5 _409 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements Note 25. RESERVES (in € millions) Translation reserve Treasury shares Other reserves Retained earnings Total At January 1, 2022 (655) - 129 12,397 11,871 Dividends and other appropriations - - - (808) (808) Share-based payments – current service cost (notes 7 and 8) - - - 20 20 Share buybacks - (120) - - (120) Sale/cancellation of shares - 120 - - 120 Other - - - - - Transactions with the shareholders of the Company - - - (788) (788) Net income attributable to the shareholders of the Company - - - 2,001 2,001 Post-employment benefits - - - 672 672 Tax effect – Post-employment benefits - - - (132) (132) Equity instruments at fair value through OCI – changes in fair value - - 57 - 57 Tax effect – equity instruments at fair value through OCI - - (10) - (10) Other - - - 4 4 Other comprehensive income that will not be reclassified to the income statement - - 47 544 591 Cash flow hedges – changes in fair value - - (10) - (10) Currency translation differences 386 - - - 386 Other 7 - 1 (8) - Other comprehensive income/(loss) that may be reclassified to the income statement 393 - (9) (8) 376 Total comprehensive income 393 - 38 2,537 2,968 At December 31, 2022 (262) - 167 14,146 14,051 Dividends and other appropriations - - - (894) (894) Share-based payments – current service cost (notes 7 and 8) - - - 30 30 Share buybacks - - - - - Sale/cancellation of shares - - - - - Other - - - 1 1 Transactions with the shareholders of the Company - - - (863) (863) Net income attributable to the shareholders of the Company - - - 1,983 1,983 Post-employment benefits - - - (50) (50) Tax effect – post-employment benefits - - - 18 18 Equity instruments at fair value through OCI – changes in fair value - - 2 - 2 Tax effect – equity instruments at fair value through OCI - - 2 - 2 Other - - - - - Other comprehensive income/(loss) that will not be reclassified to the income statement - - 4 (32) (28) Cash flow hedges – changes in fair value - - 2 - 2 Currency translation differences (316) - - - (316) Other 57 - - 10 67 Other comprehensive income/(loss) that may be reclassified to the income statement (259) - 2 10 (247) Total comprehensive income/(loss) (259) - 6 1,961 1,708 AT DECEMBER 31, 2023 (521) - 173 15,244 14,896 In 2023, the Group bought back 34,529 shares for €1 million. The shares were immediately sold, with the exception of 161 shares.
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