05 Financial performance 2024 consolidated financial statements 17.1.2 Contractual amounts of derivatives The contractual amounts of derivative instruments are presented in the table below: (in € millions) December 31, 2024 December 31, 2023 Current Non-current Total Current Non-current Total Currency derivatives 4,629 1,295 5,924 5,084 1,752 6,836 Interest rate derivatives 152 102 254 76 237 313 Other - - - - - - Derivatives not qualifying for hedge accounting 4,781 1,397 6,178 5,160 1,989 7,149 Derivatives qualifying as fair value hedges - - - - - - Currency derivatives 3 77 80 7 - 7 Interest rate derivatives - - - - - - Other 4 15 19 3 1 4 Derivatives qualifying as cash flow hedges 7 92 99 10 1 11 TOTAL 4,788 1,489 6,277 5,170 1,990 7,160 17.1.3 Hedge accounting Summarized financial data for hedging instruments are set out in the table below: (in € millions) Notional amount of the hedging instrument Carrying amount of the hedging instrument in assets/(liabilities) Cash flow hedge reserve Amount recognized in profit or loss Line item affected in profit or loss DERIVATIVES QUALIFYING AS CASH FLOW HEDGES Commodity price risk - forward purchase contracts 19 1 1 - Operating income Interest rate swaps - - (17) (3) Cost of net debt Hedges of currency risk on raw materials purchases 3 - - - Operating income Forward foreign exchange contracts on disposals denominated in foreign currencies 77 (1) (1) - Other operating income/ (expenses) CURRENT AND NON-CURRENT HEDGING INSTRUMENTS 99 (1) (17) (3) Gains and losses on cash flow hedges are recorded in equity, under “Other reserves” (note 15). These reserves are used to recognize the effective portion of derivatives that qualify for hedge accounting (note 17). The gains and losses accumulated in the reserve are subsequently reclassified as part of the initial cost of a non‑financial asset or transferred to the income statement. Cash flow hedge reserves correspond mainly to advance hedging of interest rate risks on the August 2018 and May 2024 bond issues for a negative amount of €17 million (note 9.3). The gains and losses are reclassified to the income statement when the interest affects profit or loss. 417 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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