05 Financial performance 2024 consolidated financial statements The change in the net deferred tax asset over the period is as follows: (in € millions) 2024 2023 At January 1 435 89 Translation adjustments (8) (1) Deferred tax benefit/(expense) 198 342 Tax recognized in other comprehensive income 12 20 Changes in scope of consolidation (100) (15) Other (1) - AT DECEMBER 31 537 435 In 2024, the increase in the net deferred tax asset was due mainly to the restructuring operations announced during the year and the recognition of deferred tax assets on Mexican tax loss carryforwards. The deferred income tax recognized in other comprehensive income is as follows: (in € millions) December 31, 2024 December 31, 2023 Post-employment benefits 117 113 Unconsolidated equity investments and other financial instruments (30) (37) Financial instruments 1 2 Energy derivatives - - TOTAL DEFERRED TAX RECOGNIZED IN OTHER COMPREHENSIVE INCOME 89 78 In 2024, the change in deferred tax recognized in other comprehensive income primarily reflected increased pension benefit obligations and reduced investment in equities and other financial instruments. Unrecognized deferred tax assets break down as follows: (in € millions) December 31, 2024 December 31, 2023 Deductible temporary differences 79 111 Tax losses: n of which expiring in less than one year 5 3 n of which expiring between one to five years 40 38 n of which expiring in more than five years 13 23 n of which evergreen 430 420 Total tax losses 489 484 Tax credits 10 9 TOTAL UNRECOGNIZED DEFERRED TAX ASSETS 578 604 Unrecognized deferred tax assets in the amount of €578 million mainly concern the tax losses of companies in the United Kingdom and India that are not certain of generating sufficient taxable profit in the coming years. and that are subject to restrictions concerning the use of the losses: n United Kingdom: tax losses can be carried forward indefinitely but only 50% of the loss can be set off against taxable profit in excess of £5 million; n India: operating tax loss carryforwards expire after eight years but there is no limit on the remaining balance. 399 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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