Financial performance 2024 consolidated financial statements 05 15.2 Reserves (in € millions) Translation adjustments Treasury shares Other reserves Retained earnings Total At January 1, 2023 (262) - 167 14,146 14,051 Dividends and other appropriations - - - (894) (894) Share-based payments – current service cost (notes 7 and 8) - - - 30 30 Share buybacks - - - - - Sale/cancellation of shares - - - - - Other - - - 1 1 Transactions with the shareholders of the Company - - - (863) (863) Net income/(loss) attributable to the shareholders of the Company - - - 1,983 1,983 Post-employment benefits - - - (50) (50) Tax effect – post-employment benefits - - - 18 18 Equity instruments at fair value through OCI – changes in fair value - - 2 - 2 Tax effect – equity instruments at fair value through OCI - - 2 - 2 Other - - - - - Other comprehensive income/(loss) that will not be reclassified to the income statement - - 4 (32) (28) Cash flow hedges – changes in fair value - - 2 - 2 Currency translation differences (316) - - - (316) Other 57 - - 10 67 Other comprehensive income/(loss) that may be reclassified to the income statement (259) - 2 10 (247) Total comprehensive income/(loss) (259) - 6 1,961 1,708 At December 31, 2023 (521) - 173 15,244 14,896 Dividends and other appropriations - - - (964) (964) Share-based payments – current service cost (notes 6 and 8) - - - 61 61(1) Share buybacks - (502) - - 502 Sale/cancellation of shares - 502 - - (502) Other - - - (2) (2) Transactions with the shareholders of the Company - - - (905) (905) Net income/(loss) attributable to the shareholders of the Company - - - 1,884 1,884 Post-employment benefits - - - (138) (138) Tax effect – post-employment benefits - - - 4 4 Equity instruments at fair value through OCI – changes in fair value - - (44) - (44) Tax effect – equity instruments at fair value through OCI - - 8 - 8 Other - - - - - Other comprehensive income/(loss) that will not be reclassified to the income statement - - (36) (134) (170) Cash flow hedges – changes in fair value - - (7) - (7) Currency translation differences 273 - - - 273 Other - - - (26) (26) Other comprehensive income/(loss) that may be reclassified to the income statement 273 - (7) (26) 240 Total comprehensive income/(loss) 273 - (43) 1,724 1,954 AT DECEMBER 31, 2024 (248) - 173 16,021 15,946 (1) The difference between the €102 million share-based payment expense (note 8) and the €61 million shown in the table corresponds to the portion of Plan Bib'action matching contributions recognized as proceeds from the issuance of shares. The Group announced and implemented a €500 million share buyback program in the first half of 2024. All of the shares bought back under the agreement were canceled before the end of 2024. 412 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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