Michelin Group free cash flow 965 million euros
Strong free cash flow, at €965 million before €312 million in acquisitions, reflecting €1,804 million in capital expenditure, down from 2014. Significant increase in operating margin thanks to a very good second half (12.3%).
The competitiveness plan resulted in €261 million in gains over the year, once again offsetting the increase in production costs and overheads.
New tranche of the share buyback plan launched in January 2016, following on from the 2015 buyback and cancellation of €451 million in Michelin shares, representing 2.7% of issued capital.
Dividend of €2.85 per share, reflecting management's confidence in the Group's future and representing a payout ratio of 37%, to be submitted to shareholders at the Annual Meeting on May 13, 2016. ■