THE GROUP Interview with Florent Menegaux How did the different business lines contribute to the year’s performance? >FM: These results attest to the collective performance of all our employees. Our customers increasingly understand and value the quality of our solutions, products and services, which is why our financial performance improved despite the decline in volumes. Our operational management also enabled us to sharply scale back inventories, which helped to increase cash flow. How would you describe Michelin’s performance in 2023? > Florent Ménégaux: Michelin delivered a very robust performance in what is still a highly complex environment. Financially, our segment operating income improved significantly to €3,572 million, and our cash flow from operations rose to an all-time high of €3,009 million. In terms of people, the employee engagement rate continued to improve, gaining one point over the year to 83.5% in 2023. At the same time, we made progress in increasing the number of women in management positions and in further reducing the TCIR, which measures the frequency and severity of occupational accidents. On the environmental front, I would like to highlight the significant 6% year-on-year decline in our carbon emissions achieved in 2023. We also reduced the amount of water withdrawn for our manufacturing operations by 10% compared with 2022. We want to continue creating value for people, the planet and our own bottom line. This means continuing to explore new frontiers, where we can fully express our expertise both in high-tech materials and in customer experiences.” Interview with Managing Chairman Florent Menegaux These outcomes are indicative of the overall progress we’re making on the three People, Profit and Planet bottom lines. Year after year, we’re demonstrating that not only is it possible to strike the right balance of creating value in these three areas, but also that their interdependence is the only way for us to drive sustainable growth. I’d like to congratulate all our employees. This performance is theirs, and we can all be proud of it together. _4 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN Interview with Florent Menegaux
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