Financial performance Financial statements 05 Note 1 GENERAL INFORMATION The financial year of Compagnie Générale des Établissements Michelin (the Company) covers the 12 months from January 1 to December 31. The following notes and tables form an integral part of the financial statements. The financial statements were approved for publication by the Managing Chairman on February 12, 2025 after being reviewed by the Supervisory Board. Unless otherwise specified, all amounts are presented in thousands of euros. Note 2 SIGNIFICANT EVENTS OF THE YEAR 2.1 Bond issue On May 7, 2024, Compagnie Générale des Établissements Michelin carried out a €1 billion euro-denominated bond issue in two €500 million tranches with maturities of 7 and 12 years. The 7‑year tranche pays interest at 3.125% and the 12-year tranche at 3.375%. The net issue proceeds have been used for general corporate financing requirements. 2.2 Share buyback program As part of its capital management and optimization policy, on February 12, 2024 the Group announced the launch of a multiyear share buyback program. Up to €1 billion will be invested in the program, which will be carried out over a three-year period from 2024 to 2026. On February 29, 2024, the Group signed two agreements with investment service providers covering €500 million worth of share buybacks. The agreements were executed in full during the year, with 14,476,942 shares bought back at an average price of €34.6 per share and subsequently canceled. 2.3 Employee share ownership plan (Bib’Action) In September 2024, the Company launched its “Bib'Action” employee share ownership plan, which closed in October 2024. At the end of the subscription period, 4,334,310 new shares had been issued, resulting in a capital increase of €121 million. 2.4 Dividends received In May 2024, the Company received a dividend of €19.3 million from PT Multistrada. In June 2024, the Company received a dividend of €1 billion from Compagnie Financière Michelin. In July 2024, the Company received a dividend of €37.6 million from Camso Inc. The Company also received dividends from its other subsidiaries in a total amount of €2.4 million. 2.5 Movements in Camso International S.à.r.l shares In December 2024, the Company transferred its shares in Camso International S.à.r.l to Compagnie Financière Michelin for an amount of €78 million (after taking into account a €37 million impairment loss). In return, the Company received 454,004 shares from Compagnie Financière Michelin. 2.6 Adjustment in respect of 2023 In 2023, the Group implemented its new “Odyssey” transfer pricing policy. In 2024, an adjustment to the amount invoiced in 2023 gave rise to a €48 million negative adjustment to the Company's total revenue in the 2024 financial statements. 446 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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