www.michelin.com
OUR STRATEGIC VISION IS INSPIRED BY SUSTAINABLE MOBILITY
2018 Annual and Sustainable Development Report THE JOURNEY TO SUSTAINABLE PERFORMANCE
In recent years, the Michelin Group’s operating environment has been shifting constantly, as new competition Responsible disrupts our markets, new needs governance emerge from our customers, new At Michelin, corporate technologies reshape our industry, governance is a solid process focused on long-term the digital paradigm profoundly responsibility, with a clear transforms our organization and the segregation of management expectations of our stakeholders, and supervisory powers. and new geopolitical realities call old certainties into question. All of these changes represent exciting challenges Robust results for the Group. Across the Michelin community, employees all share the Group’s To meet them, Michelin is leveraging commitment to simultaneously a number of proven strengths: an improving its financial, environmental assertive corporate mission widely and social responsibility performance. embraced across the enterprise, an ambitious strategy focused on the long diversified term, a global brand that serves as a operations foundation of trust and value, and Michelin delivers superior quality engaged employees who have always tires, high-tech materials, solutions and services for everything that rides, been able to foresee and respond travels or is carried on every continent to the emerging aspirations of our around the world. The segment and customers and stakeholders. geographic diversity of its markets is fostering its long-term growth.
A shared vision Underpinning the strength of the Michelin Group is the seamless alignment between its corporate purpose, its strategic vision and its commitments, as it offers everyone a better way forward and improves the mobility of its customers. A sustainable By building on these fundamentals, the Group considerably mobility enabler stepped up its transformation over the past year, in particular Michelin is helping to make mobility by deploying a new organization designed to embed safer, more affordable, more efficient customers and employee empowerment into every aspect and more environmentally friendly by of the business. Among the many valuable lessons learned organizing cooperation among the from the new operating procedures has been the need to various stakeholders in the sustainable adjust the Group’s executive bodies, so as to make decision- mobility ecosystem. making processes clearer, faster and more closely aligned with critical corporate and market issues. Changes in the Group Executive Committee take effect on March 28, 2019 and a Group Management Committee has been created.
Michelin 2018 annual report Differing perspectives
Jean-Dominique Senard, Florent Menegaux Yves Chapot, Managing Chairman Managing General Partner General Manager
A SHARED VISION
What can you tell us 1 about Michelin in 2018? Jean-Dominique Senard: 2018 was a successful year. The commitment Yves Chapot: Market access for our products of our teams enabled us to deliver a robust performance, in line with our is a priority. To broaden and build on it, we “With Michelin’s 2020 objectives. In a challenging environment shaped by the decline in entered into three partnerships during the year, governance, the Chinese market, lower demand for original equipment Passenger including a major alliance in North America, we’ve been car tires in Europe and sharp declines in emerging market currencies, where we partnered with Sumitomo to create preparing all year we delivered growth in our sales volumes. We defended our operating margin the region’s largest tire wholesaler, TBC. In long for well and generated higher structural free cash flow. We also completed the addition, we joined forces with the auto service the changeover strategic acquisitions of Camso and Fenner, which together represent additional center chain Mobivia-A.T.U. in Europe and with in Group full-year sales of around €1.7 billion. With them, Michelin has stepped up its the distributor CFAO in Africa. leadership, for a expansion in new markets, become the global market leader in off-the-road smooth, efficient mobility and opened up promising new prospects in high-tech materials. transition.” Jean-Dominique Senard, Florent Menegaux: Our global footprint was strengthened during the year. Managing Chairman We commissioned a premium car tire plant in Mexico and a synthetic rubber plant in Indonesia, in partnership with Petrokimia Butadiene Indonesia. With the Indonesian plant and the rubber compound unit we already operate in Thailand, we can now meet the strong demand for low rolling resistance tires in Asia.
Michelin 2018 annual report Are you going to pursue your strategy Looking forward, what of partnerships and acquisitions? are the main challenges 2 3 facing Michelin? J-D. S.: Michelin’s strategy is informed by its purpose of “offering everyone a better way forward.” We want to be a global leader in sustainable mobility J-D. S.: Digitalization is transforming the way we work, the way we and a company demonstrating sustainability in every aspect of its business, innovate and the way we collaborate. It’s enabling us to manage the including financial performance, the environment, employee relations and social enterprise in a flatter, more efficient way, while nurturing deeper, richer responsibility. Our acquisitions are expected to support this vision, and 2018 was relationships with our customers. In 2018, we introduced a simpler, an important year for completing a series of transactions that are moving us in more agile organization that is also more customer focused. Our new the right direction. In 2019, the priority will be successfully integrating the newly management model empowers our teams, frees up our collective acquired businesses into the Group and closing the acquisition of Indonesian tire intelligence, fosters a more open, inquisitive mindset and encourages manufacturer Multistrada. everyone to take charge of their own growth. We’re going to continue In fact, we began 2019 by taking up an 88% stake in Multistrada, which has net building on this. sales of around €270 million. The same transaction involved the purchase of a 20% stake in wholesaler PT Penta. Together, this has stepped up our expansion F. M.: Society is changing, and companies are confronting new in the most populous country in Southeast Asia, which is a fast-growing market, challenges. When it comes to social and environmental issues, companies and given us efficient, competitive production capacity in the region without are expected to get involved and come up with solutions. Our own having to build any new facilities. engagement is reflected in our commitment to making tires that deliver the same high performance throughout F. M.: These alliances are helping to strengthen their useful lives and in our initiatives to the Michelin Group in its four core businesses: “I fully embrace support sustainable urban mobility, the “In areas like high quality tires adapted to our customers’ Michelin’s circular economy, carbon taxation and training, the needs; services and solutions that make humanistic vision apprenticeship programs. social safety net, vehicle fleets more efficient and productive; of enhancing the environment experiences, information and services that mobility, using Y. C.: In 2018, Michelin topped the and climate make mobility easier and more pleasant for technology to list of America’s Best Large Employers1 change, consumers; and high-tech materials that improve people’s and also ranked among world companies have 2 underpin the performance of our tires over time well-being and companies with the best reputation. to take the and that we can market in other industries. Our innovating to We have to live up to this recognition. lead in offering partnerships and acquisitions are helping to We have to continue to improve the solutions. open new ways way we fulfill all our responsibilities, enhance our products and services, accelerate We’re doing their digitalization, and expand our innovation forward.” demonstrating that the digital capabilities. We have formed more than Florent Menegaux revolution currently underway across our part.” Managing General Yves Chapot, 300 research and development partnerships. We Partner the manufacturing industry can be an General Manager support startups by helping them to optimize opportunity for everyone. and process engineer their innovations that will make the world more sustainable.
