_358 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements 5.2 2023 CONSOLIDATED FINANCIAL STATEMENTS 5.2.1 Consolidated statement – year ended December 31, 2023 Consolidated income statement (in € millions, except per-share data) Note 2023 2022 Sales 5 28,343 28,590 Cost of sales (20,395) (21,052) Gross income 7,948 7,538 Sales and marketing expenses (1,210) (1,174) Research and development expenses (756) (698) General and administrative expenses (2,336) (2,244) Segment other income and expenses 8 (74) (26) Segment operating income 5 3,572 3,396 Other operating income and expenses 9 (920) (375) Operating income 2,652 3,021 Cost of net debt 10 (198) (239) Other financial income and expenses 10 2 (22) Net interest on employee benefit obligations 27.1 (94) (45) Share of profit/(loss) from equity-accounted companies 17 128 (59) Income before taxes 2,490 2,656 Income tax 11 (507) (647) NET INCOME 1,983 2,009 Attributable to the shareholders of the Company 1,983 2,001 Attributable to the non-controlling interests - 8 EARNINGS PER SHARE (in €) 12 Basic 2.77 2.81 Diluted 2.75 2.79 Notes 1 to 37 are an integral part of the consolidated financial statements. Consolidated statement of comprehensive income (in € millions) Note 2023 2022 Net income 1,983 2,009 Post-employment benefits 27.1 (50) 672 Tax effect – Post-employment benefits 18 18 (132) Equity instruments at fair value through OCI – changes in fair value 15.1 2 57 Tax effect – equity instruments at fair value through OCI 18 2 (10) Other - 4 Other comprehensive income/(loss) that will not be reclassified to the income statement (28) 591 Cash flow hedges – changes in fair value 2 (10) Currency translation differences (316) 386 Other 67 (1) Other comprehensive income/(loss) that may be reclassified to the income statement (247) 375 Other comprehensive income/(loss) (275) 966 TOTAL COMPREHENSIVE INCOME 1,708 2,975 Attributable to the shareholders of the Company 1,708 2,968 Attributable to the non-controlling interests - 7 Notes 1 to 37 are an integral part of the consolidated financial statements.
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