KEY SUPPLIERS
78% are confirmed in compliance with Group’s CSR standards
117,400 EMPLOYEES
263
419
547
654
66%
74%
77%
78%
2015
2016
2017
2018
PAID WORKING DAYS DEVOTED
BY MICHELIN EMPLOYEES
TO LOCAL COMMUNITY OUTREACH
23,942
31,612
in 2014
in 2016
27,733
33,800
in 2015
in 2017
34,800
in 2018
LOCAL JOBS CREATED WITH THE HELP
OF MICHELIN DEVELOPMENT 2
1,988
1,665
1,695
1,918
1,822
61.7%
29.3%
9.0%
Production
operators
Administrative
employees, technicians
and supervisors
Managers
WORKPLACE SAFETY TCIR3
2.8
2.7
2.5
2.1
1.9
2014
2015
2016
2017
2018
3. Total Case Incident Rate: the number of incidents recorded
per 200,000 hours worked.
97%
of employees trained in 2018
76%
of managers promoted
from within
2014
2015
2016
2017
2018
2. Since 1990, Michelin Development has helped to create more than 36,000 jobs in
the Group’s local labor markets in France, Spain, Italy, the United Kingdom, Canada
and the United States.
Michelin 2018 annual report
80%
of employees feel engaged
diversified operations*
AUTOMOTIVE AND
RELATED DISTRIBUTION
ROAD TRANSPORTATION
& RELATED DISTRIBUTION
2018 UNIT SALES
27 % original equipment
73% replacement
68% mature markets
32% growth markets
€M
Net sales
Operating income1
Operating margin1
2018
11,340
1,314
11.6%
2019 % change**
11,953
1,465
12.3%
- 5.1%
- 10.3%
- 0.7 pt
1. For the reporting segments.
** Reflecting the deconsolidation of TCi in North America.
2018 UNIT SALES
28 % original equipment
72% replacement
63% mature markets
37 % growth markets
€M
Net sales
Operating income1
Operating margin1
1. For the reporting segments.
2018
5,852
513
8.8%
2019 % change**
5,946
483
8.1%
- 1.6%
+ 6.0%
+ 0.6 pt
CHANGE IN THE GLOBAL MARKET
compared with 2017
CHANGE IN THE GLOBAL MARKET
compared with 2017
ORIGINAL EQUIPMENT
REPLACEMENT
ORIGINAL EQUIPMENT
REPLACEMENT
Europe, Russia, CIS
North America
Central America
South America
Asia, excluding India
Africa, India, Middle East
Total
- 2%
-1%
+ 1%
+ 3%
- 4%
+ 4%
- 2%
+ 2%
+ 3%
+ 4%
- 8%
- 2%
+ 0%
+ 1%
Europe, Russia, CIS
North America
Central America
South America
Asia, excluding India
Africa, India, Middle East
Total
+ 3%
+ 19%
- 8%
+ 54%
- 6%
+ 10%
+ 1%
+ 0%
+ 7%
+ 4%
+ 2%
- 5%
- 1%
- 2%
2018 CONTRIBUTION
51%
47%
2018 CONTRIBUTION
27%
18%
of consolidated sales
of operating income1
of consolidated sales
of operating income1
MORE THAN
16.5
MILLION
MICHELIN LIFESTYLE-
LICENSED PRODUCTS
SOLD IN 2018
31 FACILITIES
IN16 COUNTRIES
THE EUROPEAN
LEADER
IN MAPS, GUIDES,
DIGITAL TRAVEL-
SUPPORT SERVICES
AND RESTAURANT
BOOKINGS
THE WORLD
LEADER
IN ENERGY-EFFICIENT
TIRES
THE WORLD
LEADER
IN ENERGY-EFFICIENT
RADIAL TIRES
21 FACILITIES
IN14 COUNTRIES
Michelin 2018 annual report
diversified operations*
SPECIALTY BUSINESSES
AND RELATED DISTRIBUTION
2018 UNIT SALES
48 % mature markets
€M
Net sales
Operating income2
Operating margin2
52% growth markets
2018
4,836
948
19.6%
2017 % change3
4 061
794
19.6%
+ 19.1%
+ 19.4%
+ 0.0 pt
2018 CONTRIBUTION
22%
34%
of consolidated sales
of operating income2
2. For the reporting segments. 3. Including the impact
of the Fenner acquisition.
THE EUROPEAN
LEADER
IN MOTORCYCLE
AND SCOOTER TIRES
THE WORLD
LEADER
IN RADIAL EARTHMOVER,
AGRICULTURAL
AND AIRCRAFT TIRES
AND OFF-THE-ROAD
SOLUTIONS
14 FACILITIES
IN7 COUNTRIES
*As part of the new organization introduced in 2018, the Group’s reporting
segments have been adjusted as follows:
- Replacement Light truck tires are now part of the Road transportation segment.
- Construction Truck tires are now included in the Specialty business segment, which also
covers mining, earthmover, agricultural, two-wheel and aircraft tires, plus high-tech materials.