Y. C.: We also want our end-users to enjoy a quality of service that reflects the quality of our tires. That’s why we’re investing in dealerships and forging partnerships with franchised or independent wholesalers, specialty 1 Forbes, America’s Best Large Employers 2018. 2 Reputation Institute, Global RepTrak® 2019: chains and retailers. In particular, we provide them with turnkey services, Michelin ranked eighth in the 15 countries surveyed worldwide training and solutions so that they can take advantage of the growth in online sales. and number one in France
Michelin 2018 annual report BUSINESS MODEL AND CORPORATE GOVERNANCE
A BUSINESS MODEL THAT CREATES VALUE FOR EVERYONE
OUR PURPOSE: OFFERING EVERYONE A BETTER WAY FORWARD
OUR SUSTAINABLE GROWTH STRATEGY: SUSTAINABLY IMPROVING CUSTOMER MOBILITY BY OFFERING:
Digital Services and Our expertise Tires services, maps solutions in high-tech seamlessly and guides that make materials aligned with for an outstanding mobility more to innovate customer needs customer efficient sustainably experience
TO MAKE SUSTAINABLE MOBILITY:
Safe Affordable Effective/Efficient Clean
A CUSTOMER-CENTRIC ORGANIZATION
14 global Business Lines that design 10 Regions responsible for increasing 8 Operating Units whose capabilities 1 lean Corporate Unit solutions to meet the needs of sales and managing customer and expertise support the Regions and with departments focused on customers with similar expectations relationships Business Lines in their commitment to their strategic missions to serve superior customer service our customers
Michelin 2018 annual report THE GROUP EXECUTIVE COMMITTEE as of March 28, 2019
Michelin is led by Jean-Dominique Senard, Managing Chairman and Managing General Partner, assisted by a 10-member Executive Committee.
1 2 3 4 5 6
7 8 9 10 11
1. JEAN-DOMINIQUE SENARD 4. SONIA ARTINAN-FREDOU 7. SCOTT CLARK 10.JEAN-CLAUDE PATS Managing General Partner and Managing Services & Solutions, High-Tech Materials Automotive, Motorsport, Mobility Personnel Chairman until May 17, 2019 Experiences, North, Central and South 5. 11. LAURENT BOURRUT America Regions ÉRIC VINESSE 2. FLORENT MENEGAUX Road Transportation, Distribution, Research and Development. Managing General Partner and Managing Europe Regions 8. JEAN-CHRISTOPHE GUÉRIN Chairman effective May 17, 2019 Manufacturing 6. ADELINE CHALLON-KEMOUN 3. YVES CHAPOT Brands, Sustainable Development, 9. SERGE LAFON General Manager and Chief Administrative Communication and Public Affairs Specialties, Africa/India/Middle East, and Financial Officer effective July 31, 2019 China, East Asia & Australia Regions the supervisory board
The Supervisory Board exercises permanent oversight of Michelin’s management and assesses its quality on behalf of the shareholders.
1.OLIVIER BAZIL 4.CYRILLE POUGHON 6.MICHEL ROLLIER 8.MONIQUE LEROUX Independent member Non-independent member (non-executive) Non-independent member (non-executive) Independent member Chairman of the Audit Committee Member of the Audit Committee Chairman of the Supervisory Board Member of the Audit Committee Member of the Compensation and 2.JEAN-PIERRE DUPRIEU 5.BARBARA DALIBARD Appointments Committee 9.THIERRY LE HENAFF Independent member Senior independent member Independent member Member of the Audit Committee Chair of the Compensation and 7.ARUNA JAYANTHI Appointments Committee Independent member 3.ANNE-SOPHIE DE LA BIGNE Member of the Compensation and Independent member Appointments Committee Member of the Audit Committee Member of the Compensation and Appointments Committee
Michelin 2018 annual report 2018: ROBUST RESULTS
ENVIRONMENTAL FINANCIAL HIGHLIGHTS INDICATORS
SALES ENERGY CONSUMPTION in € millions in Gj per tonne of finished product 1 Gj = 277.5 kWh
19,553 21,199 20,907 21,960 22,028 13.3 13.1 12.5 12.1 12.0
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
OPERATING INCOME1 in € millions 1 OPERATING MARGIN CO2 EMISSIONS as a % of net sales in tonnes per tonne of finished product
2,170 2,577 2,692 2,742 2,775 1.16 1.09 0.99 0.89 0.88
11.1% 12.2% 12.9% 12.5% 12.6% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
1. For the reporting segments.
NET INCOME WATER CONSUMPTION in € millions in cu.m per tonne of finished product
1,031 1,163 1,667 1,693 1,660 11.2 10.5 9.3 8.6 8.1
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Michelin 2018 annual report 2018: ROBUST RESULTS
SOCIAL RESPONSIBILITY EMPLOYEE OUTCOMES INDICATORS
CSR ASSESSMENTS OF KEY SUPPLIERS 117,400 EMPLOYEES 78% are confirmed in compliance with Group’s CSR standards
263 419 547 654
61.7% 29.3% 9.0%
66% 74% 77% 78%
Production Administrative Managers 2015 2016 2017 2018 operators employees, technicians and supervisors PAID WORKING DAYS DEVOTED BY MICHELIN EMPLOYEES TO LOCAL COMMUNITY OUTREACH WORKPLACE SAFETY TCIR3 23,942 31,612 2.8 2.7 2.5 2.1 1.9 in 2014 in 2016 27,733 33,800 in 2015 in 2017 34,800 2014 2015 2016 2017 2018 in 2018 3. Total Case Incident Rate: the number of incidents recorded per 200,000 hours worked. LOCAL JOBS CREATED WITH THE HELP OF MICHELIN DEVELOPMENT 2 1,988 1,665 1,695 1,918 1,822 97% 76% of employees trained in 2018 of managers promoted from within 80% 2014 2015 2016 2017 2018 of employees feel engaged
2. Since 1990, Michelin Development has helped to create more than 36,000 jobs in the Group’s local labor markets in France, Spain, Italy, the United Kingdom, Canada and the United States.
Michelin 2018 annual report diversified operations*
AUTOMOTIVE AND ROAD TRANSPORTATION RELATED DISTRIBUTION & RELATED DISTRIBUTION
2018 UNIT SALES 2018 UNIT SALES 27 % original equipment 68% mature markets 28 % original equipment 63% mature markets 73% replacement 32% growth markets 72% replacement 37 % growth markets
€M 2018 2019 % change** €M 2018 2019 % change** Net sales 11,340 11,953 - 5.1% Net sales 5,852 5,946 - 1.6% Operating income1 1,314 1,465 - 10.3% Operating income1 513 483 + 6.0% Operating margin1 11.6% 12.3% - 0.7 pt Operating margin1 8.8% 8.1% + 0.6 pt 1. For the reporting segments. 1. For the reporting segments. ** Reflecting the deconsolidation of TCi in North America.
