5 _449 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE Financial statements 5.3 FINANCIAL STATEMENTS 5.3.1 Review of the financial statements of Compagnie Générale des Établissements Michelin Compagnie Générale des Établissements Michelin (CGEM) is the Group's parent company, which directly or indirectly owns all of its subsidiaries and affiliates. Further information about the company is available in section 6.1 “Information about the company”. 5.3.1.1 Income statement CGEM reported net income of €272 million in 2023, versus €545 million in 2022. 5.3.1.1.1. Net operating income Net operating income amounted to €243 million in 2023, compared with €406 million in 2022. Revenue and operating expenses were affected in 2023 by the update of the transfer pricing policy (see note 2.1 to the financial statements). Revenue increased by €780 million. Operating expenses increased by €1,046 million to €1,729 million, versus €683 million in 2022. 5.3.1.1.2. Net financial income Net financial income amounted to €33 million in 2023, compared with €90 million in 2022. 5.3.1.2 Balance sheet Equity amounted to €7,186 million at December 31, 2023, versus €7,808 million a year earlier, a €622 million decrease. The year‑on-year change primarily reflects the recognition of 2023 net income of €272 million and the payment of dividends and the General Partners’ profit share for €894 million.
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