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Groupe Michelin releases annual report; net income rose in 2000

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Groupe Michelin recorded an increase of 113 million euros in net income last year compared to 1999. Taking year-end currency exchange rates into consideration, net income increased 27.5% in 2000.

The announcement comes three weeks after Groupe Michelin released its year 2000 sales. However, the final report breaks down sales results even further.

Passenger and light truck tire sales, which account for 50% of the company's sales, were up 11% in U.S. dollars compared to 1999. Truck tire sales, which account for almost 27% of the company's sales, were up 7.5%.

In the annual report, Michelin also outlined the goals of its five-year plan, according to Managing Gerant Edouard Michelin:

1. Volume growth "two points above the world tire market, on average."

2. Better sales balance among its European, North American and Asian markets. "Our current discussions with Shanghai Tire and Rubber belong into this perspective."

3. An operating margin at 10% by 2005.

The markets are going to be more difficult in 2001, said the report.

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