05 Financial performance 2024 consolidated financial statements Note 3 HIGHLIGHTS 3.1 Bond issue On May 7, 2024, the Michelin Group carried out a €1 billion euro-denominated bond issue in two €500 million tranches with maturities of 7 and 12 years. The 7‑year tranche pays interest at 3.125% and the 12-year tranche at 3.375%. The net issue proceeds have been used for general corporate financing requirements. 3.2 Share buyback program As part of its capital management policy, on February 12, 2024 the Group announced the launch of a multi-year share buyback program. Up to €1 billion will be invested in the program, which will be carried out over a three-year period from 2024 to 2026. On February 29, 2024, the Group signed two agreements with investment service providers covering €500 million worth of share buybacks. The agreements were executed in full during the year, with 14,476,942 shares bought back at an average price of €34.6 per share and subsequently canceled. 3.3 Closure of the Vannes and Cholet plants On November 5, 2024, the Michelin Group announced its intention to close the Vannes and Cholet plants in France. This decision was necessary due to: n the structural transformation of the Passenger Car & Light Truck and Truck tire markets, which are moving away from premium segments towards low-cost tires, mainly from Asia; n the worsening competitiveness of Europe, notably due to inflation and rising energy prices. Both plants had also been facing economic difficulties. The Group has announced that it will close down production by early 2026 at the latest. It has committed to individually supporting each of the 1,254 affected employees at the two plants, through early retirement measures, internal transfers or outplacement solutions. The two communities affected by these decisions will also be supported. The plant closure costs and plant and equipment write-downs were recognized in the balance sheet at December 31, 2024 under “Other operating income and expenses” in the amount of €339 million. 365 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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