- The maps, guides, digital travel-support services, restaurant booking services
and Michelin Lifestyle product licensing businesses have been transferred to the
Automotive division.
Michelin 2018 annual report
THE GLOBAL
SUSTAINABLE
MOBILITY
ENABLER
$7.232bn
The value of the MICHELIN brand in 2019,
according to Brand Finance
2019 Brand Value Results Overview
Ranked
the top
French company
Brand
8th
overall among the world’s
100 most reputable companies
in the Global RepTrak 2019 survey
Michelin Man,
named “Icon of the Millennium”
Advertising Week, 2018
An unrivaled
brand portfolio
*
people in 171 countries
117,400
54
+ 5,000
production facilities4
dealerships, distribution
hubs and service centers
The world’s
leading
source of innovation in
support of sustainable
mobility
6,000
researchers and technicians
€648m
invested in R&D in 2018
A GLOBAL
FOOTPRINT
NET SALES BY
REGION
39%
Europe5
36%
North America6
25%
Other regions
4. Tire plants only (except Camso).
5. Including Russia & CIS.
6. Including Mexico.
* Except in Europe (including the countries
in the former Soviet Union) and in Africa
and the Middle East.
The 2018 Movin’On
Summit brought
together more than
4,000 participants from
67 countries.
The next event will be
held June 4-6, 2019 in
Montreal.
70 speakers, 248 experts in
45 working sessions.
This is Jean-Dominique Senard,
Chief Executive Officer of
the Michelin Group.
Enabling tomorrow’s mobility
WORKING TOGETHER
TO IMPROVE
SUSTAINABLE
MOBILITY
In 2017, the Movin’On by
Michelin global summit
followed on from the
Michelin Challenge
Bibendum, twenty years
after its creation. The new event brings
together every mobility ecosystem in a
collaborative commitment to transforming
ambition into action and making mobility
more innovative and sustainable.
T ransportation accounts for nearly a quarter of all emissions from
the burning of fossil fuels, making it the third leading source of
greenhouse gas emissions. As a truly global sustainable mobility
summit, Movin’On brings together for three days every year some 4,000
decision-makers and influencers, manufacturers, experts, academics,
startuppers, politicians, journalists, transportation authorities and NGOs
to debate and enable the future of
sustainable mobility.
Building on the success of the first
event
in 2017, Movin’On 2018
focused on transforming ideas into
solutions and creating actionable tools
to make intelligent, sustainable and
multimodal global mobility a reality.
Among the second summit’s inno-
vations were unique trials that ins-
pired participants to think outside
the box, a village of 40 startups
selected through a global contest
and a toolbox to help decarbonize
transportation systems. Developed
by
ITF, WBCSD, WWF
and PPMC and tested by summit
the collaborative
tools are available on
participants,
movinonconf.com platform created to engage everyone in sharing
knowledge and taking action.
“The ecosystem
approach enables
us to innovate
more efficiently
by improving
everyone’s
understanding
of sustainable
mobility issues
and their possible
solutions”
Alexis Offergeld,
Director of Movin’On LAB
IDDRI,
these
Enabling tomorrow’s mobility
In addition to these collaborative tools, the Movin’On spirit also lives on
throughout the year in the Movin’On LAB, a “think and action tank”
created by Michelin that comprises nearly 300 leading manufacturing
and consulting companies, innovators, researchers and public and private
organizations. Together, they form the world’s leading innovation-driven
sustainable mobility network.
As an integral part of the Movin’On Summit, Movin’On LAB provides an
on-going, year-round forum where members can share their expertise
and opinions concerning various aspects of the mobility of tomorrow, as
part of issue-specific communities.
Published in 2018, the first position paper from one of the communities,
Speeding Up to <2°C, expresses a vision shared by nearly twenty leading
mobility stakeholders. It identifies the most promising short-term
solutions to help keep the average rise in global temperatures below 2°C.
Compared to a business-as-usual scenario, deployment of the highlighted
solutions would reduce CO2 emissions from transportation by 5% to
12% in 2030. This represents 15% to 40% of the effort required by the
transportation industry according to the “beyond 2°C” scenario.
80%
Michelin’s vision for the next thirty years
is that its tires will incorporate up to 80%
sustainable materials and that every effort
will be made, across every stakeholder
industry, to ensure that 100% of end-of
life tires are recycled or reused as fuel.
MICHELIN, A TRUSTED THIRD PARTY
IN SUSTAINABLE MOBILITY
As a driving force in sustainable mobility, Michelin is taking the lead
in bringing together a growing number of partners. One example is
the Paris Process on Mobility and Climate (PPMC), which produced a
roadmap for the decarbonization of transportation by 2050. Today, it
is focusing on three core challenges: improving air quality, combatting
global warming and supporting the energy transition.
The PPMC is also promoting practical clean mobility solutions, such
as the hydrogen-powered electric mobility systems that Michelin is
supporting, both directly and by helping hydrogen energy startups bring
their innovations to the production stage.
