5 _451 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE Financial statements Income statement (in € thousands) Note 2023 2022 Royalties 13 1,790,853 1,010,962 Other revenue 10,308 3,812 Exchange gains 170,713 73,921 Revenue 1,971,874 1,088,695 External charges 14 (1,506,991) (556,109) Taxes other than on income (1,272) (3,578) Payroll costs (3,502) (2,603) Depreciation and amortization 5 (46,070) (46,480) Other expenses (1,341) (932) Exchange losses (169,828) (73,077) Operating expenses (1,729,004) (682,779) NET OPERATING INCOME 242,870 405,916 Dividends from subsidiaries and affiliates 20 82,028 342 Interest income 126,223 49,389 Provision reversals 6 161,971 Exchange gains 4,540 1,704 Financial income 212,791 213,406 Amortization and provision expense 6 (82,547) (45,207) Interest expense (95,682) (73,202) Exchange losses (1,403) (4,574) Financial expense (179,632) (122,983) NET FINANCIAL INCOME 33,159 90,423 INCOME BEFORE NON-RECURRING ITEMS AND TAX 276,029 496,339 Non-recurring income 6 2,475,763 Non-recurring expenses 6 (2,460,627) NET NON-RECURRING INCOME 15,136 Income tax 15 (19,112) 48,236 NET INCOME 272,053 544,575
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