05 Financial performance 2024 consolidated financial statements 4.2 Transactions in 2023 4.2.1 Flex Composite Group – Acquired in 2023, purchase price allocation completed in 2024 On September 26, 2023, the Group completed the acquisition of all the outstanding shares of Flex Composite Group, Europe’s leading manufacturer of high-tech fabrics and films, for an enterprise value of €700 million. This acquisition marks a significant step forward in developing the Group beyond mobility and positioning it as a player in polymer composite solutions. Following this final allocation, goodwill of €327 million was recognized at December 31, 2024, as shown in the following table: (in € millions) At the acquisition date Fair value of consideration transferred 554 Consolidated net assets 22 Fair value of net assets acquired (249) of which customer relationships (310) of which trademarks (39) of which deferred tax liabilities 100 FINAL GOODWILL 327 Acquired trademarks and customer relationships are amortized over periods ranging from 10 to 20 years. 4.2.2 Other transactions The main transactions in 2023 were as follows: n acquisition in January 2023 of all outstanding shares in US company EGC Enterprises Inc., a manufacturer of graphite-based sealing products with facilities in Ohio and North Carolina in the United States, for €49 million; n sale of the Group’s two Russian subsidiaries in May 2023, leading to the recognition of an additional loss of €54 million during the year; n buyout in April 2023 of the 50% stake in Blacksmith held by the Group’s partner for €39 million and sale of the entire 100% interest in December 2023 for €60 million, leading to the recognition of a €5 million disposal loss; n loss of control of Watèa, leading to the recognition of a €68 million positive fair value adjustment to the retained interest. 367 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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