The 2017 Michelin brand strength and leading technology contributed to a 2.6% increase in net profit, a record high! This year's structural free cash flow was strong, reaching 1.5 billion euros. The recurring project operating profit was 2.742 billion euros, accounting for 12.5% ​​of net sales. At a constant exchange rate, it increased by 145 million euros year-on-year. The Group’s active strategy is expected to offset the impact of the increase in raw material costs of EUR 700 million, and ease the negative impact of this upward trend on other businesses. The market share of 18-inch and above tires continued to grow (Michelin branded product sales increased by 19%, exceeding the business growth rate by 13%), and its pricing strategy was consistent with brand influence. The gains from the competitiveness plan exceeded inflation by 36 million euros and reached expectations. The fierce market competition in Europe has brought pressure on the dealer business. Special Tyre Business: Operating profit of recurring items increased by more than 30%, and the growth momentum of various departments was strong. The dividend is 3.55 euros per share, which accounts for 36% of the consolidated net profit (unless recurring items). It is in line with the Group's promise to shareholders and will be submitted to the shareholders for deliberation at the annual meeting held on May 18, 2018. Jean-Dominique Senard, chief executive of the Michelin Group, said: “In 2017, Michelin's operations were in line with the Group's 2020 development plan. Michelin brand strength and leading technology contributed to a 2.6% increase in net profit, a record high, reaching 1.693 billion euros. This highlights the Group’s keen market insights in a complex business environment.Michelin will launch strategic mergers and acquisitions projects to seek common development and value creation.The new organizational structure management approach introduced in early 2018 will deepen employee participation and improve customers. The level of service will further enhance the Group's competitiveness. The Michelin Group will usher in a new era of 2018, continue to adhere to the development strategy in the areas of tires, services, experience and materials, and create greater glories." In 2018, it is expected that the market for passenger cars, light trucks and truck tires will continue to grow moderately, while the original tire market for mining, agricultural and construction machinery will increase substantially. Given the market conditions, it is expected that the cost of raw materials will increase by 50 million to 100 million euros, and effective price management is expected to have a positive effect to offset the impact of rising price mix and raw material costs. According to the January 2018 exchange rate, the monetary effect will reduce the recurring project operating profit by approximately 30 million euros within one year. In this market environment, Michelin's goal in 2018 is to achieve sales growth synchronized with global market trends, including recurring project operating profits that exceed the 2017 level (calculated at constant exchange rates), and structural free cash flow exceeding 1.1 billion euros. Chain Link Fence,Chain Link Fence For Farm Fence,Plastic Coated Chain Link Fence,Chain Link Fencing Galvanized HEBEI CONQUER HARDWARE WIRE MESH CO.,LTD , https://www.anjiahardware.com
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Michelin Group's 2017 Annual Financial Report