_400 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements Note 17. INVESTMENTS IN EQUITY-ACCOUNTED COMPANIES Associates and joint ventures are listed in note 36 to the consolidated financial statements. 17.1 Investments in equity-accounted companies Changes in investments in equity-accounted companies are as follows: (in € millions) Investments in associates Investments in joint ventures Total investments in equity-accounted companies At January 1, 2022 97 1,006 1,103 Share of profit/(loss) from equity-accounted companies 5 (10) (5) Impairment - (14) (14) Dividends (3) (8) (11) Changes in scope of consolidation and changes in percentage interest (40) 31 (9) Translation adjustments (2) 43 41 Other - (3) (3) At December 31, 2022 57 1,045 1,102 Share of profit from equity-accounted companies 2 58 60 Impairment - - - Dividends (1) (364) (365) Changes in scope of consolidation and changes in percentage interest 6 81 87 Translation adjustments (1) (28) (29) Other - 16 16 AT DECEMBER 31, 2023 63 808 871 The main equity-accounted companies are TBC (note 17.2) and Solesis (note 17.3). All of the other companies represent less significant investments. Changes in 2023 mainly concern TBC and are described in note 17.2. The effect of changes in the scope of consolidation in 2023 corresponds mainly to the €72 million effect of the loss of control over Watèa (note 4.1.3). The share of profit/(loss) from equity-accounted companies also reflects the following: ● On July 27, 2023, the Group sold a third of its stake in Symbio to Stellantis. The transaction enabled Stellantis to acquire a stake alongside Michelin and Forvia in the leading company for fuel cell mobility, with each shareholder holding 33.33%. The sale of the 33.33% stake generated a gain of €121 million for Michelin. It had no effect on the accounting method used for the joint venture, which continues to be accounted for by the equity method. ● At December 31, 2023, a €51 million impairment loss was recognized on loans to the Addup joint venture.
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