Michelin 2018 annual report
600 tests of next generation
sustainable mobility vehicles and
technologies.
40 startups invited
to present their innovations
PPMC is also the impetus behind
the Global Macro-Roadmap (GMR)
presented at COP 23 and designed
to guide effective implementation of
the Paris Agreement by the mobility
sector.
OFFERING EVERYONE A BETTER
WAY FORWARD: THE CORPORATE
PURPOSE OF A WORLD LEADER
IN SUSTAINABLE MOBILITY
FOUR AREAS OF GROWTH
Michelin is driving growth in four areas
that will help to make mobility safer, more
affordable, more efficient, cleaner and more
comfortable.
TIRES
SERVICES &
SOLUTIONS
MOBILITY
EXPERIENCES
HIGH-TECH
MATERIALS
A pioneer in connected
tires, the Group offers
professionals services and
solutions that improve the
performance, safety and
environmental footprint of
their business operations.
The technology leader
in tires for every form
of mobility, Michelin
designs, manufactures and
distributes tires seamlessly
aligned with the needs
and usage patterns of
every customer, with
the goal of delivering
consistent performance
over time.
Michelin markets maps,
guides, digital services and
exclusive solutions that
make mobility easier and
enable customers to enjoy
unforgettable experiences
while on the road.
Another area with
high-growth potential is
Michelin’s widely recognized
expertise in materials
chemistry and physics,
which it is expanding
through acquisitions and
actively marketing to other
industries.
Michelin is broadening its business base and
transforming itself to meet the emerging
expectations of its customers.
CLOSER TO THE CUSTOMER
Michelin’s transformation is being supported by the new
organization introduced in 2018 to drive faster growth, by simplifying
our operations and making them more flexible and more agile.
The global Business Lines design solutions in response to the expectations
of different customer groups, such as driving enthusiasts, long-haul
truckers or mining companies. Customer relationships are now managed
by the Regions, whose contours have been redefined to reflect local
cultural affinities. The Operating Units
provide their expertise and support. The
Corporate Unit has been streamlined,
with a leaner management structure
and corporate departments refocused
on their strategic missions.
MORE ENGAGED
Simplification also involves increasing
employee empowerment, with
decisions made as close to operations
and customers as possible and initiative
and dialogue actively encouraged.
This trust-based relationship fosters engagement and drives faster
transformation by motivating everyone to contribute to the process.
At the same time, the Group is giving all employees opportunities to
grow and encouraging everyone to play a leading role in managing
their careers. Deployed in 2018, the InTouch digital platform enables
every employee, at any time and on any screen, to assess their skills,
choose a training program, view in-house job openings and submit
transfer requests.
“It is by
undertaking
an in-depth
transformation
that Michelin will
remain truest to
its founding spirit,
its values and its
future destiny.”
Jean-Dominique Senard,
Managing Chairman
Human Life 4.0
The Group is stepping up its digitalization with the
deployment of new solutions for its customers, suppliers and employees.
Our Factory of the Future and FactoLab programs are preparing new
Human-Machine cooperation systems that will improve working
conditions and encourage every employee to be more creative.
Digital manufacturing technology and empowerment are putting data to
work for the men and women on the shopfloor, giving them more autonomy,
increasing efficiency, quickening response times and reducing their unit’s
environmental footprint. Demonstration trials conducted in 2018 have paved
the way to roll-out in 70 Group plants in 2019. FactoLab, a public-private
laboratory, is committed to improving working conditions, for example, with
collaborative robots that can eliminate the most strenuous manual tasks.
After being deployed worldwide in
2018, Engage, our new customer
relationship management
system,
is now being used by nearly 4,000
marketing, sales and customer service
employees and by 100,000 customers
and dealers. It is bringing us closer
to our end-users and helping us to
understand them better.
The next step will be to integrate
artificial intelligence to improve tire
management over time, for example,
by using image analysis to warn
customers when a tire change is
absolutely necessary.
MORE OPEN
Mobility, especially in its sus-
tainable forms, is now being
facilitated by a growing num-
ber of operators. Addressing the
related issues requires a new, multi-dis-
ciplinary approach, bringing togeth-
er public authorities, private sector
stakeholders and NGOs. Already the
world leader in advanced tire research
and development, we are expanding
our ecosystem with a forward-facing
open innovation strategy, involving
more than 300 research partnerships,
an Incubator Program Office (IPO), a
venture capital fund, joint ventures and
co-developments. We also play a recog-
nized role as a trusted partner in bringing
together sustainable mobility stakehold-
ers to pursue shared initiatives.
in the Group’s
Deeply embedded
DNA is the belief that innovation and
progress must serve people and society
for the better. Michelin is committed
to demonstrating that the Fourth
Industrial Revolution is an opportunity
for everyone.
“Our sales,
marketing and
customer service
teams are working
together in real
time on the same
platform with a
view to improving
the customer
experience. Our
systems are now
totally customer-
centric. A pool
of experts has
been formed
to continuously
enhance that
experience
by leveraging
the latest
technological
innovations,
like artificial
intelligence.”