CHANGE IN THE GLOBAL MARKET CHANGE IN THE GLOBAL MARKET compared with 2017 compared with 2017 ORIGINAL EQUIPMENT REPLACEMENT ORIGINAL EQUIPMENT REPLACEMENT
Europe, Russia, CIS - 2% + 2% Europe, Russia, CIS + 3% + 0% North America -1% + 3% North America + 19% + 7% Central America + 1% + 4% Central America - 8% + 4% South America + 3% - 8% South America + 54% + 2% Asia, excluding India - 4% - 2% Asia, excluding India - 6% - 5% Africa, India, Middle East + 4% + 0% Africa, India, Middle East + 10% - 1% Total - 2% + 1% Total + 1% - 2%
2018 CONTRIBUTION 2018 CONTRIBUTION 51% 47% 27% 18% of consolidated sales of operating income1 of consolidated sales of operating income1
MORE THAN THE EUROPEAN THE WORLD LEADER LEADER 16.5 IN MAPS, GUIDES, IN ENERGY-EFFICIENT MILLION DIGITAL TRAVEL- RADIAL TIRES SUPPORT SERVICES MICHELIN LIFESTYLE- AND RESTAURANT LICENSED PRODUCTS BOOKINGS 21 FACILITIES SOLD IN 2018
THE WORLD IN 31 FACILITIES LEADER IN ENERGY-EFFICIENT 14 COUNTRIES TIRES IN
16 COUNTRIES
Michelin 2018 annual report diversified operations*
SPECIALTY BUSINESSES AND RELATED DISTRIBUTION THE GLOBAL SUSTAINABLE 2018 UNIT SALES MOBILITY 48 % mature markets 52% growth markets ENABLER
€M 2018 2017 % change3 Net sales 4,836 4 061 + 19.1% Operating income2 948 794 + 19.4% $7.232bn Operating margin2 19.6% 19.6% + 0.0 pt The value of the MICHELIN brand in 2019, according to Brand Finance 2019 Brand Value Results Overview 2018 CONTRIBUTION 22% 34% 117,400 Ranked of consolidated sales of operating income2 the top people in 171 countries French company 2. For the reporting segments. 3. Including the impact 54 of the Fenner acquisition. Brand production facilities4 th 8 + 5,000 overall among the world’s THE WORLD THE EUROPEAN 100 most reputable companies LEADER LEADER dealerships, distribution in the Global RepTrak 2019 survey hubs and service centers IN RADIAL EARTHMOVER, IN MOTORCYCLE Michelin Man, AGRICULTURAL AND SCOOTER TIRES The world’s named “Icon of the Millennium” AND AIRCRAFT TIRES leading Advertising Week, 2018 AND OFF-THE-ROAD source of innovation in SOLUTIONS support of sustainable mobility An unrivaled brand portfolio 14 FACILITIES 6,000
researchers and technicians IN €648m invested in R&D in 2018 7 COUNTRIES A GLOBAL FOOTPRINT NET SALES BY REGION * 39% Europe5
36% North America6
*As part of the new organization introduced in 2018, the Group’s reporting 25% segments have been adjusted as follows: Other regions - Replacement Light truck tires are now part of the Road transportation segment.
- Construction Truck tires are now included in the Specialty business segment, which also * Except in Europe (including the countries covers mining, earthmover, agricultural, two-wheel and aircraft tires, plus high-tech materials. 4. Tire plants only (except Camso). in the former Soviet Union) and in Africa 5. Including Russia & CIS. and the Middle East. - The maps, guides, digital travel-support services, restaurant booking services 6. Including Mexico. and Michelin Lifestyle product licensing businesses have been transferred to the Automotive division.
Michelin 2018 annual report Enabling tomorrow’s mobility The 2018 Movin’On Summit brought together more than 4,000 participants from 67 countries. The next event will be WORKING TOGETHER held June 4-6, 2019 in TO IMPROVE Montreal. SUSTAINABLE MOBILITY
In 2017, the Movin’On by Michelin global summit followed on from the Michelin Challenge Bibendum, twenty years after its creation. The new event brings together every mobility ecosystem in a collaborative commitment to transforming ambition into action and making mobility 70 speakers, 248 experts in 45 working sessions. more innovative and sustainable. This is Jean-Dominique Senard, Chief Executive Officer of the Michelin Group. ransportation accounts for nearly a quarter of all emissions from the burning of fossil fuels, making it the third leading source of T greenhouse gas emissions. As a truly global sustainable mobility summit, Movin’On brings together for three days every year some 4,000 decision-makers and influencers, manufacturers, experts, academics, startuppers, politicians, journalists, transportation authorities and NGOs to debate and enable the future of sustainable mobility. Building on the success of the first “The ecosystem event in 2017, Movin’On 2018 approach enables focused on transforming ideas into us to innovate solutions and creating actionable tools more efficiently to make intelligent, sustainable and by improving multimodal global mobility a reality. everyone’s Among the second summit’s inno- understanding vations were unique trials that ins- of sustainable pired participants to think outside mobility issues the box, a village of 40 startups and their possible selected through a global contest solutions” and a toolbox to help decarbonize Alexis Offergeld, transportation systems. Developed Director of Movin’On LAB by IDDRI, ITF, WBCSD, WWF and PPMC and tested by summit participants, these tools are available on the collaborative movinonconf.com platform created to engage everyone in sharing knowledge and taking action. Enabling tomorrow’s mobility
In addition to these collaborative tools, the Movin’On spirit also lives on throughout the year in the Movin’On LAB, a “think and action tank” created by Michelin that comprises nearly 300 leading manufacturing and consulting companies, innovators, researchers and public and private organizations. Together, they form the world’s leading innovation-driven sustainable mobility network. As an integral part of the Movin’On Summit, Movin’On LAB provides an on-going, year-round forum where members can share their expertise and opinions concerning various aspects of the mobility of tomorrow, as part of issue-specific communities.
Published in 2018, the first position paper from one of the communities, 600 tests of next generation Speeding Up to <2°C, expresses a vision shared by nearly twenty leading sustainable mobility vehicles and mobility stakeholders. It identifies the most promising short-term technologies. solutions to help keep the average rise in global temperatures below 2°C. Compared to a business-as-usual scenario, deployment of the highlighted solutions would reduce CO2 emissions from transportation by 5% to 12% in 2030. This represents 15% to 40% of the effort required by the transportation industry according to the “beyond 2°C” scenario.
