2017 was a good year for Michelin
The net income of Michelin Tyres has touched €1.7 billion and structural free cash flow exceeding €1.5 billion in 2017. In the first quarter of 2018, net sales grew by 1.4 percent. The group wants to increase operating income from recurring activities beyond the 2017 figure, and structural free cash flow of more than €1.1 billion.
Marc Henry, Chief Financial Officer and Member of the Executive Committee, noted that Michelin performed very well in 2017. He was speaking at the Annual Meeting of Michelin shareholders at Clermont-Ferrand under the chairmanship of Chief Executive Officer Jean-Dominique Senard.
The payment of the dividend of €3.55 per share, payable in cash as from May 24, 2018. The renewal of the authorisation to carry out a share buyback program at a maximum purchase price per share of €180 and the authorization to reduce the share capital by cancelling the shares purchased under the program were approved by shareholders.
With a view to improving and enhancing customer mobility, Jean-Dominique Senard said the importance of sustainable product performance, the Group’s leading position in connected tires, its strides in enhancing market access, the launch of fleet services and solutions and the development of gastronomy-focused travel experiences.
“The importance of high-tech materials as a growth driver, based on the group’s seasoned expertise in the physics and chemistry of reinforced polymers,” he said.