_321 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 5.1 REPORT OF THE MANAGERS 322 5.1.1 Tire markets 322 5.1.2 Sales 328 5.1.3 Consolidated income statement review 333 5.1.4 Consolidated balance sheet review 341 5.1.5 Consolidated cash flow statement review 347 5.1.6 Return on capital employed (ROCE) 349 5.1.7 Trend information 350 5.1.8 Highlights 350 5.1.9 Material contracts 355 5.1.10 Information concerning payment terms 355 5.1.11 Significant change in financial or trading position 356 5.1.12 Information disclosed in compliance with Articles L. 225-102-1 and R. 225-105‑1 of the French Commercial Code 356 5.1.13 Disclosure pursuant to France’s Duty of Care Act applicable to parent companies and subcontracting companies 356 5.1.14 Five-year summary of consolidated key figures and ratios 357 5.2 2023 CONSOLIDATED FINANCIAL STATEMENTS 358 5.2.1 Consolidated statement – year ended December 31, 2023 358 Consolidated income statement 358 Consolidated statement of comprehensive income 358 Consolidated statement of financial position 359 Consolidated statement of changes in equity 360 Consolidated statement of cash flows 361 Notes to the consolidated financial statements 362 5.2.2 Statutory Auditors' report on the consolidated financial statements 445 5.3 FINANCIAL STATEMENTS 449 5.3.1 Review of the financial statements of Compagnie Générale des Établissements Michelin 449 5.3.2 Financial statements of Compagnie Générale des Établissements Michelin (parent) 450 Notes to the financial statements 452 5.3.3 Statutory Auditors' report on the annual financial statements 464 5.3.4 Statutory Auditors’ special report on related-party agreements 468 5.3.5 Statement of changes in equity 469 5.3.6 Appropriation of 2023 net income 469 5.3.7 Five-year financial summary 470 5.4 ADDITIONAL INFORMATION 471 5.4.1 Person responsible for the Universal Registration Document 471 5.4.2 Statutory Auditors 471 5.4.3 Statements incorporated by reference 472 Financial performance
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