80% Michelin’s vision for the next thirty years is that its tires will incorporate up to 80% sustainable materials and that every effort will be made, across every stakeholder industry, to ensure that 100% of end-of life tires are recycled or reused as fuel. 40 startups invited to present their innovations
PPMC is also the impetus behind the Global Macro-Roadmap (GMR) MICHELIN, A TRUSTED THIRD PARTY presented at COP 23 and designed IN SUSTAINABLE MOBILITY to guide effective implementation of the Paris Agreement by the mobility sector. As a driving force in sustainable mobility, Michelin is taking the lead in bringing together a growing number of partners. One example is the Paris Process on Mobility and Climate (PPMC), which produced a roadmap for the decarbonization of transportation by 2050. Today, it is focusing on three core challenges: improving air quality, combatting global warming and supporting the energy transition. The PPMC is also promoting practical clean mobility solutions, such as the hydrogen-powered electric mobility systems that Michelin is supporting, both directly and by helping hydrogen energy startups bring their innovations to the production stage.
Michelin 2018 annual report OFFERING EVERYONE A BETTER WAY FORWARD: THE CORPORATE PURPOSE OF A WORLD LEADER IN SUSTAINABLE MOBILITY
FOUR AREAS OF GROWTH
Michelin is driving growth in four areas that will help to make mobility safer, more affordable, more efficient, cleaner and more comfortable.
TIRES SERVICES & MOBILITY HIGH-TECH SOLUTIONS EXPERIENCES MATERIALS
The technology leader A pioneer in connected Michelin markets maps, Another area with in tires for every form tires, the Group offers guides, digital services and high-growth potential is of mobility, Michelin professionals services and exclusive solutions that Michelin’s widely recognized designs, manufactures and solutions that improve the make mobility easier and expertise in materials distributes tires seamlessly performance, safety and enable customers to enjoy chemistry and physics, aligned with the needs environmental footprint of unforgettable experiences which it is expanding and usage patterns of their business operations. while on the road. through acquisitions and every customer, with actively marketing to other the goal of delivering industries. consistent performance over time. Michelin is broadening its business base and After being deployed worldwide in transforming itself to meet the emerging 2018, Engage, our new customer expectations of its customers. relationship management system, is now being used by nearly 4,000 marketing, sales and customer service “Our sales, employees and by 100,000 customers marketing and CLOSER TO THE CUSTOMER and dealers. It is bringing us closer customer service to our end-users and helping us to teams are working Michelin’s transformation is being supported by the new understand them better. together in real organization introduced in 2018 to drive faster growth, by simplifying time on the same our operations and making them more flexible and more agile. The next step will be to integrate platform with a The global Business Lines design solutions in response to the expectations artificial intelligence to improve tire of different customer groups, such as driving enthusiasts, long-haul view to improving management over time, for example, the customer truckers or mining companies. Customer relationships are now managed by using image analysis to warn by the Regions, whose contours have been redefined to reflect local experience. Our customers when a tire change is systems are now cultural affinities. The Operating Units absolutely necessary. provide their expertise and support. The totally customer- “It is by Corporate Unit has been streamlined, centric. A pool undertaking with a leaner management structure MORE OPEN of experts has an in-depth and corporate departments refocused Mobility, especially in its sus- been formed transformation on their strategic missions. tainable forms, is now being to continuously that Michelin will facilitated by a growing num- enhance that remain truest to MORE ENGAGED ber of operators. Addressing the experience its founding spirit, related issues requires a new, multi-dis- by leveraging its values and its Simplification also involves increasing ciplinary approach, bringing togeth- the latest employee empowerment, with future destiny.” er public authorities, private sector technological decisions made as close to operations Jean-Dominique Senard, stakeholders and NGOs. Already the innovations, Managing Chairman and customers as possible and initiative world leader in advanced tire research and dialogue actively encouraged. like artificial and development, we are expanding intelligence.” This trust-based relationship fosters engagement and drives faster our ecosystem with a forward-facing transformation by motivating everyone to contribute to the process. Sophie Foucque, open innovation strategy, involving Chief Digital Officer, B to B, At the same time, the Group is giving all employees opportunities to more than 300 research partnerships, Engage Project Manager grow and encouraging everyone to play a leading role in managing an Incubator Program Office (IPO), a their careers. Deployed in 2018, the InTouch digital platform enables venture capital fund, joint ventures and every employee, at any time and on any screen, to assess their skills, co-developments. We also play a recog- choose a training program, view in-house job openings and submit nized role as a trusted partner in bringing “Human Life 4.0, transfer requests. together sustainable mobility stakehold- our digitalization ers to pursue shared initiatives. strategy, sends a Human Life 4.0 Deeply embedded in the Group’s strong message The Group is stepping up its digitalization with the DNA is the belief that innovation and that at Michelin, deployment of new solutions for its customers, suppliers and employees. progress must serve people and society the future will Our Factory of the Future and FactoLab programs are preparing new for the better. Michelin is committed be digital and Human-Machine cooperation systems that will improve working to demonstrating that the Fourth people-focused.” conditions and encourage every employee to be more creative. Industrial Revolution is an opportunity Florent Menegaux, Managing General Partner Digital manufacturing technology and empowerment are putting data to for everyone. work for the men and women on the shopfloor, giving them more autonomy, increasing efficiency, quickening response times and reducing their unit’s environmental footprint. Demonstration trials conducted in 2018 have paved the way to roll-out in 70 Group plants in 2019. FactoLab, a public-private laboratory, is committed to improving working conditions, for example, with collaborative robots that can eliminate the most strenuous manual tasks.
Michelin 2018 annual report Four areas of growth The new MICHELIN Alpin 6 winter tire offers motorists excellent traction, TIRES acceleration and grip on snowy roads.
Both directly and through its dealership networks, Michelin is dedicated to designing and delivering tires that meet every user expectation. Our goals are to increase net sales in the tire business by 20% by 20201 and to reduce the amount of energy used by a tire per kilometer by 20% by 20302 (compared with 2010).
