Michelin:COVID-19 Health Crisis: The Michelin Group is responding to prevailing market conditions and deploying the measures required to attenuate the impact of this systemic crisis
Press Release
Clermont-Ferrand – Wednesday, March 18, 2020 – 6:10pm
COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN
COVID-19 Health Crisis:
The Michelin Group is responding to prevailing market conditions and deploying the measures required to attenuate the impact of this systemic crisis
Tire market data as of end-February 2020, released today by the Michelin Group, show the initial impact of the COVID-19 public health crisis, with the global Passenger car and Light truck tire market down 9% year-on-year and the Truck tire market down 16%.
First of all, the Group is taking all the measures required to safeguard the health of its employees, in close cooperation with local authorities in every host country. The Group has decided to close, for at least one week, its production facilities located in the European countries most affected so far by the pandemic.
When presenting its 2019 results, the Group issued its guidance for 2020 excluding the systemic effects of the COVID-19 crisis. Now that the global economy is in the midst of a systemic crisis, the Group's 2020 guidance is no longer relevant, without any possibility at present of assessing the potential impact. The Group is taking all of the initiatives required to attenuate as much as possible the negative consequences of the crisis on segment operating income and free cash flow. In addition, the Group has the sources of financing in place to deal with the uncertainty surrounding the crisis.
The Group will update its annual tire market forecast when it releases its first-quarter revenue figures.
Tire market data publication as of end-February 2020 is available on the link bellow:
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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 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.
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