Financial performance 2024 consolidated financial statements 05 When a hedging instrument is sold or expires, or when a hedging instrument no longer meets the criteria required to qualify for hedge accounting, the amount accumulated in other reserves at that date is immediately recognized in profit or loss. Derivatives not qualifying for hedge accounting Certain other derivative instruments, while offering effective economic hedging in terms of the Group's financial policy, do not meet the criteria for hedge accounting or have not been treated as hedging instruments (refer to the policy relating to derivative instruments, above). Changes in the market value of these derivatives must therefore be recognized in financial income and expenses. For example, foreign exchange derivatives used to hedge the currency exposure of financial assets and liabilities recognized in the consolidated statement of financial position are not designated as hedging instruments. 17.1.1 Summary of derivative instruments Derivatives recognized as assets (in € millions) December 31, 2024 December 31, 2023 Current Non-current Total Current Non-current Total Currency derivatives 42 18 60 34 83 117 Interest rate derivatives - - - 1 - 1 Other - - - - - - Derivatives not qualifying for hedge accounting 42 18 60 35 83 118 Derivatives qualifying as fair value hedges - - - - - - Currency derivatives - - - - - - Interest rate derivatives - - - - - - Other - 1 1 - - - Derivatives qualifying as cash flow hedges - 1 1 - - - TOTAL DERIVATIVES RECOGNIZED AS ASSETS 42 19 61 35 83 118 The Group grants cash collateral to cover counterparty risk on derivatives with a positive fair value. The amount of collaterals transferred was €40 million as of December 31, 2024 (2023: €43 million). Derivatives recognized as liabilities (in € millions) December 31, 2024 December 31, 2023 Current Non-current Total Current Non-current Total Currency derivatives 33 35 68 16 4 20 Interest rate derivatives - - - - - - Other - - - - - - Derivatives not qualifying for hedge accounting 33 36 68 16 4 20 Derivatives qualifying as fair value hedges - - - - - - Currency derivatives - 1 1 - - - Interest rate derivatives - - - - - - Other - - - - - Derivatives qualifying as cash flow hedges - 1 1 - - - TOTAL DERIVATIVES RECOGNIZED AS LIABILITIES 33 37 70 16 4 20 The Group holds cash collateral covering its counterparty risk on derivatives with a negative fair value. The amount of collaterals received was €7 million as of December 31, 2024 (2023: €51 million). 416 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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