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Michelin: solid annual accounts; cautious outlook

(CercleFinance.com) - Beyond its 2017 earnings growth, which is in line with its roadmap through to 2020, after trading on Monday Michelin announced that the impact of FX factors should knock off about 300 million euros from the group's operating profit on its current activities this year (considering January exchange rate parities).

While the giant tyre maker from Clermont says that it is confident about 2018, it expects volume growth to be in line with global market developments. Operating profit on current activities should nonetheless be higher than in 2017, excluding FX factors, while the generation of structural free cash flow is expected to reach over 1.1 billion euros, compared to around 1.51 billion euros at end-2017.

Finally, regarding activity, net sales amounted to 21.96 billion euros, up approximately 1.05 billion euros compared to 2016, whereas in terms of financial structure, net debt has been reduced to 716 million euros, against 944 million at the end of 2016.

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