5 _341 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE Report of the Managers Net income came to €1,983 million for the year, or 7.0% of sales, compared with €2,009 million and also 7.0% of sales in 2022. The €26 million decline reflected the following factors: ● favorable factors: ● the €176 million increase in segment operating income, ● the €187 million increase in profit from equity-accounted companies, corresponding mainly to disposal gains realized by two joint ventures, TBC (disposal of retail operations) and Symbio (sale of a one-third equity stake), ● the €140 million decrease in income tax expense, ● the €41 million reduction in the cost of net debt; ● unfavorable factors: ● the €545 million increase in other operating expenses unallocated to the operating segments, corresponding primarily to provisions for restructuring operations in Germany and the United States. 5.1.4 Consolidated balance sheet review Methodological note: translation adjustments in the balance sheet primarily stem from the translation into euros of prior-year assets and liabilities at the closing exchange rate. Assets (in € millions) December 31, 2023 December 31, 2022 Total change Translation adjustments Movement Goodwill 2,982 2,430 +552 -46 +598 Intangible assets 1,794 1,803 -9 0 -9 Property, plant and equipment 12,260 12,136 +124 -154 +278 Right-of-use assets 1,082 1,010 +72 -23 +95 Non-current financial assets and other non-current assets 1,605 1,161 +444 -15 +459 Investments in equity-accounted companies 871 1,102 -231 -29 -202 Deferred tax assets 932 630 +302 -7 +309 Non-current assets 21,526 20,272 +1,254 -273 +1,527 Inventories(1) 5,447 6,318 -871 -154 -717 Trade receivables 3,850 4,205 -355 -110 -245 Current financial assets 512 652 -140 -3 -137 Other current assets 1,345 1,315 +30 +87 -57 Cash and cash equivalents 2,515 2,584 -69 -90 +21 Current assets 13,669 15,074 -1,405 -269 -1,136 TOTAL ASSETS 35,195 35,346 -151 -542 +391
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