Acorus, the patented new flexible wheel technology, delivers a more comfortable ride and absorbs pothole and curb impacts. ased on a thorough, un- “With Camso, rivaled understanding of Michelin has our customers’ needs and B become the By combining the requirements, as well as how world leader MICHELIN 2CT and and why they use their vehicles, in off-the-road 2CT+ technologies with we design tires that deliver the latest generation mobility solutions. rubber compounds and game-changing performance, Cooperation a siped tread pattern, endurance and safety. the MICHELIN Road 5 tire between our offers superior wet grip researchers is without compromising In the original equipment market, performance on dry roads. Michelin equips everything on wheels, going to boost our with forefront positions in every mar- innovation capacity ket, including cars, vans, trucks, farm in tracks and equipment, earthmovers and handling airless tires.” equipment, two-wheel vehicles and air- Thomas Boettcher, Director, OTR craft. We use our tire and suspension Tire Business Line system expertise to assist automakers. Wherever the automobile is heading – hybrid EVs powered by batteries, Michelin is partnering with Camso, a technological leader hydrogen fuel cells or a combination of both, self-driving cars – tires in tracks and track systems will play a major role in vehicle performance, particularly in terms of for farm machinery, materials fuel efficiency and range. As the world leader in energy-efficient tires, handling and construction equipment, and snowmobiles. Michelin has the technology to support these trends. In the replacement market, which represents around 75% of all tires sold worldwide, the Group markets a diverse range of products suitable for every use. We are strengthening our presence in the wholesale and retail segments through partnerships and franchises to secure and broaden our market access. We are fostering synergies 2,520 between the online tire retailers and brick & mortar dealerships to offer end-customers a high-quality fitting and service experience. sales outlets in North America
As the world’s leading premium tire brand for retail and corporate customers, the MICHELIN brand accounts for nearly 80% of 2,200 consolidated sales volumes. With the start-up of a new plant in Mexico Euromaster centers in Europe in 2018 and the commissioning of new capacity elsewhere in the world, our premium car tire production capacity has doubled over the past six years. The Group addresses other market segments with an aligned brand portfolio and tires that are competitively differentiated by quality. 1,965 Tyreplus centers in the new markets In 2018, three major acquisitions strengthened our positions in the specialty tire and dealership businesses. The acquisition of Canada-based Camso has made Michelin the world leader in the $13-billion market for off-the-road mobility solutions. The technology leader in rubber tracks and solid tires, Camso equips farm machinery, materials handling and construction equipment, and snowmobiles. It generates $974 million in revenue, with 7,700 employees and 17 plants. Camso also has a competitive production base in Vietnam and Sri Lanka, and a track record of robust growth and firm margins. Its product portfolio fits closely with Michelin’s and gives the new organization solid positions and excellent prospects in the materials handling, farm machinery and construction equipment markets.
In North America, Michelin and Sumitomo Corp. combined their replacement tire distribution and related service operations into a 50/50 joint venture called NTW, which is now the second-largest tire wholesaler in the United States and Mexico. Customer benefits include SUSTAINABLE MOBILITY DRIVEN better availability of tire products at all price points thanks to faster BY PERFORMANCE MADE TO LAST delivery to direct customers and a robust base to expand online sales with in-store fitting for both individuals and corporate fleets. Not all new tires are created equal, and worn tires even less so. In fact, some tires that have worn down to the In addition, two other partnerships were formed during the legal minimum tread depth (1.6 mm in Europe) brake just as well year. In Europe, Michelin acquired a 20% stake in the chain of 600 A.T.U as certain new tires. But how can we know which ones? Tests auto service centers operated in Germany, Switzerland and Austria by and labeling systems focus on new tires and many tiremakers the Mobivia Group. Secondly, the acquisition of UK-based Fenner and and influencers encourage users to change them too soon. In the more specifically its Engineered Conveyor Solutions (ECS) division, one interest of our customers, as well as the environment, Michelin of the world’s largest suppliers of heavy conveyor belts and conveyor makes tires that deliver the same safe, superior performance from belt solutions, has strengthened the Group’s leadership in the mining the first to the last kilometer. Using tires until they are worn down to the minimum legal tread depth would avoid the unnecessary market. Michelin now offers mining customers a comprehensive range replacement of 400 million tires a year, worldwide, the waste of the of tires, conveyor belts and services. corresponding production materials and the emission of 35 million tonnes of CO (estimates based on European data). Plus, in Europe 1. Compared with 2015. 2 2. Compared with 2010. alone, motorists would save a massive €6.9 billion. Michelin is committed to planned longevity, because it supports mobility that is efficient, environmentally sensitive, affordable and safe.
Michelin 2018 annual report Four areas of growth SERVICES Michelin’s latest digital applications & SOLUTIONS are opening up new opportunities for fleet operators and trucking companies.
Digital technologies, geolocation and instant communication are all revolutionizing the transportation industry. As the leading source of connected tires, Michelin offers corporate customers all the benefits of its data analysis expertise to simplify their maintenance operations, improve their safety performance, reduce their operating costs and attenuate their environmental impact. Our goal is to double revenue from the sale of services and solutions by 20201.
ichelin services are designed to enable customers to get the most out of their tires, by increasing M tread life and improving fuel efficiency. This commitment can be seen in the expanding deployment of service centers and authorized networks, such as ExelAgri for farmers, mobile tire-fitting vans and on-site maintenance services. Maintaining the right pressure improves tire safety, lengthens tread-life, saves fuel and lowers CO2 emissions. Retreading gives worn truck, agricultural, earthmover and aircraft tires a new lease on life, without compromising safety. A MICHELIN truck tire can be retreaded twice, thereby tripling its useful life. In fact, with just one retreading, the extended tread life of a MICHELIN tire can save 70% of the natural resources that would be used to make a new Tier 3 tire.
Fleet operators conduct their business in an increasingly restrictive environment, juggling demands such as on-time delivery, the safety and security of people and goods, compliance with environmental standards, managing maintenance and replacement purchases and continuously improving efficiency and competitiveness. The digital revolution is opening up opportunities for new gains. Thanks to connected tires, on-board information systems, digital applications, telematics and data analytics, we can identify the causes of fuel inefficiencies or downtime and recommend solutions, from predictive maintenance to eco-driving courses and route optimization. Today, the Group is actively pursuing this path to the future with MICHELIN Services and Solutions, Sascar in Brazil, Mexico and Argentina, and NexTraq in the United States.
