05 Financial performance 2024 consolidated financial statements 14.2 Information on the main equity-accounted companies The table below shows the condensed financial statements of the main equity-accounted companies, prepared on a 100% basis: 2024 2023 (in € millions) TBC Solesis SIPH TBC Solesis SIPH Country United States United States France United States United States France % interest 50% 49% 39.26% 50% 49% 41.97% Sales 3,976 109 610 4,403 105 470 Segment EBITDA 199 29 114 144 34 58 Depreciation, amortization and impairment (110) (16) (28) (137) (15) (25) Other operating income and expenses (18) (15) - 374 (7) - Net financial income/(expense) (60) (10) (1) (60) (11) 2 Taxes (6) - (22) (80) - (14) NET INCOME/(LOSS) 5 (12) 63 241 2 22 Current assets 1,650 49 264 2,311 51 250 n of which cash and cash equivalents 14 7 9 14 7 59 Non-current assets 1,050 735 455 1,046 685 450 n of which goodwill 149 212 159 135 199 159 TOTAL ASSETS 2,700 784 719 3,357 736 700 Current liabilities 1,249 133 142 1,994 133 116 n of which other current financial liabilities 328 118 65 395 111 54 Non-current liabilities 681 296 82 645 253 91 n of which non-current financial liabilities 531 11 61 506 3 68 Total equity 770 355 495 718 350 493 TOTAL LIABILITIES AND EQUITY 2,700 784 719 3,357 736 700 Share of net assets 385 174 154 359 172 163 Elimination of profit from downstream transactions (39) - - (41) - - INVESTMENTS IN EQUITY-ACCOUNTED COMPANIES 346 174 154 318 172 163 n TBC, a joint venture with Sumitomo Corporation, distributes tires in the United States. TBC sold its NTB and Tire Kingdom retail outlets to Mavis Tire Express Service Corp. on June 1, 2023, to concentrate on its wholesale and franchise activities. The transaction led to the recognition in TBC's accounts of a disposal gain of €304 million ($328 million). In 2023, TBC also approved the distribution of $750 million in dividends, including $350 million paid in 2023 and $200 million in 2024. The balance, which is payable no later than March 2025, was recorded under “Current financial assets” in the consolidated statement of financial position. The equity-accounted share of TBC’s results included in the Group's consolidated net income for 2024 (after eliminating downstream transactions, net of tax) was a profit of €10 million (2023: €113 million profit). n Solesis, a joint venture with Altaris, is a leading specialist in biomaterials and components for the medical sector. The equity-accounted share of Solesis’ results included in the Group’s consolidated net income for 2024 was a loss of €6 million (2023: €1 million profit). Cash corresponding to preference shares is recorded under non-current assets for an amount of €285 million. n The SIPH Group, a joint venture with SIFCA, owns and operates rubber plantations in West Africa. The equity-accounted share of SIPH’s results included in the Group’s consolidated net income for 2024 was a profit of €19 million after deducting income attributable to minority shareholders of subsidiaries (2023: profit of €6 million). 409 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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