Financial performance Report of the Managers 05 Additions to intangible assets and property, plant and equipment amounted to €2,182 million in 2024, compared with €2,236 million in 2023. Capital expenditure committed during the year was on a par with 2023, marking the third year that it has held steady at suitable levels, following a period shaped by the Covid-19 crisis and its impact on the global economy. The main capital projects completed during the year or still underway as part of competitiveness and growth investment programs are as follows: n Automotive tires, to align facilities with new product mixes in Mexico, North America, China and Europe; n Beyond-road tires, to increase agricultural track production capacity in North America. All these capital projects were supported by the commitments presented opposite. CAPITAL EXPENDITURE (in € billions) "Investment grants received and change in capital expenditure payables" corresponds mainly to changes in capital expenditure payables. 5.1.5 c) Free cash flow Free cash flow, which is stated before dividend payments and financing transactions, corresponds to net cash from operating activities less net cash used in investing activities, adjusted for net cash flows relating to cash management financial assets and borrowing collaterals. (in € millions) 2024 2023 Change Net cash from operating activities 4,336 5,287 (951) Routine capital expenditure (maintenance, IT, dealerships, etc.) (951) (933) -18 Competitiveness and growth investments (1,036) (1,108) +72 Investments in new ventures (195) (195) 0 Other 71 (42) 113 FREE CASH FLOW BEFORE ACQUISITIONS 2,225 3,009 -784 Acquisitions 1 (666) +667 FREE CASH FLOW AFTER ACQUISITIONS 2,225 2,343 -117 Free cash flow before acquisitions ended 2024 at a positive €2,225 million, compared to €3,009 million a year earlier. This was after €2,182 million in capital expenditure and investments, of which €1,036 million was earmarked for competitiveness and growth projects. Free cash flow after acquisitions was virtually unchanged at €2,225 million, as the disposals and acquisitions completed during the year resulted in a total net impact close to zero. 1.7 2.1 2.2 2.2 1.2 In € billions As % of sales 2019 2020 2021 2022 2023 2024 1.8 7.5% 6.0% 7.1% 7.5% 7.9% 8.0% 346 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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