Financial performance Report of the Managers 05 BUTADIENE PRICES Employee benefit costs and number of employees Employee benefit costs came to €7,622 million or 28.0% of sales, up €221 million year-on-year. The increase was primarily attributable to the Group’s dynamic salary adjustment policy in 2023 and 2024, given that raises are generally introduced in May and increase the corresponding benefit costs over the next twelve months. The process is aligned with the overall inflationary trend in recent years, which is now stabilizing. The number of employees on payroll at year-end declined somewhat due to one-time movements (effective closure of certain operations in the final quarter, sale of the Euromaster business in Denmark) and to ongoing programs to streamline and reorganize the Group’s corporate operations. In 2024, €7,603 million in expenses were recognized in segment operating income and €19 million in other operating income and expenses (see notes 6 and 7 to the consolidated financial statements). (in € millions and number of people) 2024 2023 Change Total employee benefit costs 7,622 7,401 +3.0% As a % of sales 28.0% 26.1% Employees on payroll at December 31 129,800 132,500 -2.0% Number of full-time equivalent employees at December 31 123,500 125,000 -1.2% Average number of full-time equivalent employees 124,800 125,000 -0.2% Depreciation and amortization (in € millions) 2024 2023 Change Total depreciation and amortization 2,085 2,008 +3.8% As a % of sales 7.7% 7.1% Depreciation and amortization charges rose by €77 million to €2,085 million for the year. The modest increase was in line with the upturn in capital expenditure committed over the past three years, which has now reached suitable levels. Of the total, €1,983 million was recognized in segment operating income and €102 million in other operating income and expenses (see notes 6 and 7 to the consolidated financial statements). US Gulf (USD/t) Europe (EUR/t) Jan. 2023 Jan. 2024 Dec. 2024 Jan. 2019 Jan. 2021 Jan. 2022 Jan. 2020 0 500 1,000 1,500 2,000 2,500 336 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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