Michelin manages to stay well above the waterline despite the Covid

Posted on Feb 15, 2019 2021 at 18:25Updated Feb 15, 2019 2021 at 19:01

Michelin has largely limited the damage linked to the health crisis. Despite the closure of automotive factories due to the pandemic, which froze activity for several weeks in the spring, the Clermont-Ferrand manufacturer managed to remain profitable in 2020: its sales fell 15% to 20 billion euros, but it generated operating income of 1.4 billion (-48% compared to 2019) and net profit of 625 million (-64%).

The operating profit of the segments, which measures the profitability of the operations themselves, reached 1.9 billion, causing the margin to decline from 12.5% ​​in 2019 to 9.2% this year. “Our results were marked by the unprecedented crisis we have gone through, as it only occurs every two or three generations. But they nonetheless bear witness to the group’s great resilience: Michelin has shown its ability to weather very bad weather, ”comments Yves Chapot, manager and chief financial officer.

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