Currency Values Affect Michelin Sales
Michelin has released its 4Q and full year results for 2002. 4Q sales fell 2.8 per cent to 3.959 bn Euros, while full year sales were down 0.8 per cent to 15.645 bn Euros. Although volumes increased for both 4Q and FY2002, currency fluctuations were responsible for the reduced revenue and, when the effect of these is excluded, sales would have increased by 3.9 per cent. Passenger car/light truck tyre sales accounted for 7.947 bn Euros, while truck tyre sales were 3.944 bn Euros.