5 _343 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE Report of the Managers 5.1.4 d) Right-of-use assets Right-of-use assets, which are recognized separately from property, plant and equipment, came to €1,082 million at December 31, 2023, up €95 million year-on-year before translation adjustments. New leases on land and buildings exceeded depreciation on prior-year leases. 5.1.4 e) Non-current financial assets and other non-current assets Non-current financial assets and other non-current assets stood at €1,605 million at year-end, a €459 million increase (before translation adjustments) that was largely attributable to the net increase in loans due to mainly two factors: ● a €254 million loan contracted to fund pension obligations in the United Kingdom; ● the recognition of a $200 million receivable corresponding to an installment of the special $375 million dividend paid by the North American dealership joint venture TBC to each co‑shareholder. Conversely, a long-standing $100 million loan granted in 2018 when the joint venture was set up was repaid during the year. 5.1.4 f) Investments in equity-accounted companies Excluding translation adjustments, investments in equity-accounted companies declined by €202 million over the year to €871 million. The decrease stemmed mainly from dividend payments, particularly those by the TBC joint venture mentioned above. 5.1.4 g) Deferred tax At December 31, 2023, the Group held a net deferred tax asset of €435 million, representing a year-on-year increase of €347 million before translation adjustments. The increase was led by the recognition of tax loss carryforwards and the rise in employee benefit obligations following a reduction in the discount rates. 5.1.4 h) Trade working capital (in € millions) December 31, 2023 December 31, 2022 Change 2023 (as a % of sales) 2022 (as a % of sales) Inventories 5,447 6,318 -871 19.2% 22.1% Trade receivables 3,850 4,205 -355 13.6% 14.7% Trade payables (3,075) (3,416) +341 -10.8% -11.9% Trade payables under reverse factoring agreements (530) (595) +65 -1.9% -2.1% TRADE WORKING CAPITAL 5,692 6,512 -820 20.1% 22.8% Trade working capital requirement declined by €820 million over the year, primarily due to the reduced level of inventories.
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