Michelin 2018 annual report In 2018, we acquired Truckfly, a free application designed to make life easier for truck drivers. Truckfly offers truckers one of Europe’s 425 largest databases of roadside restaurants, rest areas, service stations, truck Services & Solutions experts supporting our customers parks and other points of interest (POIs). The database is constantly updated by a community of 120,000 users. 853,000 Our most recent digital solutions have garnered a number vehicles covered by of awards. At the Transport & Logistics Innovation Week (SITL) trade a Michelin contract worldwide show in Paris, MyBestRoute won the 2018 Technologies and Information Systems Innovation Award. The application enables truckers to 120,000 select the best route, in line with “We want to drivers using Truckfly the preferences of their fleet ma- improve truckers’ nagers and based on their truck’s lives on the road, configuration and load. and the free Truckfly MORE THAN Three digital applications earned application helps us to do that. We’re a 2018 Innovation Award from 50 France’s Road Safety Association: going to enhance its service solutions worldwide MyInspection, which standardizes features to make it vehicle inspections, MyTraining, even better for the which facilitates driver training, user community.” and MyRoadChallenge, a serious Xavier Gosselin, Service game that celebrates truckers’ Designer Services & Solutions Europe skills by rewarding them for their good driving practices. Other digital solutions aimed at consumers are increasingly popular with motorists, including MICHELIN Track Connect, the first connected coaching application for sports car enthusiasts, and Driving Data to Intelligence (DDI), a 100% connected start-up imagined by Michelin to act as a powerful “digital seatbelt” that encourages motorists to demonstrate safer, more environmentally friendly driving behavior. Connected sustainable mobility, which requires the capture and analysis SUSTAINABLE MOBILITY THROUGH THE of mobility data, is one of tomorrow’s major challenges and Michelin is CIRCULAR ECONOMY assertively developing new services and solutions to meet it.
1. Compared with 2015. For years now, Michelin has been offering trucking, airline and mining companies solutions whereby we sell the use of our tires rather than their ownership, i.e., we supply the tires, oversee their management and invoice the customer based on distance covered, landings made or weight carried. The Group handles every aspect of this process, from tire selection and fitting to maintenance, support, retreading and end-of-life recycling. Onboard tire pressure and temperature monitoring systems help to optimize preventive maintenance, avoid accidents and reduce downtime. Properly maintained tires last longer and are more fuel efficient, which is good for our customers and the environment. Michelin is committed to the functional economy, because it supports mobility that is safe, efficient, affordable and clean.
Michelin 2018 annual report Four areas of growth
MOBILITY When rating a restaurant, Michelin inspectors review EXPERIENCES the total dining experience, because it contributes to the customer’s overall impression.
Today’s connected, on-demand, shared-use mobility offers a myriad of opportunities for new experiences. Michelin is capitalizing on its expertise in maps and guides to broaden their scope and leverage their value in digital services. Its goal is to become the go-to independent selection of fine dining venues and travel services, while tripling revenue from these businesses by 20201.
e are helping people to prepare and enjoy their travel experience with maps, travel and fine dining W guides, traveler information websites, online booking platforms and a suite of free applications available in 13 European countries. The applications offer a choice of itineraries (shortest, fastest, least expensive, most interesting), voice guided GPS navigation, and weather, traffic, service station and car park information. They also display speed warnings and hazard reports, updated in real-time by the ViaMichelin user community. They include tourist site information from the Green Guides and the MICHELIN Guide’s selection of restaurants and hotels.
As the world leader in fine dining guides, the European leader in online restaurant booking and a major publisher of travel guides, Michelin offers high-quality selections based on applied criteria to guide customers in making the right choice. Gourmet dining opportunities are an increasingly important factor in both business and leisure travel. The MICHELIN Guide, which covers 30 countries from China to Brazil, also helps to promote travel to cities and countries around the world. To advise foodies and enable them to enjoy an ever-expanding array of constantly enhanced experiences, we are broadening our scope of business by taking equity stakes in such partners as Le Fooding, a website and guide publisher specialized in hot new restaurants, trendy bars and take-away spots, and in Robert Parker Wine Advocate, the world’s most widely read wine tasting and rating guide.
Michelin 2018 annual report In 2018, Tablet joined the Michelin “Tablet is part THE EUROPEAN Group. Dedicated to travelers looking of this new LEADER for an unforgettable, one-of-a kind lifestyle that fully in online reservation booking hotel experience, Tablet is a selection corresponds to and booking platform that currently the ethos of the offers 3,500 hotels that stand out for MICHELIN Guides. 3,065 their quality and uniqueness. Like the We want to offer starred restaurants are recommended MICHELIN Guides, Tablet curates its our readers the by the MICHELIN Guide in 30 countries selection based on the actual guest best, by revealing experience they deliver and on rigorously places that offer collected information. In addition, the 22,000 this extra touch Tablet Plus Club offers its members starred locations in more than 100 Michelin Travel destinations exclusive benefits, such as an upgrade to of soul.” a superior room category. Pascal Couasnon, Director, Mobility Experiences Today, half of Tablet’s customers are in and Michelin Motorsport North America. The alliance will help it to conquer a wider audience, while enabling Michelin to enhance its travel portfolio, thereby benefiting both its customers and the MICHELIN brand.
1. Compared with 2015.
SUSTAINABLE MOBILITY – ACTIVELY ENGAGED IN ROAD SAFETY
In addition to the safety impact of its tires, services and solutions, Michelin works to improve road safety directly, through its employees and its Corporate Foundation. As an active member of the Global Road Safety Partnership, the Youth for Road Safety association, the United Nations’ Decade of Action for Road Safety and the International Automobile Federation’s FIA Action for Road Safety campaign, we focus primarily on awareness and educational initiatives for young people. Examples include the Road Safety Academy in China, Beyond the Driving Test in the United States, the Michelin Best Driver contest for students in Brazil, the Safe Mobility program for schoolchildren in Southeast Asia, and Youth Road Safety Ambassadors in South Africa. In 2018, Michelin and Total launched a Tablet, an online hotel booking joint road safety education program that aims to reach platform, offers travelers 100,000 young people over a three-year period. unforgettable, one-of-a kind experiences in a selection of 3,500 Michelin is committed to innovating, engaging and taking hotels around the world. action to make mobility safer.
Michelin 2018 annual report Four areas of growth HIGH-TECH MATERIALS
Michelin has built up extraordinary expertise in the design and production of high-tech materials, such as elastomers, engineered fabrics, biomaterials, resins and metal 3D printing. Already a core factor in the performance of the Group’s tires, this expertise will be enhanced with targeted acquisitions and actively marketed to other industries.
ne example is the metal additive manufacturing technology used by Michelin to make the molds for its high- O performance tires. Created with Fives, a leader in high value- added production lines, AddUp is leveraging this expertise to serve the aerospace, automotive, energy and medical equipment markets, while actively participating in the organization of the new industry. In 2018, AddUp acquired two companies, Poly-Shape and BeAM, that offered a strong fit with its existing business.
