5 _333 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE Report of the Managers (in € millions) 2023 % of total 2022 % of total GROUP 28,343 28,590 Europe 9,891 34.9% 10,140 35.5% of which France 2,502 8.8% 2,484 8.7% North America (incl. Mexico) 11,098 39.2% 10,920 38.2% Other regions 7,354 25.9% 7,530 26.3% Consolidated sales rose in North America, but declined in Europe and the other operating regions. Around 65% of consolidated sales were generated outside Europe and more than 90% outside France. 5.1.3 Consolidated income statement review (in € millions, except per share data) 2023 2022 2023/2022 2023 (as a % of sales) 2022 (as a % of sales) Sales 28,343 28,590 -0.9% Cost of sales (20,395) (21,052) -3.1% 72.0% 73.6% GROSS INCOME 7,948 7,538 +5.4% 28.0% 26.4% Sales and marketing expenses (1,210) (1,174) +3.1% 4.3% 4.1% Research and development expenses (756) (698) +8.3% 2.7% 2.4% General and administrative expenses (2,336) (2,244) +4.1% 8.2% 7.8% Segment other income and expenses (74) (26) +184.6% 0.3% 0.1% SEGMENT OPERATING INCOME 3,572 3,396 +5.2% 12.6% 11.9% Other operating income and expenses (920) (375) +145.3% 3.2% 1.3% OPERATING INCOME 2,652 3,021 -12.2% 9.4% 10.6% Cost of net debt (198) (239) -17.2% 0.7% 0.8% Other financial income and expenses 2 (22) -109.1% 0.0% 0.1% Net interest on employee benefit obligations (94) (45) +108.9% 0.3% 0.2% Share of profit/(loss) from equity-accounted companies 128 (59) -316.9% 0.5% 0.2% INCOME BEFORE TAXES 2,490 2,656 -6.3% 8.8% 9.3% Income tax (507) (647) -21.6% 1.8% 2.3% NET INCOME 1,983 2,009 -1.3% 7.0% 7.0% Attributable to the shareholders of the Company 1,983 2,001 -0.9% 7.0% 7.0% Attributable to the non-controlling interests 0 8 -100.0% EARNINGS PER SHARE (in €) Basic 2.77 2.81 -1.2% Diluted 2.75 2.79 -1.3%
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