5 _357 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE Report of the Managers 5.1.14 Five-year summary of consolidated key figures and ratios (in € millions) 2023 2022 2021 2020 2019 Sales 28,343 28,590 23,795 20,469 24,135 % change -0.9% +20.2% +16.3% -15.2% +9.6% Total employee benefit costs 7,401 6,950 6,445 5,996 6,365 As a % of sales 26.1% 24.3% 27.1% 29.3% 26.4% Number of full-time equivalent employees at period-end 125,000 124,900 118,400 117,500 121,300 Research and development expenses 756 698 682 646 687 As a % of sales 2.7% 2.4% 2.9% 3.2% 2.8% SEGMENT EBITDA(1) 5,489 5,262 4,700 3,631 4,763 Segment operating income 3,572 3,396 2,966 1,878 3,009 Segment operating margin 12.6% 11.9% 12.5% 9.2% 12.5% Operating income 2,652 3,021 2,777 1,403 2,691 Operating margin 9.4% 10.6% 11.7% 6.9% 11.1% Cost of net debt 198 239 192 242 330 Other financial income and expenses 2 (22) (4) (14) (5) Income before taxes 2,490 2,656 2,471 979 2,236 Income tax 507 647 626 354 506 Effective tax rate 20.4% 24.4% 25.3% 36.2% 22.6% Net income 1,983 2,009 1,845 625 1,730 As a % of sales 7.0% 7.0% 7.8% 3.1% 7.2% Dividends 893 803 410 357 666 Net cash from operating activities 5,287 1,931 2,906 3,366 3,321 As a % of sales 18.7% 6.8% 12.2% 16.4% 13.8% Gross purchases of intangible assets and PP&E 2,236 2,141 1,705 1,221 1,801 As a % of sales 7.9% 7.5% 7.2% 6.0% 7.5% Net debt(2) 3,281 4,320 2,789 3,531 5,184 Total equity 17,958 17,116 14,971 12,631 13,229 Gearing 18.3% 25.2% 18.6% 28.0% 39.2% Net debt(2)/segment EBITDA(1) 0.60 0.82 0.59 0.97 1.09 Segment operating income/net interest expense(3) 20.8 11.5 13.7 7.9 10.1 Free cash flow(4) 2,343 (180) 1,357 2,004 1,142 ROE(5) 11.3% 12.5% 13.4% 4.8% 13.6% Operating ROCE(6) 11.4% 10.8% 10.3% 6.0% 10.0% PER-SHARE DATA* (in €) Net assets per share(7) 25.1 24.0 20.9 17.7 18.5 Basic earnings per share 2.77 2.81 2.58 0.88 2.42 Diluted earnings per share 2.75 2.79 2.56 3.51 9.66 Price-earnings ratio(8) 11.7 9.3 14.0 29.8 11.3 Dividend for the year(9) 1.35 1.25 1.125 0.575 0.50 Payout ratio(10) 49% 44% 44% 65% 21% Yield(11) 4.2% 4.8% 3.1% 2.2% 1.8% (1) As defined in note 3.7.2 to the consolidated financial statements. (2) Net debt: financial liabilities less cash and cash equivalents (excluding cash flows from cash management assets and borrowing collaterals) plus/less derivative assets, as defined in note 26 to the consolidated financial statements. (3) Net interest expense: interest financing expenses less interest income from cash and equivalents. (4) Free cash flow: net cash from operating activities less net cash used in investing activities (adjusted for net cash flows relating to cash management financial assets and borrowing collaterals), as defined in section 1.5.3. (5) ROE: as from 2022, return on equity is defined as net income divided by average equity for the year (calculated as the average of year-end equity and prior year-end equity) instead of net income divided by equity at December 31. The 2019 to 2021 figures have been restated for comparison purposes. (6) Operating ROCE: based on the method in use since 2021 as explained in section 1.6. Full-year 2019 and 2020 ROCE has been remeasured using this method. (7) Net assets per share: net assets divided by the number of shares outstanding at period-end. (8) Price-earnings ratio: share price at period-end divided by basic earnings per share. (9) Subject to approval by the Annual Meeting of May 17, 2024. (10)Payout ratio: dividend divided by net income. (11)Yield: dividend per share divided by the share price at December 31. * The 2019 to 2021 per-share data have been restated to reflect the four-for-one stock split on June 16, 2022.
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