Financial performance Report of the Managers 05 Equity and liabilities (in € millions) December 31, 2024 December 31, 2023 Total change Translation adjustments Movement Share capital 353 357 -4 -4 Share premiums 2,326 2,702 -376 -376 Reserves 15,946 14,896 +1,050 +273 +777 Non-controlling interests 9 3 +6 +6 Total equity 18,634 17,958 +676 +273 +402 Non-current financial liabilities 4,934 4,672 +262 -1 +263 Non-current lease liabilities 872 738 +134 +19 +114 Provisions for employee benefit obligations 2,730 2,726 +4 +41 -36 Provisions and other non-current liabilities 928 860 +68 +5 +63 Deferred tax liabilities 544 497 +47 +19 +28 Non-current liabilities 10,008 9,493 +515 +83 +433 Current financial liabilities 1,375 591 +784 +173 +611 Current lease liabilities 258 241 +17 +5 +12 Trade payables 3,086 3,075 +9 +49 -38 Trade payables under reverse factoring agreements 689 530 +159 +29 +130 Provisions and other current liabilities 3,302 3,307 -5 +36 -41 Current liabilities 8,710 7,744 +964 +292 +674 TOTAL EQUITY AND LIABILITIES 37,352 35,195 +2,155 +648 +1,508 5.1.4 a) Goodwill Goodwill declined by €219 million in the year to December 31, 2024, before translation adjustments, primarily due to the updating, as part of the purchase price allocation process, of the €576 million in provisional goodwill recognized on the acquisition of Flex Composite Group (FCG), Europe's leading manufacturer of high-tech fabrics and films. The allocation process reduced the provisional amount by €249 million, with the result that final goodwill of €327 million was recognized at year-end 2024. 5.1.4 b) Intangible assets Intangible assets stood at €2,120 million for the year, a €297 million increase from December 31, 2023 before translation adjustments that reflected the recognition, as part of the abovementioned FCG purchase price allocation process, of the value of brands and related customer relationships as intangible assets. 5.1.4 c) Property, plant and equipment Property, plant and equipment stood at €12,750 million at December 31, 2024, up €209 million before translation adjustments. The modest increase reflected the Group’s strategy since 2022 of restoring capital expenditure to suitable levels, following the years of slowdown caused by the Covid-19 health crisis. Additions to property, plant and equipment amounted to €1,901 million for the year, compared with €2,004 million in 2023. Three quarters of total outlays were committed to production equipment and facilities (for more details, see note 12.2 to the consolidated financial statements). 340 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
RkJQdWJsaXNoZXIy NzMxNTcx