5 _347 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE Report of the Managers 5.1.5 Consolidated cash flow statement review 5.1.5 a) Cash flows from operating activities (in € millions) 2023 2022 Change Segment EBITDA 5,489 5,262 +227 Change in net inventories 775 -1,055 +1,830 Change in net trade receivables 254 -746 +1,000 Change in net trade payables -276 +9 -285 Restructuring cash costs -188 -181 -7 Other changes in provisions -30 -53 +23 Interest and other financial income and expenses received and paid, net -193 -323 +130 Income tax paid -776 -697 -79 Other +232 -285 +517 NET CASH FROM OPERATING ACTIVITIES 5,287 1,931 +3,356 At €5,489 million, or 19.4% of sales, segment EBITDA was up €227 million compared with 2022 (18.4% of sales), lifted by the €176 million increase in segment operating income over the year. Cash flows from operating activities rose by a very robust €3,356 million over the year, to €5,287 million with, in addition to the increase in EBITDA: ● a highly positive impact from the €2,545 million improvement in trade working capital, led by the reduction in both net inventories (due to their disciplined management and decline in value) and trade receivables (primarily due to the fall-off in volumes sold at year-end); ● a €517 million increase from the change in other receivables and payables; ● a €130 million increase from the reduction in net interest paid; ● a €79 million decrease from the increase in income tax paid; ● an aggregate €16 million increase from other factors. Restructuring-related outlays rose by just €7 million over the year. 5.1.5 b) Capital expenditure (in € millions) 2023 2022 2023/2022 2023 (as a % of sales) 2022 (as a % of sales) Additions to intangible assets and PP&E 2,236 2,141 +95 7.9% 7.5% Investment grants received and change in capital expenditure payables 32 (100) +132 0.1% (0.3)% Proceeds from sales of intangible assets and PP&E (47) (33) -14 (0.2)% (0.1)% NET ADDITIONS TO INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT 2,221 2,008 +213 7.8% 7.0%
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