Sophie Foucque,
Chief Digital Officer, B to B,
Engage Project Manager
“Human Life 4.0,
our digitalization
strategy, sends a
strong message
that at Michelin,
the future will
be digital and
people-focused.”
Florent Menegaux,
Managing General Partner
Michelin 2018 annual report
Four areas of growth
TIRES
The new MICHELIN
Alpin 6 winter tire offers
motorists excellent traction,
acceleration and grip on
snowy roads.
Both directly and through its dealership
networks, Michelin is dedicated to designing
and delivering tires that meet every user
expectation. Our goals are to increase net
sales in the tire business by 20% by 20201
and to reduce the amount of energy used
by a tire per kilometer by 20% by 20302
(compared with 2010).
Based on a thorough, un-
rivaled understanding of
our customers’ needs and
requirements, as well as how
and why they use their vehicles,
we design tires that deliver
game-changing
performance,
endurance and safety.
“With Camso,
Michelin has
become the
world leader
in off-the-road
mobility solutions.
Cooperation
between our
researchers is
going to boost our
innovation capacity
in tracks and
airless tires.”
Thomas Boettcher,
Director, OTR
Tire Business Line
In the original equipment market,
Michelin equips everything on wheels,
with forefront positions in every mar-
ket, including cars, vans, trucks, farm
equipment, earthmovers and handling
equipment, two-wheel vehicles and air-
craft. We use our tire and suspension
system expertise to assist automakers.
Wherever the automobile is heading – hybrid EVs powered by batteries,
hydrogen fuel cells or a combination of both, self-driving cars – tires
will play a major role in vehicle performance, particularly in terms of
fuel efficiency and range. As the world leader in energy-efficient tires,
Michelin has the technology to support these trends.
By combining the
MICHELIN 2CT and
2CT+ technologies with
the latest generation
rubber compounds and
a siped tread pattern,
the MICHELIN Road 5 tire
offers superior wet grip
without compromising
performance on dry roads.
Acorus, the patented new
flexible wheel technology,
delivers a more comfortable
ride and absorbs pothole and
curb impacts.
Michelin is partnering with
Camso, a technological leader
in tracks and track systems
for farm machinery, materials
handling and construction
equipment, and snowmobiles.
In the replacement market, which represents around 75% of all
tires sold worldwide, the Group markets a diverse range of products
suitable for every use. We are strengthening our presence in the
wholesale and retail segments through partnerships and franchises
to secure and broaden our market access. We are fostering synergies
between the online tire retailers and brick & mortar dealerships to offer
end-customers a high-quality fitting and service experience.
As the world’s leading premium tire brand for retail and
corporate customers, the MICHELIN brand accounts for nearly 80% of
consolidated sales volumes. With the start-up of a new plant in Mexico
in 2018 and the commissioning of new capacity elsewhere in the world,
our premium car tire production capacity has doubled over the past
six years. The Group addresses other market segments with an aligned
brand portfolio and tires that are competitively differentiated by quality.
In 2018, three major acquisitions strengthened our
positions in the specialty tire and dealership businesses.
The acquisition of Canada-based Camso has made Michelin
the world leader in the $13-billion market for off-the-road mobility
solutions. The technology leader in rubber tracks and solid tires, Camso
equips farm machinery, materials handling and construction equipment,
and snowmobiles. It generates $974 million in revenue, with 7,700
employees and 17 plants. Camso also has a competitive production
base in Vietnam and Sri Lanka, and a track record of robust growth
and firm margins. Its product portfolio fits closely with Michelin’s and
gives the new organization solid positions and excellent prospects in
the materials handling, farm machinery and construction equipment
markets.
In North America, Michelin and Sumitomo Corp. combined
their replacement tire distribution and related service operations into
a 50/50 joint venture called NTW, which is now the second-largest tire
wholesaler in the United States and Mexico. Customer benefits include
better availability of tire products at all price points thanks to faster
delivery to direct customers and a robust base to expand online sales
with in-store fitting for both individuals and corporate fleets.
In addition, two other partnerships were formed during the
year. In Europe, Michelin acquired a 20% stake in the chain of 600 A.T.U
auto service centers operated in Germany, Switzerland and Austria by
the Mobivia Group. Secondly, the acquisition of UK-based Fenner and
more specifically its Engineered Conveyor Solutions (ECS) division, one
of the world’s largest suppliers of heavy conveyor belts and conveyor
belt solutions, has strengthened the Group’s leadership in the mining
market. Michelin now offers mining customers a comprehensive range
of tires, conveyor belts and services.
