Michelin Net Income Up 35% Year-On-Year to Euro 772 Million

2007 RESULTS: More Than Eur 430 Million Free Cash Flow, Sharply Up Versus 2006

02/15/2008 -- Michelin announces a significantly improved 2007 operating margin before non-recurring items, up 1.6 point at 9.8%. (1)

Highlights:
- Sustained sales volume growth: + 3.2%,
- Significant restructuring charges: EUR 326 million,
- Gearing down substantially: posting a 19-point improvement at 70%,
- A 10.3% dividend increase to EUR 1.60 per share will be recommended to the Annual Shareholders Meeting on May 16, 2008.

(1) 10.2% excluding EUR 74 million one-off expenses in connection with application of the new French Social Security Law (loi de financement de la Sécurité Sociale) 2008 relative to end-of-career compensation, voted in December 2007.

Source:Michelin

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