5 _401 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements 17.2 TBC Joint Venture TBC sold its NTB and Tire Kingdom retail outlets to Mavis Tire Express Service Corp. on June 1, 2023, to concentrate on its core wholesale and franchise activities. The transaction led to the recognition in TBC’s accounts of a disposal gain, net of tax, of €304 million ($328 million). TBC also approved the distribution of a $750 million dividend. Of the total, $350 million was paid in the first half. The balance, which is payable no later than March 2025, was recorded under “Financial assets” in the consolidated statement of financial position. Summarized financial data for the TBC joint venture are set out in the table below: (in € millions) December 31, 2023 December 31, 2022 Current assets 2,311 2,145 of which cash and cash equivalents 14 21 Non-current assets 1,046 1,694 of which goodwill 135 141 TOTAL ASSETS 3,357 3,839 Current liabilities 1,994 1,524 of which current financial liabilities 395 223 Non-current liabilities 645 1,115 of which non-current financial liabilities 506 963 Equity 718 1200 TOTAL LIABILITIES AND EQUITY 3,357 3,839 (in € millions) 2023 2022 Sales 4,403 5,291 Segment EBITDA 75 279 Other operating income and expenses 374 - Interest income 4 4 Interest expense (64) (59) Depreciation, amortization and impairment (68) (199) Income tax (80) (2) NET INCOME 241 23 (in € millions) December 31, 2023 December 31, 2022 Net assets (including goodwill) 718 1,200 Share of net assets (including goodwill) 359 600 Elimination of profit from downstream transactions (net of tax) (41) (35) CARRYING AMOUNT OF NET INTEREST IN THE JOINT VENTURE 318 565 The equity-accounted share of TBC included in the Group’s consolidated income statement (including elimination of downstream transactions, net of taxes, and the above-mentioned €152 million disposal gain) is a profit of €113 million in 2023 (2022: profit of €9 million).
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