05 Financial performance 2024 consolidated financial statements 5.2 2024 CONSOLIDATED FINANCIAL STATEMENTS 5.2.1 2024 CONSOLIDATED FINANCIAL STATEMENTS Consolidated income statement (in € millions, except per-share data) Note 2024 2023 Sales 5 27,193 28,343 Cost of sales (19,445) (20,395) Gross income 7,748 7,948 Sales and marketing expenses (1,204) (1,210) Research and development expenses (786) (756) General and administrative expenses (2,290) (2,336) Segment other income and expenses 6 (90) (74) Segment operating income 7 3,378 3,572 Other operating income and expenses 7 (747) (920) Operating income 2,631 2,652 Cost of net debt 9 (77) (198) Other financial income and expenses 9 19 2 Net interest on employee benefit obligations 8 (88) (94) Share of profit/(loss) from equity-accounted companies 14 (40) 128 Income before taxes 2,445 2,490 Income tax 11 (555) (507) NET INCOME 1,890 1,983 Attributable to the shareholders of the Company 1,884 1,983 Attributable to the non-controlling interests 6 - EARNINGS PER SHARE (in €) 15 Basic 2.65 2.77 Diluted 2.62 2.75 Consolidated statement of comprehensive income (in € millions) Note 2024 2023 Net income 1,890 1,983 Post-employment benefits 8 (138) (50) Tax effect – post-employment benefits 11 4 18 Equity instruments at fair value through OCI – changes in fair value 11 (44) 2 Tax effect – equity instruments at fair value through OCI 11 8 2 Other - - Other comprehensive income/(loss) that will not be reclassified to the income statement (170) (28) Cash flow hedges – changes in fair value (7) 2 Currency translation differences 273 (316) Other (24) 67 Other comprehensive income/(loss) that may be reclassified to the income statement 242 (247) Other comprehensive income/(loss) 72 (275) TOTAL COMPREHENSIVE INCOME 1,962 1,708 Attributable to the shareholders of the Company 1,956 1,708 Attributable to the non-controlling interests 6 - 355 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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