1. Compared with 2015.
2. Compared with 2010.
2,520
sales outlets in North America
2,200
Euromaster centers in Europe
1,965
Tyreplus centers in the new markets
SUSTAINABLE MOBILITY DRIVEN
BY PERFORMANCE MADE TO LAST
Not all new tires are created equal, and worn tires
even less so. In fact, some tires that have worn down to the
legal minimum tread depth (1.6 mm in Europe) brake just as well
as certain new tires. But how can we know which ones? Tests
and labeling systems focus on new tires and many tiremakers
and influencers encourage users to change them too soon. In the
interest of our customers, as well as the environment, Michelin
makes tires that deliver the same safe, superior performance from
the first to the last kilometer. Using tires until they are worn down
to the minimum legal tread depth would avoid the unnecessary
replacement of 400 million tires a year, worldwide, the waste of the
corresponding production materials and the emission of 35 million
tonnes of CO2 (estimates based on European data). Plus, in Europe
alone, motorists would save a massive €6.9 billion. Michelin is
committed to planned longevity, because it supports mobility that is
efficient, environmentally sensitive, affordable and safe.
Michelin 2018 annual report
Michelin’s latest digital applications
are opening up new opportunities
for fleet operators and trucking
companies.
Four areas of growth
SERVICES
& SOLUTIONS
Digital technologies, geolocation and instant
communication are all revolutionizing the
transportation industry. As the leading
source of connected tires, Michelin offers
corporate customers all the benefits of its
data analysis expertise to simplify their
maintenance operations, improve their
safety performance, reduce their operating
costs and attenuate their environmental
impact. Our goal is to double revenue from
the sale of services and solutions by 20201.
M ichelin services are designed to enable customers
to get the most out of their tires, by increasing
tread life and improving fuel efficiency. This commitment can
be seen in the expanding deployment of service centers and authorized
networks, such as ExelAgri for farmers, mobile tire-fitting vans and on-site
maintenance services.
Maintaining the right pressure improves tire safety, lengthens tread-life, saves
fuel and lowers CO2 emissions. Retreading gives worn truck, agricultural,
earthmover and aircraft tires a new lease on life, without compromising
safety. A MICHELIN truck tire can be retreaded twice, thereby tripling its
useful life. In fact, with just one retreading, the extended tread life of a
MICHELIN tire can save 70% of the natural resources that would be used to
make a new Tier 3 tire.
Fleet operators conduct their business in an increasingly restrictive
environment, juggling demands such as on-time delivery, the safety and
security of people and goods, compliance with environmental standards,
managing maintenance and replacement purchases and continuously
improving efficiency and competitiveness.
The digital revolution is opening up opportunities for new gains. Thanks
to connected tires, on-board information systems, digital applications,
telematics and data analytics, we can identify the causes of fuel inefficiencies
or downtime and recommend solutions, from predictive maintenance to
eco-driving courses and route optimization. Today, the Group is actively
pursuing this path to the future with MICHELIN Services and Solutions,
Sascar in Brazil, Mexico and Argentina, and NexTraq in the United States.
Michelin 2018 annual report
In 2018, we acquired Truckfly, a free application designed to
make life easier for truck drivers. Truckfly offers truckers one of Europe’s
largest databases of roadside restaurants, rest areas, service stations, truck
parks and other points of interest (POIs). The database is constantly updated
by a community of 120,000 users.
“We want to
improve truckers’
lives on the road,
and the free Truckfly
application helps us
to do that. We’re
going to enhance its
features to make it
even better for the
user community.”
Xavier Gosselin, Service
Designer
Services & Solutions Europe
Our most recent digital solutions have garnered a number
of awards. At the Transport & Logistics Innovation Week (SITL) trade
show in Paris, MyBestRoute won the 2018 Technologies and Information
Systems Innovation Award. The
application enables truckers to
select the best route, in line with
the preferences of their fleet ma-
nagers and based on their truck’s
configuration and load.
Three digital applications earned
a 2018 Innovation Award from
France’s Road Safety Association:
MyInspection, which standardizes
vehicle
inspections, MyTraining,
which facilitates driver training,
and MyRoadChallenge, a serious
game that celebrates truckers’
skills by rewarding them for their
good driving practices.
Other digital solutions aimed at consumers are increasingly popular with
motorists, including MICHELIN Track Connect, the first connected coaching
application for sports car enthusiasts, and Driving Data to Intelligence (DDI),
a 100% connected start-up imagined by Michelin to act as a powerful
“digital seatbelt” that encourages motorists to demonstrate safer, more
environmentally friendly driving behavior.
Connected sustainable mobility, which requires the capture and analysis
of mobility data, is one of tomorrow’s major challenges and Michelin is
assertively developing new services and solutions to meet it.
1. Compared with 2015.
425
Services & Solutions experts
supporting our customers
853,000
vehicles covered by
a Michelin contract worldwide
120,000
drivers using Truckfly
MORE THAN
50
service solutions worldwide
SUSTAINABLE MOBILITY THROUGH THE
CIRCULAR ECONOMY
For years now, Michelin has been offering trucking,
airline and mining companies solutions whereby we
sell the use of our tires rather than their ownership,
i.e., we supply the tires, oversee their management and invoice
the customer based on distance covered, landings made or
weight carried. The Group handles every aspect of this process,
from tire selection and fitting to maintenance, support,
retreading and end-of-life recycling. Onboard tire pressure and
temperature monitoring systems help to optimize preventive
maintenance, avoid accidents and reduce downtime. Properly
maintained tires last longer and are more fuel efficient, which is
good for our customers and the environment.
