05 Financial performance 2024 consolidated financial statements Right-of-use assets can be analyzed as follows: (in € millions) Right-of-use assets Land and buildings Right-of-use assets Plant and industrial equipment Right-of-use assets Other equipment Total Gross carrying amounts at January 1, 2023 1,403 117 314 1,834 Translation adjustments (28) (2) (6) (36) New leases 270 27 66 363 Disposals (84) (27) (24) (135) Changes in scope of consolidation 8 1 (11) (2) Transfers and other (17) (1) (10) (28) Gross carrying amounts at December 31, 2023 1,552 115 329 1,996 Translation adjustments 42 1 7 50 New leases 320 33 61 414 Disposals (57) (29) (37) (123) Changes in scope of consolidation (5) - 3 (2) Transfers and other (31) (2) (7) (40) Gross carrying amounts at December 31, 2024 1,821 118 356 2,295 Depreciation and impairment at January 1, 2023 (597) (65) (162) (824) Translation adjustments 10 1 3 14 Depreciation (168) (28) (52) (248) Net impairment (2) - - (2) Disposals 84 27 24 135 Changes in scope of consolidation 4 - 1 5 Transfers and other (2) - 8 6 Depreciation and impairment at December 31, 2023 (671) (65) (178) (914) Translation adjustments (16) (1) (4) (21) Depreciation (168) (28) (56) (252) Net impairment (15) - - (15) Disposals 57 29 36 122 Changes in scope of consolidation 4 - - 4 Transfers and other 2 5 6 13 Depreciation and impairment at December 31, 2024 (807) (60) (196) (1,063) NET CARRYING AMOUNTS AT DECEMBER 31, 2024 1,014 58 160 1,232 Net carrying amounts at December 31, 2023 881 50 151 1,082 Some leases are recorded directly as an expense in the income statement on a straight-line basis over the life of the lease. This is the case for: n Short-term leases, representing an expense of €60 million in 2024 (2023: €51 million); n leases of low-value assets, representing an expense of €46 million in 2024 (2023: €49 million); n variable lease payments not taken into account to determine the lease liability, representing an expense of €18 million in 2024 (2023: €14 million). Undiscounted future lease payments are analyzed by maturity in note 9. 407 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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