Michelin : 2017 Annual Shareholders Meeting
19 Mai 2017 - 2:30PM
PRESS
RELEASE
Clermont-Ferrand, France - May 19, 2017
COMPAGNIE GENERALE
DES ETABLISSEMENTS MICHELIN
2017 Annual Shareholders Meeting
The Annual Meeting of Michelin
shareholders was held today in Clermont-Ferrand under the
chairmanship of Chief Executive Officer Jean-Dominique Senard.
Shareholders adopted all of the
resolutions submitted for their approval. These concerned, in
particular:
-
The payment of a dividend of €3.25 per share,
payable in cash as from May 26, 2017.
-
The advisory vote on the components of
Jean-Dominique Senard and Michel Rollier's compensation for
2016.
-
The renewal of the authorization to carry out a
share buyback program at a maximum purchase price per share of €160
and the authorization to reduce the share capital by canceling the
shares purchased under the program.
Shareholders re-elected Michel
Rollier and Olivier Bazil to the Supervisory Board for a further
four-year term expiring at the close of the Annual Shareholders
Meeting to be called to approve the financial statements for the
year ending December 31, 2020.
Marc Henry, Chief Financial
Officer, Member of the Executive Committee and Executive Vice
President, Specialty Product Lines, noted that Michelin performed
very well in 2016, which represented a successful milestone in its
strategic roadmap, with growth that outpaced the markets, a further
improvement in margins and over €1 billion in structural free cash
flow.
Given the Group's on-track
performance in the first quarter, he also confirmed its targets to
achieve volume growth on a par with global market trends, operating
income from recurring activities equal to or exceeding the 2016
figure at constant exchange rates, and structural free cash flow of
more than €900 million.
After congratulating Michelin's
teams around the world for their hard work, Jean-Dominique Senard
went over the Group's strategy, which embodies its purpose to be an
undisputed leader in sustainable mobility. Its goal is to enhance
customer mobility and satisfaction over the long term, first and
foremost by providing them with the most suitably designed,
innovative tires that deliver performance from the first to the
last mile. The strategy also involves bringing to market a variety
of tire-related services and solutions to make mobility more
efficient, developing a full array of businesses that offer
customers an outstanding mobility experience and marketing
Michelin-developed high-tech materials to other players in the
sustainable mobility industry.
Implementing this strategy means
bringing about rapid change in the way Michelin operates. This
transformation will hinge on the Group's customer service
initiative, its digitalization, the empowerment of its teams and
the simplification of its procedures.
The presentations to shareholders,
vote totals on the resolutions and a webcast of the entire Annual
Meeting will be posted on May 20 on the corporate website
(www.michelin.com/eng).
Investor Relations
Valérie Magloire
+33 (0) 1 78 76 45 37
+33 (0) 6 76 21 88 12 (cell)
valerie.magloire@michelin.com
Matthieu Dewavrin
+33 (0) 4 73 32 18 02
+33 (0) 6 71 14 17 05 (cell)
matthieu.dewavrin@michelin.com
Humbert de Feydeau
+33 (0) 4 73 32 68 39
+33 (0) 6 82 22 39 78 (cell)
humbert.de-feydeau@michelin.com
|
Media Relations
Corinne Meutey
+33 (0) 1 78 76 45 27
+33 (0) 6 08 00 13 85 (cell)
corinne.meutey@michelin.com
Individual Shareholders
Jacques Engasser
+33 (0) 4 73 98 59 08
jacques.engasser@michelin.com
|
DISCLAIMER
This press release is not an offer to purchase or a
solicitation to recommend the purchase of Michelin shares. To
obtain more detailed information on Michelin, please consult the
documents filed in France with Autorité des Marchés Financiers,
which are also available from the www.michelin.com/eng
website.
This press release may contain a
number of forward-looking statements. Although the Company believes
that these statements are based on reasonable assumptions as at the
time of publishing this document, they are by nature subject to
risks and contingencies liable to translate into a difference
between actual data and the forecasts made or inferred by these
statements.
CP_AG 2017_EN
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Michelin via Globenewswire
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