chapTer 05 5.1 Report of the Managers 318 5.1.1 Tire markets 318 5.1.2 Sales 325 5.1.3 Consolidated income statement review 331 5.1.4 Consolidated balance sheet review 339 5.1.5 Consolidated cash flow statement review 345 5.1.6 Return on capital employed (ROCE) 347 5.1.7 Trend information 348 5.1.8 Highlights 348 5.1.9 Material contracts 352 5.1.10 Information concerning payment terms 352 5.1.11 Significant change in financial or trading position 353 5.1.12 Information disclosed in compliance with Articles L. 225-102-1 and R. 225-105-1 of the French Commercial Code 353 5.1.13 Disclosure pursuant to France’s Duty of Care Act applicable to parent companies and subcontracting companies 353 5.1.14 Five-year summary of consolidated key figures and ratios 354 5.2 2024 consolidated financial statements 355 5.2.1 2024 consolidated financial statements 355 Consolidated income statement 355 Consolidated statement of comprehensive income 355 Consolidated statement of financial position 356 Consolidated statement of changes in equity 357 Consolidated statement of cash flows 358 Notes to the consolidated financial statements 359 5.2.2 Statutory Auditors’ report on the consolidated financial statements 438 5.3 Financial statements 442 5.3.1 Review of the financial statements of Compagnie Générale des Établissements Michelin 442 5.3.2 Financial statements of Compagnie Générale des Établissements Michelin (parent) 443 Notes to the financial statements 445 5.3.3 Statutory Auditors’ report on the financial statements 457 5.3.4 Statutory Auditors’ special report on related-party agreements 461 5.3.5 Statement of changes in equity 462 5.3.6 Appropriation of 2024 net income 462 5.3.7 Five-year financial summary 463 5.4 Additional information 464 5.4.1 Person responsible for the Universal Registration Document 464 5.4.2 Statutory Auditors 464 5.4.3 Statements incorporated by reference 465 Financial performance 317 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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