Financial performance 2024 consolidated financial statements 05 Note 1 GENERAL INFORMATION Compagnie Générale des Établissements Michelin (CGEM or the “Company”) and its subsidiaries (together “the Group”) design, manufacture and market tires throughout the world. The Group also provides its customers with tire- and vehicle-related services and solutions, mobility experiences and expertise in Polymer Composite Solutions. The Company is a partnership limited by shares (société en commandite par actions) incorporated in Clermont-Ferrand (France). The Company is listed on Euronext Paris (Eurolist Compartment A). After a review by the Supervisory Board, these consolidated financial statements were authorized for issue by the Managing Chairman on February 12, 2025. Except as otherwise stated, all amounts are presented in millions of euros (€ millions). Amounts in the consolidated financial statements are rounded to the nearest million and include individually rounded amounts. Arithmetic calculations based on rounded amounts may differ from the reported totals and subtotals. Note 2 BASIS OF PREPARATION 2.1 Statement of compliance The consolidated financial statements: n have been prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the European Union as of the reporting date and applicable to the period then ended; n also comply with the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB); and n have been prepared using the historical cost convention, with the exception of unconsolidated equity investments and financial assets and liabilities (including derivatives), which are measured at fair value through profit and loss or other comprehensive income. 2.2 Accounting policies The accounting policies applied in the preparation of the Group’s consolidated financial statements are set out in the following notes. Aside from the exceptions described in section 2.3 below, these policies have been consistently applied to all the years presented. 2.3 New standards, amendments to existing standards and interpretations effective from January 1, 2024 in the European Union The following new standards and amendments to IFRS are effective from January 1, 2024; they have no material impact for the Group: Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback The amendment, which was published on September 22, 2022, clarifies the subsequent treatment of the right-of-use asset and lease liability arising from a leaseback transaction (notably in the case of a lease with variable payments not based on an index or a rate). Amendments to IAS 1 – Presentation of Financial Statements – Classification of Liabilities as Current or Non-current The amendment published on January 23, 2020 clarifies the principles to be applied to classify liabilities as current or non‑current. On October 31, 2022, the IASB published a new amendment to IAS 1 clarifying the classification of debt with covenants or conversion features. Amendments to IAS 7 and IFRS 7 – Reverse Factoring – Supplier Finance Arrangements These amendments, published on May 25, 2023, introduce new disclosure requirements for reverse factoring arrangements, to help understand the effects of these arrangements on the liabilities, cash flows and liquidity risk exposure of the preparer of the financial statements. 360 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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