Rollier appointed chairman of Michelin’s Supervisory Board
At last Friday’s Michelin Annual Shareholders Meeting in Clermont-Ferrand, France, a dividend of €2.40 per share, with a reinvestment option, was approved. The dividend will be paid in cash or reinvested in shares on 24 June 2013.
The meeting, chaired by managing general partner and chief executive officer Jean-Dominique Senard, also saw the approval of several new Supervisory Board members following a decision to amend Michelin’s bylaws concerning member duration in order to stagger the terms. New Supervisory Board members include Anne-Sophie de La Bigne and Jean-Pierre Duprieu, whose three-year terms will expire at the Annual Shareholders Meeting called to approve the 2015 financial statements, and Olivier Bazil and Michel Rollier, who will serve for four-year terms until the Annual Shareholders Meeting called to approve the 2016 financial statements. The 17 May meeting also re-elected Barbara Dalibard and Louis Gallois for two-year terms. The Supervisory Board appointed Michel Rollier as its chairman. He replaces Éric Bourdais de Charbonnière, who chaired Michelin’s Supervisory Board since 2000.
Finally, shareholders authorised a share buyback program at a maximum purchase price per share of €100 and a reduction in the share capital by cancelling the shares purchased under the programme.
Marc Henry, Michelin’s chief financial officer and a member of the Group Executive Committee, reviewed the 2012 results. In sluggish markets, Michelin delivered was it describes as “strong earnings”, with more than €1 billion in free cash flow, €2,423 million in operating income before non-recurring items, up 25 per cent, and a two-point increase in operating margin to 11.3 per cent of net sales. Henry also confirmed Michelin’s objectives for 2013. In a market environment that is weak in mature regions and expanding in the new markets, Michelin expects to report stable operating income before non-recurring items, a more than ten per cent return on capital employed and positive free cash flow.
Prior to answering questions from shareholders, Jean-Dominique Senard presented his strategic vision for the Group. “Michelin is a winning company because it knows how to place customers at the heart of its strategy and initiatives, to make innovation one of its strategic priorities and to manage its operations both efficiently and responsibly.”