5 _361 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements Consolidated statement of cash flows (in € millions) Note 2023 2022 Net income 1,983 2,009 Adjustments Cost of net debt 10 198 239 Other financial income and expenses 10 (2) 22 Net interest on employee benefit obligations 27.1 94 45 Income tax 11 507 647 Amortization and depreciation of intangible assets and PP&E 6 1,917 1,866 Other operating income and expenses 9 920 375 Share of loss/(profit) from equity-accounted companies 17 (128) 59 Segment EBITDA 3.7.2 5,489 5,262 Other operating income and expenses (cash) and changes in provisions 31 (218) (234) Interest and other financial income and expenses received and paid, net 31 (193) (323) Income tax paid 18.2 (776) (697) Change in working capital, net of impairment 31 985 (2,077) Net cash from operating activities 5,287 1,931 Purchases of intangible assets and PP&E 31 (2,268) (2,041) Proceeds from sales of intangible assets and PP&E 47 33 Equity investments in consolidated companies, net of cash acquired (793) (124) Disposals of equity investments in consolidated companies, net of cash sold 142 65 Purchases of equity instruments at fair value (15) (18) Disposals of equity instruments at fair value - - Cash flows relating to other financial assets 31 (43) 140 Net cash from/(used in) investing activities (2,930) (1,945) Proceeds from issuance of shares 24 - 76 Dividends paid to the shareholders of the Company 24 (893) (803) Cash flows relating to financial liabilities 31 (1,455) (951) Share buybacks 24 - (120) Other 12 (62) Net cash from/(used in) financing activities (2,336) (1,860) Effect of changes in exchange rates (90) (24) INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (69) (1,898) Cash and cash equivalents at January 1 2,584 4,482 Cash and cash equivalents at December 31 23 2,515 2,584 Notes 1 to 37 are an integral part of the consolidated financial statements.
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