Michelin is committed to the functional economy, because it
supports mobility that is safe, efficient, affordable and clean.
Michelin 2018 annual report
When rating a restaurant,
Michelin inspectors review
the total dining experience,
because it contributes
to the customer’s overall
impression.
Four areas of growth
MOBILITY
EXPERIENCES
Today’s connected, on-demand,
shared-use mobility offers a myriad
of opportunities for new experiences.
Michelin is capitalizing on its
expertise in maps and guides to
broaden their scope and leverage
their value in digital services. Its goal
is to become the go-to independent
selection of fine dining venues and
travel services, while tripling revenue
from these businesses by 20201.
W e are helping people to prepare and enjoy their
travel experience with maps, travel and fine dining
guides, traveler information websites, online booking
platforms and a suite of free applications available in 13 European
countries. The applications offer a choice of itineraries (shortest, fastest,
least expensive, most interesting), voice guided GPS navigation, and
weather, traffic, service station and car park information. They also
display speed warnings and hazard reports, updated in real-time by the
ViaMichelin user community. They include tourist site information from
the Green Guides and the MICHELIN Guide’s selection of restaurants
and hotels.
As the world leader in fine dining guides, the European leader
in online restaurant booking and a major publisher of travel guides,
Michelin offers high-quality selections based on applied criteria to
guide customers in making the right choice.
Gourmet dining opportunities are an increasingly important factor in
both business and leisure travel. The MICHELIN Guide, which covers
30 countries from China to Brazil, also helps to promote travel to cities
and countries around the world.
To advise foodies and enable them to enjoy an ever-expanding array
of constantly enhanced experiences, we are broadening our scope
of business by taking equity stakes in such partners as Le Fooding, a
website and guide publisher specialized in hot new restaurants, trendy
bars and take-away spots, and in Robert Parker Wine Advocate, the
world’s most widely read wine tasting and rating guide.
Michelin 2018 annual report
“Tablet is part
of this new
lifestyle that fully
corresponds to
the ethos of the
MICHELIN Guides.
We want to offer
our readers the
best, by revealing
places that offer
this extra touch
of soul.”
Pascal Couasnon,
Director, Mobility Experiences
and Michelin Motorsport
In 2018, Tablet joined the Michelin
Group. Dedicated to travelers looking
for an unforgettable, one-of-a kind
hotel experience, Tablet is a selection
and booking platform that currently
offers 3,500 hotels that stand out for
their quality and uniqueness. Like the
MICHELIN Guides, Tablet curates its
selection based on the actual guest
experience they deliver and on rigorously
collected information. In addition, the
Tablet Plus Club offers
its members
exclusive benefits, such as an upgrade to
a superior room category.
Today, half of Tablet’s customers are in
North America. The alliance will help it to
conquer a wider audience, while enabling
Michelin to enhance its travel portfolio,
thereby benefiting both its customers and
the MICHELIN brand.
1. Compared with 2015.
THE EUROPEAN
LEADER
in online reservation booking
3,065
starred restaurants are recommended
by the MICHELIN Guide in 30 countries
22,000
starred locations in more than
100 Michelin Travel destinations
SUSTAINABLE MOBILITY – ACTIVELY
ENGAGED IN ROAD SAFETY
In addition to the safety impact of its tires,
services and solutions, Michelin works to
improve road safety directly, through its
employees and its Corporate Foundation.
As an active member of the Global Road Safety Partnership,
the Youth for Road Safety association, the United Nations’
Decade of Action for Road Safety and the International
Automobile Federation’s FIA Action for Road Safety
campaign, we focus primarily on awareness and educational
initiatives for young people. Examples include the Road
Safety Academy in China, Beyond the Driving Test in the
United States, the Michelin Best Driver contest for students
in Brazil, the Safe Mobility program for schoolchildren
in Southeast Asia, and Youth Road Safety Ambassadors
in South Africa. In 2018, Michelin and Total launched a
joint road safety education program that aims to reach
100,000 young people over a three-year period.
Michelin is committed to innovating, engaging and taking
action to make mobility safer.
Tablet, an online hotel booking
platform, offers travelers
unforgettable, one-of-a kind
experiences in a selection of 3,500
hotels around the world.
Michelin 2018 annual report
Four areas of growth
HIGH-TECH
MATERIALS
Michelin has built up extraordinary
expertise in the design and
production of high-tech materials,
such as elastomers, engineered
fabrics, biomaterials, resins and
metal 3D printing. Already a core
factor in the performance of the
Group’s tires, this expertise will be
enhanced with targeted acquisitions
and actively marketed to other
industries.
O ne example is the metal additive manufacturing
technology used by Michelin to make the molds for its high-
performance tires. Created with Fives, a leader in high value-
added production lines, AddUp is leveraging this expertise to serve the
aerospace, automotive, energy and medical equipment markets, while
actively participating in the organization of the new industry. In 2018,
AddUp acquired two companies, Poly-Shape and BeAM, that offered a
strong fit with its existing business.
