Mercedes, their most important unit, disappointed significantly.

The underlying Mercedes margin excluding one-off items and provision releases was significantly weaker than expected. That was an area where the market was prepared for upside surprise.

If you are tuning in just for the show, you're going to be sorely disappointed.

They did about 2,001 euros per car for other risk provisions, and that is the lowest level of provisioning in five years.

Michelin and the industry continue to pass on rising material costs through tire price increases. Tire price increases have been crucial to offsetting the projected 15 percent increase in raw material costs Michelin will feel in 2005 (approximately 450 million increase vs. 2004).

Michelin and the industry continue to pass on rising material costs through tire price increases. Tire price increases have been crucial to offsetting the projected 15 percent increase in raw material costs Michelin will feel in 2005 (approximately 450 million increase vs. 2004),