5 _403 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements 17.5 Transactions with equity-accounted companies (related parties) Transactions and balances between the Group and its associates and joint ventures are presented in the table below: (in € millions) 2023 2022 INCOME STATEMENT Income for the sale of goods or supply of services 608 556 Expenses for the purchase of products or supply of services (248) (299) STATEMENT OF FINANCIAL POSITION Financial liabilities (22) (1) Trade payables (10) (5) Financial assets 479 497 Accounts receivable 242 328 Note 18. TAXES 18.1 Deferred tax Deferred taxes in the consolidated statement of financial position are as follows: (in € millions) December 31, 2023 December 31, 2022 Deferred tax assets 932 630 Deferred tax liabilities (497) (541) NET DEFERRED TAX ASSET 435 89 Deferred tax assets and liabilities at the end of the period, before netting, are as follows: (in € millions) December 31, 2023 December 31, 2022 Employee benefit obligations 438 375 Inventories 146 155 Financial instruments (37) (80) Provisions 45 21 Unused tax losses 258 155 Unused tax credits - - Goodwill and intangible assets (223) (229) Lease liabilities 111 92 Right-of-use assets (110) (93) Property, plant and equipment (400) (495) Other 207 188 NET DEFERRED TAX ASSET 435 89 Deferred tax assets have been recognized for tax loss carryforwards to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilized, taking into account the restrictions applicable in local tax jurisdictions. The probability that unused tax losses will be utilized is assessed according to the entity and its taxable profit projections. These projections are prepared using assumptions that are consistent with the short- and medium-term budgets prepared by Group entities.
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