Another example is hydrogen-powered electric mobility systems. Hydrogen fuel cells offer an alternative to battery-electric powertrains as a way to lower CO2 and other harmful emissions generated by the transportation industry. They are also compatible with the wide variety of ways in which EVs are used. As part of its commitment to zero emission mobility, Michelin has developed hydrogen fuel cells capable of outputting 5kW to 100kW that can serve as a primary or supplementary power source for all types of electric powertrains in vans, trucks, trains and ships. The cells generate electricity inside the vehicle from the chemical reaction between hydrogen (supplied from an onboard tank) and oxygen (from the air), releasing only water as With Fenner’s AEP division, Michelin a byproduct. Wholly-owned subsidiary Symbio, a pioneer in hydrogen has strengthened its expertise in fuel-cell systems, is a core stakeholder in the Group’s memorandum high-tech materials in new markets, of understanding signed with Faurecia in March 2019, which aims to such as industrial and medical equipment. create the leader in hydrogen mobility systems.
Michelin 2018 annual report In 2018, two major investments “Innovation in high- 20 MILLION strengthened our positions in tech materials will high-tech materials. equivalent passenger car tires have be key to creating not been landfilled over the past ten years, value in the coming thanks to Lehigh Technologies We brought a synthetic rubber pro- years. Fenner will duction facility on-stream in Java, enable the Group to representing an investment of accelerate its growth 2 MILLION $435 million committed as part of in this market.” a 55/45 partnership with Petrokimia cars Sonia Artinian-Fredou, Butadiene Indonesia. Two similar Executive Vice-President, AND Michelin facilities are already up and Services & Solutions and High- Tech Materials Business Lines running in France and the United 350,000 States. The new capacity will enable us to meet strong demand for en- TRUCKS ergy-efficient tires in Asia, as well as to serve other industries. the estimated number of fuel-cell vehicles on the road by 2030 (according to a McKinsey study) With the acquisition of Fenner, and particularly its Advanced Engineering Products (AEP), division, we have brought in one of the world’s leading producers of reinforced polymers for high value-added niche applications, ranging from medical implants to belts, seals and hoses for highly demanding industrial needs. With Fenner’s AEP division, Michelin has strengthened its expertise in high-tech materials and its ability to market these capabilities in new markets, such as industrial and medical equipment.
SUSTAINABLE MOBILITY THROUGH THE CIRCULAR ECONOMY
Michelin is firmly engaged in the circular economy through its 4R strategy to Reduce, Reuse, Recycle and Renew. The focus is doing more with less. Reduce the amount of resources needed to make a tire by practicing eco-design and engineering tires that are lighter, more energy efficient and longer lasting. Reuse tires by repairing, regrooving or retreading them. Recycle scrap tires and recover their resources with appropriate technologies (Lehigh). Renew by using biobased materials. Industrial partnerships have been formed to produce these materials, such as the bio- butadiene made by the IFPEN/Axens venture. Michelin also supports the responsible production of natural rubber, in particular through a major project in Indonesia with Barito Pacific Group and the support of the WWF, promoting best practices across the industry. Michelin is committed to Most of Michelin’s key technologies have been derived from innovations the circular economy, because it supports mobility that is in materials. efficient, safe, affordable and clean.
Michelin 2018 annual report www.michelin.com
Turn over the map to learn about Michelin’s four areas of growth.
Michelin’s 4 areas of growth
7 10 N 5 N 5 8 11 3 4 2 A2 5 5 3 15 7 7 MICHELIN GUIDE 5 3 4 9 8 12 A N 4 2 1 16 21 7 32 7 3 6 A2 2 18 A 11 6 N 1 42 7 9 15 2 5 N 2 N N A1 1
1 N 5 6 9 0 7 2 6 N D 6 10 13 6 5 9 7 N 1 A2 29 6 AUTOMOTIVE 11 20 A2 ACCESSORIES 10 7 10 8 N 3 11 N 1 SELECTED RESTAURANTS AND 12 2 10 Mount N 2 A6 TABLE BOOKING SERVICE SUSTAINABLE MOBILITY OCEAN Michelin Star 22 2 A1 7 6 2 30 10 15 8 A2 3 7 20 16 D N 3 A 6 8 N 3 N 1 16 20 7 Regional Vitality Beach 3 9 N 9 5 N 4 42 22 N 6
