_422 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements The share grants and performance share plans have the following characteristics: Grant date December 31, 2023 December 31, 2022 Vesting date Fair value at grant date Number of share grants or performance share rights outstanding Number of share grants or performance share rights outstanding France Other countries France Other countries 2019 2023 2023 15.50 15.50 - 852,764 2020 2024 2024 18.91 18.91 948,984 1,939,884 2020 2022 N/A 25.39 N/A - - 2021 2025 2025 27.40 27.40 1,228,236 1,257,376 2022 2026 2026 16.40 16.40 1,869,607 1,899,470 2023 2027 2027 20.34 20.34 2,679,985 - 2023 2027 2027 24.48 24.48 577,018 - NUMBER OF SHARE GRANTS OR PERFORMANCE SHARE RIGHTS OUTSTANDING 7,303,830 5,949,494 The expense recognized in 2023 for performance share plans amounts to €30 million (2022: €20 million). It is included in “Segment other income and expenses”. Recognition Plan In November 2023, the Group granted 577,018 free share rights to employees, with a four-year vesting period ending in November 2027 and no lock-up period. The shares will vest automatically at the end of the period provided that the employees concerned are still on the Group’s payroll at that date. As the allocation per employee does not exceed 250 shares, the Group has not attached performance conditions to rights granted under the plan. The fair value of each free share right is estimated at €24.48. The €13 million estimated total cost of the Recognition plan will be recognized over the vesting period. Note 29. PROVISIONS AND OTHER NON-CURRENT LIABILITIES Provisions and other non-current liabilities amount to €860 million (2022: €695 million) and include provisions for reorganizations and adaptation of activities, provisions for claims and litigation, warranties and other contingencies, and the contract liabilities described in note 3.8. 29.1 Changes in provisions (current and non-current) Changes in provisions during the period are presented below: (in € millions) Reorganizations and adaptation of activities Litigation, warranties and other provisions Total At January 1, 2023 314 444 758 Additional provisions 502 156 658 Provisions utilized during the period (177) (120) (298) Unused provisions reversed during the period (1) (22) (23) Translation adjustments (3) (11) (14) Other effects (1) (42) (43) AT DECEMBER 31, 2023 634 405 1,038 Of which short-term portion (note 30) 259 106 365
RkJQdWJsaXNoZXIy NzMxNTcx