Consolidated revenue fell by 4.5% to €5.23bn in Q2 16 which brought the H1 number to €10.29bn, a decrease of 2.0%. In spite of this, H1 EBIT increased by 11% to just above €1.4bn. Michelin’s revenue number is lower than our expectation (€10.7bn) whereas the profit number is higher (€1.26bn). However, we had expected a significantly higher net profit number of €853m whereas the company’s number is only €769m. We need to see the accounts before we