MOBILITY EXPERIENCES A5 7 10 4 s) r A2 N 3 le 30 6 e 10 2 2 v N 1 MAPS 7 ra N 2 t g 4 7 7 12 17 n D D 172 i 3 2 6 AND GUIDES d 5 5 n 11 4 a 2 N 6 5 m 21 12 e 6 5 d 7 N 9 r 32 5 o 12 D 37 f A5 25 2 4 N 1 18 ( 6 A6 y 15 4 6 8 4 6 N 1 a 2 7 3 N 1 w 12 h 11 4 BRAND ig 41 SELECTED 6 N 6 H 3 D 12 y 6 3 t N 4 20 4 r LICENSING a A 5 WINES 2 6 P N d 1 19 ir h 11 10 T 2 6 44 7 171 4 d 15 10 5 te 3 N 8 11 s 7 u 1 13 r D 16 14 16 N 2 T 12 14 N 9 7 Cape of Unique Experiences 8 66 8 N 1 11 10 N 8 20 26 17 6 7 16 11 15 23 9 30 3 7 46 16 6 4 N 4 8 6 160 6 5 5 N 12 11 A6 11 4 3 2 3 N 8 5 6 D 23 1 4 4 A5 4 11 8 1 5 74 1 D N 15 12 8 5 9 8 4 Service Center 8 17 6 2 SELECTED 5 14 20 Pond 5 167 5 5 1 5 159 3 N 8 66 ROUTE PLANNER 7 5 N 12 8 8 5 1 23 4 4 D 2 HOTELS AND ROOM 8 12 7 158 3 8 5 AND TRAVEL APP 3 4 D 89 169 2 3 BOOKING SERVICE D 16 4 CULINARY 3 75 9 74 4 6 D 23 11 8 D 6 8 7 TIRES FOR 4 N 8 7 160 5 165 2 11 11 N 8 11 88 3 10 D HERITAGE BAY D
3 36 N 7 N 1 PRIVATE USE 8 12 9 7 8 5 N 13 2 4 3 6 35 9 5 11 7 D 6 3 12 75 8 5 4 2 TIRES FOR A8 3 D 6 4 8 7 87 18 12 3 11 8 2 N 11 5 N 18 N 15 PROFESSIONAL 6 9 A6 D 13 31 4 2 3 12 14 21 9 9 14 9 29 163 7 180 USE 157 32 N 4 88 6 5 4 D D 67 9 8 8 8 5 11 N 10 D 3 37 2 30 6 9 7 20 5 8 6 9 N 12 10 4 6 5 8 D 14 32 D 75 4 75 165 4 D 75 8 0 11 2 11 D 8 8 9 75 3 4 67 20 4 D N 13 6 4 87 5 e-Commerce 163 D N 13 66 14 D 75 10 2 Bridge 12 10 N 7 4 3 3 2 85 11 11 N 4 17 2 5 5 4 9 7 10 12 79 5 6 3 76 85 161 5 D 16 85 9 3 D 5 145 9 8 9 N 13 N 18 6 9 D N 12 2 0 ad 165 N 11 N 7 o 19 10 6 10 y R 480 35 fet N 46 6 Sa N 7 6 12 5 A8 1.5 9 N 15 5 8 15 4 38 13 SELECTED TOURIST 13 4 7 10 6 74 144 D 10 9 12 13 D 9 85 14 9 4 D 8 145 32 5 86 3 D ATTRACTIONS 6 3 D 7 DIGITAL 10 N 7 60 6 87 15 3 U 8 12 D D 143 CONNECTED MOBILITY 68 5 155 Travel 9 N 7 AND TOUR BOOKING 12 R 8 11 18 5 3 3 4 D 80 SERVICES 12 10 6 4 3 14 A 157 145 11 6 9 SERVICE N 14 5 7 4 42 156 3 11 River N 1 8 5 85 B 13 5 7 6 PLATFORM 20 D 6 0 A6 8 76 I 11 D D 13 74 60 A9 45 L 6 D N 20 4 144 7 10 155 25 D Mount 12 N 13 I 14 69 D 7 D 8 13 1.5 68 N 1
62 11 4 D 61 12 D 89 N 1 T 7 14 11 Big Data 6 4 7 5 9 6 4 9 BtoB 5 11 12 Y 155 12 27 17 14 14 7 WHEEL-TIRE 2 3 7 D 145 2 10 6 5 D 12 79 D D 84 66 8 R 151 15 81 11 6 32 5 14 143 ASSEMBLY N A 8 2 4 5 20 6 N 15 27 3 143 12 N 18 D 14 78 111 N 6 6 D 7 13 N 12 86 6 142 5 3 8 4 A9 D 16 5
G 10 AIRLESS 63 D
9 4 5 4 17 5 5 77 River 4 5 4 6 E 27 4 3 TIRES D 78 6 8 D 84 N 4 1 155 6 4 6 62 5 4 10 13 D 8 20 D 7 7 7 10 3 4 8 4 4 5 27 4 D 7 SERVICES & SOLUTIONS N 17 0 5 5 9 1 11 4 141 6 3 82 6 3 D 7 4 11 3 3 3 3 15 7 N 19 15 153 6 N 17 5 7 6 D 19 111 9 70 3 9 TIRES N 20 7 5 5 6 5 7 11 74 5 38 6 D 7 5 5 4 D 17 32 5 7 7 14 D 6 8 17 5 6 9 D 4 6 Retreading 6 89 Cape of CO₂ Reductions 131 7 D 12 4 4 3 71 D 74 119 4 N 18 D 154 D 66 4 Robustness Pass 4 Bridge 8 6 12 77 4 5 131 13 1 D 65 3 5 N 17 3 D 7 153 D 65 3 8 4 10 38 3 131 8 6 5 D 3 D 11 86 7 15 11 63 N 15 9 8 2 6 7 9 7 2 28 N 16 6 7 4 7 L 3 10 D 83 6 a 8 143 12 6 46 s 13 6 135 N 19 7 t i 16 302 6 n 13 7 153 13 152 5 111 g 6 8 17 8 12 3 7 P 2 140 D 64 6 9 e 71 5 13 2 14 11 r 12 14 D 12 f D 155 4 136 o 139 N 1 72 132 N 16 9 1 6 r 7 8 DISTRIBUTION m 20 7 4 5 D 2 a 70 N 15 4 4 n 7 67 2 7 N 18 16 FLEET MANAGEMENT 4 137 c 12 115 NETWORKS 5 3 N 16 17 4 e 4 119 8 3 3 12 H 7 3 14 N 15 32 6 1 7 ig 3 117 h 3 N 16 4 w 4 a 2 13 8 5 y
117 N N 15 D 8 138 17 4 TIRE AS 5 96 7 Eco-Design 136 5 5 7 12 A SERVICE 8 4 10 Forest 117 Energy Savings 9 9 7 4C 73 16 7 14 11 Radial Source 132 8 D Highlands 5 6 3 A4 13 119 30 r 11 14 6 e 10 9 8 v 14 11 14 7 i 118 6 R 29 s D 72 45 r D 32 4 63 115 11 133 e 6 11 3 i 4 l 217 4 6 p 4B 5 4 p 205 New Standards Lighthouse 5 10 u 7 7 S 2 7 7 14 20 3 e 1 6 l 6 6 115 17 b 211 4C 8 117 i 12 10 6 7 s 4 4 11 6 9 n 4 7 o 211 7 4 Fuel Savings Viaduct 11 9 p RENEWABLE 4 s 12 4 4 7 2 11 114 2 e 32 2 A4 113 6 6 112 1.5 R 4B 7 112 7 215 RESOURCES SEA 27 12 112 6 5 E-COMMERCE 9 9C 7 914 11 205 217 28 8 5 3D 4 4 112 8 13 204 7 8 8 8 3 5 10 206 3D 201 216 117 39 9 11 915 5 9 5 7 10 212 12 MOTORSPORT 6 3 214 11 401 HYDROGEN 22 3 3 32 4C BIOSOURCED 111 3 9 7 6 4B 3 6 12 212 A4 2 t 3 6 11 205 ENGINE e 45 9 2 l MATERIALS 3 12 4 n 7 9 8 I 4 3 9D 9 25 211 213 6 1 e 9 2 4 r 6 5 109 A0 u 5 3 201 6 4 t 7 6 8A n 8 202 11 19 401 402 6 421 e 11 4 3 1.5 8 3 8 7 V 105 8 16 t 19 A0 10 n 6 913 82 5 7 205 4 i 11 5 403 420 6 4 o 7 7 10 9 10 J 912 410 9 420 8 417 3D 210 6 4 7 17 8 A5 422 38 220 3 2 4 10 207 7 5 7 5 8A 4 27 5 10 202 RECYCLING 14 406 5 3 3 11 Fe 4 4 2 A5 7 14 7 201 200 219 3 2 2 8 8 422 105 110 210 7 5 211 7 9 2 3 3 404 409 208 7 405 106 8 5 8 19 3 200 10 6 6 4 8 8 5 4 4 13 109 2A 6 A3 Fe A3 13 5 404 9 9 911 4 9A 408 417 15 14 12 43 7 416 126 7 13
2018 ANNUAL AND SUSTAINABLE DEVELOPMENT REPORT
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