Another example is hydrogen-powered electric mobility
systems. Hydrogen fuel cells offer an alternative to battery-electric
powertrains as a way to lower CO2 and other harmful emissions
generated by the transportation industry. They are also compatible with
the wide variety of ways in which EVs are used. As part of its commitment
to zero emission mobility, Michelin has developed hydrogen fuel cells
capable of outputting 5kW to 100kW that can serve as a primary or
supplementary power source for all types of electric powertrains in
vans, trucks, trains and ships. The cells generate electricity inside the
vehicle from the chemical reaction between hydrogen (supplied from
an onboard tank) and oxygen (from the air), releasing only water as
a byproduct. Wholly-owned subsidiary Symbio, a pioneer in hydrogen
fuel-cell systems, is a core stakeholder in the Group’s memorandum
of understanding signed with Faurecia in March 2019, which aims to
create the leader in hydrogen mobility systems.
With Fenner’s AEP division, Michelin
has strengthened its expertise in
high-tech materials in new markets,
such as industrial and medical
equipment.
Michelin 2018 annual report
In 2018, two major investments
strengthened our positions in
high-tech materials.
“Innovation in high-
tech materials will
be key to creating
value in the coming
years. Fenner will
enable the Group to
accelerate its growth
in this market.”
Sonia Artinian-Fredou,
Executive Vice-President,
Services & Solutions and High-
Tech Materials Business Lines
We brought a synthetic rubber pro-
duction facility on-stream in Java,
investment of
representing
$435 million committed as part of
a 55/45 partnership with Petrokimia
Butadiene
Indonesia. Two similar
Michelin facilities are already up and
running in France and the United
States. The new capacity will enable us to meet strong demand for en-
ergy-efficient tires in Asia, as well as to serve other industries.
an
20 MILLION
equivalent passenger car tires have
not been landfilled over the past ten years,
thanks to Lehigh Technologies
2 MILLION
cars
AND
350,000
TRUCKS
the estimated number of fuel-cell vehicles on the road
by 2030 (according to a McKinsey study)
With the acquisition of Fenner, and particularly its Advanced
Engineering Products (AEP), division, we have brought in one of the
world’s leading producers of reinforced polymers for high value-added
niche applications, ranging from medical implants to belts, seals and
hoses for highly demanding industrial needs. With Fenner’s AEP division,
Michelin has strengthened its expertise in high-tech materials and its
ability to market these capabilities in new markets, such as industrial and
medical equipment.
SUSTAINABLE MOBILITY THROUGH
THE CIRCULAR ECONOMY
Michelin is firmly engaged in the circular
economy through its 4R strategy to Reduce,
Reuse, Recycle and Renew.
The focus is doing more with less. Reduce the amount of
resources needed to make a tire by practicing eco-design
and engineering tires that are lighter, more energy efficient
and longer lasting. Reuse tires by repairing, regrooving
or retreading them. Recycle scrap tires and recover their
resources with appropriate technologies (Lehigh). Renew
by using biobased materials. Industrial partnerships have
been formed to produce these materials, such as the bio-
butadiene made by the IFPEN/Axens venture. Michelin also
supports the responsible production of natural rubber, in
particular through a major project in Indonesia with Barito
Pacific Group and the support of the WWF, promoting
best practices across the industry. Michelin is committed to
the circular economy, because it supports mobility that is
efficient, safe, affordable and clean.
Michelin 2018 annual report
Most of Michelin’s key technologies
have been derived from innovations
in materials.
www.michelin.com
Turn over the map to learn about Michelin’s four areas of growth.
