Financial performance 2024 consolidated financial statements 05 The financial position of the main defined benefit plans is summarized below: (in € millions) Pension plans Other plans December 31, 2024 December 31, 2023 Present value of fully or partly funded obligations 4,916 11 4,927 5,119 Fair value of plan assets (4,786) (2) (4,788) (5,212) Funded status deficit/(surplus) 130 9 139 (93) Present value of unfunded obligations 1,014 1,393 2,407 2,435 Unrecognized assets due to the effect of the asset ceiling 75 - 75 79 NET DEFINED BENEFIT OBLIGATION 1,219 1,402 2,621 2,421 Amounts recognized in the consolidated statement of financial position: n As assets in Non-current financial assets and other assets (note 9.4) (109) - (109) (305) n Provisions for employee benefit obligations 1,328 1,402 2,730 2,726 NET LIABILITY 1,219 1,402 2,621 2,421 At December 31, 2024, the projected defined benefit obligation comprised €2,092 million for active members (current employees), €804 million for members who have deferred their vested benefits and €4,438 million for retired members (2023: respectively €2,170 million, €839 million and €4,545 million). Most pension plans are vested plans. Other plans, consisting mainly of end-of-service benefit plans and plans covering medical costs, are generally unvested. The mortality tables used are official national tables that may be adapted to better reflect the populations concerned. Main life expectancies by country December 31, 2024 December 31, 2023 United States Canada United Kingdom Germany United States Canada United Kingdom Germany Life expectancy for males at 65 at the end of the reporting period 18.5 22.9 20.6 20.2 18.5 21.9 20.6 20.2 Life expectancy for males who will be 65 in 15 years’ time 19.5 22.1 21.8 22.3 19.5 23.0 21.8 22.3 Life expectancy for females at 65 at the end of the reporting period 20.5 25.3 23.3 23.7 20.4 24.4 21.2 23.7 Life expectancy for females who will be 65 in 15 years’ time 21.5 24.6 24.5 25.4 21.4 25.4 22.5 25.4 380 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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