Financial performance 2024 consolidated financial statements 05 Note 14 INVESTMENTS IN EQUITY-ACCOUNTED COMPANIES ACCOUNTING POLICIES From the acquisition date to the date that significant influence ceases, the Group's share of its joint ventures' and associates' profits and losses is recognized in the income statement, and its share of movements in other comprehensive income is recognized in other comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group's share of losses in a joint venture or associate equals or exceeds its interest in the investee, the Group recognizes its share of the investee's negative net worth and, where appropriate, the carrying amount of any loans to the joint venture or associate is reduced by the amount of that negative net worth. Unrealized gains on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group's interest in the investee. Unrealized losses are also eliminated unless an impairment loss on the transferred asset arises on the transaction. The profit resulting from downstream transactions carried out with a joint venture or an associate is deducted from the Group’s proportionate share in profit of equity-accounted company. In the consolidated income statement, the line "Share of profit/ (loss) from equity-accounted companies" also includes the impact of other transactions relating to equity-accounted companies, such as the recognition of a gain or loss resulting from a reduction in the Group’s percentage interest in the investee, or an impairment loss on securities and loans. 14.1 Investments in equity-accounted companies Changes in investments in equity-accounted companies are as follows: (in € millions) Investments in associates Investments in joint ventures Total investments in equity-accounted companies At January 1, 2023 57 1,045 1,102 Share of profit from equity-accounted companies 2 58 60 Impairment - - - Dividends (1) (364) (365) Changes in scope of consolidation and changes in percentage interest 6 81 87 Translation adjustments (1) (28) (29) Other - 16 16 At December 31, 2023 63 808 871 Share of profit/(loss) from equity-accounted companies 7 (46) (39) Impairment - - - Dividends (2) (16) (18) Changes in scope of consolidation and changes in percentage interest 2 (25) (23) Translation adjustments 1 32 33 Other - 25 25 AT DECEMBER 31, 2024 71 778 849 The main equity-accounted companies are TBC, Solesis and SIPH. All of the other companies represent less significant investments. The effect of changes in the scope of consolidation in 2024 corresponds mainly to the change of consolidation method of Watèa and the disposal of AddUp (note 4.1). 408 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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