Michelin’s areas of grow th
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TABLE BOOKING SERVICE
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Regional Vitality Beach
S U S T A I N A B L E M O B I L I T Y O C E A N
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Cape of Unique Experiences
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AND TRAVEL APP
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HOTELS AND ROOM
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113
7
3
14
3
7
Eco-Design
Forest
11
14
11
6
11
114
45
115
2
6
112
28
3
4
105
11
82
45
9
105
6
1
3
4
Radial Source
10
4
5
4
2
3
8
117
32
16
7
118
6
7
10
5
12
7
119
6
6
8
132
4
14
30
136
9
Energy Savings
Highlands
9
8
3
5
4
4
11
6
133
4
7
3
10
9
14
20
8
117
17
7
112
8
7
6
8
117
8
112
6
5
39
32
6
3
8
3
5
MOTORSPORT
10
7
5
7
3
6
6
6
4
6
6
7
112
7
5
8
111
6
9
109
19
8
11
7
3
5
10
7
17
4
4
2
3
19
2
3
106
13
8
4
4
2
4
E-COMMERCE
11
9
4
s
e
R
1.5
206
3
11
25
3
1.5
8
12
12
7
3D
27
2
109
8
5
110
8
207
14
208
2A
6
7
210
5
4
43
4
15
12
7
9
8
4C
5
3
p p li e r s R i v e r
4B
11
A
4
29
205
5
4
217
7
6
211
6
211
7
4
9
32
4B
215
205
4
13
1
4
4C
4
2
2
A
4
217
4
7
204
u
p o n s i b l e S
7
5
3D
9
214
3D
201
4
8
10
2
201
3
220
Fe
212
9
5
7
9
3
9
211
7
213
210
5
4
211
5
A 3
201
Fe
12
205
11
4B
216
11
4C
A
4
1
4
7
6
A0
11
205
6
212
6
202
10
8
RECYCLING
5
3
2
219
10
7
5
202
200
126
200
A 3
13
11
D
3
6
11
7
N
N
1
0
14
N 7
17
e-Commerce
Bridge
C U L I N A R Y
H E R I T A G E B A Y
Service Center
Pond
4
2
N 1
3
D 7
5
8
7
D
8
7
12
8
N
1
8
37
2
N 1
9
8
D 67
4
5
7
D 8
8
D 8
6
9
D 6 7
4
4
3
D 8 8
9
9
N 1 3
7
11
4
6
N 12
5
D 74
8
4
8
5
N 1
8
7
D 7 4
7
5
7
D
7
5
N 1 3
6
2
4
4
29
6
5
D 75
4
2
SELECTED TOURIST
ATTRACTIONS
AND TOUR BOOKING
SERVICE
N 7
9
1.5
D 61
B
t
o
B
N 14
12
20
3
6
A 9
5
2
0
D 6
14
5
4
N 1
12
A9
12
7
D 8 4
6
D
6
3
5
4
N 10
1.5
D 6 0
18
25
D 6 2
11
N
2
0
7
4
4
R
i
v
e
4
r
N 17
3
3
13
3
5
6
4
6
D 62
D
8
4
3
4
D
8
5
N 1
7
9
6
D 70
3
0
N 2
5
6
4
5
5
4
17
6
10
2
N 1
6
D 67
D
2
8
N 13
7
35
8
10
5
CONNECTED MOBILITY
6
6
8
D
8
7
D
6
8
11
D
6
6
15
N 1 4
6
D
8
6
42
8
D
6
9
Mount
Big Data
4
D
6
8
5
12
8
N 1
16
12
13
6
4
N 1
7
6
0
D 8
12
4
D 7
15
5
D
7
4
11
N
1
8
13
7
N
1
9
5
12
6
D
8
1
5
D 8 9
6
14
9
D 8
N
1
3
18
30
11
D 75
3
N 46
15
3
DIGITAL
SERVICES
PLATFORM
3
3
3
5
N 1
2
2
20
10
N
1
5
3
3
5
D 75
9
D 8
10
D
8
9
8
6
7
D 7
8
N 14
12
27
D 78
15
D
7
7
19
D 8
9
D 7
7
6
D 75
9
D 7
9
3
D 80
4
D
7
9
N 15
5
12
5
SERVICES & SOLUTIONS
SERVICES & SOLUTIONS
7
5
5
4
4
5
6
D 66
8
3
D
6
3
6
5
N 17
3
3
D 66
4
7
D
7
1
7
9
46
6
13
D
6
4
D 83
14
7
N 1
6
N 1
7
7
N 1
6
8
TIRE AS
A SERVICE
13
D
6
3
6
5
7
D 70
3
9
8
8
N 1
D 82
11
3
D 74
D
8
6
8
8
N 1
16
D
7
0
13
D 7
2
14
N 15
1
D 7
3
3
3
9
N 1 6
4
N
1
7
5
5
N 1
5
12
D 74
11
3
7
14
D 7 2
12
7
12
N 15
N
1
9
9
7
11
8
D 74
67
N 15
16
D
9
6
3
4
D 7
6
6
N
1
9
4
13
3
D 7
FLEET MANAGEMENT
7
11
10
R E N E W A B L E
Fuel Savings Viaduct
R E S O U R C E S S E A
27
401
8
8A
402
10
14
5
A
404
7
4
405
HYDROGEN
ENGINE
2
9
2
6
410
9
422
403
7
A 5
4
406
8
409
9
9A
8
9
408
A
0
19
401
16
9
7
3 3
4
404
2
6
5
8A
3
8
6
7
421
420
8
4
422
3
4
5
7
4
420
6
10
4
417
11
417
7
416
10
22
e
r
u
Inlet
Joint Vent
38
5
915
3
9D
8
9
913
5
6
912
911
14
13
D 75
8
N
1
3
12
6
D 7
4
D
7
6
N 13
11
11
13
N
1
4
7
Cape of CO₂ Reductions
New Standards Lighthouse
7
12
914
12
9C
BIOSOURCED
MATERIALS
2018 ANNUAL
AND SUSTAINABLE
DEVELOPMENT REPORT
For more information,
please visit Michelin.com
or take a look at our 2018
Registration Document.
We hope you enjoy our brochure.
Have a pleasant journey!
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