The reporter was informed on August 2, 2011 that Michelin had officially announced its financial information for the first half of the year. In the first two quarters, the company’s net sales increased by 21% compared with the same period in 2010. Due to the good sales, Michelin increased its sales forecast for 2011 and has a good outlook for earnings.
In the first half of 2011, the growth of the Michelin market continued, with product sales increasing by 12.6%; net sales of 10.1 billion euros, an increase of 21% over the same period last year; operating profits without deductions of dutiful revenues and expenses amounted to 971 million euros, an increase of 18% over the same period last year. %, while the profit rate reached 9.6%; net profit increased from 504 million euros in 2010 to 667 million euros, an increase of up to 32%.
The pricing policy formulated by Michelin in the first half of the year effectively offset the profit reduction brought about by the increase in raw material prices. According to company estimates, the impact of rising raw material prices throughout the year will increase operating costs by around 1.8 billion euros. The company's investment projects will be promoted according to the original plan. However, in terms of free cash flow, due to higher prices of raw materials and seasonal trends, 2011 will remain low for the time being.
Looking at the outlook for the full year, Michelin expects sales of its products to increase by 8% in 2011 and believes 2011 operating profit will be higher than previous years.
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